Core Viewpoint - The recent large-scale share sell-off by major shareholders of Pop Mart has raised concerns, while the company continues to show strong growth in overseas markets and significant revenue increases from its products [2][4][5]. Group 1: Shareholder Activity - Major shareholders have sold approximately 11.91 million shares of Pop Mart, accounting for about 0.9% of the total share capital, involving funds of around HKD 2.2 billion [2]. - Fengqiao Capital has completely liquidated its holdings in Pop Mart through block trades, with the fund's cost basis for shares being around HKD 17-20, while the selling price ranged from HKD 187.99 to HKD 192.95, resulting in over 8 times profit [4]. Group 2: Company Performance - Since its IPO on December 11, 2020, Pop Mart's stock price has increased significantly, with a maximum cumulative increase of over 10 times [4]. - In 2024, Pop Mart achieved revenue of CNY 13.04 billion, a year-on-year increase of 106.9%, with overseas and Hong Kong-Macau business revenue reaching CNY 5.07 billion, a growth of 375.2% [5]. - In Q1 of this year, Pop Mart's overseas business revenue grew by 475%-480%, with the Americas market seeing a staggering growth of 895%-900% [5]. Group 3: Market Trends and Insights - The rise of Pop Mart's products, particularly the LABUBU series, has led to significant consumer demand, with long queues reported at stores in various countries [4]. - The company is seen as transforming from a new toy brand to a cultural phenomenon, appealing to overseas markets through unique cultural exports [5]. - Industry experts note that while the blind box products do not hold intrinsic value, their worth is derived from the associated IP and the rarity of hidden items, indicating potential for further development in IP storytelling and market presence [5].

2025.04. 29 作者 | 第一财经 揭书宜 近日，随着旗下LABUBU3.0系列的发售，泡泡玛特在全球持续引起抢购热潮。在海外的许多国家和地 区，泡泡玛特线下门店出现了排队长龙，在美国洛杉矶，排队购买LABUBU的队伍被消费者称"找不到 队头也看不到队尾"；在英国伦敦，牛津街门店的队伍排到了"转角再转角"。 近期，泡泡玛特APP还首次登顶美国APP STORE购物榜。 LABUBU为THE MONSTERS系列旗下IP，由中国香港艺术家、泡泡玛特签约艺术家龙家升创作，灵 感来自北欧森林精灵。随着THE MONSTERS在全球迅速走红，赢得了全球粉丝的喜爱，相关收入在 去年实现了726.6%的同比大幅增长。 本文字数：1287，阅读时长大约2分钟 导读 ：今年一季度，泡泡玛特海外业务收益同比增长475%-480%。其中美洲市场收入同比增长达到895%-900%，欧 洲市场增长600%-605%，亚太地区增长345%-350%。 LABUBU"前方高能"系列每个售价为99元人民币，上线即被抢购，国内二手交易平台显示，新品最高 叫价10万元人民币，但不排除只是故意标价吸睛或者有价无市的情况。当然，大部分的二 ...