POP MART(HK:09992) 3 6 Ke·2025-09-02 10:53Core Insights - Pop Mart announced a significant milestone, achieving over 10 billion yuan in revenue within the first half of the year, surpassing the total revenue of the previous year [1] - The LABUBU series, particularly THE MONSTERS, has shown remarkable growth with a 668% increase, becoming a key revenue driver for the company [1] - The introduction of the mini LABUBU has generated considerable excitement and confidence within the company, with expectations for it to become a popular product [3] Revenue Performance - Pop Mart's revenue for the first half of the year exceeded 10 billion yuan, indicating strong market performance [1] - The LABUBU series has been a standout performer, with a 668% growth rate, highlighting its success in the market [1] Product Launch and Market Response - The mini LABUBU was launched on August 28, selling over 470,000 units within the first 10 minutes across online platforms [10] - Priced at 79 yuan per blind box, the mini LABUBU has sparked debate regarding its pricing strategy compared to the previous version, which was priced at 99 yuan [10] - Despite initial pricing controversies, the product sold out quickly, indicating strong demand and effective inventory management [10][15] Quality Control Issues - The mini LABUBU has faced criticism regarding quality control, with consumers reporting issues such as deformities and inconsistent coloring [15] - The backlash over quality has led to a decrease in secondary market prices, making the product more accessible to consumers [15] Strategic Positioning - The rapid release of the mini LABUBU aims to expand the audience and market reach of the LABUBU brand by offering varied sizes and price points [16] - The mini LABUBU is positioned as a "carry-on" accessory, appealing to consumers' desire for visible identity markers in their daily lives [20] Consumer Trends - The popularity of mini products reflects a broader trend towards "mini-economy," where smaller items are favored for their cuteness and emotional appeal [24][26] - The mini LABUBU serves as both a toy and a source of emotional comfort, aligning with consumer preferences for lightweight and affordable products [26] Market Dynamics - The success of mini LABUBU is part of a global trend where miniatures are gaining traction among various demographics, including Gen Z and adults [27] - The brand's strategy to introduce mini products is not merely about downsizing but about enhancing emotional value and identity expression [30][32] Competitive Landscape - As more brands adopt miniaturization, the challenge lies in avoiding homogenization and continuously creating new emotional value to maintain consumer interest [34]