数智化背景下盲盒行业内控优化：库存管控与财务风险协同治理——以泡泡玛特为例

Internal Control Optimization in the Blind Box Industry under the Background of Digital Intelligence: Synergistic Governance of Inventory Management and Control and Financial Risks—A Case Study of Pop Mart

摘要: 盲盒行业因IP生命周期短、需求波动剧烈、全渠道运营复杂等特性，普遍面临库存积压与财务风险交织的内控难题。本文以行业龙头泡泡玛特为案例，基于COSO内控框架与财务风险管理相关理论，聚焦其数智化转型中的内控优化实践，重点分析库存管控与财务风险协同治理的实施方法与成效。研究发现：泡泡玛特通过数智化工具搭建“数据–内控–风险”联动体系，以数据中台打通库存与财务数据链路，实现库存周转天数大大压缩，存货跌价占比大幅下降，毛利率稳定在行业高位；其“数智化赋能内控流程、数据联动破解协同壁垒”的实践，为盲盒及同类“需求不确定型”零售企业提供了可复制的内控优化方案。

Abstract: The blind box industry generally faces internal control challenges intertwined with inventory overstock and financial risks due to characteristics such as short IP life cycles, severe demand fluctuations, and complex omni-channel operations. Taking Pop Mart, the industry leader, as a case study, this study, based on the COSO Internal Control Framework and theories related to financial risk management, focused on its internal control optimization practices during the digital intelligence transformation, with emphasis on analyzing the implementation methods and effects of synergistic governance of inventory management and control and financial risks. The study finds that Pop Mart has built a “data-internal control-risk” linkage system through digital intelligence tools, connected the inventory and financial data links with a data middle platform, significantly reducing inventory turnover days and the proportion of inventory impairment losses, while maintaining gross profit margin at a high level in the industry. Its practices of “empowering internal control processes with digital intelligence and breaking synergistic barriers through data linkage” provide a replicable internal control optimization plan for blind box enterprises and similar “demand-uncertain” retail enterprises.