<p>[北京] 泡泡玛特国际集团对其海外业务过于依赖单一热门产品的担忧进行了反驳，认为 Labubu 去年的爆炸性增长掩盖了其他玩具的强劲表现。</p>
<p>首席运营官 Si De 在接受彭博新闻采访时表示，非 Labubu 产品在美国的销售占总收入的约 50%，这是首次披露泡泡玛特在其最大的单一海外市场的收入构成。他提到，在日本、韩国和东南亚等地，非 Labubu 角色的销售已经占据了大多数。</p>
<p>“去年对 Labubu 的重要性过于强调，” Si 说，他在 2015 年加入公司，正是在公司从生活方式零售连锁转向专注于艺术玩具之前。</p>
<p>“泡泡玛特的其他知识产权也实现了强劲增长，获得了大量用户和粉丝，但它们被 Labubu 所掩盖，” 他说，并举例说明 Twinkle Twinkle，这是一系列星星形象和玩具，是公司在亚洲增长最快的角色之一。</p>
<p>Labubu 是中国产品在西方市场引发消费者狂热的罕见例子，这些玩具在几秒钟内售罄，去年达到了巅峰。但自 8 月份创下纪录以来，股价已下跌约一半，泡泡玛特的市值蒸发了约 290 亿美元，投资者对公司能否将这个长着尖牙的怪物打造成持久的热门产品感到越来越焦虑，还是仅仅一时的狂热。</p>
<p>在 2025 年收入激增 185% 后，放缓的迹象开始显现，包括海外市场增长 300%。</p>
<p>根据彭博第二测量的数据，泡泡玛特在美国的销售在 4 月份下降了 42%，而 3 月份下降了 45%。尽管第一季度总收入可能增长了多达 80%，但公司预计今年至少增长 20%。</p>
<h2>只是炒作</h2>
<p>不过，一些分析师持更悲观的态度。摩根士丹利预计今年销售增长为 13%，汇丰控股预测扩张为 9.6%。与此同时，德意志银行预测将下降 2%，指出泡泡玛特的商业模式对 Labubu 热潮结束的脆弱性。</p>
<p>“我们认为 Labubu 周围只是炒作，它已经在海外市场进入了急剧的下行周期，” 德意志银行消费分析师 Sammi Xu 表示。“如果 Labubu 的受欢迎程度下降，停止吸引流量，损失不仅仅体现在一个 IP 的销售上，还会影响到每笔交易的整体单位和品牌参与度，导致总收入的急剧恶化。”</p>
<p>尽管如此，泡泡玛特至少有一位高调的支持者。影响力巨大的中国投资者段永平已将其在公司的股份提升至约 6.04%，根据摩根士丹利的说法，这可能使他成为泡泡玛特创始人和管理层之外的最大股东。</p>
<p>虽然泡泡玛特的国内业务表现强劲，第一季度增长了 105%，但该公司希望最终成为一家全球公司。</p>
<p>Si 估计，未来几年海外员工将占泡泡玛特总员工的约 50%，而目前为 20% 至 30%。他预测，公司可以在短短几年内复制其国内成功的模式，而这需要十年的时间，因为现在拥有更完整的产品组合、更强的现金池和品牌认知度。</p>
<p>尽管最近几个月放缓，但美国仍然是实现这一目标的核心。根据彭博新闻根据公司公告的计算，泡泡玛特在今年前五个月新增了十多家门店，总数达到约 80 家。它希望在美国拥有超过 100 家门店，包括在第四季度的时代广场和第五大道的旗舰店。</p>
<p>虽然泡泡玛特希望培养 Skullpanda 和 Hirono 等角色的需求以帮助多样化，但亿万富翁首席执行官王宁将 Labubu 形容为金矿，突显了公司从其病毒式热门产品中提取更多价值的重点。</p>
<p>它正在与索尼影业合作制作 Labubu 电影，Si 表示可能在 2028 年夏季发布。这些怪物角色还将在今年的高调活动中亮相，包括国际足联世界杯和第 100 届梅西感恩节游行。</p>
<p>新的 Labubu 也在路上。公司将在下半年推出该角色的新系列和艺术家合作。</p>
<p>“我们对去年的增长感到高兴。我们经历了困难，但我们很高兴，” Si 说。“尽管今年情况有所回落，但这给了我们更强的信心。一旦你看到全球机会有多大，自然会驱动更大的信念和愿意投入更多资源。” BLOOMBERG</p>

泡泡玛特

<p>泡泡玛特国际集团驳斥了外界对其海外成功仅依赖于 “Labubu” 知识产权的担忧，指出其他角色如 Twinkle Twinkle 的强劲表现。尽管由于投资者对 Labubu 的持续性和近期美国销售放缓的焦虑，公司的股价有所下跌，但该公司强调了多元化的收入来源以及全球扩张的计划，包括新店铺和一部 Labubu 电影</p>

<p>[BEIJING] Pop Mart International Group pushed back against concerns that its overseas business is too reliant on a one-hit wonder, arguing that Labubu’s explosive growth last year has taken attention away from the strong performance of its other toys.</p>
<div class="lb-trans"><p>[北京] 泡泡玛特国际集团对其海外业务过于依赖单一热门产品的担忧进行了反驳，认为 Labubu 去年的爆炸性增长掩盖了其他玩具的强劲表现。</p>
</div><p>Sales of non-Labubu items accounted for about 50 per cent of total revenue in the US last year, chief operating officer Si De said in an interview with Bloomberg News, revealing for the first time a breakdown in Pop Mart’s biggest single overseas market. In places like Japan, South Korea and South-east Asia, non-Labubu characters already make up the majority of its sales, he said.</p>
<div class="lb-trans"><p>首席运营官 Si De 在接受彭博新闻采访时表示，非 Labubu 产品在美国的销售占总收入的约 50%，这是首次披露泡泡玛特在其最大的单一海外市场的收入构成。他提到，在日本、韩国和东南亚等地，非 Labubu 角色的销售已经占据了大多数。</p>
</div><p>“There was an overemphasis on how important Labubu is last year,” said Si, who joined the company in 2015, just before it pivoted from a lifestyle retail chain to focusing on art toys.</p>
<div class="lb-trans"><p>“去年对 Labubu 的重要性过于强调，” Si 说，他在 2015 年加入公司，正是在公司从生活方式零售连锁转向专注于艺术玩具之前。</p>
</div><p>“Pop Mart’s other intellectual properties also achieved strong growth and gained a significant number of users and fans, but they were simply overshadowed by Labubu,” he said, giving the example of Twinkle Twinkle, a collection of star figurines and toys that’s one of the company’s fastest-growing characters in Asia.</p>
<div class="lb-trans"><p>“泡泡玛特的其他知识产权也实现了强劲增长，获得了大量用户和粉丝，但它们被 Labubu 所掩盖，” 他说，并举例说明 Twinkle Twinkle，这是一系列星星形象和玩具，是公司在亚洲增长最快的角色之一。</p>
</div><p>Labubu are a rare instance of a Chinese product sparking a consumer frenzy in Western markets, with the toys selling out in seconds in a juggernaut that reached its peak last year. But shares have slumped by about half since hitting a record in August, wiping roughly US$29 billion from Pop Mart’s market capitalisation, on deepening investor anxiety about whether the company can make the snaggle-toothed monster an enduring hit or if it is just a short-lived craze.</p>
<div class="lb-trans"><p>Labubu 是中国产品在西方市场引发消费者狂热的罕见例子，这些玩具在几秒钟内售罄，去年达到了巅峰。但自 8 月份创下纪录以来，股价已下跌约一半，泡泡玛特的市值蒸发了约 290 亿美元，投资者对公司能否将这个长着尖牙的怪物打造成持久的热门产品感到越来越焦虑，还是仅仅一时的狂热。</p>
</div><p>Signs of a slowdown have been building after the blistering 185 per cent surge in revenue in 2025, including a 300 per cent jump in overseas markets.</p>
<div class="lb-trans"><p>在 2025 年收入激增 185% 后，放缓的迹象开始显现，包括海外市场增长 300%。</p>
</div><p>Pop Mart’s sales in the US, a key growth engine, dropped 42 per cent in April after a 45 per cent decline in March, according to Bloomberg Second Measure data. And while total revenue probably climbed as much as 80 per cent in the first quarter, the company has guided for at least 20 per cent growth this year.</p>
<div class="lb-trans"><p>根据彭博第二测量的数据，泡泡玛特在美国的销售在 4 月份下降了 42%，而 3 月份下降了 45%。尽管第一季度总收入可能增长了多达 80%，但公司预计今年至少增长 20%。</p>
</div><h2>Just hype</h2>
<div class="lb-trans"><h2>只是炒作</h2>
</div><p>Some analysts are more pessimistic, though. Morgan Stanley expects sales growth of 13 per cent this year and HSBC Holdings forecasts 9.6 per cent expansion. Meanwhile, Deutsche Bank predicts a 2 per cent decline, citing the vulnerability of Pop Mart’s business model to the Labubu craze ending.</p>
<div class="lb-trans"><p>不过，一些分析师持更悲观的态度。摩根士丹利预计今年销售增长为 13%，汇丰控股预测扩张为 9.6%。与此同时，德意志银行预测将下降 2%，指出泡泡玛特的商业模式对 Labubu 热潮结束的脆弱性。</p>
</div><p>“We believe there is just hype surrounding Labubu and it has already entered a sharp downcycle in overseas markets,” said Deutsche Bank consumer analyst Sammi Xu. “If Labubu’s popularity wanes and it ceases to be a traffic magnet, the loss won’t just be in one IP’s sales, but in the overall units per transaction and brand engagement, leading to a much steeper deterioration in total revenue.”</p>
<div class="lb-trans"><p>“我们认为 Labubu 周围只是炒作，它已经在海外市场进入了急剧的下行周期，” 德意志银行消费分析师 Sammi Xu 表示。“如果 Labubu 的受欢迎程度下降，停止吸引流量，损失不仅仅体现在一个 IP 的销售上，还会影响到每笔交易的整体单位和品牌参与度，导致总收入的急剧恶化。”</p>
</div><p>Still, Pop Mart has at least one high-profile supporter. Influential Chinese investor Duan Yongping has boosted his stake in the company to about 6.04 per cent, likely making him the largest shareholder outside Pop Mart’s founder and management, according to Morgan Stanley.</p>
<div class="lb-trans"><p>尽管如此，泡泡玛特至少有一位高调的支持者。影响力巨大的中国投资者段永平已将其在公司的股份提升至约 6.04%，根据摩根士丹利的说法，这可能使他成为泡泡玛特创始人和管理层之外的最大股东。</p>
</div><p>While Pop Mart’s domestic business is proving robust, delivering 105 per cent growth in the first quarter, the firm wants to ultimately become a global company.</p>
<div class="lb-trans"><p>虽然泡泡玛特的国内业务表现强劲，第一季度增长了 105%，但该公司希望最终成为一家全球公司。</p>
</div><p>Si estimates that overseas employees will account for about 50 per cent of Pop Mart’s total workforce in a few years, from 20 to 30 per cent currently. He predicts that the company can replicate its domestic success, which took a decade to build, in just a handful of years given it now has a more complete product mix, stronger cash pool and brand awareness.</p>
<div class="lb-trans"><p>Si 估计，未来几年海外员工将占泡泡玛特总员工的约 50%，而目前为 20% 至 30%。他预测，公司可以在短短几年内复制其国内成功的模式，而这需要十年的时间，因为现在拥有更完整的产品组合、更强的现金池和品牌认知度。</p>
</div><p>The US is still core to that goal, despite the slowdown in recent months. Pop Mart has added more than a dozen stores there in the first five months of this year, according to Bloomberg News calculations based on company announcements, taking its total to about 80. It wants to have more than 100 in the US this year, including flagship stores at Times Square and Fifth Avenue in New York in the fourth quarter.</p>
<div class="lb-trans"><p>尽管最近几个月放缓，但美国仍然是实现这一目标的核心。根据彭博新闻根据公司公告的计算，泡泡玛特在今年前五个月新增了十多家门店，总数达到约 80 家。它希望在美国拥有超过 100 家门店，包括在第四季度的时代广场和第五大道的旗舰店。</p>
</div><p>While Pop Mart is looking to cultivate demand for characters like Skullpanda and Hirono to help diversify, billionaire chief executive officer Wang Ning has described Labubu as a gold mine – highlighting the company’s focus on extracting more value from its viral hit.</p>
<div class="lb-trans"><p>虽然泡泡玛特希望培养 Skullpanda 和 Hirono 等角色的需求以帮助多样化，但亿万富翁首席执行官王宁将 Labubu 形容为金矿，突显了公司从其病毒式热门产品中提取更多价值的重点。</p>
</div><p>It is working with Sony Pictures Entertainment to make a Labubu movie, which Si says may be released as early as summer 2028. The monster characters will also appear at high-profile events this year including the Fifa World Cup and the 100th Macy’s Thanksgiving Day Parade.</p>
<div class="lb-trans"><p>它正在与索尼影业合作制作 Labubu 电影，Si 表示可能在 2028 年夏季发布。这些怪物角色还将在今年的高调活动中亮相，包括国际足联世界杯和第 100 届梅西感恩节游行。</p>
</div><p>New Labubu are on the way, too. The company will launch a fresh series of the character and an artist collaboration in the second half.</p>
<div class="lb-trans"><p>新的 Labubu 也在路上。公司将在下半年推出该角色的新系列和艺术家合作。</p>
</div><p>“We are happy about the growth last year. We suffered, but we’re happy,” Si said. “Although things have somewhat reverted this year, it has given us stronger confidence. Once you’ve seen how big the opportunity is globally, it naturally drives greater conviction and a willingness to invest more resources.” BLOOMBERG</p>
<div class="lb-trans"><p>“我们对去年的增长感到高兴。我们经历了困难，但我们很高兴，” Si 说。“尽管今年情况有所回落，但这给了我们更强的信心。一旦你看到全球机会有多大，自然会驱动更大的信念和愿意投入更多资源。” BLOOMBERG</p>
</div>

Labubu maker Pop Mart pushes back on one-hit wonder fears

- Pop Mart 对 Labubu 依赖的担忧表示反对，称其他玩具表现强劲。  
- Labubu 产品在海外市场受到关注，但销售下滑显著。  
- 公司计划加大海外市场布局，预计未来半年内将推出新系列。

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泡泡玛特的 Labubu 制造商反驳了关于其产品是否只是昙花一现的担忧