2025年上半年，泡泡玛特（09992.HK）海外营收达到55.93亿元，同比大增439.60%，海外营 收占比升至40.31%；受益于前一年低基数，布鲁可（00325.HK）上半年海外营收达到1.1亿 元，相较去年同期增长899%，占总收入的8.3%，带动总营收扭亏为盈；同期，名创优品 （ 09896.HK ） 品 牌 海 外 业 务 收 入 35.34 亿 元 ， 同 比 增 长 29.4% ， 占 名 创 优 品 品 牌 收 入 的 40.9%。 记者丨刘婧汐 实习生陈晗章 编辑丨朱益民 年中季，海外市场收入暴涨成为了头部中国潮玩企业财报中的高频关键词。 要看到的是，中国潮玩企业已经在海外市场布局已久。 早在2015年，名创优品就启动了全球化战略，在新加坡的核心商圈开设了海外第一家门店。 泡泡玛特则于2020年开出了韩国首店，虽然稍晚一步，但去年以来爆火的LABUBU却带动了 整个中国潮玩行业的强势输出。 中国潮玩，全球买单；高附加值，不靠低价。这批中国潮玩企业，走出了一条与以往不同的 出海路。 海外市场全面开花 受益于去年的低基数，"中国版乐高"布鲁克海外市场以近九百倍的增速遥遥领先。 2024年前， ...

年中季，海外市场收入暴涨成为了头部中国潮玩企业财报中的高频关键词。 2025年上半年，泡泡玛特（09992.HK）海外营收达到55.93亿元，同比大增439.60%，海外营收占比升 至40.31%；受益于前一年低基数，布鲁可（00325.HK）上半年海外营收达到1.1亿元，相较去年同期增 长899%，占总收入的8.3%，带动总营收扭亏为盈；同期，名创优品（09896.HK）品牌海外业务收入 35.34亿元，同比增长29.4%，占名创优品品牌收入的40.9%。 要看到的是，中国潮玩企业已经在海外市场布局已久。 早在2015年，名创优品就启动了全球化战略，在新加坡的核心商圈开设了海外第一家门店。泡泡玛特则 于2020年开出了韩国首店，虽然稍晚一步，但去年以来爆火的LABUBU却带动了整个中国潮玩行业的 强势输出。 中国潮玩，全球买单；高附加值，不靠低价。这批中国潮玩企业，走出了一条与以往不同的出海路。 海外市场全面开花 截至2025年6月30日，位于中国内地的名创优品门店数量为4305家，同比净新开190家门店；而位于海外 市场的名创优品门店数量截至2025年6月30日为3307家，同比净新开554家门店。其中， ...

（原标题：成倍激增！中国潮玩，全球买单） 21世纪经济报道记者 刘婧汐 实习生 陈晗章 广州报道 年中季，海外市场收入暴涨成为了头部中国潮玩企业财报中的高频关键词。 2025年上半年，泡泡玛特（09992.HK）海外营收达到55.93亿元，同比大增439.60%，海外营收占比升 至40.31%；受益于前一年低基数，布鲁可(00325.HK)上半年海外营收达到1.1亿元，相较去年同期增长 899%，占总收入的8.3%，带动总营收扭亏为盈；同期，名创优品(09896.HK)品牌海外业务收入35.34亿 元，同比增长29.4%，占名创优品品牌收入的40.9% 要看到的是，中国潮玩企业已经在海外市场布局已久。 早在2015年，名创优品就启动了全球化战略，在新加坡的核心商圈开设了海外第一家门店。泡泡玛特则 于2020年开出了韩国首店，虽然稍晚一步，但去年以来爆火的LABUBU却带动了整个中国潮玩行业的 强势输出。 中国潮玩，全球买单；高附加值，不靠低价。这批中国潮玩企业，走出了一条与以往不同的出海路。 海外市场全面开花 受益于去年的低基数，"中国版乐高"布鲁克海外市场以近九百倍的增速遥遥领先。 2024年前，布鲁可海外 ...

年中季，海外市场收入暴涨成为了头部中国潮玩企业财报中的高频关键词。 早在2015年，名创优品就启动了全球化战略，在新加坡的核心商圈开设了海外第一家门店。泡泡玛特则 于2020年开出了韩国首店，虽然稍晚一步，但去年以来爆火的LABUBU却带动了整个中国潮玩行业的 强势输出。 中国潮玩，全球买单；高附加值，不靠低价。这批中国潮玩企业，走出了一条与以往不同的出海路。 2025年上半年，泡泡玛特（09992.HK）海外营收达到55.93亿元，同比大增439.60%，海外营收占比升 至40.31%；受益于前一年低基数，布鲁可(00325.HK)上半年海外营收达到1.1亿元，相较去年同期增长 899%，占总收入的8.3%，带动总营收扭亏为盈；同期，名创优品(09896.HK)品牌海外业务收入35.34亿 元，同比增长29.4%，占名创优品品牌收入的40.9% 要看到的是，中国潮玩企业已经在海外市场布局已久。 海外市场全面开花 2024年前，布鲁可海外收入占比长期维持在2%上下，截至2024年下半年，仍只占总收入的2.9%。进入 2025年，布鲁可海外业务增速陡然加快，今年上半年海外营收突破1亿元，占据布鲁可总收入的8.3 ...

Group 1 - During the 618 shopping festival, Pop Mart's LABUBU third-generation plush products achieved over 1 million sales on Tmall, with shipping scheduled for late September [1] - Pop Mart's performance during the 618 event indicates a shift in consumer demand from "cost-performance" to "emotional-value" [5] - The overseas market saw over 200,000 viewers in AliExpress's first live broadcast during the 618 event, leading to a sell-out of trendy toy products, highlighting the growing influence of Chinese trendy toy brands globally [5] Group 2 - The success of Pop Mart as a popular trendy toy brand in China is attributed to the upgrading of manufacturing, increased cultural confidence, and market openness [7] - Consumers are willing to pay for the joy that trendy toys bring, reflecting a trend of consumption upgrading [7] - The recent popularity of LABUBU has led to issues with scalpers, disrupting market order and potentially harming brand value, indicating the need for a balanced approach to maintain a healthy market for trendy toys [7]

Core Insights - The core viewpoint of the articles highlights the explosive growth of Pop Mart, particularly its LABUBU plush toy line, which has gained significant popularity among consumers globally, leading to a substantial increase in the company's stock price and the personal wealth of its founder, Wang Ning [1][3][6]. Company Performance - Pop Mart's stock price has surged, with a year-to-date increase of 188.5%, closing at 258.8 HKD per share on June 10 [1][6]. - Wang Ning's net worth reached 21.5 billion USD, placing him at 99th on the global billionaire list and making him the new richest person in Henan [3]. Market Trends - The success of LABUBU has sparked enthusiasm in the new consumption sector, with 180 funds heavily investing in Pop Mart as of the end of Q1 2025, holding a total of 60.79 million shares valued at approximately 8.779 billion CNY [1][9]. - The popularity of LABUBU has led to significant price inflation in the secondary market, with some products being resold for several thousand CNY, creating a phenomenon likened to "plastic Moutai" [8]. Industry Dynamics - The growth of Pop Mart is attributed to its unique IP ecosystem, which includes original IP incubation, artist cultivation, and multi-channel retailing, allowing for product diversification beyond blind boxes to include plush toys and digital entertainment [6][7]. - The concept of "谷子经济" (Guzi Economy), which focuses on derivative products from popular culture IPs, is seen as a driving force for future growth in this sector [7]. Future Outlook - A report from Zhao Zheng International predicts that Pop Mart's net profit will reach 7 billion CNY by 2025, exceeding market expectations by about 15%, primarily due to underestimated overseas expansion [10]. - The company is expected to continue leveraging its strong IP capabilities and network effects to maintain high profitability and sustainability in the competitive landscape [7][10].

Core Insights - The third generation of LABUBU plush products has been launched globally and sold out quickly on online platforms in China, with high demand also seen in international markets [1][3] - The resale market for LABUBU products has seen significant price increases, with some items being sold at prices up to 34.5 times their original price [6][15] - The overall revenue of Pop Mart has increased significantly, with a reported growth of 165% to 170% in the first quarter of 2024, driven by both domestic and international markets [14][15] Company Performance - LABUBU has become the top revenue-generating IP for Pop Mart, achieving a revenue of 3.04 billion yuan in 2024, a year-on-year increase of 726.6% [15] - Pop Mart's total revenue for 2024 reached 13.04 billion yuan, a 106.9% increase from 6.301 billion yuan in 2023 [15] - The company reported a 95% to 100% revenue growth in the Chinese market and an explosive growth of 475% to 480% in overseas markets [15] Market Trends - The "谷子经济" (Guzi Economy) is driving the popularity of collectible toys, with a projected market size in China expected to exceed 200 billion yuan by 2025, growing at an annual rate of over 25% [16] - The trend is shifting from niche markets to mass consumption, particularly among Generation Z consumers [16] - Companies are transitioning from a focus on distribution channels to prioritizing IP development and creating a content ecosystem [16] Competitive Landscape - Other companies in the collectible toy market, such as TOP TOY under Miniso, are also expanding their IP strategies and product offerings [16][17] - The rise of domestic IPs, such as those based on Chinese animation, is bringing new vitality to the collectible toy market [17] - Future competitiveness will depend on the ability to continuously produce culturally impactful IPs and create immersive consumer experiences [17]

Core Insights - LABUBU has emerged as a new phenomenon-level IP, comparable to iconic brands like Hello Kitty and Ultraman, driven by its unique design and marketing strategies [3][5][12] - The recent launch of LABUBU products has generated significant consumer interest, with long queues forming globally, indicating a strong demand for the brand [1][4][10] - The success of LABUBU is attributed to effective celebrity endorsements and a robust online presence, leading to a substantial increase in sales and brand recognition [6][10][12] Sales Performance - LABUBU's latest product releases have consistently sold out within minutes, reflecting its popularity and consumer engagement [7][10] - In 2024, LABUBU's IP "THE MONSTERS" generated revenue of 30.4 billion yuan, marking a year-on-year growth of 726.6% [12] - The overall revenue for Pop Mart reached 130.4 billion yuan in 2024, with a year-on-year increase of 106.9%, showcasing the company's resilience amid economic uncertainties [10][12] Market Expansion - Pop Mart's overseas business has seen a remarkable growth rate of 475%-480%, with the Americas and Europe being the fastest-growing regions [10][12] - The brand's successful international strategy is evident as it captures significant market share in various countries, including the U.S., U.K., and Japan [1][4][10] - The company aims to achieve over 10 billion yuan in overseas sales by 2025, indicating ambitious growth targets [12] Cultural Impact - LABUBU's quirky design resonates with Gen Z's desire for "harmless rebellion," creating a cultural connection that transcends language barriers [9][10] - The brand has fostered a large fan community, leading to the emergence of related products and creative content, further enhancing its market presence [10][12] - The phenomenon of LABUBU reflects a broader trend of Chinese IPs redefining global cultural exchanges, showcasing their adaptability and appeal [13]