Core Viewpoint - The opening of Bubble Mart's first global "Zhen Cang" store in Chengdu has attracted significant consumer interest, with long queues forming as adults wait to purchase high-end collectible toys, particularly the MEGA series, which are priced in the thousands of yuan [1][2][3]. Group 1: Store Opening and Consumer Behavior - The first "Zhen Cang" store opened in Chengdu SKP, with consumers queuing for hours to enter, indicating strong demand for high-end collectible toys [2][3]. - The store does not sell lower-priced items like LABUBU plush toys or blind box figures, focusing instead on the MEGA series, which are positioned as collectible items [2][3][9]. - The high price point of products, such as the MEGA SPACE MOLLY priced at 5,999 yuan, reflects their unique design and limited production [9][10]. Group 2: Financial Performance and Product Segmentation - Bubble Mart's 2024 annual report shows significant revenue growth across product categories, with MEGA series revenue reaching 1.68 billion yuan, a 146.1% increase year-on-year [3][5]. - The company has segmented its product lines into four categories, with figure toys generating 6.94 billion yuan (53.2% of revenue), plush toys at 2.83 billion yuan (21.7%), MEGA at 1.68 billion yuan (12.9%), and other IP-related products at 1.59 billion yuan (12.2%) [5][10]. Group 3: Market Strategy and Future Plans - The "Zhen Cang" store aims to cater to high-end consumers and is part of Bubble Mart's strategy to diversify its product offerings beyond blind boxes [9][10]. - The company plans to open a second "Zhen Cang" store in Beijing SKP, indicating confidence in the high-end collectible market [10]. - The store's limited edition products and collaborations, such as the MEGA SPACE MOLLY panda, are designed to enhance the brand's appeal and create a sense of exclusivity [12][13]. Group 4: Consumer Experience and Tax Benefits - The store's location in Chengdu SKP allows for a unique shopping experience, including a "buy and refund" tax benefit for eligible consumers, enhancing the attractiveness of the store for both local and international shoppers [7][13]. - The store is expected to become a landmark for tourists, particularly those interested in purchasing exclusive items not available overseas, contributing to a trend of "reverse shopping" [13].