POP MART(HK:09992) Sou Hu Cai Jing·2025-11-24 05:46Core Insights - The Chinese潮玩 (trendy toy) market is rapidly growing, projected to reach 100 billion yuan by 2024, with a year-on-year growth of 26% to 727 billion yuan in 2024, driven by the emotional consumption needs of Generation Z [1][3][15] -潮玩 differs significantly from traditional toys in terms of target audience, functionality, and value, focusing on artistic design and collectibility, primarily appealing to consumers aged 14 and above [1][19][24] Market Overview - The潮玩 market is characterized by a strong presence of brands like泡泡玛特, which leads the industry with its original IPs such as Labubu and Molly, leveraging social media for viral marketing and community engagement [2][3] - The潮玩 industry is integrating new technologies like XR, AI, and NFC to create interactive products, expanding the functionality and user engagement of潮玩 [2] Industry Structure - The潮玩 industry has established a complete value chain from IP rights holders to manufacturers and retailers, with IP being a core driver of consumer demand [2][3] - Notable IPs such as Disney and Pokémon continue to empower潮玩 products through licensing agreements, while domestic IPs like米哈游 are also emerging [2] Segment Analysis - Various潮玩 segments, including blind boxes, cards, and figurines, are experiencing rapid growth, with the "谷子经济" (secondary market) reaching a market size of 168.9 billion yuan in 2024, primarily targeting the post-2000 generation [2][3] International Expansion - Chinese潮玩 brands are expanding into Southeast Asia and North America, with泡泡玛特's overseas revenue growing by 375.2% year-on-year in 2024, indicating increasing global competitiveness [3] Future Outlook - The潮玩 economy reflects a shift in the Chinese toy industry from manufacturing to creativity, with expectations for higher quality growth as technology integration and IP content continue to evolve [3]