
Core Viewpoint - LABUBU, a popular IP under Pop Mart, is experiencing a surge in popularity, leading to significant price increases in both primary and secondary markets, indicating a cultural phenomenon and strong market demand [1][2]. Group 1: LABUBU's Market Performance - LABUBU's themed pop-up event in Chengdu sold out quickly, with scalpers reselling tickets for 500 yuan, up from the original price of 0.01 yuan, highlighting the high demand [1]. - A mint condition LABUBU was sold for 1.08 million yuan, while another variant fetched 820,000 yuan, showcasing the extreme value placed on these collectibles [1]. - In the secondary market, a LABUBU blind box originally priced at 99 yuan is being resold for 3,000 yuan, reflecting a more than 30-fold increase in price [1]. Group 2: Financial Performance of Pop Mart - Pop Mart reported a revenue of 13.04 billion yuan for the previous year, a year-on-year increase of 106.9%, with an adjusted net profit of 3.4 billion yuan, up 185.9% [2]. - The company plans to increase its offline stores by 38, bringing the total to 401, and expand its robot stores by 110, totaling 2,300 [2]. - Revenue from offline stores reached 3.83 billion yuan, a 43.9% increase, while robot store revenue was 700 million yuan, up 26.4% [2]. Group 3: Analyst Predictions and Target Prices - Morgan Stanley raised Pop Mart's target price from 224 yuan to 302 yuan, predicting a compound annual growth rate of 42% in sales from 2025 to 2027, with overseas revenue expected to account for 65% [2]. - Deutsche Bank significantly increased its target price for Pop Mart from 200 yuan to 303 yuan, citing improved gross margins in overseas markets and premium pricing on new products [4]. - Jianyin International is optimistic about the continuity of the LABUBU blind box series, forecasting a 72% increase in revenue and a 90% increase in profit for 2025, raising its target price to 288 yuan [4].