Core 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].

Core Viewpoint - The article highlights the successful launch of the mini version of LABUBU by Pop Mart, showcasing significant revenue growth and the potential for the new product to become a popular item in the market [5][6]. Group 1: Product Launch - Pop Mart launched its first mini version of LABUBU, named THE MONSTERS Heart Code series, featuring a height of 10.5CM, which is smaller than previous versions [5]. - The mini LABUBU blind box series includes 28 regular items and 2 hidden items, with a selling price of 79 yuan per box and 1106 yuan for a complete set [5]. Group 2: Financial Performance - In the first half of the year, Pop Mart reported a revenue of 13.88 billion yuan, representing a year-on-year growth of 204.4% [6]. - The adjusted net profit for the same period was 4.71 billion yuan, showing a remarkable increase of 362.8%, surpassing the total profit of the previous year [6]. - The gross profit margin reached 70.3%, indicating strong profitability driven by popular IPs like LABUBU [6]. Group 3: Market Impact - The revenue contribution from the THE MONSTERS series, led by LABUBU, rose significantly from 13.7% in the previous year to 34.7% in the first half of this year [6]. - The CEO of Pop Mart expressed confidence that the mini LABUBU would become a highly popular item, expanding its usage scenarios beyond just being a bag accessory [6].

Core Insights - The popularity of the new LABUBU product has led to significant demand, resulting in stock shortages across multiple IP products from Pop Mart [1][4] - The recent launch of various IP products, including Starry People and others, has generated substantial market interest, with some items experiencing price surges in the secondary market [4] - The rapid growth of IPs like Starry People, HACIPUPU, and CRYBABY indicates a strong trend in consumer engagement, with Starry People achieving over 390 million yuan in revenue in the first half of the year [4] Group 1 - The mini LABUBU sold out within one minute of its online release, with prices on secondary platforms reaching approximately 2290 yuan for a full box [1] - Starry People has entered the billion-yuan IP category within a year, showcasing the rapid growth of its brand [4] - The supply chain president of Pop Mart stated that the current monthly production capacity for plush toys is over ten times that of the same period last year, reaching around 30 million units [5] Group 2 - The surge in consumer enthusiasm has posed new challenges for Pop Mart's production capacity, leading to stock shortages for multiple IP products [4] - The fastest-growing IPs, HACIPUPU and CRYBABY, reported revenue growth rates of 249.6% and 248.7% respectively in the first half of the year [4] - Pop Mart is currently in a phase of "catching up on production capacity" to meet the heightened demand for its products [5]

Group 1 - The mini Labubu has sold out in countries like Australia, New Zealand, and Japan, indicating a rising popularity in overseas markets [1] - Labubu has become a global hot IP, with the recent release of the "High Energy Ahead" series generating significant public interest [3] - The mini Labubu, part of the THE MONSTERS series, was launched online on August 28 and sold out instantly, attracting widespread attention [4] Group 2 - The THE MONSTERS series includes 14 regular items and 1 hidden item per blind box, with a regular item probability of 1:14 and a hidden item probability of 1:168 [4] - Each blind box is priced at 79 yuan, while a complete set costs 1,106 yuan [4] - Bubble Mart's stock price has surged over 600% this year, reaching 323.8 HKD per share as of August 29 [4] - The company's revenue for the first half of the year reached 13.88 billion yuan, a year-on-year increase of 204.4%, with adjusted net profit of 4.71 billion yuan, up 362.8% year-on-year [4]

Core Insights - The launch of the mini version of LABUBU by Pop Mart on August 28 was highly anticipated, with over 200 million viewers on their Tmall live stream before the sale started [1] - The mini LABUBU sold out within one minute across multiple platforms, indicating strong demand [1] - The mini LABUBU is designed to be more versatile, with a height of 10.5 cm and the ability to be attached to bags or phones, differentiating it from the regular version [1] Sales Performance - The mini LABUBU achieved 13,000 orders within 2 minutes of launch, totaling over 21,000 orders by the next morning, with 82,000 users expressing interest [1] - The blind box pricing shows significant markup, with individual boxes selling for 168-182 yuan shortly after release, and average transaction prices nearly doubling on resale platforms [2] Company Perspective - Pop Mart's CEO Wang Ning highlighted the potential of the mini LABUBU as a "super hit" and emphasized the commercial value of a globally recognized IP [2]

Core Viewpoint - The launch of the "Mini LABUBU" series by Pop Mart was highly successful, selling out within one minute across major online platforms, indicating strong consumer demand and brand popularity [2][6][14]. Sales Performance - The "Mini LABUBU" series consists of 14 regular and 1 hidden variant, priced at 79 yuan each, with a complete set costing 1106 yuan [6]. - Over 300,000 units of the regular version were sold on Tmall, with all related products showing as "sold out" [6]. - On secondary markets, the price for a complete box of mini LABUBU has surged to approximately 2290 yuan [2]. Social Media Impact - The topic "labubu" trended as the number one search on Weibo, reflecting significant public interest and engagement [5]. Financial Performance - Pop Mart reported a remarkable mid-year performance with revenue of 13.876 billion yuan, a year-on-year increase of 204.4%, and a net profit of 4.574 billion yuan, up 396.5% [14]. - The founder, Wang Ning, expressed confidence in the brand's growth and projected annual revenue to exceed 30 billion yuan [14]. Brand Strategy - Wang Ning emphasized the importance of LABUBU as a world-class IP, suggesting that its value extraction is just beginning, with potential for various product categories and development directions [14].

Core Viewpoint - The launch of the mini version of Labubu by Pop Mart has generated significant hype, with resale prices on secondary markets reaching up to 2,500 yuan, indicating strong demand and potential for high profitability [1][4]. Group 1: Product Launch and Market Response - The mini version of Labubu will officially go on sale on August 28, with resale prices on secondary platforms already doubling the official price [1]. - The mini Labubu set includes 14 regular items and 1 hidden item, priced at 79 yuan each, with a complete set costing 1,106 yuan [1]. - Other new products from Pop Mart, such as the Mokoko summer series and the Star Dream Meteorological Bureau plush blind boxes, have also seen significant price increases on secondary markets before their official release [4]. Group 2: Financial Performance - Pop Mart's revenue for the first half of the year reached 13.876 billion yuan, a year-on-year increase of 204.4%, with net profit attributable to shareholders at 4.574 billion yuan, up 396.5% [5]. - The revenue from plush products, which is the largest income source for Pop Mart, amounted to 6.14 billion yuan, accounting for 44.2% of total revenue, with a year-on-year growth of 1,276.2% [5]. - The overall revenue from THE MONSTERS series, which includes Labubu, reached 4.81 billion yuan in the first half of the year, marking a 668% increase and representing 34.7% of Pop Mart's total revenue [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported a revenue increase of 8% and a net profit increase of 10% in the first half of 2025, with revenue reaching 1.835 billion yuan and net profit at 46.74 million yuan [1] - The company is focusing on expanding its direct stores in East China, Central China, and South China, while optimizing its product category structure [2] - The collaboration with Bandai Namco is expected to enhance profit margins, with the company projected to achieve revenues of 3.8 billion yuan in 2025, 4.2 billion yuan in 2026, and 4.7 billion yuan in 2027, reflecting growth rates of 9%, 11%, and 12% respectively [3] Financial Summary - The company is expected to generate revenues of 3.466 billion yuan in 2024, with a growth rate of 4.06%, and net profit of 106.41 million yuan, reflecting a growth rate of 1.61% [4] - The projected earnings per share (EPS) for 2025 is 0.97 yuan, with a price-to-earnings (P/E) ratio of 20.30 [4] - The company’s total market capitalization is approximately 2.69876 billion yuan [6]

Core Viewpoint - The recent launch of the "Starry People Dream Meteorological Bureau Series" blind box by Pop Mart has generated significant consumer interest and sales, indicating a strong market demand for new IPs in the collectible toy sector [1][2]. Product Launch and Sales - Pop Mart has introduced multiple new products, including the "Starry People" blind box, which is part of its newly signed IP for 2024 and has already achieved a revenue of 390 million yuan in the first half of the year [2]. - The pricing for the blind boxes is set at 79 yuan each and 474 yuan for a full box, while the "MOKOKO" plush toys are priced at 199 yuan each. The products sold out almost instantly upon release, with inventory disappearing within seconds on various platforms [3]. Market Demand and Resale Prices - The shortage of available stock has led to a surge in resale prices on secondary markets, with the full box of "Starry People" selling for as much as 1,350 yuan, representing a nearly threefold increase in price. Individual pieces are averaging 150 yuan, nearly double the original price, while hidden variants have reached 478 yuan, over six times the original price [8][12]. - The excitement surrounding the "Starry People" series has drawn comparisons to the previous popular series, LABUBU 3.0, which has seen its prices drop to 780 yuan, indicating a shift in consumer interest and potential for "Starry People" to become the next big hit [15][16]. Production Capacity and Challenges - Pop Mart's supply chain president revealed that the production capacity for plush toys has increased significantly, with August's output reaching approximately 30 million units, a tenfold increase compared to previous levels. However, there are concerns about meeting the high demand, as the company is still in the process of ramping up production [18].

Group 1 - The 2025 Taiwan Tourism Expo showcased popular mainland潮玩 IPs, attracting significant attention from the Taiwanese public [1] - The event featured a collaboration between the Cross-Strait Tourism Exchange Association Taipei Office and Pop Mart, themed "Travel with潮玩," with eight exhibition booths highlighting various潮玩 products [1] - Pop Mart's Vice President Chen Xiaoyun emphasized the strong consumer enthusiasm among young people for潮玩 IPs and the importance of creating emotional connections with these products [1] Group 2 - Founded in 2010, Pop Mart is a leading global潮流文化 entertainment group, with over 10 physical stores in Taiwan since opening its first store in 2022 [2] - The Taipei flagship store spans over 700 square meters, becoming a popular gathering place for local youth [2] - The Cross-Strait Tourism Exchange Association Taipei Office noted the deep integration of mainland cultural tourism, highlighting the emotional value of潮玩 IPs and the immersive experiences offered by theme parks [2]