POP MART(HK:09992) Huan Qiu Wang·2025-06-12 09:26Core Insights - The LABUBU toy from Pop Mart has seen a dramatic increase in market value, with initial prices of 599 yuan now reaching up to 30,000 yuan on resale platforms, and a rare version selling for 1.08 million yuan at auction [1][2] - The surge in LABUBU's popularity is attributed to endorsements from global celebrities, including BLACKPINK's Lisa and other fashion icons, which has propelled the brand into the global fashion scene [1] Financial Performance - In 2024, the revenue from the THE MONSTERS series, which includes LABUBU, reached 3.04 billion yuan, marking a staggering year-on-year growth of 726.6% and accounting for 23.3% of the company's total revenue [2] - The trading activity of LABUBU in the secondary market has outperformed some traditional luxury goods, with certain items seeing profit margins exceeding 20 times their original price [2] Market Dynamics - The value of LABUBU is driven by its "social currency" aspect, appealing to young consumers seeking recognition and satisfaction through ownership of rare toys, while speculation has further inflated prices [4] - Recent price fluctuations in the secondary market highlight the volatility of the collectible toy market, with prices for certain LABUBU items dropping over 40% from their peak [4] Comparison with Gold - Unlike LABUBU, which relies on scarcity and brand management, gold's value is supported by its role as a safe-haven asset and its anti-inflation properties, with current prices stabilizing between 3,300 and 3,400 USD per ounce [4][5] - Analysts suggest that while LABUBU may offer higher short-term returns, its value is heavily influenced by market sentiment and lacks intrinsic value support, contrasting with gold's more stable investment profile [5] Consumer Behavior - The rise of LABUBU reflects a shift in consumption patterns among Generation Z, moving from functional consumption to valuing emotional and social significance in purchases [5]