POP MART(HK:09992) Bei Jing Shang Bao·2025-06-09 04:46Core Insights - Labubu, a product under Pop Mart, has gained immense popularity, becoming a new "social currency" with significant demand and resale value [3][5] - The secondary market for Labubu shows prices inflated by 20 to 30 times, with some items reaching over 30 times their original price [5] - Analysts from JPMorgan view Labubu as the next "Hello Kitty," indicating its potential to become a major IP [6] Financial Performance - In 2024, Pop Mart achieved a revenue of 13.04 billion yuan, representing a year-on-year growth of 106.9%, with an adjusted net profit of 3.4 billion yuan, up 185.9% [8] - The IP THE MONSTERS, which includes Labubu, generated 3.04 billion yuan in revenue, marking a staggering growth of 726.6% and becoming the top revenue-generating IP for Pop Mart [8] Market Dynamics - The scarcity of Labubu has created opportunities for resellers, with reports of individuals making significant profits, including a student earning 20,000 yuan daily from trading Labubu [5] - Incidents of crowd conflicts during Labubu launches highlight the intense demand and consumer interest, leading to safety concerns and temporary product withdrawals in some locations [6]