Zheng Quan Shi Bao Wang·2025-06-17 14:37Core Viewpoint - The recent popularity of LABUBU, a plush toy IP under Pop Mart, has attracted investor attention towards the collaboration between listed companies and Pop Mart [1][2]. Company Collaborations - Multiple listed companies, including Yuanlong Yatu, Emei Mountain A, New World, Seven Wolves, and others, have reported their collaboration status with Pop Mart, primarily in sales systems, with some also engaging in equity investment [1][2]. - Yuanlong Yatu indicated that in 2024, it will provide promotional gifts and marketing services related to Pop Mart IP, generating approximately 2.21 million yuan, which is a small portion of its overall revenue [1]. - New World mentioned that its shopping center features a Pop Mart vending machine, focusing on the sale of pop culture products [1]. Sales and Revenue Impact - Zhidao Mai highlighted that trendy toys are a significant product category on its platform, with Pop Mart-related products being recommended, although their contribution to overall revenue remains low [2]. - Electric Media stated that its subsidiary established a second-hand trading platform for trendy toys, including Pop Mart products, but this business does not significantly impact its performance [2]. Supply Chain and Technology - Hanshuo Technology confirmed its role as a supplier to Pop Mart, providing digital solutions for retail stores, with its electronic price tag system already implemented in Pop Mart's overseas stores [3]. Financial Performance of Pop Mart - In 2024, Pop Mart reported a revenue of 13.04 billion yuan, a year-on-year increase of 106.9%, with a net profit of 3.4 billion yuan, up 185.9% [3]. - The revenue from mainland China reached 7.97 billion yuan, growing by 52.3%, while overseas and Hong Kong/Macau revenue was 5.07 billion yuan, surging by 375.2% [3]. Global Expansion Strategy - Since starting its overseas expansion in 2018, Pop Mart has seen strong growth, with plans to replicate successful domestic strategies internationally [4]. - The opening of a Pop Mart store in a theme park in Vietnam marks its first overseas store in a theme park setting, indicating a broader strategy for global presence [4]. Market Capitalization - As of June 17, Pop Mart's stock price was 258.4 HKD per share, with a total market capitalization of 347 billion HKD [5].