基于哈佛分析框架的潮玩企业财务可持续发展研究——以泡泡玛特为例

Research on Financial Sustainable Development of Trendy Toy Enterprises Based on Harvard Analytical Framework—A Case Study of Pop Mart

摘要: 近年来，潮玩行业快速发展，成为千亿级市场，泡泡玛特作为行业领军企业，凭借“IP + 盲盒”模式迅速崛起。然而，其财务可持续性面临IP依赖、存货减值及扩张风险等挑战，亟需系统性研究。本文基于哈佛分析框架，从战略、会计、财务及前景四个维度分析泡泡玛特的财务可持续性，重点探讨其运营战略对盈利能力、偿债能力及成长能力的影响。采用定量分析法，结合PEST、SWOT等工具，对2019~2024年财务数据进行纵向对比，评估其财务健康度与风险。研究发现，泡泡玛特盈利能力强劲，但IP集中度高、存货减值风险上升。建议通过IP多元化、供应链优化及全球化精细运营提升可持续性。本研究为潮玩企业平衡扩张与稳健提供参考，助力行业健康发展。

Abstract: In recent years, the trendy toy industry has achieved rapid expansion and evolved into a market worth hundreds of billions of yuan. As an industry leader, Pop Mart has attained rapid growth relying on its “IP plus blind box” business model. Nevertheless, the firm’s financial sustainability is confronted with multiple challenges including over-reliance on intellectual property, inventory impairment risks and uncertainties brought by business expansion, which necessitates systematic academic research. Based on the Harvard Analytical Framework, this paper analyzes Pop Mart’s financial sustainability from four dimensions: corporate strategy, accounting policies, financial status and future prospect, with a focus on how its operational strategy influences profitability, solvency and growth potential. Adopting quantitative analysis alongside PEST and SWOT analytical tools, the study conducts vertical comparison on the company’s financial data spanning from 2019 to 2024 to evaluate its financial soundness and underlying risks. The empirical results indicate that Pop Mart maintains robust profitability, yet it suffers from highly concentrated IP resources and mounting inventory impairment risks. Accordingly, this paper proposes suggestions to improve financial sustainability via diversified IP layout, optimized supply chain and refined global operational management. This research can serve as a reference for trendy toy enterprises to strike a balance between business expansion and steady operation, facilitating the sound development of the whole industry.