POP MART(HK:09992) Di Yi Cai Jing Zi Xun·2025-09-13 15:20Core Viewpoint - The popularity of Bubble Mart's Labubu series in the South Korean market has surged, leading to new purchasing regulations due to high demand and incidents of consumer chaos [5][15][17]. Group 1: Market Performance - Bubble Mart's Labubu series has gained significant traction in South Korea, particularly among the younger generation, with a notable presence in the bustling Hongdae shopping district [5][17]. - The company reported a revenue of 13.88 billion yuan for the first half of 2025, marking a year-on-year increase of 204% [22]. - The adjusted net profit for the same period reached 4.71 billion yuan, reflecting a substantial growth of 362.8% [22]. Group 2: Sales and Distribution Changes - In June 2025, Bubble Mart implemented new purchasing rules for the Labubu series in South Korea, transitioning from direct in-store sales to an online reservation and lottery system, limiting purchases to a specified quantity per person [15][17]. - Prior to these changes, there were reports of long queues and physical altercations among consumers trying to purchase Labubu products in-store [15]. Group 3: Pricing and Market Dynamics - The official retail price for Labubu in South Korea is approximately 21,000 KRW (about 105 RMB), while the domestic price is 99 RMB [17]. - The secondary market for Labubu products in South Korea has seen prices soar several times above the official retail price, although the hype has recently diminished [17]. - Counterfeit Labubu products have emerged in the market, with street vendors selling imitation items at prices comparable to the originals [17]. Group 4: International Developments - A recent incident involved the U.S. Customs and Border Protection seizing over 11,000 counterfeit Labubu toys at Seattle-Tacoma International Airport, highlighting the brand's international reach and the challenges posed by counterfeit goods [20]. Group 5: Regional Revenue Breakdown - Revenue from China was 8.28 billion yuan, up 135.2%, while revenue from the Asia-Pacific region reached 2.85 billion yuan, increasing by 257.8% [22]. - The Americas saw a remarkable revenue growth of 1,142%, totaling 2.26 billion yuan, and Europe and other regions reported a 729.2% increase, amounting to 480 million yuan [22].