揭秘泡泡玛特：用耐心浇灌中国潮玩

Core Insights - The article highlights the transformation of Pop Mart from a toy company to a cultural brand, emphasizing its ability to create and operate intellectual properties (IPs) that resonate globally [5][6][16] - In 2024, Pop Mart achieved a revenue of 13.04 billion yuan, marking a year-on-year growth of 106.9%, with adjusted net profit reaching 3.4 billion yuan, up 185.9% [5][7] - The success of the LABUBU character has significantly contributed to Pop Mart's revenue, generating over 3 billion yuan in the past year, surpassing previous popular IPs [6][7] Financial Performance - Pop Mart's revenue for 2024 was 13.04 billion yuan, a 106.9% increase compared to the previous year [5][7] - The adjusted net profit for the same period was 3.4 billion yuan, reflecting a growth of 185.9% [5][7] - Multiple overseas markets experienced growth exceeding six times year-on-year, significantly surpassing market expectations [5][7] Market Positioning - Pop Mart's executives express a desire to position the company as "the world's Pop Mart," moving beyond comparisons to "China's Disney" [5][16] - The company has restructured its business model to focus on IP incubation and operation, separating retail into four categories: figures, plush toys, MEGA (high-end products), and derivatives [8][10] Cultural Impact - The rise of LABUBU has made Pop Mart a focal point in social discussions, showcasing the potential of Chinese cultural products on a global stage [6][7] - The company aims to continue exploring and nurturing potential artists globally, establishing itself as a platform for artistic expression [15][16] Industry Trends - The collectible toy industry has seen nearly a tenfold growth in scale over the past eight years, with China becoming the fourth-largest IP retail market in 2023, nearing 100 billion yuan in retail sales [15][16] - The increasing interest in domestic collectible toy companies has led to a surge in IPO applications, indicating a robust market environment [15][16]