Policy Support Boosts Pop Mart's IP Commercialization Prospects

Recent positive signals from the National Development and Reform Commission supporting intellectual property creation and protection have raised market expectations for the commercialization environment of domestic IPs. As a representative company in China's blind box economy, Pop Mart relies on its original IPs such as Labubu, Molly, and Skullpanda to monetize through blind box sales, licensing partnerships, and overseas retail channels. The optimization of the policy environment is expected to reduce piracy risks, broaden licensing revenue streams, and enhance the brand's influence in the international market.

Morningstar Senior Equity Analyst, Su Yi, pointed out: "The recognition of domestic IPs in the Chinese consumer market continues to increase, and consumers increasingly express their self-identity and social belonging through their favorite characters." Under this trend, a more complete IP protection system may significantly increase licensing revenue, improve the sell-through rate of peripheral products, and provide long-term support for overseas brand building. However, the direction of blind box regulatory policies and the volatility of terminal demand remain key variables affecting the stability of performance. In the future, whether Pop Mart can achieve efficient localization in new markets, strictly control operating costs, and conduct refined management of the IP lifecycle will directly determine whether high-margin businesses can effectively offset the pressure of offline retail and promotional expenses.