POP MART(09992) 南方都市报· Nan Fang Du Shi Bao·2025-05-30 23:17Core Viewpoint - A plush toy from China, LABUBU, is creating a craze in the Western market, significantly boosting the market value of its parent company, Pop Mart, which has reached over 300 billion HKD [2][6] Group 1: Market Performance and Trends - LABUBU's popularity has led to a global buying frenzy, with celebrities like Beckham and Rihanna promoting the product, enhancing its visibility and desirability [5][6] - Pop Mart's stock surged over 12% in April, surpassing 230 billion HKD in market value, and reaching over 300 billion HKD by late May [6] - The Chinese IP derivative market is experiencing explosive growth, with the retail market size reaching 715 billion RMB in 2022, and projected to exceed 1 trillion RMB by 2027 [10] Group 2: Company Comparisons - Pop Mart leads the market with a significant revenue advantage, reporting a projected revenue of 130 billion RMB for 2024, while competitors like 52TOYS are expected to generate only 5% of that [7][13] - 52TOYS relies heavily on licensed IPs, which contributes to its lower profit margins compared to Pop Mart, which focuses on proprietary IPs [15][16] - The market share of Pop Mart, Blokus, and 52TOYS is 11.5%, 5.7%, and 1.2% respectively, indicating a substantial gap between the leading brands [10] Group 3: International Expansion - Pop Mart is rapidly expanding its international presence, opening over 10 new retail stores in key locations across the US, EU, and Southeast Asia [6][19] - 52TOYS is also focusing on international growth, with plans to open over 100 self-operated stores globally within the next 3-5 years [18] - The overseas revenue for Pop Mart has shown remarkable growth, with a 375.2% increase, contributing over 37% to total revenue [18]