魔幻Labubu：十年冷板凳，一朝青云梯

Core Viewpoint - The article discusses the rising popularity of Labubu, a character created by Hong Kong artist Long Jia Sheng, and its impact on the market and consumer behavior, particularly through the lens of the company Pop Mart's business model and financial performance [8][12][16]. Group 1: Market Dynamics - Labubu's popularity has led to significant consumer demand, with products selling out rapidly, such as the third-generation series that sold out in just 1.08 seconds [12]. - The character's appeal has transcended demographics, attracting attention from various age groups and professions, creating a shared cultural phenomenon [13]. - The secondary market for Labubu has seen inflated prices due to speculation and demand, with some items being sold at multiples of their original price [23][25]. Group 2: Financial Performance - In 2024, Pop Mart achieved a revenue of 130.4 billion RMB, a 106.9% increase from 2023, with The Monster series IP revenue skyrocketing by 726.6% to over 30 billion RMB [16]. - The company's gross margin reached 66.8% and net profit margin was 25.4%, outperforming competitors in the consumer sector [26]. - Pop Mart's market capitalization exceeded 360 billion HKD, reflecting strong investor confidence and market performance [15]. Group 3: Business Strategy - Pop Mart's strategy involves a high investment in IP development, with 85.3% of revenue coming from artist IPs like Labubu and MOLLY, indicating a focus on unique, self-developed characters [30]. - The company operates over 100 IPs, with a significant portion being self-owned, allowing for greater control over product lifecycle and market positioning [30]. - The unpredictable nature of consumer trends in the collectible toy market necessitates a broad approach to IP development, likened to a "lucky draw" strategy [29]. Group 4: Competitive Landscape - The collectible toy market remains fragmented, with Pop Mart holding only 8.5% of the IP toy market share, suggesting potential for growth [29]. - Competitors like 52TOYS and MINISO are pursuing different strategies, focusing more on licensed IPs, which may limit their ability to create breakout hits like Labubu [31][32]. - The success of Labubu has positioned it as a potential cultural icon, with projections suggesting sales could reach 11 billion RMB by 2027, akin to the status of Hello Kitty [34].