全仓Labubu还是各大IP齐头并进？泡泡玛特怎么选

Core Viewpoint - Pop Mart is at a crossroads, experiencing explosive growth with its IP Labubu, which saw a revenue increase of 726.6% in 2024, accounting for 23.3% of total revenue. This has raised questions about whether the company is genuinely expanding production or intentionally controlling supply to maintain scarcity [1][15]. Group 1: Supply and Demand Dynamics - Labubu has been in high demand, leading to consumers queuing overnight and paying significant premiums for second-hand products. This popularity has resulted in stock shortages and delayed deliveries across multiple product lines [2][4]. - The company has faced criticism for potentially employing "hunger marketing" strategies, where limited supply is used to enhance perceived value and maintain market interest [3][4]. - Despite the apparent production capabilities of domestic factories, Pop Mart has not significantly increased production, suggesting a deliberate strategy to keep supply constrained [4][10]. Group 2: Production Challenges - The production of Labubu is not particularly complex, with many factories capable of producing it within 2 to 4 weeks. However, existing agreements with factories may limit the ability to rapidly scale production [8][9]. - Factors such as raw material shortages and technical requirements may also contribute to production limitations, impacting the ability to meet surging demand [9][10]. - Pop Mart's supply chain is under strain due to demand exceeding capacity, leading to a reassessment of production strategies and potential delays in new product launches [11][10]. Group 3: IP Strategy and Market Positioning - Pop Mart's revenue structure has evolved, with Labubu's series becoming a significant contributor, while other IPs have seen a decline in revenue share despite absolute growth [15][16]. - The company aims to balance the performance of various IPs to avoid over-reliance on a single product, which could pose risks to long-term stability and market expectations [16][17]. - The founder emphasizes the importance of a balanced approach in managing IPs, suggesting that while a hit product is beneficial, a diversified portfolio is crucial for sustainable growth [16][17].