Hua Er Jie Jian Wen·2025-08-29 07:31Core Viewpoint - The launch of the "Mini Labubu" series by Pop Mart has generated significant consumer interest, leading to rapid sellouts across various platforms, indicating strong demand for the Labubu brand [1][3][4]. Sales Performance - The "Mini Labubu" series sold out within 10 seconds of its release, with over 58,000 consumers adding the product to their shopping carts prior to the launch [4][6]. - The sales figures from Tmall alone exceeded 23.7 million yuan, based on the unit price of 79 yuan [6]. - The series includes 14 regular items and 1 hidden item, with a total set price of 1,106 yuan [4]. Market Demand and Resale Value - The high demand has led to a surge in secondary market trading, with resale prices for the complete set reaching up to 2,699 yuan, more than double the original price [7][10]. - The average transaction price for the complete set on a trading platform reached 1,920.77 yuan, with some individual hidden items selling for as much as 1,188 yuan, representing a significant markup from the original price [10]. Financial Performance - Pop Mart reported a revenue of 138.8 billion yuan for the first half of 2025, a year-on-year increase of 204.4%, with a net profit of 47.1 billion yuan, up 362.8% [14]. - The Labubu series contributed 48.1 billion yuan to the total revenue, marking a 668% increase year-on-year and accounting for 34.7% of total revenue [14]. - The company's gross margin reached 70.3%, surpassing that of luxury brands like LVMH [14]. Management Outlook - The CEO of Pop Mart expressed confidence in achieving a revenue target of 300 billion yuan for the year, bolstered by the successful launch of the Mini Labubu series [15].