Core Viewpoint - The article compares Labubu, a trendy IP, to the traditional liquor giant Moutai, highlighting the differences in their social currency attributes and the implications for consumer behavior and investment dynamics [1][3][4]. Group 1: Social Currency Differences - Labubu's social attributes are based on shared interests and values among the younger generation, while Moutai's social function relies on power and hierarchical relationships [1][4]. - Moutai serves as a "productivity tool" in business contexts, whereas Labubu fulfills the emotional value and instant gratification needs of young consumers in a digital social environment [5][6]. Group 2: Consumption Drivers - The shift from an investment-driven model to a consumption-driven model in China is reflected in Labubu's appeal to emotional value and "dopamine" consumption [5][6]. - Moutai is deeply rooted in traditional Chinese culture, with its globalization process still in early stages, while Labubu has achieved significant global success [6]. Group 3: IP Lifecycle Risks - Both Bubble Mart and Moutai face challenges related to IP lifecycle and investment attributes, with Labubu's success being crucial for Bubble Mart's global growth [7][10]. - The historical resilience of Moutai, with over a century of establishment, contrasts with the relatively short histories of Bubble Mart and Labubu, which are 15 years and 10 years respectively [9]. Group 4: Regulatory and Market Risks - Regulatory risks affect both Moutai and Bubble Mart, with the latter facing scrutiny as its consumer base diversifies [12]. - The article notes the potential impact of "crowded trades" in the market, drawing parallels between the capital inflow into Moutai and the current focus on Bubble Mart in the "new consumption" sector [13].

Core Viewpoint - TikTok is accelerating its global expansion, particularly in the e-commerce sector, to mitigate regulatory risks in the U.S. and to drive revenue growth for its parent company, ByteDance [1][2][4]. Group 1: Expansion Plans - TikTok plans to enter the Japanese e-commerce market by June 2024, currently recruiting select merchants for its TikTok Shop [1]. - The company has already launched TikTok Shop in key European markets including Germany, France, and Italy, indicating a strategic focus on Europe as a primary battleground for e-commerce [2]. - TikTok aims to double its e-commerce transaction target to approximately $80 billion by 2025, with a significant focus on the U.S. market, which is expected to contribute around $9 billion in transactions in 2024 [4]. Group 2: Financial Projections - ByteDance is projected to achieve $155 billion in revenue in 2024, with a 29% year-over-year growth, largely driven by TikTok's performance [4]. - By 2025, international business revenue from TikTok is expected to reach $39 billion, accounting for 25% of ByteDance's total revenue, with a growth rate of 63% [4]. - TikTok's overall platform transaction volume is estimated to be around $40 billion in 2024, with the U.S. being the largest contributor [4]. Group 3: Market Context - Japan's e-commerce market is projected to reach $169 billion in 2024, ranking third globally, while the European e-commerce market is expected to grow at a compound annual growth rate of 8% from 2024 to 2029, reaching $951 billion by 2029 [5]. - Competitors like Shein and Temu have already established a presence in Japan, intensifying the competitive landscape for TikTok [1].