Investors have most concerns on Labubu and overseas expansion. Our recent discussion with investors reflected that the market mostly worried about: (1) fading popularity of Labubu, especially when compared to the peak in 2Q25, and (2) whether store traffic would see decline as the popularity of Labubu fades and other IPs may fail to monetise as expected. Given the fragmentation of the overseas market as Pop Mart accelerates its global expansion, we note that domestic investors would have higher concerns on ...

南方财经 21世纪经济报道记者赖镇桃 泰国曼谷报道 这两年，Labubu、Dimoo这些可爱治愈的潮玩IP，正成为行走的中泰"友谊大使"。2024年，Dimoo被官 方授予"中泰建交50周年特邀挚友" 的荣誉称号。泰国旅游局在曼谷素万那普机场专门为Labubu举行了 欢迎仪式，还给这位顶流授予了"神奇泰国体验官"的身份，官方专门给一个人偶称号，在泰国史上都是 首次。 Labubu们走出国门，火速圈粉的同时，也展现出了强劲的"吸金"力。泡泡玛特在2025年10月底公布的财 报显示，去年第三季度，泡泡玛特整体收益较上年同期增长245%-250%，其中中国收益同比增长185% 至190%，海外收益同比猛增365%至370%，亚太区同比增长170%-175%。 拍摄：章启良 出品：SFC国际传播中心 21财经工作室 "Labubu之前在泰国真的'抢疯'了，缺货的时候找黄牛买，通常要加价两三倍，限量款最高炒到人民币 3000元左右。"一位正在泰国的中企人士还对此前的"Labubu热"印象深刻。即使现在泰国的泡泡玛特门 店终于实现"买bu自由"，但他提及，泰国年轻人在TikTok上分享拆盒视频、带上Labubu的话题标签 ...

Beijing, China, Dec. 27, 2025 (GLOBE NEWSWIRE) -- Among the many descriptions of China seen from the outside, the country has gained an increasingly prominent image for itself in 2025 as a "cool" place to visit and live, as reflected in multiple global surveys and in foreign vloggers' videos and comments. As the year draws to a close, the Global Times is launching the "Cool China" series to approach the most iconic events and phenomena of the year through the five senses. In this fourth installment, we will ...

Group 1 - The core viewpoint is that Pop Mart (09992) maintains a "buy" rating due to its rich IP matrix and mature operational capabilities, which continue to activate overseas markets and expand offline channels, leading to sales surges during holiday seasons [1][2] - The company has successfully expanded its global presence, with a total of 171 overseas retail stores as of October 30, including 62 in North America, 28 in Europe, and 44 in Southeast Asia, indicating significant growth potential in new regions [2] - The popularity of the Labubu IP and other new products is expected to drive social engagement and revenue growth during the upcoming holiday season, particularly around Halloween and year-end festivities [2][3] Group 2 - The company has demonstrated its long-term IP operation capabilities, with successful product innovation maintaining fan engagement, while the overall brand strength has significantly improved due to the global success of Labubu and other leading IPs [3][4] - The business model is viewed as having strong competitive barriers, with the ability to realize long-term value from IP through effective operations, as evidenced by the healthy supply-demand ecosystem for its products [4]

Core Viewpoint - The report from Shenwan Hongyuan maintains a "buy" rating for Pop Mart (09992), highlighting its strong IP matrix and operational capabilities that continue to activate overseas markets and expand offline channels, leading to sales surges during holiday seasons [1] Group 1: Global Expansion and Market Demand - The globalization process is progressing steadily, with a focus on expanding overseas supply chains and channels to meet global fan demand [1] - The collectible toy category has strong display, social, and gifting attributes, making offline channels crucial for sales and brand marketing [1] - As of October 30, the number of overseas retail stores reached 171, with significant growth potential in North America (62 stores), Europe (28 stores), and Southeast Asia (44 stores) [1] - The recent Halloween product launches in North America have generated strong sales, and the upcoming holiday season is expected to boost social engagement and revenue growth for new IPs like Labubu [1] Group 2: Brand Strength and IP Development - The success of a single IP does not hinder the overall platform development, with the brand's strength significantly improving [2] - Labubu's revenue contribution is healthy, and the company has demonstrated its long-term IP operation capabilities through product innovation and iteration [2] - The global popularity of Labubu and other key IPs has elevated Pop Mart's brand presence, exemplified by participation in the Macy's Thanksgiving Day Parade [2] Group 3: Long-term Business Model Viability - The company is viewed as one of the most competitive globally in terms of IP design, operation, and supply chain, capable of realizing long-term value through effective IP management [3] - Recent product launches have maintained a slight premium, indicating a healthier supply-demand ecosystem compared to June, which is beneficial for cultivating long-term fans [3]

Group 1 - The core viewpoint emphasizes the steady progress of globalization, with a positive outlook on overseas supply chain and channel expansion to meet global fan demand [1] - The collectible toy category possesses strong display, social, and gifting attributes, making offline channels crucial for sales and brand marketing [1] - As of October 30, the company has expanded its overseas retail store count to 171, aligning with its strategic plan, with significant growth potential in North America, Europe, Southeast Asia, and East Asia [1] Group 2 - The performance of a single IP does not hinder the overall platform development, with the company's brand strength significantly improving [2] - The company has demonstrated its long-term IP operation capabilities, maintaining fan engagement through product innovation and iteration [2] - The global popularity of Labubu and other leading IPs has elevated the company's brand power, as evidenced by participation in major events like the Macy's Thanksgiving Day Parade [2] Group 3 - The company has adjusted its revenue forecasts for 2025-2027 to 38.865 billion, 52.738 billion, and 66.946 billion respectively, reflecting an optimistic outlook on store openings and product launches [2] - The adjusted net profit forecasts for the same period are set at 13.648 billion, 18.429 billion, and 23.569 billion, indicating confidence in the company's long-term operational capabilities and competitive landscape [2]

Group 1 - The article highlights the increasing popularity of the Chinese toy brand Pop Mart in the U.S. market, particularly through its character Labubu, which gained significant attention during the Macy's Thanksgiving Day Parade [3][4] - The global collectible toy market is projected to grow from 8.7 billion yuan in 2015 to 44.8 billion yuan by 2024, with a compound annual growth rate of nearly 23% [4] - North America, Europe, and China are identified as the top three markets for collectible toys, with emerging markets in Southeast Asia and Eastern Europe also experiencing rapid growth [4] Group 2 - Many Chinese consumer brands, including Pop Mart, are expanding into overseas markets to seek higher profit margins, with brands like Miniso and Luckin Coffee also making strides [6] - The COO of Pop Mart, Si De, emphasizes the vast potential of the U.S. market, noting strong consumer demand for IP design and related products, as well as the maturity of the retail landscape [7] - The development of U.S. operations offers additional benefits for Chinese consumer brands, such as enhancing brand reputation globally and leveraging the rich talent pool in the U.S. entertainment industry for better growth [7]

Core Insights - The annual Macy's Thanksgiving Day Parade showcased the presence of Pop Mart's float featuring popular characters like Labubu, marking the brand's debut in New York [2] - The global collectible toy market is projected to grow from 8.7 billion to 44.8 billion from 2015 to 2024, with a compound annual growth rate of nearly 23% [2] - North America, Europe, and China are the top three markets for collectible toys, with emerging markets in Southeast Asia and Eastern Europe also experiencing rapid growth [2] Company Insights - Chinese new consumer brands, including Miniso and Luckin Coffee, are expanding into overseas markets to seek higher profit margins, with Pop Mart's TOP TOY accelerating its international store openings [3] - The success of collectible IP companies in international markets is attributed to their creativity, global influence, and marketing capabilities, which could attract investor interest if valuations adjust to reasonable levels [3] - The future growth of Chinese new consumer brands in the U.S. market is expected to be significant, driven by strong consumer demand for IP design and related products [4] Market Dynamics - The U.S. market is characterized by high purchasing power and a mature retail environment, which presents opportunities for Chinese brands [4] - The rapid growth of the U.S. market can enhance the global reputation and brand effect of Chinese companies, as the U.S. often sets trends for other countries [4] - The entertainment industry in the U.S. is well-developed, providing access to talent that can facilitate global growth for companies [4]

Core Viewpoint - The future potential of China's new consumption sector relies on the ability to create new IPs, continuously resonate with consumers, and expand internationally [1][4]. Group 1: Market Overview - The global toy market is projected to grow from 8.7 billion yuan in 2015 to 44.8 billion yuan by 2024, with a compound annual growth rate (CAGR) of nearly 23% [3]. - North America, Europe, and China are currently the top three markets for toys, with emerging markets in Southeast Asia and Eastern Europe also experiencing rapid growth [3]. Group 2: International Expansion - Numerous Chinese new consumption companies, including Miniso, Luckin Coffee, and Heytea, are entering overseas markets to seek higher profit margins [3]. - Pop Mart's toy brand TOP TOY is accelerating its overseas store openings [3]. Group 3: Insights from Industry Experts - Keywise's fund manager Xu Tao noted that successful toy IP companies can stand out in international markets due to their creativity, global influence, penetration, and marketing capabilities [4]. - Xu emphasized that the future growth of China's new consumption sector will depend on the ability to create new IPs and resonate with consumers, with North America being a key focus for expansion [4]. Group 4: U.S. Market Potential - Pop Mart's COO, Si De, highlighted the large and strong purchasing power of the U.S. market, along with a high demand for IP design and related products [5]. - The U.S. retail environment is mature, providing a solid foundation for retail talent and shopping center systems, although the pace of product updates and creative design may not match China's efficiency [5]. - Si De mentioned that the company has spent two years building a capable team to navigate the U.S. retail landscape, leading to rapid growth since last year [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market benchmark [4][7]. Core Insights - The company is focusing on cross-regional expansion and IP development to support long-term operations, with a significant increase in revenue and net profit projected over the next few years [7]. - The company has successfully expanded its overseas retail presence, with 171 stores globally, and is well-positioned to meet growing demand from international markets [7]. - The report highlights the company's strong brand power and competitive advantages in IP design, operation, and supply chain management, which are expected to sustain long-term value creation [7]. Financial Data and Profit Forecast - Revenue projections show a substantial increase from RMB 6.301 billion in 2023 to RMB 66.946 billion by 2027, with a compound annual growth rate (CAGR) of approximately 27% [5][8]. - Net profit is expected to grow from RMB 1.184 billion in 2023 to RMB 23.569 billion in 2027, reflecting a CAGR of around 28% [5][8]. - The report anticipates a significant rise in earnings per share (EPS), from RMB 0.88 in 2023 to RMB 17.55 in 2027, indicating strong profitability growth [5][8].