POP MART(HK:09992) Sou Hu Cai Jing·2025-06-30 02:57Group 1: Core Insights - Labubu, an original IP character by Chinese brand Pop Mart, is designed by Hong Kong artist Long Jiasheng, featuring a unique aesthetic that challenges traditional beauty norms [1] - The character is a small sprite living in a mysterious monster forest, inspired by Nordic mythology [1] Group 2: Market Drivers - Emotional economy is a key driver, with over 40.1% of young consumers motivated by emotional satisfaction in their purchases, which Labubu effectively addresses through surprise and social sharing [4] - Global cultural symbols are constructed through Labubu's design, avoiding specific cultural labels and fostering emotional resonance in various markets with localized versions [5] - Strong manufacturing and supply chain support from Dongguan, China, enables high-quality production and rapid product iteration, with the region accounting for 85% of global toy production [6] Group 3: Market Performance - Pop Mart achieved overseas revenue of 5.07 billion yuan in 2025, a staggering increase of 375.2% year-over-year, with Q1 2025 overseas income surging by 475% [7] - Labubu has gained cultural recognition, being named "Magical Thailand Experience Officer" and achieving chart success in Spain, while its app ranks first in the US shopping charts [8] Group 4: Industry Implications - Labubu's success signifies a new era for Chinese original IP, emphasizing de-labeling narratives and connecting with global youth through universal emotions [9] - The shift towards emotional consumption highlights a growing need for products to serve as emotional anchors rather than just practical items [9] - The integration of design, manufacturing, and data exemplifies a new paradigm of Chinese innovation, showcasing the global appeal of brands resonating with universal emotions [9]