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泡泡玛特新品未售二级市场价格已涨5倍,“炒价”狂欢应由谁买单?
Qi Lu Wan Bao·2025-08-22 02:00

Core Insights - The article highlights the significant hype and price inflation surrounding the upcoming product launches by Pop Mart, particularly the MOKOKO series, with prices on secondary markets reaching up to five times the official retail price [1][2][5][8]. Financial Performance - Pop Mart reported a record-breaking mid-year performance for 2025, with revenue of 138.8 billion yuan, representing a year-on-year growth of 204.4% [1][9]. - The adjusted net profit for the first half of the year was 47.1 billion yuan, an increase of 362.8%, surpassing the total net profit for the entire year of 2024 [1][10]. - The company’s gross profit margin improved to 70.3%, up by 6.3 percentage points, indicating enhanced operational quality alongside revenue growth [10]. Market Dynamics - The secondary market for Pop Mart's products is characterized by significant price speculation, with items listed at prices 1.5 to 6 times higher than their official retail prices [5][8]. - The phenomenon of "scalping" is prevalent, with consumers expressing frustration over the difficulty of purchasing items at retail prices due to high demand and competition from resellers [8][11]. Membership and Sales Channels - Pop Mart's membership base has grown to 59.12 million, with a 91.2% contribution to sales from members and a 50.8% repurchase rate, indicating strong customer loyalty and engagement [10]. - The company has expanded its offline presence, increasing the number of stores to 443, while online sales have also seen substantial growth, with a 212.2% increase year-on-year [10]. Future Considerations - The article raises questions about the sustainability of the current pricing dynamics and the company's approach to managing pre-launch price inflation, suggesting that balancing market demand and consumer interests will be a key challenge for Pop Mart moving forward [11][18].