--- title: "Labubu Fridge Hyped to 90,000 Yuan: Can Cross-Industry Home Appliances Save POP MART from a Halved Stock Price?" type: "News" locale: "en" url: "https://longbridge.com/en/news/284527992.md" description: "Guosen Securities believes that POP MART's cross-industry strategy into small home appliances holds greater strategic significance than short-term financial performance. The products adopt an IP licensing + outsourced production model, focusing on high aesthetics, trendy toy stylization, and a mid-to-high-end positioning. They combine trendy toy aesthetics, practical functionality, and collectible attributes, forming a differentiated advantage through the emotional value of IPs. Small home appliance revenue is projected to reach approximately RMB 487 million in 2026, accounting for only about 1% of the company's total revenue. The Gross Profit Margin is estimated at around 52.8%, which, while significantly higher than the industry average for home appliances, still lags behind the company's core business margin of 70%" datetime: "2026-04-29T08:57:08.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284527992.md) - [en](https://longbridge.com/en/news/284527992.md) - [zh-HK](https://longbridge.com/zh-HK/news/284527992.md) --- # Labubu Fridge Hyped to 90,000 Yuan: Can Cross-Industry Home Appliances Save POP MART from a Halved Stock Price? POP MART is extending its flagship IPs from trendy blind-box toys to everyday home appliances, a cross-industry expansion that has triggered strong reactions in both the capital and consumer markets. Before the official sales launch of the Labubu fridge, market enthusiasm had already ignited: quotes on second-hand platforms were hyped to over RMB 90,000, and pre-order reservations on JD.com exceeded 45,000. In early trading on April 29, POP MART's stock price rose in response, gaining nearly 4.6% at one point. By press time, the gain had narrowed to 2.48%, with the stock trading at HKD 157. Over a longer timeframe, the company's share price has been on a downward trajectory since hitting a historical high of HKD 322 in late August 2025, effectively halving since then. A report released by Guosen Securities on April 20 pointed out that POP MART's small home appliances adopt an asset-light model of IP licensing plus outsourced production, focusing on a tripartite positioning of "trendy toy aesthetics + practical functionality + collectible attributes," targeting the mid-to-high-end market. **Leveraging the emotional value of IPs, high-aesthetic designs, and collectible features such as limited edition numbering, the products hold strong appeal for the core trendy toy customer base and are also expected to achieve a certain breakout effect.** The report projects that small home appliance revenue will reach approximately RMB 487 million in 2026, accounting for about 1% of the total revenue for that year, with hair dryers being the top single product, with estimated sales of approximately RMB 219 million. The Gross Profit Margin is expected to be around 52.8%, higher than the industry average. While the **short-term contribution to performance is limited, in the medium to long term, it is expected to broaden the product line and usage scenarios, increase the repurchase rate of core fans, and attract new customer groups, holding significant strategic importance.** ## **IP Empowerment, Outsourced Production: Trendy Toy Aesthetics Enter Small Home Appliances** The first batch of product lines covers five categories: mini fridges, electric kettles, coffee machines, hair dryers, and electric toothbrushes. They adopt an asset-light model of IP licensing plus outsourced production and are sold through online channels such as JD.com and offline stores. **Product pricing ranges between RMB 400 and RMB 1,500, focusing on high aesthetics, trendy toy stylization, and a mid-to-high-end route.** Among them, the LABUBU mini fridge has a reference price of RMB 1,000 to 1,300, featuring hand-painted patterns and three-dimensional styling design; the SKULLPANDA hair dryer is priced at RMB 600 to 800, equipped with negative ion functionality; the DIMOO electric toothbrush is priced at RMB 400 to 600, featuring hidden limited edition numbers that endow it with collectible attributes. In horizontal comparison, the prices of POP MART's small home appliances are similar to comparable products from brands like Buydeem, Nestle, Philips, and Morphy Richards. **However, they form a differentiated advantage in terms of product aesthetics, IP emotional value, and collectible attributes, holding strong appeal for trendy toy enthusiasts and possessing a certain ability to break out to other consumer groups.** ## Social Media Heat Remains High, Fan Expectations Continue to Rise **The sustained high pre-sale heat is not without precedent—social media data had already laid the groundwork.** According to statistics from Guosen Securities, multi-platform data (as of 15:00 on April 15) shows that POP MART's small home appliances have accumulated considerable social media heat: the topic "POP MART Home Appliances" on Douyin has accumulated approximately 100 million views; the topic reading volume on Weibo reached 3.951 million, with about 60% of users expressing expectation for cross-industry innovation and about 20% adopting a wait-and-see attitude. On Xiaohongshu, posts related to the LABUBU fridge have accumulated over 1,300 likes, significantly higher than other content during the same period. ## Limited Short-Term Revenue Contribution, Gross Profit Margin Expected to Exceed 50% Guosen Securities estimates that POP MART's small home appliance revenue in 2026 will be approximately RMB 487 million, accounting for about 1.04% of the total revenue for that year. By category, hair dryers are the top single product, with an estimated annual sales volume of about 313,000 units and sales revenue of approximately RMB 219 million; mini fridges are expected to have an annual sales volume of 100,000 units and sales revenue of about RMB 115 million; coffee machines, electric kettles, and electric toothbrushes will collectively contribute approximately RMB 153 million. Specific calculations for each category are as follows: - Mini Fridge: Highest attention, with few mid-to-high-end competitors. The product features LABUBU hand-painted patterns and a three-dimensional door handle design, making it compact and portable. Estimated annual sales volume is 100,000 units; calculated at an average price of RMB 1,150, sales revenue is approximately RMB 115 million. - Electric Kettle: Many competitors, with core competitiveness lying in product design and brand tonality. Estimated annual sales volume is about 72,000 units; calculated at an average price of RMB 800, sales revenue is approximately RMB 58 million. - Coffee Machine: Priced in the mid-to-high-end range, possessing topicality and social attributes, suitable for home and office scenarios. Estimated annual sales volume is about 43,000 units; calculated at an average price of RMB 1,250, sales revenue is approximately RMB 54 million. - Hair Dryer: Priced at RMB 600-800, similar to mid-to-high-end models from Philips and Morphy Richards. Estimated annual sales volume is about 313,000 units; calculated at an average price of RMB 700, sales revenue is approximately RMB 219 million. - Electric Toothbrush: Priced at RMB 400-600, with hidden limited edition numbers endowing collectible attributes. Estimated annual sales volume is about 83,000 units; calculated at an average price of RMB 500, sales revenue is approximately RMB 41 million. In terms of profitability, the Gross Profit Margin for small home appliances is expected to be around 52.8%, higher than the average level in the home appliance industry. Based on a markup multiplier of approximately 3 times, sales of RMB 487 million correspond to manufacturing costs of about RMB 162 million; estimating based on a team of 30 people with an average annual salary of RMB 300,000, employee costs are approximately RMB 9 million; logistics, tariffs, and other costs account for about 12% of revenue, approximately RMB 58 million. **Compared to POP MART's overall Gross Profit Margin of about 70%, although there is a gap for small home appliances, they still belong to high-profit categories.** **Overall, the short-term performance contribution of small home appliances is limited, but in the medium to long term, they are expected to broaden the product line and usage scenarios, increase the repurchase rate of core fans, and attract new customer groups, holding significant strategic importance. The actual effectiveness of this cross-industry expansion remains to be tested by the market.** ### Related Stocks - [09992.HK](https://longbridge.com/en/quote/09992.HK.md) - [002736.CN](https://longbridge.com/en/quote/002736.CN.md) - [HPPD.SG](https://longbridge.com/en/quote/HPPD.SG.md) ## Related News & Research - [Pop Mart’s Labubu Fridge Resale Price Soars as Pre-Orders Outstrip Supply 19 Times](https://longbridge.com/en/news/284533698.md) - [Pop Mart comes with a cool idea for red-hot Labubu: mini-fridges](https://longbridge.com/en/news/284205678.md) - [China’s Pop Mart eyes expansion at home and abroad for its Pop Land theme park](https://longbridge.com/en/news/284007672.md) - [Pop Mart Revenue Tops 30 Billion Net Profit Surges 284%, Why Did Stock Price Plummet 15%?](https://longbridge.com/en/news/280420484.md) - [China’s Warren Buffett calls Pop Mart a long-term buy, hints at owning stake](https://longbridge.com/en/news/283124255.md)