实探！泡泡玛特“一货难求”背后：黄牛与山寨产业链隐现丨港美股看台

Core Viewpoint - The article discusses the booming popularity of Pop Mart's products, particularly the LABUBU series, and the challenges the company faces regarding supply capacity, counterfeit products, and the secondary market driven by scalpers [2][12]. Group 1: Market Demand and Scalping - Pop Mart's LABUBU series has become a hot commodity, leading to a significant increase in foot traffic in stores during the summer, especially among students [4]. - Consumers report difficulties in purchasing products due to high demand and limited availability, often resorting to waiting in online queues for drops [5]. - The scarcity of products has led to a thriving scalper market, where individuals quickly buy up stock to resell at a premium [6]. Group 2: Counterfeit Products - The rise in popularity of LABUBU has resulted in a surge of counterfeit products, with some sellers openly advertising fake items at lower prices [9]. - Counterfeit goods can be categorized into two types: those that openly declare themselves as fakes and those that are designed to deceive consumers into believing they are genuine [9]. - Pop Mart has limited ability to authenticate products purchased through third-party channels, complicating the issue of counterfeit goods [10]. Group 3: Financial Performance and Valuation - Pop Mart's sales have skyrocketed, with a projected revenue growth of at least 200% and net profit growth of at least 350% for the first half of 2025 [13]. - The company's stock price has seen significant increases, reaching a historical high of 283.4 HKD, with a market capitalization exceeding 380 billion HKD [13]. - Analysts express optimism about Pop Mart's long-term prospects, citing its strong retail foundation and competitive advantages in the market [12][15]. Group 4: Future Challenges and Opportunities - While Pop Mart's growth is promising, the volatility of its stock price is a concern due to the unpredictable nature of popular IP products [14]. - The company is seen as having the potential to become a global leader in the IP industry, akin to Disney, if it can enhance its content production capabilities [14]. - The community engagement fostered by Pop Mart enhances brand loyalty and encourages secondary market activity, which could be beneficial for long-term growth [15].