POP MART(HK:09992) Zhong Guo Jing Ji Wang·2025-08-25 04:02Core Viewpoint - The recent launch of new products by Pop Mart has led to a significant surge in demand, resulting in extraordinary price inflation in the secondary market, with some items being resold at three times their original price or more [1][11][16]. Product Launch and Market Response - On August 21, Pop Mart launched several new products, including the "Starry Dream Meteorological Bureau Series" plush blind boxes priced at 79 yuan each and 474 yuan per box, which sold out within seconds across various platforms due to overwhelming traffic [3][5]. - Consumers reported difficulties in purchasing, with many resorting to setting alarms to secure their orders, highlighting the competitive nature of acquiring these popular items [5][16]. Secondary Market Pricing - The "Starry Dream Meteorological Bureau Series" blind boxes are being resold for approximately 1350 yuan per box, representing a nearly threefold increase in price, while individual items average around 150 yuan, also showing significant markup [11][16]. - The "MOKOKO Summer Series" plush toys, originally priced at 199 yuan, are being sold for around 800 yuan in the secondary market, indicating a strong speculative interest [13][16]. Company Performance and Growth Potential - Pop Mart's adjusted net profit for the first half of 2025 reached 4.71 billion yuan, a staggering year-on-year increase of 362.8%, with the "THE MONSTERS" series generating 4.81 billion yuan in revenue, accounting for 34.7% of total revenue [20][22]. - The "Starry Dream" IP has emerged as one of the fastest-growing new IPs, generating 389 million yuan in revenue in the first half of the year, showcasing its potential as a new growth driver for the company [20][23]. International Market Expansion - Pop Mart's international business has shown remarkable growth, with revenue in the Americas increasing by 1142.3% and in Europe and other regions by 729.2% [22]. - The company aims for a revenue target of 20 billion yuan for the year, with optimistic projections suggesting it could reach 30 billion yuan easily [22]. Production Capacity and Supply Chain - The production capacity for plush toys has increased significantly, with a monthly output now ten times that of the same period last year, reaching approximately 30 million units [22]. - The supply chain management team has indicated that production levels will continue to rise, addressing concerns about stock availability for future product launches [22].