POP MART(HK:09992) 2 1 Shi Ji Jing Ji Bao Dao·2025-09-29 14:28Core Insights - The launch of the "Star People Delicious Moments Series Blind Box" by Pop Mart has generated significant pre-sale interest, with products already listed on second-hand platforms at marked-up prices, indicating strong demand [2][6] - The secondary market shows substantial price increases, with original prices of 69 yuan for figures rising to 119 yuan, and hidden items like the "Little Bear Biscuit" reaching up to 689 yuan, reflecting a nearly 10-fold premium [2][6] - The introduction of the Star People series may help reduce Pop Mart's reliance on the Labubu series, which accounted for 34.7% of the company's total revenue in the first half of 2025 [5][6] Product Demand and Pricing - The Star People series has seen a significant price surge on second-hand platforms, with random blind boxes increasing from 59 yuan to 182 yuan, and complete sets rising from 354 yuan to 769 yuan, both showing over 2 times premium [2][6] - The popularity of the Star People series is attributed to its "warm" and "healing" themes, resonating with the emotional consumption trends among younger consumers [6] Financial Performance - In the first half of 2025, the revenue from the Labubu IP reached 4.814 billion yuan, while Pop Mart's total revenue was 13.876 billion yuan, highlighting the importance of Labubu to the company's financials [5] - The Star People series has quickly become one of Pop Mart's fastest-growing IPs, generating over 390 million yuan in revenue in the first half of 2025 [6] Market Position - As of the latest report, Pop Mart's stock closed at 261.8 HKD per share, with a total market capitalization of 351.6 billion HKD, reflecting a 19.3% decline over the past month [6]