Group 1 - Labubu's new mini version launched online on August 28, featuring two sets (A/B) with 14 regular items and 1 hidden item, priced at 79 yuan each, and a larger plush doll priced at 499 yuan [1] - The launch attracted over 100,000 viewers across multiple live streaming platforms, causing significant traffic issues on sales pages [1] - Sales statistics indicate that over 300,000 units were sold on Taobao, over 155,000 on Douyin, and over 700,000 on JD.com [3] Group 2 - In the first half of the year, Pop Mart's revenue exceeded 10 billion yuan, with net profit surpassing the total for the entire year of 2024 [4] - The company aims to diversify the use of Labubu products, suggesting they can be attached to bags or phones, with expectations for the new products to become popular hits [4] Group 3 - A university student reported being scammed while purchasing a Labubu doll online, leading to a second scam when attempting to recover lost funds [5][6] - The police issued warnings about the risks of online transactions, advising consumers to use official channels for disputes and to be cautious of unfamiliar accounts claiming to assist in fund recovery [6]

Core Insights - The new product launch of THE MONSTERS' mini LABUBU plush keychains sold out quickly across multiple platforms, indicating strong market demand [1] - The supply chain president of Pop Mart reported a significant increase in plush product output, with August production reaching approximately 30 million units, a tenfold increase compared to the previous year [7] - The plush category generated revenue of 6.14 billion yuan in the first half of the year, marking a year-on-year growth of 1276.2%, while THE MONSTERS series contributed 4.81 billion yuan, accounting for 34.7% of total revenue [7] Sales Performance - The mini LABUBU sold over 21,000 units on the Dewu app, with 82,000 users expressing interest, and recent purchase prices ranged from 168 to 182 yuan [1] - On Taobao, over 300,000 units of the series were sold, while Douyin and JD platforms reported sales exceeding 155,000 and 700,000 units, respectively [1] Production and Industry Dynamics - The plush toy industry is characterized by its complexity, with fluctuating production capacities and a low level of automation compared to traditional toys [7] - A skilled worker can only sew a maximum of 50 LABUBU plush toys per day, highlighting the labor-intensive nature of the production process [7]

Core Insights - The new product from Pop Mart, THE MONSTERS Heart Code series - rubber plush keychain blind box (mini version Labubu), was launched online on August 28 and sold out quickly [2] - The blind box is priced at 79 yuan and includes 28 regular styles and 2 hidden styles, with the regular styles named using letters A to Z, "?" and "&", while the hidden styles are named "!" and "heart" [2] Sales Performance - The product was sold out on both home delivery and in-store pickup options across multiple locations [2][11] - A related blind box, the letter keychain blind box, was also launched on the same day at a price of 59 yuan and experienced similar sales success, also selling out quickly [11] Market Trends - The term "labubu heart code rubber" has seen a surge in popularity on second-hand trading platforms, indicating strong consumer interest [9] - Current market prices for the regular styles of the Heart Code series range from 90 to 100 yuan, while the hidden styles are priced at approximately 668.8 yuan and 701.4 yuan [9] - The resale prices for the Heart Code series are lower than those seen for the previous "High Energy Ahead" series at launch [9]

Core Insights - The new product launch of THE MONSTERS "Heart Code" series blind box by Pop Mart was highly successful, with both the plush and rubber versions selling out quickly online and in stores [1][5] - The blind box containing the plush version is priced at 79 yuan, featuring 28 regular items and 2 hidden items, while the letter-themed blind box is priced at 59 yuan and also sold out rapidly [1][5] Pricing and Market Performance - The "Heart Code" series has seen a surge in interest on second-hand trading platforms, with the average resale price for regular items ranging from 90 to 100 yuan, while hidden items are priced at approximately 668.8 yuan and 701.4 yuan [2] - The current resale premium for the "Heart Code" series is lower compared to the previous "High Energy Ahead" series, indicating a shift in market dynamics [2]

Core Insights - The launch of the mini LABUBU series by Pop Mart has generated significant consumer interest, leading to rapid sell-outs across various platforms within seconds of release [3][4][7] - The product's popularity is reflected in its high resale prices on secondary markets, with individual pieces reaching up to 300 yuan and complete sets selling for as much as 2699 yuan, indicating a strong demand and speculative trading behavior [9][11] Sales Performance - The mini LABUBU was officially released on August 28, with over 58,000 items added to shopping carts before the sale began, and sales exceeding 30,000 units shortly after launch [7][9] - The total sales revenue from the mini LABUBU on Tmall alone surpassed 23.7 million yuan within the first few minutes of its release [7][11] Market Demand and Supply Chain - Pop Mart's plush toy category has seen a dramatic increase in production, with August's output reaching approximately 30 million units, a tenfold increase compared to previous production levels [13] - Despite the surge in production, the company faces challenges in meeting the overwhelming demand, indicating a potential strain on supply chain capabilities [13] Financial Performance - The LABUBU brand, part of the THE MONSTERS series, reported a revenue of 4.81 billion yuan in the first half of the year, accounting for 34.7% of Pop Mart's total revenue, with a year-on-year growth of approximately 668.4% [11][13] - The plush toy segment generated 6.14 billion yuan in revenue, marking a year-on-year increase of 1276.2%, surpassing the revenue from collectible figures for the first time [13]

Core Viewpoint - The demand for LABUBU products from Pop Mart is surging, with recent releases selling out quickly and commanding high resale prices, indicating a strong market presence and consumer interest in collectible toys [1][6]. Sales Performance - The recent release of the LABUBU mini and colorful versions sold over 300,000 units within minutes, showcasing the high demand [1]. - The resale price for the LABUBU products has seen significant appreciation, with some items selling for over 9 times their original price [1][6]. Revenue Growth - The revenue for the THE MONSTERS series reached 3.04 billion yuan in 2024, marking a year-on-year increase of 726.6%, making it Pop Mart's most profitable IP [6]. - In the first half of 2024, the revenue from THE MONSTERS series was 4.814 billion yuan, surpassing the total revenue for the previous year [6]. Market Trends - Pop Mart has seen a rise in the popularity of other IPs, with 13 IPs generating over 100 million yuan in revenue in 2024, including SKULLPANDA and CRYBABY [7]. - The newly signed IP "Star People" is also gaining traction, with resale prices for its products reaching 9-15 times their original prices [9]. Financial Performance - For the first half of 2025, Pop Mart reported a record revenue of 13.88 billion yuan, a year-on-year increase of 204.4%, and an adjusted net profit of 4.71 billion yuan, up 362.8% [11]. - The company aims for a revenue target of 30 billion yuan for the current year, with optimistic projections suggesting it could reach 30 billion yuan easily [11]. Stock Market Presence - Pop Mart was included in the Hang Seng Index, effective September 8, 2025, marking a significant milestone for the company [11]. - As of August 28, 2025, Pop Mart's stock closed at 324.4 HKD per share, with a market capitalization exceeding 430 billion HKD [11].

Group 1 - The Hang Seng Consumption Index (HSCGSI) has seen a strong increase of 1.25%, with notable gains from constituent stocks such as Shenzhou International (02313) up 7.16%, Haier Smart Home (06690) up 6.38%, and Zhenjiu Lidu (06979) up 5.97% [1] - The Hang Seng Consumption ETF (513970) rose by 0.58%, with intraday gains reaching nearly 3%, indicating active market trading with a turnover of 14.68% and a transaction volume of 294 million [1] - The new consumption concept has been gaining traction this year, with a report from Huafu Securities highlighting increased consumer preference for "relatively high premium + lower unit price" products, driving the popularity of small collectible toys, pet games, and gold jewelry [1] Group 2 - The Hang Seng Consumption ETF (513970) tracks the Hang Seng Consumption Index, which shows significant structural differences from A-share consumption, encompassing both traditional and emerging consumption leaders like Pop Mart, Lao Pu Gold, Miniso, and others [2] - As of the latest data, Pop Mart (09992) is the largest constituent stock of the Hang Seng Consumption Index, accounting for 12.80% of the index weight, with the top ten stocks collectively representing 62.32% [2] - The Hang Seng Consumption ETF (513970) allows T+0 trading, providing an investment avenue for those without a Hong Kong stock account, and there are also external linked funds available to facilitate investment in the Hong Kong consumption sector [2]

本文转自【法治日报】； 那么，产销未发售的迷你LABUBU假货，是否涉嫌刑事犯罪？可能面临哪些处罚？消费者若误购未发售的迷你版LABUBU假货，该如何维权？ 一起来看《法治日报》律师专家库成员、北京市隆安律师事务所高级合伙人李长青律师的专业解读！ 1、生产、销售未发售的迷你版LABUBU假货是否可能构成刑事犯罪？可能面临哪些处罚？ 李长青：LABUBU的独特形象受著作权法保护，如果未经作者授权，生产、销售未发售的迷你LABUBU假货，属于典型的侵犯知识产权行为，除需承担 民事责任外，如违法所得数额超过三万元，则涉嫌侵犯著作权罪。 如果销售者明知销售的商品属于侵犯著作权的侵权复制品，且违法所得数额在五万元以上的，则涉嫌销售侵权复制品罪。 8月22日，长沙邮局海关在对一出境邮件开箱查验时，发现与"LABUBU"卡通形象高度相似的钥匙扣600个。经权利人确认侵犯其著作权，目前，该邮件已 作暂扣处理。 此前，泡泡玛特官宣将于8月28日线上发售迷你版LABUBU，同时泡泡玛特创始人王宁曾预测，迷你版LABUBU将会成为非常受欢迎的超级爆款。 根据消费者权益保护法第五十五条的规定，因经营者存在欺诈，消费者不仅可要求退还货 ...

Core Insights - The launch of the "Mini LABUBU" product was highly successful, selling out within 60 seconds across major online platforms like JD and Taobao [1][3] - The product generated significant online traffic, with over 2.37 million viewers on the Tmall live stream and 386,000 concurrent viewers at peak time [3] - The resale market for the "Mini LABUBU" has seen inflated prices, with individual units selling for as high as 300 yuan and complete sets reaching up to 2,699 yuan [10][11] Sales Performance - The "Mini LABUBU" is priced at 79 yuan each, with a complete set costing 1,106 yuan [3] - Tmall reported sales exceeding 23.7 million yuan shortly after the product launch, with over 300,000 units sold [3] - The resale market has over 700 listings for the "Mini LABUBU," with an average transaction price of approximately 1,779.97 yuan [11] Financial Results - In the first half of 2025, the company reported revenue of 13.88 billion yuan, a year-on-year increase of 204.4% [12] - Adjusted net profit for the same period was 4.71 billion yuan, up 362.8% year-on-year [12] - The company's gross margin reached a historical high of 70.3%, an increase of 6.3 percentage points compared to the previous year [12] Product Performance - The "LABUBU" series, including the new release, generated 4.81 billion yuan in revenue, a staggering increase of 668.0% year-on-year [12] - Other IPs like MOLLY and SKULLPANDA also contributed significantly, each surpassing 1 billion yuan in revenue [12] - The hidden variant of the "Mini LABUBU" has a low probability of 1:168, leading to high demand and inflated prices in the secondary market [11]

Core Viewpoint - The launch of the "Mini LABUBU" from Pop Mart's "THE MONSTERS" series has generated significant consumer interest, evidenced by long queues for pickup at the company's first store in Beijing, despite the absence of scalpers [1] Group 1 - The online sale of the "Mini LABUBU" began on August 29 at 10 PM, with in-store pickup starting the following day [1] - At the Beijing Zhongguancun store, a line formed quickly after opening, with at least ten people waiting for pickups within the first ten minutes [1] - The store staff indicated that the "Mini LABUBU" is only available for online purchase, with no in-store sales, which has prevented any chaotic buying scenarios [1] Group 2 - Pop Mart implemented a dedicated pickup channel for customers and temporarily assigned security personnel to maintain order during the pickup process [1]