Sou Hu Cai Jing·2025-06-10 07:29Core Insights - The article highlights the significant wealth increase of Wang Ning, the founder of Pop Mart, who has become the new richest person in Henan with a net worth of $20.3 billion, largely due to the success of the Labubu IP and the soaring stock price of the company [4][5][7]. Financial Performance - The Labubu IP series, part of THE MONSTERS, achieved a revenue of 3.04 billion yuan in 2024, marking a staggering year-on-year growth of 726.6%, contributing to 23.3% of Pop Mart's total revenue [5]. - Pop Mart's stock price has surged over 11 times since the beginning of 2024, with a 174% increase projected for 2025 [5]. Product Quality Issues - Despite claims of strict quality control, Pop Mart faces significant consumer complaints regarding product quality, with 219 complaints related to quality issues such as defects and slow exchange processes reported on the Black Cat complaint platform [8][10]. - The LABUBU 3.0 series has been criticized for quality defects, including misalignment and paint issues, leading some consumers to believe that the quality is inferior to unofficial products [10][12]. Supply Chain Management Challenges - Pop Mart has established a rigorous supplier admission and evaluation mechanism to ensure supply chain reliability, yet discrepancies in product quality have been reported due to production variances across different factories [15][17]. - The company is also facing challenges with scalpers, who are able to acquire products more easily than regular consumers, indicating a lack of effective supply chain information coordination [14][17].