Core Insights - LABUBU has emerged as a global super IP, representing a new benchmark for Chinese toy IPs going international and reflecting the globalization progress of Pop Mart [2][3] - In Q1 of this year, Pop Mart's revenue in the Americas and Europe surged by 895%-900% and 600%-605% respectively, indicating strong market acceptance [2] Group 1: LABUBU's Success Factors - The commercial value and vitality of an IP depend on the company's investment and sustainable operations, as demonstrated by LABUBU's growth since its signing with Pop Mart in 2018 [3] - LABUBU initially gained traction in niche markets, but the introduction of new product categories, such as plush toys, significantly amplified its appeal and led to a buying frenzy [3] - Interactive marketing strategies, including performances and social media engagement, have helped LABUBU connect with fans and enhance its visibility [3] Group 2: Financial Performance - In 2024, LABUBU's IP THE MONSTES is projected to generate revenue of 3.04 billion yuan, marking a year-on-year increase of 726.6%, making it the top revenue-generating IP for Pop Mart [4] - The plush toy category has seen explosive growth, exceeding 1200% due to successful product launches like the LABUBU heart macaron series [4] Group 3: Market Entry Strategies - Pop Mart's entry into the North American market began with vending machine tests in 2021, leading to the opening of its first physical store in New Jersey in September 2023 [5] - In Europe, Pop Mart prioritized markets based on cultural acceptance of emerging trends, starting with France and the UK before expanding to other countries [6] Group 4: Globalization Challenges - The primary challenges faced by Pop Mart in its globalization efforts have shifted from market entry to management, particularly in building a cohesive local team [7] - The company has established a localized management approach, with over 1,000 foreign employees, particularly in North America [7] Group 5: Future Globalization Plans - Pop Mart aims to enhance its global presence by signing local artists and creating products tailored to regional preferences, such as Thai clothing for LABUBU in Thailand [8] - Collaborations with well-known IP companies like Disney and Sanrio are part of Pop Mart's strategy to increase brand exposure in unfamiliar markets [8] Group 6: Organizational Changes - In April 2025, Pop Mart will initiate its largest organizational restructuring in five years to standardize operations and improve efficiency, aiming for a unified management system [9]

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]

作为全球领先的潮流文化娱乐集团，泡泡玛特今年首度亮相进博会消费品展区5.1H馆B2-B5展位， 这也是泡泡玛特进博会首秀，企业在展台的设计上颇具创意，从全球IP、全球艺术家、全球品牌等多 维度展示了自身强大的全球化业务版图，并通过高级画廊的空间设计呈现，以大量丰富的IP产品串联 起品牌全球化的故事脉络，向现场观众全方位展示了泡泡玛特的全球化进程 。 泡泡玛特始终坚持以IP为核心，为全球创作者打造全链路的创意孵化与运营平台，旗下签约艺术家遍 布全球。此次进博会，泡泡玛特重点展示了五个签约艺术家创作的不同IP形象，包括Kenny Wong 创作的MOLLY、龙家升创作的THE MONSTERS、毕奇创作的PUCKY、Molly创作的CRYBABY以 及Libby创作的Peach Riot，既有中国艺术家，也有东南亚、欧美等国的艺术家。 打造全球年轻人高品质潮流生活方式。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，以"新时代，共享未来"为主题的第七届中国国际进口博览会（以下简称"进博 会"）日前在上海国家会展中心正式开幕，本届进博会的国别（地区）数和 ...