Hua Xia Shi Bao·2025-06-13 13:06Core Insights - The article highlights the remarkable success of the LABUBU toy series from Pop Mart, which has set auction records and demonstrated significant market demand, leading to a substantial increase in the company's market value and overseas revenue growth [2][3][4]. Market Performance - LABUBU's initial mint condition toy sold for 1.08 million yuan at auction, setting a record for the collectible toy category [2]. - Pop Mart's market capitalization surpassed 368.2 billion HKD, with a year-to-date stock price increase of nearly 200% [2]. - The average resale price of LABUBU 3.0 hidden variants reached approximately 2,515 yuan, a significant markup from the original price of 99 yuan, indicating strong demand in the secondary market [4]. Overseas Expansion - Pop Mart's overseas revenue is projected to surge by 375% to 5.07 billion yuan in 2024, with overseas business gross margin at 71.3% [2][6]. - The company aims to achieve over 100% growth in overseas business, with expectations of surpassing 10 billion yuan in overseas sales [7]. - By 2024, the share of overseas revenue in total revenue is expected to rise to 38.9%, indicating a shift from a supplementary role to a primary growth driver [6]. Supply Chain Challenges - Pop Mart faces challenges in scaling production to meet the surging demand for LABUBU products, with supply chain capacity not keeping pace with market demand [5]. Cultural and Market Trends - The global toy market is expanding, with a projected growth from 631.2 billion yuan in 2019 to 993.7 billion yuan by 2028, providing ample opportunities for brands like Pop Mart [9]. - The success of Pop Mart's LABUBU series reflects a broader trend of Chinese brands entering the global market, transitioning from product output to cultural output [9][11]. Strategic Insights - The company's approach combines strong brand management, leveraging China's supply chain advantages, and utilizing cross-border e-commerce and social media strategies [8]. - The article suggests that Pop Mart's model can be replicated in other sectors such as fashion and beauty, emphasizing the importance of brand operation capabilities [8].