Labubu is not only popular in the physical trendy toy market but has also sparked an investment frenzy in the virtual world, becoming a global cultural symbol.
Written by: Oliver, Mars Finance
In the financial market of 2025, the resonance between Hong Kong stocks and Meme coins has become a unique landscape. On May 27, the stock price of Pop Mart (9992.HK) soared to 229 HKD, reaching a historic high with an annual increase of 155%, and its market value once surpassed 300 billion HKD. Meanwhile, the Solana ecosystem Meme coin $LABUBU, based on its IP Labubu, saw its market value exceed 45 million USD, with a 24-hour increase of 58.85%. This Nordic forest sprite, with sharp ears and a mischievous smile, has not only ignited a buying frenzy in the physical trendy toy market but has also sparked investment enthusiasm in the virtual world, becoming a super symbol connecting culture and capital. How has Labubu's rise propelled Pop Mart from a Chinese trendy toy brand to a global cultural giant? What new consumer landscape is revealed by the capital logic and cultural narrative behind it?
The Frenzy of Meme Coins: Labubu's Virtual Journey
As a barometer of the crypto market in 2025, the total market value of Meme coins skyrocketed from 20 billion USD in 2024 to 120 billion USD, a growth of 500%. Although $LABUBU is not officially issued by Pop Mart, it quickly became a star project in the Solana ecosystem, relying on the global IP popularity of Labubu. On May 27, the market value of $LABUBU once reached 45 million USD, currently reported at 40.6 million USD, with a 24-hour trading volume of up to 9.5 million USD. The explosive growth is driven by the viral spread on social media. From Thai princess Sirivannavari showcasing Labubu on her Hermès Birkin bag, to BLACKPINK member Lisa posting a photo on Instagram, and Beckham sharing a Labubu bag gifted by his daughter, this little sprite frequently appears in celebrity social circles, sparking a global imitation craze.
Especially in Thailand, Labubu has become a phenomenal cultural symbol. In 2024, the Tourism Authority of Thailand awarded it the title of "Magical Thailand Experience Officer" and held a grand welcome ceremony, with the Minister of Tourism and Sports personally attending. Labubu-themed clothing, tattoos, and customized merchandise have emerged on the streets of Bangkok, highlighting its appeal as a representative of trendy culture. This cultural influence quickly transmitted to the crypto market, with well-known crypto KOLs like Ansem posting Labubu-related content on the X platform, eliciting enthusiastic responses from the community. According to Holderscan data, since May 14, the number of $LABUBU holding addresses has increased by over 30%, indicating a sustained rise in market participation and community enthusiasm.
However, the high volatility and potential risks of Meme coins cannot be ignored. On May 26, Pop Mart issued a statement on the X platform, clearly stating that it has never issued any Meme coins and warned users to be vigilant against scams, reserving the right to pursue legal responsibility. Nevertheless, the enthusiasm for $LABUBU has not cooled. Successful cases of unofficial Meme coins like Chillguy and Pnut have encouraged investors to bet on $LABUBU. The philosophy of Pop Mart founder Wang Ning, "useless is useful"—"If we make the dolls useful, sales will definitely decline"—aligns with the emotionally driven logic of Meme coins, attracting Generation Z to chase Labubu's symbolic value in the virtual world. In the future, regulatory risks will be a key variable, as the U.S. SEC has warned against promoting unregistered Meme coins, and the ongoing enthusiasm for $LABUBU may face compliance challenges.
The Stars and Seas of Hong Kong Stocks: Pop Mart's Global Ambition
In tandem with the virtual carnival of Meme coins, Pop Mart's performance in the Hong Kong stock market is equally dazzling. In the first quarter of 2025, the company's revenue grew by 165% year-on-year to 1.7 billion HKD, far exceeding market expectations, with the Chinese market growing by 95% to 100% and overseas markets surging by 475% to 480%. JPMorgan Chase initiated coverage of Pop Mart with an "overweight" rating and a target price of 250 HKD, predicting a 152% year-on-year increase in overseas sales in 2025, with a compound annual growth rate of 42% from 2025 to 2027, and by 2027, overseas revenue will account for 65% of total sales. Institutions like Goldman Sachs and Bank of America Securities have also raised their target prices, generally optimistic about Labubu's global demand and Pop Mart's overseas strategy.
Labubu's success is inseparable from product innovation. In 2024, the THE MONSTERS series, which includes Labubu, contributed 3.04 billion HKD in revenue, a year-on-year increase of 726.6%, accounting for 23.3% of the company's total revenue. The core of this success lies in the breakthrough of "vinyl plush" technology: by combining the fine facial features of vinyl with the soft touch of plush, Labubu not only retains the recognizability of the IP but also evolves from a static figurine into a portable "bag charm." This innovation endows Labubu with dual attributes: it is both a collectible and a "social currency" that showcases personality and presence. In Bangkok's night markets, players exchange hidden version Labubu for luxury bags; at Harrods in London, collectors trade rare versions for Hermès Kelly bags; at the Coachella music festival in Los Angeles, fans use Labubu to exchange for general admission tickets. This phenomenon of "bartering" highlights Labubu's unique charm as a global cultural symbol.
Pop Mart's globalization strategy further amplifies Labubu's effect. In 2024, the company's overseas revenue reached 5.07 billion HKD, a year-on-year increase of 375.2%, accounting for 38.9% of total revenue. The Southeast Asian market contributed 2.4 billion HKD, a year-on-year increase of 619.1%, accounting for 47.4% of overseas revenue. In the first quarter of 2025, the Asia-Pacific market grew by 345% to 350%, the Americas market grew by 895% to 900%, and the European market grew by 600% to 605%. The company plans to double the number of stores in the U.S. to 50 by 2025, targeting Times Square and Fifth Avenue in New York. On April 14, 2024, Wang Ning announced in a company-wide letter the establishment of four regional headquarters in Greater China, the Americas, the Asia-Pacific, and Europe to optimize resource allocation and enhance global operational efficiency. The Pop Mart App topped the shopping chart on the U.S. App Store, with its free ranking soaring to fourth place, demonstrating Labubu's global appeal.
The Ups and Downs of the Capital Market and the Longevity Code of IP
Pop Mart's stock price journey has been dramatic. From a market value of over 100 billion HKD at its IPO in 2020, to a low of 9.8 HKD in 2022, and then surpassing 300 billion HKD in 2025, the company has undergone repeated trials in the capital market. In 2024, the Labubu craze drove the stock price to new highs, but the reduction of holdings by early investors sparked market discussions. Fengqiao Capital liquidated 11.91 million shares, cashing out 2.11 billion RMB, citing fund expiration as the reason for exiting. Fengqiao Capital's founding partner Tu Zheng expressed on the X platform, "From the angel round to liquidation, accompanying Pop Mart for 14 years has been a magnificent journey." Additionally, Wang Ning indirectly holds shares through GWF Holding and Pop Mart Hehuo Holding Limited, and after a reduction on October 24, 2024, his shareholding ratio decreased from 50.34% to 48.73%, with the value of his holdings still close to 80 billion HKD. This high-level reduction has raised investor concerns: can the Labubu craze continue? How will Pop Mart maintain the vitality of its IP after the traffic tide recedes?
Wang Ning has long responded to this: "Many people think Labubu appeared out of nowhere, but 2026 marks its tenth anniversary, and 2027 is the twentieth anniversary of Molly. The lifecycle of an IP is very long; we may be one of the longest-living companies." Pop Mart's IP matrix strategy provides solid support. In 2024, the top five IPs (Labubu, Molly, Skullpanda, Crybaby, Dimoo) collectively contributed over 8.5 billion HKD in revenue, accounting for 65% of total revenue. Among them, Crybaby became the fastest IP to break 1 billion with a growth rate of 1537.2%, while Skullpanda and Dimoo contributed 1.52 billion and 1.28 billion HKD, respectively. Thirteen other IPs, including DIMOO WORLD, HIRONO, and Zsiga, also surpassed the 100 million HKD mark, showcasing the company's deep expertise in IP incubation.
The longevity code of Pop Mart's IP lies in its precise grasp of "emotional value." The success of Labubu stems not only from product design but also from its role as a vehicle for identity recognition and self-expression for Generation Z. In 2024, the company launched a blind box in collaboration with "Nezha 2," selling over 100,000 units, and is expected to further increase licensed IP revenue in the first half of 2025. A report from Western Securities points out that Pop Mart has built a strong brand barrier through its IP matrix and category expansion. In 2024, the revenue from the figurine category reached 6.94 billion HKD, a year-on-year increase of 44.7%, still the largest category; revenue from the plush category surged by 1289% to 2.83 billion HKD, becoming the annual blockbuster. This diversified layout not only disperses the risks of a single IP but also continuously expands market influence through a dual-driven approach of "offline experience + online reach."
From Trendy Toys to Cultural Economy: Labubu's Dual Narrative
The success of Labubu reflects the cultural economic logic shared by trendy toys and Meme coins: both center around emotional value and rapidly break through boundaries through viral dissemination on social media and community recognition. On TikTok and Instagram, unboxing videos, outfit pairings, and "doll wall" displays under the #Labubu topic have attracted millions of fans, with some accounts amassing millions of followers in a short time. Google Trends shows that in May 2025, Labubu's global search popularity far exceeded that of Meme coins like PEPE and DOGE, highlighting its status as a global cultural symbol.
Labubu has evolved from a single trendy toy into a "social currency." In 2024, the "High Energy Ahead" series blind boxes were released globally, selling out instantly on domestic e-commerce platforms, with stores in Chicago, London, and Tokyo's Harajuku seeing overnight queues. The ordinary version, originally priced at 99 yuan, saw a premium of 10% to 200%, while hidden versions reached as high as 2,300 yuan, with premiums exceeding 20 times. In Bangkok's night markets, players exchanged hidden version Labubu for luxury goods; at Harrods in London, collectors traded rare versions for Hermès Kelly bags; at a trendy exhibition in Shanghai, players exchanged three iPhone 14 Pros for hidden versions. This phenomenon of "bartering" not only validates Labubu's collectible value but also elevates it to the status of an "alternative financial tool." The Meme coin craze surrounding $LABUBU further amplifies its cultural influence, becoming a highlight in the Solana ecosystem due to the global appeal of its IP, despite being unofficially issued.
Pop Mart's channel innovation also supports its cultural output. In 2024, the number of stores in mainland China increased by 38 to 401, with robot stores reaching 2,300; online channels saw Douyin platform revenue grow by 112.2%, while overseas e-commerce performed even stronger, with official website revenue increasing by 1,246.2% and TikTok platform revenue skyrocketing by 5,779.8%. This "offline experience + online reach" model not only enhances consumer stickiness but also propels Labubu into the global youth's view through viral dissemination on social media.
Future Outlook: Opportunities and Challenges
The Labubu craze has brought unprecedented growth momentum to Pop Mart, but future challenges cannot be ignored. The high base effect may slow subsequent growth, and the cost pressure of overseas expansion is also increasing. Regulatory risks in the Meme coin market are equally critical, as the SEC has warned against promoting unregistered Meme coins, and stricter regulations in the future may affect the trading environment for $LABUBU. Additionally, how to maintain the IP's popularity after the traffic tide recedes is a challenge that Pop Mart must address.
However, opportunities are also significant. In 2024, the company launched new categories such as the "Dream Home" game and collectible cards, demonstrating the potential for category expansion. JPMorgan Chase predicts that the application of voice recognition and augmented reality technology will enhance the interactivity of trendy toys. A report from Western Securities indicates that Pop Mart's revenue is expected to grow by over 50% in 2025, with overseas growth exceeding 100%, and plans to open 100 new stores, targeting markets in Mexico, Canada, and more. The success of Labubu proves the company's core competitiveness in IP operation and global layout, with its universal cultural value providing ample space for global expansion.
Conclusion
From a market value of over 100 billion HKD in Hong Kong stocks to the million-dollar craze of Meme coins, Labubu, in the guise of a forest sprite, connects the physical and virtual worlds, igniting the passion of young people globally. With 15 years of accumulation, Pop Mart has demonstrated that trendy toys are not just a fleeting trend but a long-term track that carries cultural and emotional value. The simultaneous rise of Hong Kong stocks and Meme coins is not only a celebration of the capital market but also a reflection of the cultural economy of Generation Z. In the future, whether Pop Mart can continue to ride the waves and whether Labubu can become the next Hello Kitty remains to be seen. Time will provide the answer.
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