Cai Jing Wang·2025-09-02 13:32Core Insights - The launch of the mini version of LABUBU by Pop Mart has generated significant consumer interest, with over 200 million viewers on Tmall's live stream and rapid sell-out across platforms within minutes of release [1][2] - The mini LABUBU's design appeals to consumers for its portability and versatility, allowing it to be used as a fashion accessory, which enhances its desirability [3][10] - The secondary market has seen a dramatic price increase for hidden versions of LABUBU, with prices soaring up to 14 times the original price, indicating strong demand and speculative trading [3][9] Sales Performance - The mini LABUBU sold over 21,000 units within the first two days of launch, with 82,000 users expressing interest in purchasing [2] - The initial price for the mini LABUBU was set at 79 yuan per unit, with a complete box priced at 1106 yuan [2] - On the resale market, hidden versions are priced between 679.5 yuan and 1188 yuan, while regular versions are being sold for around 300 yuan [3] Market Strategy - The introduction of the mini LABUBU is part of Pop Mart's strategy to capitalize on the popularity of existing IPs and to maintain consumer engagement during periods of lower product novelty [10] - The company aims to enhance the narrative depth of its IPs, as LABUBU is seen as a globally recognized phenomenon but lacks a deeper story compared to other IPs [10] - Pop Mart's CEO expressed confidence in the long-term commercial potential of LABUBU as a world-class IP, suggesting that the brand's value is just beginning to be realized [10] Production Challenges - The surge in demand for LABUBU has posed production challenges for Pop Mart, with current monthly production capacity reaching 30 million units, ten times that of the previous year [10] - The company is currently in a phase of "catching up" with production to meet the heightened consumer demand [10]