POP MART(HK:09992) 证券时报·2025-06-14 13:14Core Viewpoint - The recent surge in popularity of LABUBU, a core IP of Pop Mart, has led to significant sales and cultural impact, particularly in South Korea, where the demand has resulted in chaotic scenes at retail locations [2][6][8]. Group 1: Sales and Market Performance - Pop Mart announced a temporary halt on the offline sales of LABUBU plush toys and keychains due to safety concerns arising from overwhelming customer turnout [3]. - LABUBU has gained international attention, with a unique piece selling for 1.08 million yuan at an auction, highlighting its status as a collectible [6]. - The LABUBU 3.0 series launched globally in April, topping the US App Store shopping charts and causing significant consumer frenzy in various locations [8]. - In 2024, Pop Mart's total revenue is projected to reach 13.038 billion yuan, with LABUBU's segment generating 3.04 billion yuan, marking a 726.6% year-on-year increase [8]. Group 2: IP Development and Future Outlook - Pop Mart believes in the enduring power of its IPs, celebrating LABUBU's 10th anniversary and expressing confidence in its ability to create successful IPs [9]. - The company reported that in 2024, four major IPs, including LABUBU, achieved over 1 billion yuan in revenue, indicating strong brand performance [8]. - In Q1 2025, Pop Mart's overall revenue is expected to grow by 165%-170%, with significant increases in the Americas and Europe [10]. Group 3: Stock Market Impact - Pop Mart's stock price has reached a new high since its listing, reflecting investor confidence in the company's growth trajectory [11]. - The founder of Pop Mart, Wang Ning, has ascended to the title of the richest person in Henan province according to Forbes, further emphasizing the company's financial success [13].