2 1 Shi Ji Jing Ji Bao Dao·2025-09-29 23:57Core Insights - The launch of the "Starry People Delicious Moments Series Blind Box" by Pop Mart has generated significant pre-sale interest, with products being listed on second-hand platforms before the official release [1][5] - The initial sales of the Starry People series saw products sell out within minutes, indicating strong demand [1] - The secondary market prices for these products have surged, with some items experiencing price increases of nearly tenfold compared to their original prices [5] Sales Performance - The "Starry People" series has shown impressive sales figures, with over 360,000 items added to carts within ten minutes of launch, while only 20,000 units were available on Tmall [1] - The original price of the hand-painted figures was 69 yuan, but they have reached prices as high as 119 yuan on second-hand platforms [5] - The hidden variant "Little Bear Biscuit" has seen its price rise from 59 yuan to 689 yuan, reflecting a nearly tenfold premium [5] Financial Impact - Pop Mart's revenue from the Labubu IP was 48.14 billion yuan, accounting for 34.7% of the company's total revenue of 138.76 billion yuan in the first half of 2025 [9] - The Starry People series has quickly become one of Pop Mart's fastest-growing new IPs, generating over 390 million yuan in revenue in the first half of 2025 [9] - The introduction of the Starry People series may help reduce the company's reliance on the Labubu series, addressing previous market concerns about potential IP stagnation [9] Market Position - As of September 29, 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 [10]