泡泡玛特开始找回最初的“快乐”

Core Viewpoint - The article discusses the expansion of Pop Mart's independent jewelry brand POPOP, highlighting its strategic focus on globalization and diversification of product offerings, particularly through leveraging popular IPs like LABUBU [1][3][4]. Group 1: Brand Expansion and Strategy - POPOP opened its first global store in Shanghai and a second store in Beijing, featuring products from various popular IPs under Pop Mart [1]. - The founder and CEO, Wang Ning, emphasized the importance of jewelry as a significant category for the company's growth and diversification efforts [2][4]. - Pop Mart's strategy includes increasing overseas revenue and expanding its business around IPs, with overseas revenue reaching 1.066 billion yuan in 2023, accounting for 16.9% of total revenue, and projected to grow to 5.07 billion yuan in 2024, representing a 375.2% increase [3]. Group 2: Market Performance and Consumer Behavior - The launch of the POPOP brand is seen as a move towards a more diversified business model, with the potential for high profitability compared to licensing IPs to other brands [6]. - The popularity of LABUBU has significantly influenced consumer purchasing behavior, with 83% of surveyed respondents considering buying products associated with LABUBU [7]. - The high demand for LABUBU products has led to market disruptions, including incidents of scalping and stock shortages, which have raised concerns about consumer experience and brand reputation [7][8]. Group 3: Financial Performance and Market Sentiment - Despite a significant increase in stock price over the past year, recent market reactions have shown caution, with a 6.04% drop in stock price on June 17, resulting in a market value loss of approximately 22.3 billion HKD [8]. - The company's stock has seen a cumulative increase of over 200% in the past year, but there are growing concerns about whether the stock price has outpaced the company's growth potential [8]. - The company has initiated measures to improve consumer access to LABUBU products, including online pre-sales to mitigate the impact of scalping [11].