Xin Lang Cai Jing·2025-09-08 01:13Core Viewpoint - The article highlights the remarkable performance of Pop Mart, particularly driven by the LABUBU series, which has seen explosive growth in revenue and market interest, reminiscent of past trends in collectible markets like "sneaker flipping" and "bearbrick speculation" [3][4][12]. Group 1: Financial Performance - Pop Mart reported a revenue of 13.88 billion RMB for the first half of 2025, marking a year-on-year increase of 204.4% [3][4]. - The adjusted net profit surged by 362.8% to 4.71 billion RMB during the same period [3]. - The LABUBU series alone generated 4.81 billion RMB in revenue, a staggering growth of 668%, accounting for 34.7% of total revenue [4]. Group 2: Market Demand and Sales - The launch of the mini LABUBU on August 28 sold out within 60 seconds, with a peak resale price reaching 1,388 RMB, a 1,657% markup from the original price of 79 RMB [3][5]. - Over 580,000 consumers added the mini LABUBU to their shopping carts before the sale, indicating high demand [5]. - The secondary market saw prices for complete sets of LABUBU toys reaching an average of 1,920.77 RMB, with some transactions exceeding 2,580 RMB [6]. Group 3: Global Expansion - Pop Mart operates 571 retail stores and 2,597 robot stores across 18 countries and regions as of mid-2025 [9]. - Revenue from the Asia-Pacific region reached 2.85 billion RMB, up 258%, while the Americas saw revenue of 2.27 billion RMB, increasing by 1,142% [9]. - The company’s global strategy includes opening flagship stores in major cities, such as London and Paris, to enhance brand visibility [9]. Group 4: IP Development and Future Outlook - Pop Mart emphasizes a balanced development of its IP matrix, with five IPs generating over 1 billion RMB in sales each during the first half of 2025 [10]. - The LABUBU brand is seen as a "gold mine" with potential for further exploration and innovation in product applications [11]. - The company is building a "LABUBU universe" to expand its product offerings and enhance consumer engagement [11]. Group 5: Consumer Behavior and Market Trends - The success of LABUBU reflects a shift in consumer behavior, particularly among Generation Z, who prioritize emotional connection and self-rewarding purchases [12]. - The article notes a trend towards more rational consumption, with consumers becoming less impulsive and more focused on the actual value of collectible items [12].