LABUBU爆火！公募人士分析：注意估值泡沫

Core Insights - The core viewpoint of the articles highlights the explosive growth of Pop Mart, particularly its LABUBU plush toy line, which has gained significant popularity among consumers globally, leading to a substantial increase in the company's stock price and the personal wealth of its founder, Wang Ning [1][3][6]. Company Performance - Pop Mart's stock price has surged, with a year-to-date increase of 188.5%, closing at 258.8 HKD per share on June 10 [1][6]. - Wang Ning's net worth reached 21.5 billion USD, placing him at 99th on the global billionaire list and making him the new richest person in Henan [3]. Market Trends - The success of LABUBU has sparked enthusiasm in the new consumption sector, with 180 funds heavily investing in Pop Mart as of the end of Q1 2025, holding a total of 60.79 million shares valued at approximately 8.779 billion CNY [1][9]. - The popularity of LABUBU has led to significant price inflation in the secondary market, with some products being resold for several thousand CNY, creating a phenomenon likened to "plastic Moutai" [8]. Industry Dynamics - The growth of Pop Mart is attributed to its unique IP ecosystem, which includes original IP incubation, artist cultivation, and multi-channel retailing, allowing for product diversification beyond blind boxes to include plush toys and digital entertainment [6][7]. - The concept of "谷子经济" (Guzi Economy), which focuses on derivative products from popular culture IPs, is seen as a driving force for future growth in this sector [7]. Future Outlook - A report from Zhao Zheng International predicts that Pop Mart's net profit will reach 7 billion CNY by 2025, exceeding market expectations by about 15%, primarily due to underestimated overseas expansion [10]. - The company is expected to continue leveraging its strong IP capabilities and network effects to maintain high profitability and sustainability in the competitive landscape [7][10].