泡泡玛特翻过「成见的大山」

Core Viewpoint - The company has experienced a significant resurgence in popularity and stock price, driven by the global success of its LABUBU IP and a strong performance in the consumer market, particularly in the U.S. and Europe [1][3][12]. Group 1: Market Performance - On April 28, the company's stock price rose over 12% to HKD 193, with a total market capitalization reaching HKD 259.188 billion [3]. - Since the beginning of 2025, the stock has increased by over 114% [3]. - The company's app climbed 114 spots to become the top shopping app on the U.S. App Store on April 25, marking its first time at the top [1][2]. Group 2: Product and IP Development - The LABUBU series has become a global sensation, with significant contributions from celebrity endorsements, leading to a surge in consumer interest [10][11]. - The revenue from the THE MONSTERS series reached RMB 3.041 billion in 2024, a year-on-year increase of 726.6% [7]. - The company has successfully diversified its product offerings, with plush products generating RMB 28.32 billion in revenue, a staggering increase of 1289% [8][9]. Group 3: International Expansion - The company has opened 130 overseas stores, with revenue from international markets growing by 375.2% to RMB 5.07 billion, increasing its share of total revenue from 16.9% to 38.9% [12][14]. - Plans are in place to open 100 iconic stores in various countries, including France, the U.S., and Australia, as part of its accelerated international strategy [14]. Group 4: Brand Perception and Future Outlook - The company has successfully transformed from a product-focused entity to an IP-centric organization, establishing a robust ecosystem of various IPs [9][18]. - The CEO expressed confidence in achieving RMB 20 billion in revenue and over 50% growth in 2025, indicating a strong belief in the brand's long-term potential [18].