POP MART(HK:09992) 美股IPO·2025-08-29 13:03Core Viewpoint - The strong sales performance of the new "mini LABUBU" series significantly supports the optimistic revenue forecast of 30 billion yuan for the year, as stated by the company's CEO Wang Ning [1][19]. Sales Performance - The "mini LABUBU" series was launched on Thursday night and sold out within 10 seconds across major platforms like JD and Taobao, indicating high consumer demand [2][6]. - Prior to the official launch, over 580,000 consumers had already added the product to their shopping carts on Tmall, showcasing the pre-launch interest [8]. - The sales revenue from Tmall alone exceeded 23.7 million yuan, based on a rough estimate of 79 yuan per unit [9]. Market Reaction - Following the sales announcement, the stock price of Pop Mart experienced fluctuations, reflecting mixed market sentiments, with a slight decline of 0.18% at the time of reporting [3][4]. - Analysts noted that the popularity of the new series demonstrates sustained consumer enthusiasm for the Labubu brand [4]. Secondary Market Activity - The high demand for the mini LABUBU has sparked significant speculation in the secondary market, with resale prices for hidden variants reaching up to 1,000 yuan, indicating a substantial markup [10][13]. - On secondary trading platforms, the average transaction price for a complete set reached approximately 1,920.77 yuan, with some sets selling for as high as 2,580 yuan [13]. Financial Performance - In the first half of 2025, Pop Mart reported a revenue of 13.88 billion yuan, a year-on-year increase of 204.4%, and an adjusted net profit of 4.71 billion yuan, up 362.8% [17]. - The Labubu series, part of the THE MONSTERS collection, generated 4.81 billion yuan in revenue during the same period, marking a staggering year-on-year growth of 668.0% and accounting for 34.7% of total revenue [17]. - The company's gross margin reached a record high of 70.3%, surpassing that of luxury brands like LVMH [18].