2025.09.03 本文字数：1230，阅读时长大约2分钟 那么谁比较有潜质成为下一个LABUBU呢？第一财经记者多方了解到，从目前的市场销售情况来看， 泡泡玛特旗下IP星星人非常有爆款潜质。 最近一段时间内，星星人的热度在走高，其中以8月发售的"好梦气象局系列"为主。在泡泡玛特抽盒机 直播间里，询问"星星人好梦气象局什么时候补货"的弹幕变多起来。直播间主播对此的回复与回复询问 LABUBU上架的弹幕无异，即"没有补货通知，需要等突袭。" 在部分泡泡玛特门店内，第一财经记者看到星星人盲盒也开始缺货。有泡泡玛特店员告诉第一财经记 者，目前星星人也非常受欢迎，门店开始缺现货了，和LABUBU搪胶毛绒玩具的销售模式一样，星星 人产品也开始要在线上订购。 第一财经记者注意到，在千岛等软件上，星星人的"好梦气象局"系列成交价呈现出快速提到又短期滑落 的情况。隐藏款的转售价一度提高到700多元，非隐藏款的转售价也徘徊在百余元的区间，距离79元的 官方售价有一定的溢价空间。 第一财经日前报道，一周多前，泡泡玛特旗下IP星星人"好梦气象局系列"毛绒挂件、SKULLPANDA熊 怠怠毛绒挂件以及与联名明星周深推出的《反深代词 ...

Group 1 - The Hang Seng Index rose by 0.62% and the Hang Seng Tech Index increased by 1.96%, with retail and automotive sectors leading the gains [1] - Southbound funds recorded a net inflow of HKD 35.67 billion, indicating strong investor interest [1] - The Hong Kong consumer sector showed slight fluctuations during the midday session, with the Hong Kong Consumer ETF (513230) rising nearly 1%, driven by stocks like Great Wall Motors, Pop Mart, Geely, and Chow Tai Fook [1] Group 2 - CITIC Securities reported that the potential of second-tier IPs is rapidly increasing, with Pop Mart establishing a strong platform for trendy toys, driven by leading IPs [2] - In the UK market, the top three IPs by cumulative sales on TikTok Shops are Labubu (52%), Crybaby (26%), and SKULLPANDA (9%), while in the Philippines, the leading IPs are Xiaoye (46%) and Crybaby (40%) [2] - The Hong Kong Consumer ETF (513230) tracks the CSI Hong Kong Stock Connect Consumer Theme Index, encompassing major players in both new consumption and internet e-commerce sectors, including Pop Mart, Lao Pu Gold, and Mi Xue Group [2]

Core Insights - POP MART International Group reported a revenue of 13.04 billion RMB for the full year of 2024, marking a year-on-year increase of 106.9%, and an adjusted net profit of 3.4 billion RMB, up 185.9% from the previous year [1] Revenue Breakdown - Revenue from Mainland China was 7.97 billion RMB, reflecting a year-on-year growth of 52.3% [2] - Revenue from markets outside Mainland China, including Hong Kong, Macao, and Taiwan, reached 5.07 billion RMB, up 375.2% year-on-year [2][6] Intellectual Property Performance - The IP operation system achieved maturity with four key properties generating over 1 billion RMB in revenue [3] - Revenue from 13 other IPs surpassed 3 billion RMB, showcasing significant growth [3] - HIRONO alone achieved revenue of 730 million RMB, reflecting year-on-year growth of 106.9% [4] Business Expansion - The company opened its first brick-and-mortar outlets in Vietnam, Indonesia, the Philippines, Italy, and Spain, expanding its global footprint [7] - The number of brick-and-mortar stores grew to 130, while ROBOSHOPs increased to 192 [6] Product Lineup and Revenue Categories - Annual revenue from figures reached 6.94 billion RMB, up 44.7%, while plush toys saw explosive growth with revenue of 2.83 billion RMB, up 1289% year-on-year [8] - The MEGA COLLECTION brand generated revenue of 1.68 billion RMB, an increase of 146.1% year-on-year [8] Operational Efficiency - The gross profit margin hit a record 66.8%, up by 5.5 percentage points from 61.3% in 2023 [9] - Inventory turnover days decreased from 133 days in 2023 to 102 days in 2024, indicating enhanced operational capabilities [9]