POP MART(HK:09992) Zheng Quan Ri Bao·2025-07-29 15:48Group 1 - Goldman Sachs reports that China's current IP spending is significantly lower compared to mature markets like North America and Japan, indicating a potential for growth in the IP toy market [1] - The Chinese IP toy market is characterized by a competitive landscape, with the top five companies holding only 20.8% market share, suggesting opportunities for smaller players to capture market share [1] - The supply side of the market is driven by a diversified IP matrix and product design, with new original IPs being launched, such as those from 52TOYS and Letsvan [1] Group 2 - China's share of the overseas toy market has surged from 3% in 2020 to an expected 18% by 2025, showcasing rapid international expansion [2] - Leading global IP toy companies like LEGO, Bandai Namco, and Sanrio are projected to generate significant revenues in 2024, with LEGO at 78.6 billion yuan, Bandai Namco at approximately 60 billion yuan, and Sanrio at around 7.1 billion yuan [2] - Chinese company Pop Mart is expected to achieve 13 billion yuan in revenue for 2024, surpassing Sanrio, and is projected to see substantial growth in the first half of 2025 [2] Group 3 - The acceleration of Chinese companies' international expansion is evident, with Pop Mart's overseas sales expected to grow by 234% in 2025 [3] - The acceptance of Chinese brands in international markets, particularly in Thailand, is increasing, driven by the success of Pop Mart [3] - Companies like Quantum Song and Card Game are actively pursuing overseas markets, focusing on localized operations and adapting their IP offerings to meet regional preferences [3]