Sou Hu Cai Jing·2025-08-19 09:46Core Insights - Labubu has significantly driven the growth of Pop Mart, with the company reporting a revenue of 13.88 billion RMB in the first half of the year, representing a year-on-year increase of 204.4% [1] - The net profit for the same period reached 4.57 billion RMB, exceeding the forecast of 3.83 billion RMB [1] Financial Performance - Pop Mart's stock price has surged approximately 200% this year, with a total market capitalization surpassing 370 billion HKD [3] - On June 10, a limited edition Labubu was auctioned for a million, leading to a spike in stock price to 283.4 HKD per share, pushing the market cap to a historical high of 380 billion HKD [3] - As of August 19, Pop Mart's stock closed at 280.8 HKD per share, maintaining a market cap of 377.1 billion HKD, which exceeds that of established internet companies like Baidu [3] Market Trends - Despite the impressive growth, the premium on popular items in the secondary market has decreased by 60%, indicating a potential decline in Labubu's popularity [3] - The surge in Labubu's popularity began with the launch of the 3.0 series, which faced significant shortages, causing prices to rise sharply in the secondary market [3] - Prices for the 3.0 series blind boxes have dropped significantly over three months, with ordinary boxes now priced around 150 RMB and hidden variants around 1,000 RMB [3]