【#客服回应迷你LABUBU补货时间#】8月28日22时，泡泡玛特"迷你版LABUBU"（THE MONSTERS 心底密码系列）于线上开售，该系列单个盲盒售价为79元，整套售价为1106元。踩点进入小程序，点击 多次进入购买，显示已售罄。对于该款盲盒后续是否会补货，泡泡玛特客服表示，目前没有补货时间， 建议消费者点击补货的到货提醒，后续关注情况。#minilabubu上线卖爆了#（极目新闻） ...

Core Viewpoint - The article discusses the rapid production capacity expansion of Pop Mart, driven by the overwhelming demand for its LABUBU plush toys, highlighting the challenges and strategies in upgrading its supply chain to meet this demand [1][3][6]. Production Capacity Expansion - In mid-August, a factory in Dongguan, Guangdong, utilized a precision injection molding machine with a clamping force of 200 tons to produce LABUBU plush toys, achieving a daily production capacity of 100,000 units by mid-2025 [1]. - By August 2025, the monthly production capacity for plush products at Pop Mart is expected to exceed 30 million units, representing an increase of over 1000% compared to March 2025 [2]. Revenue Growth - The revenue for THE MONSTERS, which includes LABUBU, reached 4.81 billion yuan in the first half of 2025, marking a year-on-year growth of 668% and contributing 34.7% to the company's total revenue [3][6]. Supply Chain Challenges - The surge in demand for LABUBU has led to supply chain challenges, with many factories being redirected to produce LABUBU products, resulting in several weeks of stockouts in the market [6][7]. - The company faced difficulties in scaling production due to insufficient manpower, outdated equipment, and weak coordination between demand and production capacity [7]. Automation and Upgrades - Pop Mart is pushing for automation upgrades in its partner factories to enhance efficiency, particularly in packaging and quality control processes, aiming to increase production capacity by three to five times [8][15]. - The company has implemented a new supply chain management center to streamline operations across production, design, and logistics, improving the responsiveness to market demands [10][12]. Flexibility in Supply Chain - The return order cycle has been reduced from an average of 4-5 months in 2022 to 1-1.5 months in 2024, with some urgent cases achieving turnaround times of two to three weeks [13][15]. - Pop Mart is focusing on creating a "resilient supply chain" to better handle fluctuations in order volumes, emphasizing agility, adaptability, and alignment [15][17]. Future Production Plans - The company plans to establish six major production bases globally, with four in mainland China and two in Southeast Asia, to enhance its production capabilities [9]. - Pop Mart is actively seeking new partnerships and expanding its supply chain to ensure sufficient capacity for future hits like LABUBU [17][18].

Core Viewpoint - The launch of the "Mini LABUBU" series by Pop Mart was highly successful, selling out within one minute across major online platforms, indicating strong consumer demand and brand popularity [2][6][14]. Sales Performance - The "Mini LABUBU" series consists of 14 regular and 1 hidden variant, priced at 79 yuan each, with a complete set costing 1106 yuan [6]. - Over 300,000 units of the regular version were sold on Tmall, with all related products showing as "sold out" [6]. - On secondary markets, the price for a complete box of mini LABUBU has surged to approximately 2290 yuan [2]. Social Media Impact - The topic "labubu" trended as the number one search on Weibo, reflecting significant public interest and engagement [5]. Financial Performance - Pop Mart reported a remarkable mid-year performance with revenue of 13.876 billion yuan, a year-on-year increase of 204.4%, and a net profit of 4.574 billion yuan, up 396.5% [14]. - The founder, Wang Ning, expressed confidence in the brand's growth and projected annual revenue to exceed 30 billion yuan [14]. Brand Strategy - Wang Ning emphasized the importance of LABUBU as a world-class IP, suggesting that its value extraction is just beginning, with potential for various product categories and development directions [14].

Core Insights - The mini version of Labubu from Popmart was launched online and sold out within 60 seconds, indicating high demand for the product [4] - The resale price of the mini Labubu has surged on secondary markets, with some listings reaching over double the original price [4] - Popmart reported significant financial growth in its mid-2025 results, with revenue of 13.88 billion yuan, a year-on-year increase of 204.4%, and adjusted net profit of 4.71 billion yuan, up 362.8% [5] Group 1 - The mini Labubu is part of the THE MONSTERS series, priced at 79 yuan each, with a set of 14 regular and 1 hidden variant priced at 1,106 yuan [4] - The company’s gross margin for the first half of 2025 was 70.3%, an increase of 6.3 percentage points year-on-year [5] - The revenue from THE MONSTERS series, including Labubu, reached 4.81 billion yuan, a staggering year-on-year growth of 668.0% [5] Group 2 - The CEO of Popmart expressed confidence in achieving a revenue target of 30 billion yuan for the year, significantly higher than the initial target of 20 billion yuan [5] - The company is exploring the potential for Labubu to be used in more diverse scenarios in the future [5]

新浪科技发现，目前，淘宝泡泡玛特官方旗舰店超35万人加购，京东商城泡泡玛特官方旗舰店预约人数 已超14.5万人。在小红书、抖音等平台上，改款产品目前已均已售罄。在闲鱼第三方平台上，一组mini 版LABUBU价格最高已经加价2500元左右。 此前在泡泡玛特2025年中期业绩发布会上，董事长兼CEO王宁曾拿出一个mini版LABUBU，并介绍 到"我们这周就要发布mini版LABUBU，以前可能这个LABUBU大家是挂在包上，现在（可能）从下周 开始大家甚至可以挂在手机上等等这些，我觉得它的场景会更多，我相信应该是一个非常非常受欢迎的 超级爆款。" 泡泡玛特半年报显示，上半年泡泡玛特营收138.8亿元，同比增长204.4%；经调整净利润47.1亿元，同 比增长362.8%，已超越去年全年水平，毛利率更是达到了70.3%。（文猛） 责任编辑：何俊熹 泡泡玛特"迷你版LABUBU"开售：淘宝、京东60秒售罄，全网超50万人排队抢购 8月28日，泡泡玛特"迷你版LABUBU"（THE MONSTERS心底密码系列）今日22时线上开售，开售60 秒钟，该产品京东、淘宝店铺等店铺全部售罄。 官方产品信息显示，THE MO ...

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with revenue and net profit exceeding the entire year of 2024, indicating robust growth and effective strategic execution [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 13.88 billion yuan, a year-on-year increase of 204.4%, and a net profit of 4.57 billion yuan, up 396.5% year-on-year [1]. - Adjusted net profit for H1 2025 was 4.71 billion yuan, reflecting a year-on-year growth of 362.8% [1]. - The gross profit margin for H1 2025 was 70.3%, an increase of 6.3 percentage points year-on-year, driven by a higher proportion of overseas revenue and optimized product structure [2]. Group 2: Revenue Breakdown - Domestic revenue (including Hong Kong, Macau, and Taiwan) for H1 2025 was 8.28 billion yuan, up 135.2% year-on-year, accounting for 59.7% of total revenue [1]. - Overseas revenue reached 5.59 billion yuan, a staggering increase of 440% year-on-year, making up 40.3% of total revenue [1]. - The top five IPs generated significant revenue, with The Monsters leading at 4.81 billion yuan, reflecting a year-on-year growth of 668% [1]. Group 3: Strategic Initiatives - The company is advancing its global strategy with a focus on IP platformization, showcasing strong performance from both established and emerging IPs [1]. - The plush toy category has shown remarkable growth, with revenue reaching 6.14 billion yuan in H1 2025, a year-on-year increase of 1276%, surpassing the figure for figurines for the first time [1]. - The company has launched 20 plush products across 10 IPs in H1 2025, indicating a strong product pipeline and capacity expansion [1]. Group 4: Profitability and Cost Management - The sales, management, and financial expense ratios for H1 2025 were 23%, 5.6%, and -0.5%, respectively, showing a decrease in sales and management expenses year-on-year [2]. - The adjusted net profit margin for H1 2025 was 33.9%, an increase of 11.6 percentage points year-on-year, attributed to improved gross margins and operational leverage [2]. Group 5: Future Projections - Revenue projections for 2025-2027 are estimated at 33.61 billion, 47.70 billion, and 61.86 billion yuan, with year-on-year growth rates of 158%, 42%, and 30% respectively [2]. - Expected net profits for the same period are 11.58 billion, 16.53 billion, and 21.71 billion yuan, with growth rates of 270%, 43%, and 31% respectively [2].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on its successful globalization strategy and structural improvement in profitability [5]. Core Insights - The company is expected to achieve significant growth in net profit from 11.17 billion to 22.27 billion RMB from 2025 to 2027, reflecting a year-on-year increase of 257.5%, 56.5%, and 27.3% respectively, with corresponding PE ratios of 35.4, 22.6, and 17.7 [5]. - The report highlights the company's successful expansion in both domestic and international markets, with substantial revenue growth driven by refined operations in China and rapid overseas market penetration [5][8]. - The diversification of the company's IP matrix has reduced reliance on a single IP, with plush toy revenue significantly increasing by 1276.2% year-on-year in the first half of 2025 [5]. Summary by Sections Market Data - The closing price of the stock is 322.2 HKD, with a market capitalization of 432.7 billion HKD and a total share count of 1.34 billion [2]. Financial Projections - Total revenue is projected to grow from 6.3 billion RMB in 2023 to 63.19 billion RMB in 2027, with a compound annual growth rate (CAGR) of 37% [7]. - The gross margin is expected to improve from 61.3% in 2023 to 73.0% in 2027, indicating enhanced profitability [7]. Growth Drivers - The company plans to expand its overseas store count to over 200 by the end of the year, targeting emerging markets in the Middle East, Central Europe, and Central South America [8]. - Innovations in product categories and a strong IP matrix are anticipated to continue driving revenue growth and market share [8]. Supply Chain and Production Capacity - The company has upgraded its supply chain through lean production and automation, increasing monthly production capacity for plush toys to 30 million units [6]. - Strategic plans include establishing six global production bases to enhance supply chain flexibility and responsiveness [6].

Group 1 - The core viewpoint of the article highlights Bubble Mart's significant growth in revenue and profit, with a 204.4% increase in revenue to 13.88 billion yuan and a 362.8% rise in adjusted net profit to 4.71 billion yuan for the first half of 2025, surpassing the entire profit of 2024 [1] - The company achieved a historical high gross margin of 70.3%, an increase of 6.3 percentage points year-on-year, indicating strong financial performance [1] - Bubble Mart's market capitalization has exceeded 400 billion HKD, and it has been included in the Hang Seng Index, reflecting strong investor interest [1] Group 2 - The company's success is attributed to its deep IP foundation and operational capabilities, with 13 IPs generating over 100 million yuan in revenue, and 5 IPs exceeding 1 billion yuan [2] - LABUBU, part of the IP matrix, generated 4.81 billion yuan in revenue, a 668% increase year-on-year, while other IPs like MOLLY and CRYBABY also showed significant growth [2] - The revenue from plush products reached 6.14 billion yuan, accounting for 44.2% of total revenue, marking a shift in product focus [2] Group 3 - Bubble Mart has transformed from a trendy goods store to a product brand since signing designer Kenny Wong in 2016, emphasizing long-term IP operation and product expressiveness [3] - The company has diversified its IP offerings, such as creating multiple versions of MOLLY and launching new products like BABY MOLLY, which received strong market feedback [3][4] - The IP incubation and operation system is well-established, focusing on exploration and differentiation in IP management [5] Group 4 - Bubble Mart has successfully expanded internationally, with significant revenue growth in all four regions, particularly in the Americas, where revenue surged by 1142.3% [6] - The company has opened more retail stores in the Americas, increasing from 22 to 41 stores, and plans to have over 60 by the end of the year [7] - In Europe and Asia-Pacific, the company continues to open stores in key locations, including airports and tourist destinations [8] Group 5 - The company emphasizes the importance of health and sustainability in its growth strategy, with a focus on improving organizational structure and supply chain efficiency [11] - Bubble Mart has implemented automation in its factories, achieving a 50% automation level, significantly higher than the industry average [11] - The company is also building its ecosystem through themed events and exhibitions, enhancing brand image and IP influence [12][13]

Core Viewpoint - The company, Pop Mart, is undergoing a significant transformation, moving away from its reliance on blind box sales to a more diversified IP-driven business model, which is reflected in its impressive financial performance [1][26]. Financial Performance - In the first half of 2025, Pop Mart reported 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% [1]. - The revenue from the LABUBU brand under THE MONSTERS reached 4.81 billion yuan, accounting for 34.7% of total revenue, while other IPs like MOLLY and SKULLPANDA also surpassed 1 billion yuan in revenue [7]. Shift from Blind Boxes - The blind box model, once a key driver of Pop Mart's success, is being gradually phased out as the company focuses on building a more robust IP ecosystem [9][26]. - The company recognizes that relying solely on the allure of blind boxes is not a sustainable path to greatness [6]. IP Development and Consumer Engagement - Pop Mart is transitioning from a model based on chance to one centered around emotional connections with characters, emphasizing storytelling and consumer engagement [11][12]. - The opening of the first offline theme park, POP LAND, has attracted over 1 million visitors in its first year, showcasing the company's commitment to creating immersive experiences around its IPs [16]. Global Expansion and Market Performance - In the first half of 2025, Pop Mart's overseas revenue reached 2.26 billion yuan in the Americas, a staggering increase of 1142.3%, and 2.85 billion yuan in the Asia-Pacific region, up 257.8% [25]. - The company aims to establish itself as a global brand, aspiring to be "the world's Pop Mart," rather than just a Chinese version of Disney [22][24]. Conclusion - By moving away from a single business model based on blind boxes, Pop Mart has built a strong IP-centric barrier, achieving a significant upgrade in brand value and profit margins, while cultivating a more loyal customer base driven by love for the characters rather than mere chance [26][27].

Core Insights - The upcoming online sale of the "Mini LABUBU" from Pop Mart's "THE MONSTERS" series is generating significant interest, with a surge in online reservations [2][6]. Group 1: Product Details - The "Heart Code" series consists of blind boxes featuring soft rubber plush keychains, divided into two series with a total of 30 designs, including 14 regular and 1 hidden variant [6]. - The mini version of LABUBU is priced at 79 yuan each, while the complete set costs 1,106 yuan, contrasting with the regular version priced at 99 yuan each and standing 17 centimeters tall [6]. Group 2: Sales and Demand - As of the report, over 24,100 reservations have been made for the "Heart Code" series on the Dewu platform [6]. - The "Star People Good Dream Meteorological Bureau Series" blind box sold over 2,000 units within five days of its release on the Dewu app, with 12,000 users expressing interest [6].