2 1 Shi Ji Jing Ji Bao Dao·2025-08-24 02:03Group 1 - The core announcement from Pop Mart is the launch of the mini version of Labubu, consisting of two models (A/B), each with 14 regular versions and 1 hidden version, with probabilities of 1:14 for regular and 1:168 for hidden [2] - The price for a single blind box is set at 79 yuan, while the complete set is priced at 1106 yuan, with online sales starting on August 28 and offline on August 29 [2] - Following the announcement, Pop Mart's market capitalization reached 430 billion HKD, and the latest financial report indicates a gross margin of 70.3% for the first half of 2025, surpassing LVMH and nearing Hermès [2] Group 2 - The revenue from the THE MONSTERS series, which includes Labubu, surged by 668%, establishing it as a significant revenue generator for the company [2] - The success of Labubu is attributed to a seven-year buildup before gaining widespread popularity [2] - In contrast, celebrity-driven IPs have shown quicker success, with examples like Zhou Shen's "Zhou Keke" selling over 10 million in five minutes, and Jay Chou's "Zhou Classmate" generating over 1 billion from IP licensing alone [4] Group 3 - The potential risks associated with celebrity IPs include their dependency on the celebrity's reputation, which can lead to a total loss of value if the celebrity faces controversies [4] - Despite the risks, the profitability of celebrity IPs has attracted significant interest, prompting companies to consider replicating the success of Labubu [4][6]