$POP MART (09992.HK)$ A mint green Labubu, standing 131 cm tall, was auctioned on June 10 forOver 1 million yuan.This first-generation collectible doll, released in 2019, originally priced at only 2999 yuan — a myth with a 360 times premium over 4 years, embodying the wealth creation ability of the POP MART IP.
This ‘Spirit Monster’ created by Hong Kong artist Kasing Lung will contribute to POP MART in 2024.Generated revenue of 3.04 billion yuan (a year-on-year increase of 726.6%).It became the company's first IP. The Labubu 3.0 rubber plush series launched in April 2025 triggered a "7-hour queue" purchasing frenzy in Europe and America, with the London flagship store.Daily sales exceeded 0.5 million British Pound.Even Beckham is generating traffic on INS.
Valuation Insight: Overdrafting three years of growth?
PE (price-to-earnings ratio) perspective: based on the net income for 2024,The current PE ratio of POP MART is as high as 105.45 times.(As of June 13, 2025), far exceeding LEGO, the global toy leader at 35 times, and Sanrio at 42 times. Even with Institutions' optimistic forecast of a net income of 7 billion yuan in 2025, the PE is also around 50 times. Such a high price-to-earnings ratio implies that the market has extremely high expectations for its future performance growth...