泡泡玛特宣布暂停Labubu在英国销售，外国黄牛大打出手！Labubu能火多久？

Core Viewpoint - The article discusses the explosive popularity of Labubu, a product from Pop Mart, and its impact on the company's stock performance and market position, while also highlighting the challenges and uncertainties faced by the toy industry and other competitors like Miniso [2][5][10]. Group 1: Labubu's Popularity and Impact - Labubu has become a cultural phenomenon, leading to chaotic scenes during sales events, including fights at a shopping center in London due to high demand [2]. - Pop Mart's stock price has surged, reaching 225 HKD per share, marking a 4.31% increase and a total market capitalization exceeding 300 billion HKD [4]. - The revenue contribution from Labubu has significantly increased, with projections indicating that sales from the THE MONSTERS series could grow from 30 billion CNY in 2024 to 140 billion CNY by 2027 [10]. Group 2: Competitive Landscape - Other toy companies are attempting to capitalize on the "IP concept," with brands like 52TOYS and 卡游 seeking to go public, but not all are experiencing the same level of success as Pop Mart [5]. - Miniso's strategy differs from Pop Mart's, focusing on a dual engine model of "co-branding + original IP," but it struggles to create standout products that can compete with Pop Mart's unique IPs [14]. - The toy industry is characterized by unpredictability, with the lifespan of popular IPs being uncertain, as seen with past trends where once-popular brands like Bearbrick have lost their appeal [12][13]. Group 3: Financial Performance and Projections - In 2022, Pop Mart's revenue from its top IPs was led by SKULLPANDA and MOLLY, while Labubu's revenue contribution was relatively modest at 3.68 billion CNY, but it has since surged [9]. - The financial outlook for Pop Mart remains optimistic, with expectations of continued growth driven by the popularity of Labubu and the blind box model, although there are concerns about the sustainability of this growth [10][11]. - Miniso's financial reports indicate increasing costs associated with IP licensing, which may impact its profitability and competitive position in the market [15].