Core Insights - The sales related to "LABUBU" have increased more than eightfold within a year, reaching 3 billion RMB in the 2024 fiscal year, which is 8.3 times the previous fiscal year [4] - The company plans to expand its store count outside of China to approximately 230 by the end of the 2025 fiscal year, an increase of 80% from the previous fiscal year [2] - The total market value of the company has risen to approximately 250 billion HKD, surpassing Japan's Sanrio [5] Company Performance - The company's revenue for the 2024 fiscal year increased to 13 billion RMB, which is 2.1 times the previous fiscal year, while net profit reached 3.1 billion RMB, a 2.9 times increase [4] - The COO stated that LABUBU figurines have become a fashion statement among young people globally [4] Market Expansion - The company has accelerated its overseas market expansion, with plans to open 100 stores in Japan, Thailand, and other regions by 2025 [6] - As of 2024, the company has established 130 stores outside of China, with overseas business accounting for nearly 40% of total revenue [6] Competitive Landscape - The company is known for developing proprietary IP products in collaboration with various artists, distinguishing itself from competitors like Miniso, which focuses on collaborations with well-known IPs [4] - The company is seen as a pioneer in China's IP business, moving away from traditional manufacturing to focus on creative product development [4][6] Industry Context - The company is positioned as a representative enterprise in Asia's character economy, reflecting a shift in China's economic model from manufacturing to innovation and IP utilization [5][6] - The ongoing trade tensions between China and the U.S. may impact production costs and pricing strategies, with potential price increases in the U.S. market being hinted at by the COO [7]