

Core Viewpoint - The secondary market prices for all products of Pop Mart have declined, particularly for the LABUBU series, despite the company reporting impressive revenue growth for the first half of 2025 [1] Group 1: Market Performance - The price of LABUBU hidden figures has dropped from nearly 1,000 yuan to 679.7 yuan, with some less popular models priced below the official price of 79 yuan [1] - The overall transaction price for the third generation LABUBU complete set has significantly decreased, currently ranging between 600 to 700 yuan [1] Group 2: Financial Performance - Pop Mart reported a remarkable revenue of 13.88 billion yuan for the first half of 2025, representing a year-on-year growth of 204.4% [1] - The adjusted net profit increased by 362.8% to 4.71 billion yuan [1] Group 3: Market Expansion - The importance of overseas markets for Pop Mart is growing, contributing nearly 40% to the revenue, marking the first time that overseas market share has surpassed that of the Chinese market [1]