Group 1 - The event surrounding Wang Can's display of her Pop Mart collection, particularly the Labubu series, has sparked widespread attention and discussions about celebrity consumption and the cultural significance of trendy toys [1][3] - Pop Mart's stock price has increased over 11 times in 2024, attributed to its unique IP designs, while some items in the secondary market have seen significant price premiums, leading to comparisons with "plastic Maotai" [3] - The public's reaction to Wang Can's display has been polarized, with supporters viewing trendy toys as a form of personal expression and critics accusing her of flaunting wealth, highlighting social class disparities [5] Group 2 - The phenomenon reflects the blurred lines between celebrities' private lives and public personas, as well as the amplifying effects of consumerism on social media [5][7] - The success of Labubu illustrates a deep integration of design, marketing, and psychological needs, with the trendy toy culture serving as both emotional solace and a means of social interaction [5][7] - The controversy surrounding the event emphasizes the need to examine the balance between consumerism and personal values, especially when items like "plastic Maotai" serve dual roles as emotional attachments and investment targets [7]

Core Viewpoint - The article highlights the significant growth and popularity of the LABUBU IP from Pop Mart, driven by effective marketing strategies and collaborations with platforms like AliExpress, leading to increased sales and brand visibility in international markets [2][5][6]. Group 1: Marketing and Sales Performance - AliExpress has reported that "LABUBU" has become the top search term on its platform, indicating strong consumer interest [4]. - Pop Mart has seen a 300% year-on-year growth in its toy category GMV on AliExpress, with LABUBU leading the sales [5]. - The company’s revenue for Q1 2025 is projected to grow by 165% to 170%, with the THE MONSTERS series revenue increasing by 726.6% year-on-year [6]. Group 2: International Expansion and Strategy - Pop Mart's overseas business revenue has surged by 475% to 480%, with the Americas experiencing a staggering 895% to 900% growth [6]. - The company has initiated a major organizational restructuring to enhance its global operations, reflecting its commitment to international growth [6]. - Since its entry into AliExpress in September 2019, Pop Mart has leveraged the platform to overcome early challenges in cross-border e-commerce [7]. Group 3: Product Popularity and Cultural Impact - LABUBU, created by Hong Kong artist Long Jia Sheng, has gained immense popularity, especially among fans of celebrities like Lisa and Rihanna, leading to sold-out products globally [5]. - The use of plush materials and the rise of "pain culture" have expanded the product's appeal, making LABUBU a trendy accessory [5]. - The brand's official entry into international markets has resulted in significant consumer demand, with limited editions and celebrity collaborations commanding high premiums in the secondary market [5]. Group 4: Future Initiatives - AliExpress plans to collaborate with Pop Mart for a live-streaming event during the 2025 "Overseas 618" sales period, further promoting LABUBU [2]. - The platform has launched a "BigSave" initiative to support 1,000 new brands in achieving significant sales milestones by 2025 [10].

Core Viewpoint - The article discusses the rising popularity of Labubu in the Western market, highlighting its transformation into a sought-after collectible and the various creative modifications that fans are making to personalize their Labubu figures [4][105]. Group 1: Market Trends - Labubu has become a "hard currency" in the Western market, with prices on secondary markets like StockX soaring to $399 [5][4]. - The POP MART App has topped the shopping charts in the US App Store, indicating strong consumer interest [5]. - The strategy of using familiar IPs to attract consumers has led to a nearly 500% year-on-year increase in overseas revenue for POP MART in Q1 2025 [105]. Group 2: Consumer Behavior - Consumers are increasingly personalizing Labubu figures, with modifications ranging from cosmetic changes to elaborate DIY projects [12][89]. - The trend of "DIY" modifications has led to a new wave of creativity among fans, with some even creating knockoff versions called Lafufu that are gaining popularity [78][89]. - The cultural phenomenon surrounding Labubu reflects a blend of Western aesthetics and local creativity, as seen in the various ways consumers are styling their figures [107]. Group 3: Cultural Impact - The article notes that Labubu has become a canvas for self-expression, with fans engaging in activities like giving their figures cosmetic enhancements and even performing DIY surgeries [17][66]. - The influence of celebrity culture is evident, as fans attempt to replicate the aesthetics of figures like the Kardashians on their Labubu [8][16]. - The article highlights the juxtaposition of cuteness and creepiness in Labubu's design, which resonates with a wide audience [72].

Core Insights - The 21st Cultural Expo officially opened on May 22, showcasing the significance of the cultural industry as a "barometer" for trends, with a focus on the newly established潮玩 (trendy toys) culture exhibition area [1] Industry Overview - The Chinese潮玩 industry is projected to reach a total value of 110.1 billion yuan by 2026, with an average annual growth rate exceeding 20% [1] - Dongguan, known as the "Capital of Trendy Toys," is home to approximately 85% of China's潮玩 production, with 160 large-scale enterprises in the sector expected to generate nearly 23.8 billion yuan in revenue in 2024, reflecting a year-on-year growth of nearly 19% [3] Company Highlights - Pop Mart, recognized as the "first stock of blind boxes," showcased its offerings at the expo, including the immersive IP theme park, POP LAND, which opened in September 2023 and has attracted numerous visitors [2] - Pop Mart's collaboration with the film "Nezha: Birth of the Demon Child" led to a surge in sales of related merchandise, with stock selling out within a day of the film's release despite doubling the usual inventory [2] - As of the end of 2024, Pop Mart plans to operate over 500 physical stores and more than 2,300 robotic stores across more than 30 countries and regions globally, with its market capitalization surpassing 300 billion HKD [2] Cultural Integration -潮玩 serves as a medium for emotional resonance and self-expression among Generation Z, integrating with various cultural forms such as movies, anime, and online games to create an IP matrix that promotes local culture [3] - Companies are increasingly drawing inspiration from traditional culture for product development, as seen in the "本潮纲目" series that merges traditional Chinese medicine with modern潮玩 design [3] Technological Innovation - The incorporation of advanced technologies like artificial intelligence and virtual reality into潮玩 products is enhancing their interactivity and appeal, exemplified by the AI smart潮玩 product "娃三岁," which features voice recognition and emotional interaction capabilities [4]

在欧美，Labubu都快被抢成"硬通货"。 二级市场StockX上的隐藏款炒价飙升至399美元，POP MART App也登顶美区App Store购物榜。 "0元购"盯上Labubu，背去学校怕被同学偷，挂在车里怕被砸窗抢。 图源：小红书@Anuheamelon 如今，连爱马仕都配不上这幅尊贵身价，于是老外纷纷开始琢磨：怎么样，才能让我的Labubu美过卡戴珊？ 光有顶配还不够，只有花活整上天，才能彰显"真爱玩家"的排面。 图源：小红书@艾小米 人们常常按照自己的模样来捏造上帝。同理，白女也乐于自己照着镜子来打扮Labubu。 当国内玩家正在慈母手中线助力自家娃登基封后，欧美玩家则热衷于给Labubu镶牙钻和手工捏出蜜桃臀。 欧美人对翘臀的执念，已经蔓延到Labubu身上了。 我们总结了Labubu的七种欧美流行玩法。三体人来了，也得为人类的创造力和想象力五体投地。 01 巴西提臀术：恭迎卡戴珊家族新成员 有网友在Reddit发布了给Labubu"动BBL手术"（巴西提臀术，Brazilian Butt Lift）的教程，引来大批玩家争相效仿。 图源：小红书@GastbyChen 图源：小红书@舀尧、Ins ...

Investment Rating - The report gives a "Buy" rating for the stock, marking its first coverage [2][13]. Core Insights - The company reported impressive performance with a revenue of 13.038 billion yuan in 2024, a year-on-year increase of 106.92%, and a net profit of 3.125 billion yuan, up 188.8% [4][15]. - In Q1 2025, the company achieved a revenue growth of 165-170%, with domestic revenue increasing by 95%-100% and overseas revenue soaring by 475%-480% [10]. - The company is undergoing a global organizational restructuring to enhance operational efficiency and focus on regional strategies [10][11]. Company Overview - The latest closing price is HKD 192.80, with a total market capitalization of HKD 258.919 billion [3]. - The company has a debt-to-asset ratio of 26.80% and a price-to-earnings ratio of 76.04 [3]. Financial Performance - The company has 13.43 billion shares outstanding, with the largest shareholder being GWF Holding Limited [3]. - The company has seen significant growth in its IP portfolio, with 13 IPs generating over 100 million yuan in revenue by the end of 2024 [6]. - The plush toy category became a major revenue driver, achieving sales of 2.83 billion yuan in 2024, up from 3.2% to 21.7% of total sales [6]. International Expansion - The company has made significant strides in international markets, with revenue from Hong Kong, Macau, Taiwan, and overseas reaching 5.07 billion yuan in 2024, a year-on-year increase of 375.2% [7]. - Southeast Asia has emerged as the second-largest market after mainland China, with revenue of 2.4 billion yuan, up 619% [7][9]. Future Outlook - The company plans to open 100 new stores overseas in 2025, aiming for overseas revenue to exceed 50% of total revenue [11]. - The company is expected to maintain strong growth, with projected revenue growth rates of 78%, 51%, and 39% for 2025-2027 [13].