Mei Ri Jing Ji Xin Wen·2025-06-14 11:09Core Insights - LABUBU, a core IP under Pop Mart, has become a phenomenon in the collectible toy market, with significant demand leading to sold-out events globally, particularly in South Korea and the UK [1][10][12] - The surge in popularity has raised safety concerns, prompting Pop Mart to temporarily halt sales of LABUBU products in both South Korea and the UK due to potential safety risks at crowded sales events [10][12] - The brand's strategy of creating limited edition products has led to a speculative market, with some experts warning that this could result in a financial bubble [17][21] Sales and Market Performance - Pop Mart's LABUBU series has seen explosive sales, with reports of long queues and even altercations among customers in various locations [1][11][19] - The company's overseas revenue increased dramatically from 1.066 billion RMB to 5.07 billion RMB, a growth of 375.2% from 2023 to 2024 [25] - LABUBU's popularity has also positively impacted related industries, such as 3D printing, with a notable increase in stock prices for companies involved in this sector [29][32] Brand Value and IP Strategy - Pop Mart's brand value rose significantly, reaching 10.344 billion RMB in 2025, up from 5.091 billion RMB in 2024, reflecting a 103.2% increase [22][23] - The company operates a unique IP model, treating each product line as an individual brand, akin to managing artists in a talent agency [24][26] - Pop Mart's approach to IP development is distinct from traditional models, focusing on product-first strategies that leverage social media and digital marketing [24][26] Consumer Behavior and Market Trends - The appeal of LABUBU is linked to emotional engagement and the desire for unique collectibles among younger consumers, particularly Generation Z [19] - The phenomenon of LABUBU has led to a rise in 3D printing models, as consumers seek alternatives to purchasing the physical toys [27] - The brand's success is attributed to its ability to resonate with cultural trends and consumer desires, positioning itself as a leader in the collectible toy market [26]