Core Insights - Labubu, a plush toy from Pop Mart, has gained significant popularity, leading the company to achieve nearly $2 billion in annual sales and marking a rare global breakthrough for a Chinese consumer brand [1] - The toy's appeal is described as a "universal language," resonating with consumers who prefer rebellious over traditional cute designs [2] - Pop Mart has initiated an ambitious global expansion plan, aiming to replicate Lego's success by increasing sales in overseas markets [2] Company Performance - Pop Mart's revenue from outside mainland China reached 5.1 billion RMB, accounting for approximately 39% of total revenue [4] - The stock price of Pop Mart has surged over five times in the past year due to the demand for Labubu, leading to temporary sales suspensions in London and Seoul due to crowd-related incidents [4] Market Dynamics - The blind box sales model has stimulated repeat purchases, creating a vibrant secondary market where some Labubu toys sell for three times their original price [3][5] - The emotional connection of these toys is highlighted, particularly among young consumers in China, many of whom are only children and may feel lonely [6] Growth Potential - The explosive growth of Labubu has exposed Pop Mart to the volatile and competitive collectible toy market, with the ability to continuously launch new characters being crucial for future growth [7] - The sales of the series to which Labubu belongs increased over seven times last year, contributing to one-fifth of Pop Mart's revenue, while other product lines also saw rapid growth [7]