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泡泡玛特、蜜雪冰城和老铺黄金:三家千亿公司,三种稀缺性
创业邦·2025-06-23 04:07

Core Viewpoint - The article discusses the rise of three new consumption brands in Hong Kong: Mixue Ice City, Pop Mart, and Laopu Gold, highlighting their unique business models and market strategies that cater to different consumer needs and preferences [5][7][23]. Group 1: Business Models - Mixue Ice City focuses on efficiency by offering low-priced products and expanding through a franchise model, supported by a highly efficient supply chain [10][20]. - Pop Mart capitalizes on emotional engagement through its collectible toys, creating a strong brand narrative and high market expectations, reflected in its elevated price-to-earnings ratio [10][12]. - Laopu Gold targets cultural identity and high-net-worth consumers by positioning itself as a luxury brand, successfully bridging the gap between traditional gold products and modern luxury [15][16]. Group 2: Market Performance - In 2023, the average stock price increase for these brands exceeded 200%, with a total market capitalization surpassing 700 billion HKD, indicating strong investor interest [3][5]. - Pop Mart's market capitalization has fluctuated significantly, reaching a peak of over 100 billion HKD shortly after its IPO in 2020, but later experiencing a decline of over 90% before recovering to around 37 billion HKD by mid-2024 [7][12]. - Laopu Gold has shown remarkable growth, with its revenue increasing from 130 billion CNY in 2018 to 1,573 billion CNY in 2023, demonstrating its successful market penetration [15][16]. Group 3: Channel Strategies - Mixue Ice City operates over 46,000 stores globally, primarily through a franchise model, while maintaining a low-cost structure that allows for competitive pricing [25][44]. - Pop Mart and Laopu Gold utilize a direct sales model, focusing on high-end retail locations to enhance brand prestige and customer experience [25][26]. - Laopu Gold's average store performance in luxury malls exceeds that of international brands, showcasing its effective positioning in the high-end market [25][26]. Group 4: International Expansion - All three brands began their international expansion in 2018, with Mixue Ice City opening its first overseas store in Vietnam, Pop Mart entering South Korea, and Laopu Gold establishing a presence in Hong Kong [34][35]. - By 2024, Pop Mart's overseas revenue accounted for nearly 40% of its total income, indicating a successful international strategy [37][39]. - Mixue Ice City has established a significant presence in Southeast Asia, with over 4,800 stores, while Laopu Gold is still in the early stages of its international expansion [42][43].