3 6 Ke·2025-06-18 11:58Core Insights - The article discusses the rising popularity of LABUBU, a product from the Chinese company Pop Mart, highlighting its success in international markets, particularly in Russia, Europe, and Southeast Asia [2][5][18] - LABUBU's success is attributed to Pop Mart's strategic development of multiple strong IPs, including MOLLY, SKULLPANDA, and CRYBABY, which collectively drive significant revenue growth [7][11][21] - The article emphasizes that Pop Mart's business model transcends the blind box concept, showcasing the company's ability to create valuable cultural IPs that resonate globally [16][21] Group 1: Product Popularity - LABUBU has gained immense popularity, with reports of smuggling attempts in Russia indicating its high demand [5] - In the U.S., LABUBU topped the App Store shopping charts, while in Europe, celebrities like David Beckham and Dua Lipa showcased their LABUBU collections [5][7] - The product's appeal extends to Southeast Asia, where even royalty has shown interest, demonstrating its widespread cultural impact [5][18] Group 2: Revenue and Growth - LABUBU's series, "THE MONSTERS," generated revenue of 3.04 billion RMB in 2024, marking a staggering growth of 726.6% year-on-year [7] - Other core IPs, including MOLLY, SKULLPANDA, and CRYBABY, also surpassed 1 billion RMB in revenue, contributing to Pop Mart's overall financial success [7][11] - Pop Mart's total revenue reached approximately 13.04 billion RMB in 2024, with a gross profit of 8.71 billion RMB, reflecting a gross profit margin of 66.8% [20] Group 3: Cultural Impact - The article highlights Pop Mart's role in cultural export, with LABUBU achieving sales growth of 800% in the U.S. and 500% in Europe [18] - Pop Mart's overseas revenue reached 5.07 billion RMB in 2024, accounting for 38.9% of total revenue, with significant growth in Southeast Asia [18] - The success of LABUBU and other IPs illustrates the potential for Chinese cultural products to break through global markets, enhancing China's cultural soft power [21]