Core Insights - Pop Mart has become a sensational topic in the secondary market, being labeled as "the most astonishing consumer story of the year" [1][2] - The company's success is attributed to its unique approach to retail, focusing on emotional value rather than functional value [4][28] Group 1: Business Philosophy - The motto "Respect time, respect management" is fundamental to Pop Mart's operational philosophy, emphasizing the importance of long-term thinking [5][20] - The founder, Wang Ning, believes in the concept of "delayed gratification," where success is achieved through patience and strategic planning [6][20] Group 2: Key Success Factors - Pop Mart has successfully executed four key strategies: 1. Industrial and commercial reform of trendy toys to make them more accessible to the general public [9] 2. Shifting the target audience from predominantly male to female consumers, recognizing an untapped market [10] 3. Leveraging channel advantages by placing stores in prime locations to attract trend-conscious consumers [11] 4. Capitalizing on favorable market conditions, such as the rise of the post-80s and 90s generations as mainstream consumers [13] Group 3: Market Positioning - Pop Mart positions itself as a leader in the trendy toy market, claiming to be the best globally, particularly due to its unique blend of art and commerce [51][53] - The company has adopted a "slow company" philosophy, focusing on steady growth rather than rapid expansion, which has allowed it to withstand market pressures [23][68] Group 4: International Expansion - In the first half of 2024, Pop Mart's overseas revenue grew by 259.6%, with international sales accounting for 50% of total revenue [57] - The company strategically enters markets with cultural similarities, starting with nearby regions like South Korea and expanding to Southeast Asia [58] Group 5: Emotional and Psychological Value - Pop Mart's products are designed to resonate emotionally with consumers, creating a sense of psychological value that goes beyond mere functionality [28][45] - The brand aims to create a "dream" for consumers, similar to luxury brands, by attaching emotional significance to its products [24][28] Group 6: Leadership and Consensus - Wang Ning emphasizes that true leadership is about guiding others towards the right direction, which is rooted in making correct choices [30] - The concept of "consensus value" is crucial, as the perceived value of products is built through collective agreement among consumers [31]

Core Viewpoint - The article highlights the explosive growth and popularity of the LABUBU brand within the collectible toy market, emphasizing its significant revenue contributions and the changing consumer behavior among the younger generation, particularly Generation Z [5][10][49]. Group 1: Market Demand and Sales Performance - LABUBU's blind box series saw overwhelming demand, with a live online sale attracting 30,000 viewers and selling out in seconds [3][4]. - The resale market for LABUBU blind boxes has seen prices surge to 1.5-2 times the original price, with hidden variants reaching a premium of 845% [4]. - The total revenue for the THE MONSTERS series, which includes LABUBU, reached 3.04 billion RMB in 2024, marking a staggering year-on-year growth of 726.6% [5][6]. Group 2: Consumer Behavior and Trends - The article discusses a shift in consumer behavior, where young consumers are increasingly seeking emotional connections through collectibles rather than traditional luxury goods [9][10]. - The popularity of blind boxes, which account for 36.6% of the collectible toy market, is attributed to their ability to create a sense of excitement and surprise [16][17]. - The article notes that the target demographic for these products is primarily young adults, with the 18+ age group surpassing children in toy consumption in the U.S. [49]. Group 3: Company Strategies and Innovations - Companies like Pop Mart and TOP TOY have successfully commercialized collectible toys by leveraging popular IPs and creating engaging retail experiences [7][32]. - The operational strategies of these companies include data-driven approaches to identify potential bestsellers and optimize product offerings [48]. - The article mentions that the growth of the collectible toy market is supported by a mature manufacturing base in China, particularly in Dongguan, which is the world's largest toy production hub [36][37]. Group 4: Future Outlook - The collectible toy market in China is projected to reach 76.4 billion RMB by 2024, with a compound annual growth rate of 20% over the next three years [16]. - Companies are planning to expand their retail presence, with TOP TOY aiming to open 80-100 new stores in 2025 [33]. - The article concludes that the trend of adult consumers driving the toy market is likely to continue, with Chinese brands poised to make a significant impact globally [49].