POP MART(HK:09992) Xin Hua Wang·2025-06-16 10:32Group 1 - LABUBU, a plush toy created by Pop Mart, has gained immense popularity among young consumers globally, becoming a symbol of emotional expression and cultural identity [1][4] - The Chinese潮玩 industry has seen its market size grow from 6.3 billion yuan in 2015 to 60 billion yuan in 2023, with projections to exceed 110 billion yuan by 2026 [2] - Pop Mart's revenue surged over 160% year-on-year in the first quarter, with international market growth exceeding 470%, reflecting a significant shift in consumer values among the Z generation [2] Group 2 - China has become the fourth-largest IP retail market globally in 2023, with retail sales nearing 100 billion yuan, indicating substantial growth potential in the潮玩 and IP markets [2] - The rise of Chinese潮玩 brands is reshaping international perceptions of Chinese cultural brands, moving from "Made in China" to "Created in China" [3] - LABUBU exemplifies the ability of Chinese creative products to resonate with global audiences, showcasing the cultural value and emotional connection that Chinese IP can provide [3][4]