Zheng Quan Shi Bao Wang·2025-08-04 00:43Core Viewpoint - The article highlights the booming popularity of Pop Mart's products, particularly the LABUBU series, which has led to significant supply challenges and the emergence of a secondary market driven by scalpers and counterfeit goods [1][2][3][4][5][9]. Group 1: Market Demand and Sales Dynamics - The summer season has seen a surge in customer traffic at Pop Mart stores, particularly among students, leading to increased spending by parents [2]. - LABUBU products are not directly available for purchase in stores, requiring customers to participate in online flash sales, which have proven extremely competitive [2][3]. - The online limited release model has facilitated the rise of scalpers, who quickly buy up stock and resell it at a premium in various online communities [3][4]. Group 2: Scalper and Counterfeit Issues - The scalper market has become a significant issue, with dedicated groups forming to share information on product restocks, often leading to rapid resales at inflated prices [3][4]. - A gray market has emerged where individuals charge fees for access to real-time restock notifications, often employing deceptive practices [3]. - Counterfeit products are rampant, with some sellers openly advertising fake goods, while others create convincing replicas that are sold as genuine [5][6]. Group 3: Company Performance and Valuation - Pop Mart's strong sales have resulted in explosive revenue growth, with a projected revenue increase of no less than 200% and net profit growth of at least 350% for the first half of 2025 [9]. - The company's stock price has seen significant appreciation, reaching a historical high of 283.4 HKD, with a market capitalization exceeding 380 billion HKD at its peak [9]. - Analysts express optimism about Pop Mart's long-term prospects, citing its robust retail business model and competitive advantages in the market [9][10]. Group 4: Future Challenges and Opportunities - Despite positive growth, the company faces potential volatility in stock prices due to the unpredictable nature of popular IP products [10][11]. - The company is encouraged to enhance its IP development capabilities to maintain its competitive edge and drive global expansion [10][11]. - Analysts predict strong future growth rates for sales and profits, driven by strong IP, store expansion, and improved productivity [11].