泡泡玛特火爆，IP经济最新利好8家公司梳理

Core Insights - Pop Mart has emerged as a significant player in the trendy toy market, leveraging its unique IP economic model to achieve remarkable success both domestically and internationally [1] - The company's growth has invigorated the entire IP economy sector, highlighting its impact on the industry [18] Group 1: Emotional Value Driven - Pop Mart attracts a large number of young consumers by creating unique and emotionally resonant IP characters like Molly and Dimoo, leading to a strong "emotional premium" [2] - Consumers are willing to pay high prices for limited and hidden editions in the secondary market, further driving product sales [2] Group 2: Globalization and Localization - The company has successfully expanded globally through rapid store openings and participation in international toy fairs, replicating its "blind box model" worldwide [3] - In the European and American markets, Pop Mart has enhanced brand recognition and market share by collaborating with local well-known IPs to launch co-branded products [3] - The company emphasizes localized operations by adjusting product designs and marketing strategies based on regional consumer preferences and cultural backgrounds [3] Group 3: Product Innovation and Diversification - Pop Mart continuously launches new product lines to meet diverse consumer needs, expanding beyond traditional blind box products to include plush toys, building blocks, cards, and high-end jewelry [4] - The "LABUBU Forest Secret Base" building block series launched in 2025 sold out immediately, while card products have penetrated lower-tier markets through competitive pricing strategies [4] Group 4: Beneficiary Companies in the IP Economy - A total of eight core companies are identified as beneficiaries of the latest favorable trends in the IP economy, showcasing their strengths in IP incubation, design innovation, production, and marketing [18] Company Highlights - Qingmu Technology: As the exclusive operator of Pop Mart's Tmall flagship store, it achieved a 280% year-on-year increase in online GMV and a 45% member repurchase rate [7] - Yutong Technology: Provides 3D embossed and UV printing packaging, holding a 70% share of Pop Mart's outer packaging [8] - Aofei Entertainment: Licenses classic IPs like "Pleasant Goat" and "Super Wings" to Pop Mart for co-branded products, generating over 700 million yuan in revenue from these collaborations in 2024 [9] - Chuangyuan Co., Ltd.: Offers rapid design services and has seen significant growth in design revenue, with over 40% contribution from Pop Mart [10] - Huali Technology: Supplies smart vending machines for 40% of Pop Mart's stores, achieving daily sales exceeding 3,000 yuan per machine [11] - Jieput: Customizes laser marking equipment for traceable blind box QR codes, achieving a 99.99% accuracy rate in anti-counterfeiting [13] - Gaole Co., Ltd.: Increased monthly production capacity from 200,000 to 5 million units, significantly boosting revenue from overseas orders [15] - Yuanlong Yatu: Operates popular products like the Winter Olympics "Bing Dwen Dwen" blind box, with significant revenue growth in trendy toys [17]