泡泡玛特：没有研发手机的计划

Core Viewpoint - The company has no plans to develop a smartphone but will collaborate with a well-known mobile brand for an IP co-branding project [1] Group 1: Collaboration and Product Development - Recent rumors suggested that the company would launch a "trendy toy phone" in collaboration with a popular domestic smartphone brand [1] - The company confirmed that it is not developing a smartphone but is planning to release products that combine trendy toy elements with mobile phone designs [1] - The company showcased a mini version of Labubu at its mid-year earnings release, indicating plans for diverse applications of Labubu products, including mobile accessories [1] Group 2: Market Expansion and Revenue Growth - Since 2025, the company has been rumored to explore AI toys and home appliances, although it denied such claims [2] - The company is actively expanding its overseas operations, with partners in Indonesia, Cambodia, and Mexico starting shipments, indicating a deepening global supply chain [2] - The company reported a 245% year-on-year increase in overall revenue for Q3 2025, with Chinese revenue growing by 185% to 190% and overseas revenue increasing by 365% to 370% [3] - Offline channels in China saw a revenue increase of 130% to 135%, while online channels grew by 300% to 305% [3] Group 3: Strategic Positioning - The company is evolving from a trendy toy product company to a global emotional consumption ecosystem centered around IP system operations, characterized by high growth, profitability, and strong barriers [3] - The Henan Provincial Department of Culture and Tourism is seeking to support collaborations between cultural design companies and well-known brands, including the company, for various cultural events [3]