年终盘点｜不只是LABUBU！中国潮玩走向全球

Core Viewpoint - The潮玩 (trendy toy) market is experiencing significant growth, driven by "emotional consumption," with LABUBU's global success marking a pivotal moment in 2025 [2][3]. Group 1: Market Growth and Trends - The潮玩 market in China is projected to grow from 229 billion in 2020 to 763 billion by 2024, with expectations to surpass 1 trillion by 2026 [5]. - In 2025, emotional consumption has become a key trend, leading to a surge in潮玩 popularity, particularly following LABUBU's breakout success [2][3]. - The潮玩 industry has seen a rapid increase in new registrations, with 9,787潮玩-related companies established in 2025, bringing the total to 25,000 [5]. Group 2: Company Performance - Bubble Mart reported a revenue of 138.8 billion in the first half of 2025, a 204.4% increase year-on-year, with an adjusted net profit of 47.1 billion, up 362.8% [3]. - LABUBU's segment, THE MONSTERS, generated 48.1 billion in revenue, achieving a staggering 668% year-on-year growth [3]. - Bubble Mart's international revenue showed remarkable growth, with the Americas experiencing a 1,142.3% increase and Europe seeing a 729.2% rise [8]. Group 3: International Expansion - Bubble Mart participated in the Macy's Thanksgiving Day Parade in New York, becoming the first Chinese brand to feature an original潮玩 IP in the event [6]. - The company has seen long queues at its overseas stores, indicating strong demand for LABUBU products [6]. - Other潮玩 brands like 52TOYS and TOP TOY are also expanding internationally, with TOP TOY planning to open over 1,000 stores in 100 countries within five years [9]. Group 4: Development of Proprietary IP - The success of LABUBU has prompted潮玩 brands to focus on developing proprietary IP, which offers greater brand autonomy compared to licensed IP [10]. - TOP TOY's revenue from proprietary IP remains low, with only 610,000 generated in the first half of 2025, compared to 6.15 billion from licensed IP [10]. - Both 52TOYS and TOP TOY are increasing their investment in proprietary IP, with 52TOYS launching multiple original潮玩 IPs in 2025 [12]. Group 5: Marketing Strategies - The rise of明星营销 (celebrity marketing) has become a significant strategy for潮玩 brands, with various brands collaborating with popular figures to boost visibility and sales [16]. - Brands are recognizing that while celebrity endorsements can drive initial interest, sustained success requires effective brand management and product quality [16].