Core Insights - The resale prices of the mini Labubu toys have significantly decreased within a week of their release, with some styles dropping nearly 60% [1][8] - The average transaction price for the mini Labubu has fallen by 10%-60% compared to the initial sales period, indicating a decline in demand [1][9] - The stock price of Pop Mart (09992.HK) has dropped by 5.61% in the five days following the release of the mini Labubu [10] Sales Performance - Over 56,000 units of mini Labubu have been sold on the Dewu app within a week, with an average transaction price of 138 yuan, which is a 75% premium over the original price of 79 yuan [1] - The average transaction price for a specific set (N~Z) dropped from 1930 yuan on the release day to 1541 yuan, a decrease of 20% [1] - The average price for non-popular styles has also seen a significant decline, with one style dropping 57% from its release price [1] Market Dynamics - The mini Labubu's resale market is experiencing a rapid price decline due to increased supply and a larger initial release [9] - The presence of 30 different products in the series has led to reduced trading volume in the secondary market as users engage in self-exchange [9] - The mini Labubu's online-only sales strategy has minimized the impact of scalpers, as physical stores are only responsible for pick-up [9] Future Outlook - Analysts predict that the prices of mini Labubu may continue to decline with the anticipated second round of product releases in October [9] - The mini Labubu is unlikely to generate sustained buzz on social media, limiting its potential for long-term sales success [9]

| 腰 最近购买 | * 签别记录 | | | ■ 最近购买 | ■ 鉴别记录 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | := 整套14个A-MR | | 确认数-A 拆盒 .. | 49 | 中国 .. | 确认歌-&(拆盒 .. | | 确认数-隐藏 | | 得物价格趋势 降价提醒 > | | 30天 | 90元 主题 | | 得物价格趋势 摩价提醒 > | 30天 | 90大 全部 | | | | 成交均价 ¥1787 想要人数 257 | | | | 成交均价 ¥679 | 想要人数 134 | | V2110 | ● 摄胶4.0 心性密码 miril labubu 发布 | | | 3/10/70 | 图 1104.0 心脏密码 mink labubu 发布 | | | | ¥2023 | | | | 1976 | | | | | 10037 | | | | CHBA | | | | | V1851 | | | | ANSE | | | | | 10765 | | | | NODA | | | | | ¥1679 08:05 ...

Core Insights - The resale prices of the mini version of Labubu have started to decline just one week after its release, with scalpers indicating that the price momentum is weaker compared to the third generation Labubu [2][6] - The transaction volume for the mini version Labubu has exceeded 56,000 units within a week, with an average transaction price of 138 yuan, representing a 75% premium over the original price of 79 yuan, although resale prices have decreased by 10%-60% compared to the pre-sale period [2][6] Pricing Trends - The average transaction price for the mini version Labubu on the Dewu app peaked at 1,930 yuan on the release day but has since dropped to 1,541 yuan, a decline of 20% [2] - The average transaction price for the hidden version of Labubu has decreased from 991 yuan at launch to 679 yuan [6] - The average transaction price for non-popular models has also seen significant declines, with one model dropping 57% from its release price [2][6] Market Dynamics - The rapid price decline of the mini version Labubu is attributed to a higher supply volume and the inclusion of 30 product variants, which has reduced the liquidity in the secondary market [7] - The company is taking measures to mitigate scalper interference, including online-only sales and limiting in-store stock to reduce hoarding [7] - Analysts predict that the upcoming second round of mini version Labubu releases in October may lead to further price declines [7] Stock Performance - Following the release of the mini version Labubu, the stock price of Pop Mart (09992.HK) has decreased by 5.61% over the past five days [7]

Core Insights - LABUBU is a successful phenomenon in the collectible toy industry, but the company needs to consider sustainable development after achieving success [2] - The revenue from the THE MONSTERS series, where LABUBU belongs, constitutes a significant portion of the company's income, raising questions about the development of other IPs [2] - The company acknowledges the need to improve product quality and manage supply to prevent counterfeit products from entering the market [2] Company Performance - LABUBU's popularity has led to issues such as long-term stock shortages and quality complaints from consumers [2] - The introduction of a mini version of LABUBU has generated significant consumer interest, but the company must continue to innovate and develop new IPs alongside LABUBU [2][3] - The company is exploring other potential IPs, with the "Star People" series showing promising sales performance [3][4] Market Trends - The "Star People" series, particularly the "Good Dream Meteorological Bureau" series launched in August, has seen increased consumer interest and is experiencing stock shortages [4] - The resale market for "Star People" products has shown significant price fluctuations, with hidden versions selling for over 700 yuan, indicating strong demand [4] - Other IPs like HACIPUPU and CRYBABY have also shown remarkable growth, with revenue increases of 249.6% and 248.7% respectively in the first half of the year [5]

2、持续理解市场需求，产能储备、柔性化能力提升。据业绩会，公司现有毛绒产能相较年初已增加10 倍左右，达每月3000 万件，持续对市场需求进行理解与追赶——8 月28 日发售的mini LABUBU"心底密 码"系列毛绒挂件再度引起粉丝热情，虽仍在短时间内售罄，但消费者整体购买体验有明显优化；展望 后续，伴随对更多区域市场需求的理解更加深入，叠加产能及供应链安排优化带来的供应链柔性，我们 认为公司对需求与供给的匹配能力与精准度将进一步提升。 3、海外市场快速成长，运营仍有待细化之处，长期空间仍广。目前泡泡海外市场热度持续向好，泰国 ICONSIAM旗舰店在8 月初开业后店效出色，对其他门店亦并无虹吸效应，美国快速开店但需求增长更 快，带来线上占比持续提升。而相比国内，海外门店模型、线上官网、会员体系等运营细节均有待细化 之处，我们认为公司的零售基因与能力有望支撑近两年快速扩张后的同店向好，持续看好公司全球化战 略的长期空间。 盈利预测与估值 研究员：徐卓楠/张雪晴/王杰睿 公司近况 近期我们邀请了泡泡玛特管理层进行业绩后NDR交流，与投资者就供应链、IP运营、品类扩张等话题进 行了深入沟通。 评论 1、品类扩 ...

Group 1: Company Developments - Anzheng Fashion focuses on mid-to-high-end brand fashion, achieving a turnaround in net profit year-on-year in the first half of the year [2] - Zhengye Technology's subsidiary has mastered the "silver-free process" for heterojunction battery technology [2] - Meibang Clothing, a leading domestic leisure apparel brand, is set to enhance its production capacity for foldable screens significantly by 2025 [3] Group 2: Industry Trends - The State Council emphasizes the acceleration of service consumption and new consumption growth points [2] - The demand for data centers and energy storage is expected to grow rapidly [4] - The National Development and Reform Commission is promoting the development of the biopharmaceutical industry among central enterprises [4] Group 3: Market Movements - Companies like Tongrun Equipment and China Ruilin are experiencing stock price increases, with Tongrun Equipment's stock rising for two consecutive days [4] - The international gold price has reached a historical high, benefiting companies like Eurasia Group, which collaborates with well-known gold brands [4] - The stock price of Pop Mart has reached a new historical high, indicating strong market interest in IP economy [5]

Key Points - On September 1, Alibaba-W (09988), Yingfu Fund (02800), and Tencent Holdings (00700) ranked the top three in net inflow of southbound funds, with net inflows of 4.885 billion, 1.542 billion, and 1.231 billion respectively [1] - Xiaomi Group-W (01810), Pop Mart (09992), and China Mobile (00941) ranked the top three in net outflow of southbound funds, with net outflows of -1.037 billion, -0.914 billion, and -0.583 billion respectively [1] - In terms of net inflow ratio, K Wah International (00173), Luk Fook Holdings (00590), and Wanwu Cloud (02602) led the market with ratios of 58.98%, 54.37%, and 52.86% respectively [1] - In terms of net outflow ratio, Kington Services (09666), Kangji Medical (09997), and CRRC Corporation (01766) led the market with ratios of -58.60%, -53.01%, and -50.23% respectively [1] Top 10 Net Inflow Stocks - Alibaba-W (09988) had a net inflow of 4.885 billion, representing a 8.89% increase in closing price to 137.100 [2] - Yingfu Fund (02800) had a net inflow of 1.542 billion, with a 9.04% increase in closing price to 26.160 [2] - Tencent Holdings (00700) had a net inflow of 1.231 billion, with a 12.74% increase in closing price to 605.000 [2] - BYD Company (01211) had a net inflow of 1.030 billion, with a 8.50% decrease in closing price to 108.400 [2] - Ping An Insurance (02318) had a net inflow of 0.681 billion, with a 24.98% increase in closing price to 56.650 [2] Top 10 Net Outflow Stocks - Xiaomi Group-W (01810) had a net outflow of -1.037 billion, with a 12.74% decrease in closing price to 54.000 [2] - Pop Mart (09992) had a net outflow of -0.914 billion, with a 20.69% decrease in closing price to 308.400 [2] - China Mobile (00941) had a net outflow of -0.583 billion, with a 26.96% decrease in closing price to 86.550 [2] - Kuaishou-W (01024) had a net outflow of -0.459 billion, with an 11.26% decrease in closing price to 73.600 [2] - Meituan-W (03690) had a net outflow of -0.455 billion, with a 3.38% increase in closing price to 103.000 [2] Top 10 Net Inflow Ratios - K Wah International (00173) had a net inflow ratio of 58.98%, with a net inflow of 2.9435 million and a closing price of 2.210 [3] - Luk Fook Holdings (00590) had a net inflow ratio of 54.37%, with a net inflow of 35.9339 million and a closing price of 24.780 [3] - Wanwu Cloud (02602) had a net inflow ratio of 52.86%, with a net inflow of 12.1550 million and a closing price of 25.620 [3] - Zhong Chuang Hang (03931) had a net inflow ratio of 47.21%, with a net inflow of 6.21928 million and a closing price of 21.840 [3]

Core Viewpoint - The article discusses the success of the LABUBU IP under Pop Mart and emphasizes the need for sustainable development and diversification of product lines to avoid over-reliance on a single IP [2]. Group 1: LABUBU's Success and Challenges - LABUBU is a highly successful phenomenon in the collectible toy market, but its dominance raises concerns about sustainability and the need for Pop Mart to develop other IPs [2]. - The long-term shortage of LABUBU led to counterfeit products entering the market, and while production capacity has been increased, there have been complaints about product quality that need to be addressed [2]. - The popularity of the mini LABUBU continues to drive sales, but it is essential for Pop Mart to innovate and develop new IPs alongside LABUBU to maintain market relevance [2][3]. Group 2: Potential New IPs - The Star People IP under Pop Mart shows significant potential to become the next successful product line, particularly with the recent "Good Dream Meteorological Bureau" series gaining popularity [4]. - There has been a noticeable increase in demand for Star People products, leading to stock shortages in stores, similar to the sales model of LABUBU [4]. - The secondary market for Star People products has seen rapid price fluctuations, with hidden variants selling for over 700 yuan, indicating strong market interest and potential for growth [5]. Group 3: Growth Metrics - Star People has quickly entered the billion-yuan IP club, generating 390 million yuan in revenue in the first half of the year [5]. - Other IPs like HACIPUPU and CRYBABY have also shown impressive growth, with revenue increases of 249.6% and 248.7% respectively in the first half of the year, highlighting the potential for new IPs to achieve similar success [5].

Core Insights - The recent launch of the "mini LABUBU" dolls by Pop Mart has generated significant consumer interest, with products selling out within one minute online [1] - The retail price for a single "mini LABUBU" doll is 79 yuan, while a complete set is priced at 1106 yuan [1] - Over 580,000 consumers added the "mini LABUBU" to their carts at launch, and nearly 1.5 million viewers tuned into the live stream event [1] Sales Performance - The "mini LABUBU" dolls were sold out across major online platforms such as JD and Taobao shortly after their release [1] - In physical stores, consumers are experiencing long wait times to pick up their pre-ordered dolls, as there is no stock available for immediate purchase [1] Secondary Market Trends - The popularity of the "mini LABUBU" has led to a surge in prices on secondary markets, with complete sets now selling for as high as 2450 yuan [1] - The increased demand has made it challenging for consumers to acquire the dolls even at inflated prices [1]

Core Insights - The popularity of the "mini LABUBU" dolls has led to a rapid sell-out online, with over 58,000 people adding them to their carts at launch, and nearly 150,000 viewers in the live stream within 10 minutes [2] - The retail price for a single "mini LABUBU" doll is 79 yuan, while a set of 14 regular and 1 hidden doll is priced at 1,106 yuan [2] - The resale market for "mini LABUBU" has seen prices soar, with a set now reaching 2,450 yuan, indicating high demand and limited supply [3] Sales Performance - The "mini LABUBU" dolls sold out within one minute of their online release, highlighting the strong consumer interest [2] - In-store experiences show long lines of customers waiting to pick up their online orders, with no stock available for immediate purchase [2] Market Trends - The surge in demand for "mini LABUBU" dolls has resulted in increased prices on second-hand platforms, reflecting a growing trend in collectible toy markets [3]