Core Viewpoint - Labubu, a core IP under Pop Mart, has become a significant phenomenon in the collectible toy market, with notable sell-out events globally [1] Group 1 - Labubu has gained immense popularity in South Korea, leading to long queues outside stores, with incidents of disputes among customers due to overcrowding [1] - In response to safety concerns at offline sales locations, Pop Mart Korea announced a temporary halt on the offline sales of the entire Labubu plush toy and keychain series [1] - The company emphasized its commitment to customer safety and quality service, expressing apologies for any inconvenience caused by this decision [1]

Core Viewpoint - Labubu, a core IP under Pop Mart, has become a significant phenomenon in the collectible toy market, with notable sell-out events globally [1] Group 1 - Labubu has gained immense popularity in South Korea, leading to long queues outside stores, indicating high consumer demand [1] - Incidents of disputes among customers due to overcrowding have prompted local police to intervene for crowd control [1] - On June 14, Pop Mart announced a temporary halt to the offline sales of Labubu plush toys and keychains due to safety concerns for customers [1]

到底是谁在买Labubu啊？ Bravo明星杰夫·刘易斯，为八岁女儿梦露四处寻觅Labubu。 Labubu究竟有多火？ 美国最大的银行摩根大通，最近在一份报告中将Labubu评为"下一个Hello Kitty"。 事实上，根据谷歌趋势的数据，Labubu的搜索热度在5月就超过了Hello Kitty。 甚至连一线明星都愿意花费数千美元购买这款限量版娃娃。 足球巨星贝克汉姆近日在社交媒体上分享，自己小女儿Harper送给他的礼物是一个来自泡泡玛特的Labubu玩偶。 如今，全球潮玩市场正被一只名叫LABUBU的小怪兽"硬控"。 近日，泡泡玛特旗下的Labubu系列挂饰及公仔热销断货。 以及美国著名歌手蕾哈娜、韩国K-pop女子组合BLACKPINK的成员LISA都曾在社交媒体上晒过自己的Labubu玩偶。 泰国公主Sirivannavari Nariratana多次将Labubu挂件搭配于手袋之上，在时尚活动和私人聚会等公开场合频频露面。 他曾在广播平台求助，虽收到不少回应，但交易过程状况百出，曾花350美元（约2514元）却收到普通钥匙链，还花1200美元（约8621 元）买到假货。 最终，他通过联系夏威夷 ...

Core Viewpoint - Miniso's first-quarter performance in 2025 showed revenue growth but a significant decline in profit, leading to a nearly 18% drop in its stock price in the US market [4]. Financial Performance - In Q1 2025, Miniso achieved revenue of 4.427 billion yuan, a year-on-year increase of 18.9%, with a gross profit of 1.958 billion yuan, up 21.1% [2]. - However, the net profit fell to 416.5 million yuan, a decrease of 28.8% compared to 586 million yuan in the same period last year; adjusted net profit also declined by 4.8% to 587 million yuan [2]. Revenue Growth Drivers - The revenue increase was primarily driven by a 9.1% growth in Miniso's domestic revenue, supported by a strong recovery in same-store sales [2]. - Overseas revenue saw a significant increase of 30.3%, contributing to a 3% year-on-year growth in total revenue [2]. Store Expansion - As of March 31, 2025, Miniso's global store count reached 7,488, with a net increase of 858 stores year-on-year; domestic stores numbered 4,275 (net increase of 241), while overseas stores totaled 3,213 (net increase of 617) [5]. Strategic Initiatives - Miniso's CFO highlighted efforts to stabilize and control costs for US goods by increasing local asset acquisition, with nearly 40% of products sourced directly from the US [7]. - The company is exploring opportunities in various overseas markets, including Europe, Southeast Asia, Latin America, and the Middle East, with a focus on strategic partnerships and optimizing cooperation models [7]. Focus on Trendy Products - Miniso is actively expanding in the trendy toy market, with its subsidiary TOPTOY reporting Q1 2025 revenue of 340 million yuan, a 59% increase year-on-year [9]. - TOPTOY's self-developed products accounted for over 40% of its sales, with popular items contributing significantly to overseas sales [10]. Future Outlook - The CEO expressed confidence in the performance for Q2 and the full year, emphasizing continued efforts in refined operations, IP strategic cooperation, channel upgrades, store layout optimization, and supply chain management to enhance brand influence [10].