Core Viewpoint - The company is experiencing a significant surge in revenue from its IP Labubu, which increased by 726.6% in 2024, accounting for 23.3% of total revenue, raising questions about potential intentional supply constraints to maintain scarcity [1][2][15]. Revenue and Growth - In 2024, the THE MONSTERS series, which includes Labubu, generated a total revenue of 30.4 billion, marking a dramatic increase from 5.8% to 23.3% of the company's total revenue compared to 2023 [15]. - Other IPs have seen a decline in revenue share, although their absolute revenue has still increased, indicating a balanced growth strategy [15]. Supply Chain and Production Challenges - The company is facing supply shortages due to overwhelming demand for Labubu, leading to delayed shipments across multiple product lines [4][11]. - Industry insiders suggest that the production of Labubu is feasible, but the company may be intentionally controlling output to create a sense of scarcity and maintain market value [5][6][8]. Marketing Strategy - There are indications that the company employs "hunger marketing" tactics, where limited availability enhances consumer desire and perceived value [5][6][16]. - The company aims to balance the market demand across different IPs to avoid over-reliance on a single product, which could pose long-term risks [16]. Production Capacity and Future Plans - The company is actively working to expand production capacity and is considering delaying the launch of new products to better manage existing demand [12][14]. - A new project at a manufacturing facility is set to increase production capabilities significantly, indicating a strategic move to meet growing demand [10].