POP MART(HK:09992) 新华网财经·2025-06-09 02:49Core Viewpoint - The article highlights the rise of Wang Ning, founder of Pop Mart, as the new richest person in Henan, surpassing Qin Yinglin of Muyuan Foods, driven by the explosive popularity of the Labubu IP and significant stock price increases of Pop Mart [1][5][6]. Financial Performance - Pop Mart reported a revenue of 13.04 billion yuan in 2024, marking a year-on-year growth of 106.9%, with adjusted net profit reaching 3.4 billion yuan, up 185.9% [10]. - The Labubu IP, part of the THE MONSTERS series, generated 3.04 billion yuan in revenue, a staggering increase of 726.6%, making it the top revenue-generating IP for Pop Mart [10]. Market Dynamics - The stock price of Pop Mart surged by 174% year-to-date, and over 11 times since the beginning of 2024, with a market capitalization of approximately 3288 billion HKD (about 301.2 billion yuan) as of June 6 [6][10]. - Labubu's limited edition and collaborative products have been sold at exorbitant prices, with some fetching over 28,000 yuan in secondary markets, indicating a strong demand and a "hard currency" status among young consumers [11][15][20]. Global Expansion - Wang Ning expressed ambitions for Pop Mart's overseas business to potentially exceed 50% of total revenue by 2025, reflecting rapid growth in international markets [12]. - The Labubu series has seen global demand, with products selling out within minutes in markets like the US and UK, leading to incidents of consumer disputes due to scarcity [12][20]. Brand Strategy - Pop Mart's strategy includes managing scarcity to maintain the value of its IPs, with Wang Ning prioritizing sustainable growth over immediate profits [22]. - The blind box sales model has been identified as a key factor in the brand's success, appealing to consumer curiosity and collectibility, which has been effectively leveraged on social media platforms [21].