POP MART(HK:09992) 第一财经·2025-08-29 13:02Core Viewpoint - The article highlights the explosive popularity of Bubble Mart's new IP products, particularly the mini version of LABUBU, which sold out within a minute of its online release, indicating strong consumer demand and market interest in collectible toys [3][4]. Group 1: Product Performance - The mini version of LABUBU was launched online on August 28 and sold out across all platforms within one minute, with resale prices on secondary markets reaching approximately 2,290 yuan [3]. - Other IP products, such as the "Starry People" series and collaborations with celebrities, have also seen significant market response, with some items experiencing price premiums in the second-hand market [3]. - The "Starry People" IP generated revenue of 390 million yuan in the first half of the year, marking its entry into the billion-yuan IP category within less than a year [3]. Group 2: Growth Rates - Besides LABUBU, the fastest-growing IPs are HACIPUPU and CRYBABY, which reported revenue growth rates of 249.6% and 248.7% respectively in the first half of the year [4]. - Both HACIPUPU and CRYBABY began their collaboration with Bubble Mart in 2022 and have shown strong growth momentum since then [4]. Group 3: Supply Chain and Production - The surge in consumer demand has posed challenges to Bubble Mart's production capacity, although the company has increased its monthly output to over ten times that of the same period last year, reaching approximately 30 million plush toys [4]. - Despite the increased production capacity, the demand for LABUBU and other IP products has led to stock shortages, indicating that the company is still in a phase of "catching up" with production [4].