预售新品被炒到1688元 泡泡玛特：会克制开发LABUBU

Core Viewpoint - Pop Mart's stock price surged over 11% on August 20, reaching a new high of 313.4 HKD per share, with a market capitalization of 420.9 billion HKD, following the release of its impressive half-year financial results for 2025 [2] Financial Performance - For the first half of 2025, Pop Mart reported revenue of 13.88 billion CNY, a year-on-year increase of 204.4% [2] - The adjusted net profit for the same period was 4.71 billion CNY, reflecting a significant year-on-year growth of 362.8% [2] - Notably, both revenue and net profit for the first half of 2025 exceeded the total figures for the entire year of 2024 [2] Product Development and IP Strategy - Pop Mart is set to launch a Mini version of LABUBU, expanding its usage scenarios beyond just accessories [3] - CEO Wang Ning emphasized the importance of not over-exploiting the LABUBU IP, suggesting that its true commercial value is just beginning to be realized [3][5] - The revenue from the LABUBU series, part of THE MONSTERS, reached 4.81 billion CNY in the first half of 2025, marking a staggering year-on-year growth of 668.0% and accounting for 34.7% of total revenue [5] Market Demand and Pricing - There is a high market demand for LABUBU products, with consumers expressing frustration over availability [5] - New products, including collaborations with singer Zhou Shen, are being resold at significantly higher prices on secondary markets, with some items marked up from 129 CNY to 1,688 CNY [6][11] - The new Starry People product, priced at 79 CNY, has also seen resale prices exceed 100 CNY [13] New IP Development - Pop Mart opened its first HIRONO brand store in Shanghai, contributing to a revenue of 730 million CNY, which is a 197.0% increase year-on-year [15] - The Starry People IP has emerged as one of the fastest-growing new IPs, generating 390 million CNY in revenue [15] - Wang Ning stated that a diverse range of IPs is essential for a healthy platform, similar to how Mickey Mouse represents Disney [15]