POP MART(HK:09992) Zheng Quan Ri Bao·2025-10-13 16:09Core Insights - The rise of domestic products has led to significant growth in China's export of holiday goods and toys, with over 50 billion yuan exported to more than 200 countries in the first three quarters of 2025, showcasing the influence of Chinese traditional culture and manufacturing strength [1] - The transformation of China's toy industry from a manufacturing hub to an IP powerhouse has been rapid, with unique product designs and international strategies driving this change [2][3] - The global toy market is experiencing robust growth, with a compound annual growth rate of nearly 23% from 2015 to 2024, prompting Chinese toy companies to expand internationally [4] Industry Trends - The export of trendy toys is fueled by the reconstruction of IP competitiveness, where successful IPs create emotional connections and drive consumer demand [3] - Companies like Pop Mart have successfully launched limited edition products that create significant consumer interest, demonstrating the market penetration power of "culture + creativity" [2] - The overseas revenue for Pop Mart reached 5.59 billion yuan in the first half of 2025, accounting for 40.3% of total revenue, with a staggering 1142.3% year-on-year growth in the Americas [4] Market Expansion - The trend of "going global" has become essential for Chinese toy companies, with Pop Mart opening stores in 18 countries and TOPTOY planning to expand into 5 to 6 countries [4][5] - The protection of intellectual property is a critical issue as companies expand internationally, with significant numbers of infringing products being intercepted by customs [5][6] - Future strategies will focus on enhancing IP protection and creating a robust legal and cultural framework to support the long-term value of brands [6]