Core Insights - Pop Mart announced a significant revenue growth for Q3 2025, with overall revenue increasing by 245%-250% year-on-year, driven by strong performance in both domestic and international markets [2] Revenue Performance - Domestic revenue in China grew by 185%-190% year-on-year, while overseas revenue surged by 365%-370% [2] - Offline channels, including retail stores and robot stores, saw a year-on-year increase of 130%-135%, whereas online channels, including Pop Mart's box machines and flagship stores on platforms like Tmall and Douyin, experienced a growth of 300%-305% [2] International Market Growth - The Asia-Pacific market reported a revenue increase of 170%-175% year-on-year, while the Americas market saw an extraordinary growth of 1265%-1270% [2] - Europe and other regions experienced a revenue growth of 735%-740% year-on-year [2] IP Performance - The IP LABUBU under Pop Mart achieved explosive growth, with revenue from THE MONSTERS reaching 4.81 billion yuan, accounting for 34.7% of total revenue, compared to 626 million yuan in the same period last year, marking a year-on-year increase of approximately 668.4% [2] Anniversary and Events - This year marks the tenth anniversary of LABUBU, and Pop Mart is hosting a year-long global tour exhibition for THE MONSTERS, with the first stop in Shanghai [3] - Apple CEO Tim Cook attended the Shanghai exhibition alongside Pop Mart's founder Wang Ning and artist Long Jiasheng, showcasing original manuscripts and diverse products from the LABUBU series [3] - The exhibition will continue to various cities, including Beijing, Taipei, Hong Kong, Tokyo, Paris, and New York [3] Product Development - LABUBU, inspired by Nordic mythology, has launched several products over the years, including the "THE MONSTERS Forest Concert Series" in collaboration with Long Jiasheng in April 2019 [3] - In 2025, the third generation of LABUBU's plush keychains, "High Energy Ahead," was released, leading to Pop Mart's app reaching the top of the US App Store shopping chart for the first time [3]

Core Viewpoint - The article highlights the successful launch of the global tour exhibition for THE MONSTERS, celebrating the 10th anniversary of LABUBU, which has significantly attracted consumer interest and boosted the performance of Pop Mart [1][5]. Group 1: Exhibition Details - The exhibition for THE MONSTERS is part of a year-long global tour organized by Pop Mart, showcasing the largest collection of LABUBU manuscripts and figures to date [1][5]. - Despite rainy weather, many visitors queued for entry, with the earliest available appointment being on October 21 [5]. - The exhibition features original LABUBU sketches by the creator, along with a wall displaying around 2000 LABUBU figures, drawing significant attention from attendees [5]. Group 2: Product and Market Performance - LABUBU's products have seen high demand, leading to a tenfold increase in production capacity compared to the previous year, reaching approximately 30 million plush toys per month [6]. - In the first half of the year, 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% [7]. - The revenue from THE MONSTERS, which includes LABUBU, reached 4.81 billion yuan, accounting for 34.7% of total revenue, while other IPs also surpassed 1 billion yuan in revenue [7].

Core Insights - LABUBU has evolved from a canvas-based creation to a three-dimensional world, becoming a cultural symbol that combines trendiness and emotional resonance [8] Group 1: LABUBU's Development and Milestones - This year marks the tenth anniversary of LABUBU, with a global tour exhibition called THE MONSTERS, which started in Shanghai and will visit cities like Beijing, Taipei, Hong Kong, Tokyo, Paris, and New York [6] - The exhibition features a large number of original sketches and products from THE MONSTERS, showcasing the brand's growth and popularity [6] - LABUBU's journey began in 2015 with the release of illustrated books inspired by Nordic mythology, leading to the creation of the THE MONSTERS character series [8] Group 2: Market Impact and Recognition - The launch of the "THE MONSTERS Forest Music Festival Series" in April 2019 marked LABUBU's entry into the trendy toy market, quickly gaining traction [8] - The release of the third-generation plush keychain "High Energy Ahead" in 2025 caused a global buying frenzy, propelling the Bubble Mart app to the top of the US App Store shopping chart [8] - LABUBU has garnered attention from international celebrities such as Brad Pitt, Lady Gaga, David Beckham, and Madonna, establishing itself as a world-class IP that transcends cultural and geographical boundaries [8]

Core Insights - Apple CEO Tim Cook visited Shanghai for the first stop of the THE MONSTERS ten-year anniversary exhibition, interacting with key figures in the art and toy industry [1][3]. Group 1: Event Overview - THE MONSTERS exhibition is a year-long global tour celebrating its ten-year anniversary, with the first stop in Shanghai showcasing original manuscripts and diverse products from artist Long Jiasheng [3]. - The exhibition will also be held in major cities including Beijing, Taipei, Hong Kong, Tokyo, Paris, and New York in the future [5]. Group 2: Company Performance - In the first half of 2025, Pop Mart reported 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% [7]. - The revenue from THE MONSTERS, including LABUBU, reached 4.81 billion yuan in the first half of 2025, marking a significant year-on-year growth of 668.0% and accounting for 34.7% of total revenue [7]. - The gross margin for Pop Mart in the first half of 2025 was 70.3%, an increase of 6.3 percentage points year-on-year, achieving a historical high [8].

Core Insights - Apple CEO Tim Cook visited Shanghai for the 10th anniversary exhibition of THE MONSTERS, marking his first stop in China [1] - The exhibition features original manuscripts and diverse products from LABUBU, created by artist Long Jiasheng, and includes interactive sessions with industry figures [1][3] - THE MONSTERS exhibition will tour multiple cities globally, including Beijing, Taipei, Hong Kong, Tokyo, Paris, and New York [3] Company Performance - Pop Mart reported a revenue of 13.88 billion yuan for the first half of 2025, a year-on-year increase of 204.4%, with an adjusted net profit of 4.71 billion yuan, up 362.8% [5] - The segment including LABUBU and THE MONSTERS generated 4.81 billion yuan in revenue, a staggering 668.0% increase, accounting for 34.7% of total revenue [5] - The gross margin for Pop Mart reached 70.3%, an increase of 6.3 percentage points year-on-year, marking a historical high [5] Market Impact - Following the release of the half-year report, Pop Mart's stock price increased by 0.54%, closing at 261 HKD per share, with a total market capitalization of 350.5 billion HKD [5]

Core Insights - TOP TOY, a潮玩 brand under Miniso, has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise approximately $300 million [1] - The brand has emerged as the largest and fastest-growing潮玩 collection brand in China, with a projected GMV exceeding 2.4 billion yuan in 2024 [2] - TOP TOY's growth is closely tied to Miniso's resources and market strategies, particularly as Miniso accelerates its North American expansion [2][3] Company Growth and Market Position - TOP TOY was established during the market boom following the listing of Pop Mart and has since become a significant player in the潮玩 industry [2] - The brand has expanded to 299 stores by September 2025, with operations extending to Thailand and Japan [2] - TOP TOY's revenue for 2024 is projected to reach 1.9 billion yuan, reflecting a year-on-year growth of 16.8% [3] Business Model and Channel Strategy - TOP TOY operates under a "light asset" model, leveraging Miniso's extensive retail network, with 85% of its stores being partner-operated [3][4] - Approximately 50% of TOP TOY's annual sales come from its relationship with Miniso, indicating a heavy reliance on Miniso's distribution channels [4][9] - The partnership with Yonghui Supermarket, where Miniso is the largest shareholder, may provide additional sales channels for TOP TOY [4] Financial Performance and Projections - In the first half of 2025, TOP TOY's revenue from搪胶毛绒 products reached 146 million yuan, a 2.3-fold increase compared to the previous year [4] - Sales expenses doubled to 160 million yuan in the first half of 2025, primarily due to investments in overseas market expansion [6][7] Challenges and Strategic Considerations - TOP TOY faces operational challenges due to rapid expansion, with inventory turnover days increasing from 38.1 to 50.5 days [7] - The average transaction value and product price have decreased by 10%, impacting same-store GMV growth rates [7] - The brand's reliance on external IPs remains a concern, with self-developed IP contributing only 0.36% of total revenue in 2024 [12][20] IP Development and Future Outlook - TOP TOY has made strategic acquisitions to enhance its IP portfolio, increasing its self-developed IPs from 8 to 17 [23] - The company aims to establish a stronger presence in the潮玩 market by developing proprietary IPs, which is crucial for long-term competitiveness [21][22] - Future projections indicate a decline in revenue contribution from Miniso, expected to drop below 40% by 2028 [9][10]

Core Insights - The Chinese潮玩 (trendy toy) market is entering a new competitive phase, with MINISO's own潮玩 brand "WAKUKU" challenging the long-standing dominance of Pop Mart in the industry [3][4] - The潮玩 industry in China is projected to reach a total value of 110.1 billion yuan by 2026, with an average annual growth rate exceeding 20% [4] - The market remains highly fragmented, with even leading players like Pop Mart holding only an 11.5% market share by GMV in 2024, indicating ample room for new entrants [6] Industry Growth and Competition - The潮玩 market has seen a continuous increase in scale, with over 50,000 related enterprises currently in operation [5] - WAKUKU's strategy of offering products at fixed prices rather than through random draws is expected to lower purchase barriers and expand its consumer base [6] - The success of WAKUKU has led to increased attention from investors, with reports of potential investments in潮玩 brands like TNT [7] Brand Development and IP Strategy - The success of LABUBU, a潮玩 brand, highlights the importance of storytelling and cultural integration in building a globally recognized IP [8][11] - Pop Mart has seen a significant increase in its market value, with its stock price rising approximately 470% over the past year, surpassing the combined market value of major international toy companies [11] - The competition between Pop Mart and MINISO reflects different strategic approaches, with Pop Mart focusing on IP ecosystem development and MINISO leveraging its extensive distribution channels [12] Market Dynamics and Future Outlook - The潮玩 industry is transitioning from a phase of explosive growth to one of consolidation, where companies with strong original design and cultural branding will dominate [12] - The emergence of imitation products has raised concerns about market trust and product differentiation, potentially impacting the overall潮玩 market [13] - Strengthening IP protection is crucial for maintaining brand integrity and fostering consumer trust in the潮玩 sector [14]

Core Insights - The launch of the "Star People Delicious Moments Series" by Pop Mart has generated significant consumer interest, with a live stream viewership of 270.5 million on Tmall and 560,000 on the box machine mini-program before the sale [2][10] - The inventory for the new series was notably lower compared to previous releases, leading to a rapid sell-out of products within minutes of launch [2][10] - The secondary market shows that the new series has a higher premium compared to the previously released mini version of LABUBU, indicating strong demand and potential for future sales [10][11] Sales Performance - The "Star People" series saw over 360,000 items added to shopping carts, but only 20,000 plush cookie pendants were available for sale, leading to a quick sell-out [2][5] - The mini version of LABUBU had a total sale of over 300,000 items during its launch, highlighting the competitive nature of Pop Mart's product releases [2][10] Market Trends - The secondary market prices for the "Star People" series have surged, with hidden items selling for up to 16 times their original price, indicating a strong collector interest [10] - The average transaction price for the "Star People" plush pendants is higher than that of the competing "Crybaby" series, suggesting that "Star People" may be positioned as the next leading IP for Pop Mart [11] Competitive Landscape - The competition between "Crybaby" and "Star People" is intensifying, with "Star People" currently outperforming "Crybaby" in terms of average transaction prices on secondary platforms [11] - The market is closely watching which IP will emerge as the next major hit for Pop Mart, especially following the decline in popularity of LABUBU [11]

Core Viewpoint - The article discusses the recent launch of the "Star People Delicious Moments Series" by Pop Mart, highlighting the significant consumer interest and the rapid sell-out of products, indicating strong market demand and the potential for high resale value [3][8]. Group 1: Product Launch and Sales Performance - Pop Mart's "Star People Delicious Moments Series" was launched on September 29, generating a massive online viewership with 270.5 million views on its Tmall flagship store and 560,000 viewers on its live stream [3][5]. - The initial stock for the new series was significantly lower than previous releases, with only over 20,000 units of the plush cookie pendant available, leading to a sell-out within minutes [3][5]. - The sales performance of the new series surpassed that of the previously popular mini LABUBU series, which had sold over 300,000 units on its launch night [3][8]. Group 2: Resale Market and Pricing Dynamics - The resale market for the "Star People" series shows a remarkable premium, with the hidden variant "Little Bear Cookie" reaching a peak transaction price of 929 yuan, a 16-fold increase from its original price of 59 yuan [8]. - The average transaction price for individual blind boxes from the "Star People" series is 167 yuan, compared to 135 yuan for the "Crybaby" series, indicating a higher market value for the new series despite its lower original price [9][10]. - The overall premium for the "Star People" series is higher than that of the mini LABUBU series, which had a maximum premium of 12.5 times its original price [8][10]. Group 3: Competitive Landscape - The competition between Pop Mart's IPs, particularly between "Star People" and "Crybaby," is intensifying, with "Star People" showing stronger sales performance in the recent market [9][10]. - The article notes that while "Crybaby" was previously favored as the next big hit, the emerging popularity of "Star People" suggests a shift in consumer preference [9][10]. - The ongoing success of "Star People" is crucial for Pop Mart as it seeks to establish a new leading IP following the waning popularity of LABUBU [10].

Core Insights - Morgan Stanley's report indicates that Pop Mart's brand popularity is expected to rebound with the release of the "Labubu and Friends" animation and Labubu 4.0 version, alongside a rise in search interest for "Mini Labubu" since June, now comparable to Skullpanda and Dimoo [1] - The search index for Skullpanda increased by 40% compared to May, anticipating a new plush toy series launch in June, while Crybaby's average search index remained stable from July to August [1] - The interaction volume on Pop Mart's global social media accounts increased by 3% over the past two weeks, leading Morgan Stanley to maintain a "buy" rating with a target price of HKD 400 [1] Group 1 - Mini and large-sized Labubu are hot-selling items, with the "THE MONSTERS Pin For Love" series and "ROCK THE UNIVERSE" series selling out within a minute during their launch on August 28 [2] - The retail price for Mini Labubu is RMB 79 in mainland China and HKD 95 in Hong Kong, with a secondary market price increase of 45% as of September 5 [2] - The large Labubu is priced at RMB 499 in mainland China and HKD 583 in Hong Kong, with a secondary market price increase of 56% as of September 5 [2] Group 2 - Twinkle Twinkle is identified as a new emerging IP, with expected sales of RMB 389 million in the first half of 2025, significantly higher than other IPs like Crybaby and Hirono [3] - The "Sweet Dream Forecast" series, priced at RMB 79 in mainland China and HKD 95 in Hong Kong, is set to launch in August 2025 and has already shown a secondary market premium of 110% in mainland China and 36% overseas as of September 5 [3]