Core Insights - The recent restock of the Labubu blind box series by Pop Mart has led to a significant increase in consumer demand and a subsequent drop in secondary market prices [1][6][9] Group 1: Restock and Consumer Response - On June 18, Pop Mart announced a large restock of the Labubu series on its official mini-program, generating multiple notifications about the restock [1] - Many consumers shared their successful pre-order experiences on social media, indicating that the quantity and frequency of the restock were higher than in previous instances, resulting in a surge in the number of buyers [3] Group 2: Market Impact and Price Changes - Following the official restock, the resale prices of Labubu blind boxes in the secondary market dropped significantly, with an average decline of approximately 50% [6] - The price for a complete set of Labubu 3.0 (containing 6 blind boxes) fell from 1500-2800 yuan to 650-800 yuan, while certain hidden variants saw price drops exceeding 38% [6] - In the resale market, sellers were struggling to sell pre-order listings priced at 1200 yuan, with some even offering to buy at 700 yuan, indicating panic selling [6] Group 3: Company Strategy and Stock Performance - An insider from Pop Mart noted that the Labubu series has gained immense popularity globally, prompting the company to optimize the sales process by introducing online pre-orders to enhance consumer shopping experiences [9] - The increase in supply has led to significant losses for scalpers who previously relied on rapid purchase software to acquire stock, with some reporting daily losses in the thousands of yuan [9] - On June 19, Pop Mart's stock price fell by 5.33%, closing at 248.6 yuan, with a market capitalization of 133.39 billion yuan [10]

Core Insights - Labubu has become a significant phenomenon in the market, leading to a surge in the stock price of Pop Mart, which reached 246 HKD, resulting in a market capitalization exceeding 330 billion HKD [1][3] - The popularity of Labubu has also contributed to the rise of Pop Mart's founder, Wang Ning, who has become the new richest person in Henan [3] - Despite previous downturns, Pop Mart has successfully revitalized its brand through Labubu, which has become a new wealth narrative in the collectibles market [5][7] Sales and Market Performance - Pop Mart announced the suspension of Labubu's offline sales in South Korea due to safety concerns, reflecting challenges in overseas markets [1] - The sales of Labubu plush toys and keychains have been exceptionally high, with a notable auction sale of a rare Labubu reaching 1.08 million RMB [1] - In 2023, Pop Mart's revenue from its SKULLPANDA and MOLLY brands exceeded 1 billion RMB each, indicating strong sales performance despite market fluctuations [5] Brand and Product Development - Labubu, created by artist Kasing Lung in 2015, has undergone a successful rebranding, becoming a key product line for Pop Mart [9] - The revenue from Pop Mart's plush products grew by 1289% to 2.83 billion RMB, making it the fastest-growing category [11] - The Labubu brand has been strategically marketed through collaborations with well-known brands and limited editions tailored to local markets [14] Social Media and Cultural Impact - Labubu has gained immense popularity on social media platforms, with over 36 billion views on Douyin and nearly 60 billion on TikTok, indicating a strong cultural resonance [12] - The association of Labubu with celebrities, such as BLACKPINK's Lisa, has significantly boosted its visibility and desirability [12][18] - The phenomenon of Labubu reflects a broader trend among Gen Z consumers, who are actively engaged in the collectibles market, often driven by social media trends [21][22] Market Dynamics and Consumer Behavior - The secondary market for Labubu collectibles has seen significant price inflation, with some items selling for 20-30 times their original price [20] - The rise in Labubu's popularity has led to a surge in speculative buying, with consumers often facing high premiums due to market demand [21] - The current trend indicates that while some consumers may benefit from early purchases, many are caught in a cycle of inflated prices driven by resellers [22]

Core Viewpoint - The Hong Kong stock market has shown impressive performance this year, driven by sectors such as the internet and new consumption, with major indices like the Hang Seng Technology Index rising nearly 20% year-to-date [3]. Group 1: Market Performance - As of June 12, 2023, the Hang Seng Technology Index has increased by approximately 43% over the past year, while the Hang Seng Index and the Hang Seng China Enterprises Index have risen by about 32% and 35%, respectively [3]. - The net inflow of southbound funds has exceeded 630 billion yuan this year, marking a year-on-year growth of over 100% and approaching the historical high of 85% in 2024 [4]. Group 2: Investment Trends - Tencent Holdings has emerged as the top holding stock for public funds in the first quarter of 2025, reflecting a shift in investment focus [4]. - A total of 550 Hong Kong stocks have been purchased by southbound funds this year, with 50 stocks seeing net purchases exceeding 2.5 billion yuan [5]. Group 3: Sector Analysis - The leading stocks in terms of net purchases include Alibaba-W, Tencent Holdings, and Meituan-W, with net purchases of approximately 87.7 billion yuan, 39.7 billion yuan, and 35.2 billion yuan, respectively [7]. - Among the 50 stocks with significant net purchases, sectors such as state-owned banks and biopharmaceuticals are well represented, with 6 and 4 stocks, respectively [6]. Group 4: Stock Performance - 44 out of 50 Hong Kong stocks have achieved price increases this year, with 5 stocks doubling in price, including Innovent Biologics, which has surged by approximately 285% [8]. - Pop Mart, known for its blind box economy, has seen its stock price reach new highs, with a total market capitalization exceeding 360 billion HKD as of June 14 [9][10]. Group 5: Fund Performance - Among the top 20 public funds, all have outperformed the Hang Seng Technology Index over the past year, with the threshold for inclusion being a return of 44.19% [13]. - The South China New Economy Fund, managed by Xinyao Xiong, has achieved a net asset value growth rate of 82.78% over the past year, focusing on new consumption and internet leaders [17].

前些年就听说了其盲盒经济搞得蛮好，但想着也是一阵风，不会持久。 想不到啊！想不到！现在搞得满世界皆知啦！ 这两天各大电台电视台都在报道关注啊！ 再看其港股价格，更是一路直上云霄！ 不知道这家公司还会搞得多大呢？ zoetina52 每一代人都有每一代人的邮票。 huxj2015 想起当年的集邮，花了近万元..........不如儿子花1000元买的1.25312枚比特币..........目前价 值差数百倍...........世事难料啊。 成智雷 小时候，小店门前的1元转卡机，投1元硬币进去会出一张圣斗士闪卡，小时候没钱，喜欢的 卡没钱买，只能站在旁边看别小朋友抽，后来长大了，工作了，就开始了童年报复性补偿。 拼命的收集30年前的圣斗士老卡，150一张，也会买，再后来一买买了5位数，才停手，现在 这些卡放在角落里积灰，也就这样了，卖都卖不掉。 泡泡玛特其实也一样，价格就是买家觉得是这个价，卖家也觉得是这个价，大家都觉得是这 个价还会涨，那么就会炒上去。大家都觉得不是这个价了，没人要了，那价格就会降下来。 童年的情怀补了，钱花了，也就那样了，商家的饥饿营销，让人们得不到的永远在骚动。 知足即是幸福 烈火烹油， ...

Market Overview - Major A-share indices experienced slight gains, with the Shanghai Composite Index rising by 0.35% to 3388 points, the Shenzhen Component Index increasing by 0.41%, and the ChiNext Index up by 0.66% [1][2]. Trading Volume - The total trading volume for the day reached 1.24 trillion yuan, a decrease of 260.4 billion yuan compared to the previous trading day, with over 3500 stocks rising across the market [2]. Sector Performance Strong Performers - The stablecoin and digital currency sectors saw significant gains, with multiple stocks hitting the daily limit, including Tianyang Technology and Hailian Jinhui [2][4]. - The wind power equipment sector also performed well, with Yunda Co. hitting the daily limit with a 20% increase [2][7]. - The gaming sector showed strong performance, with Xinghui Entertainment rising over 14% [2][8]. - Oil and gas stocks surged, with Tongyuan Petroleum and Keli Co. both hitting the daily limit [2][9]. - The film and television sector strengthened, with Guangxin Media hitting the daily limit and other companies like Bona Film Group and Huayi Brothers also seeing gains [2][10]. Weak Performers - The precious metals and gold sectors experienced declines, with Xiaocheng Technology leading the drop [3][11]. - The aerospace sector also fell, with multiple stocks dropping over 3% [3]. - The traditional Chinese medicine sector weakened, with Kanghui Pharmaceutical hitting the daily limit down [3][13]. - The automotive sector saw declines, with Great Wall Motors dropping over 2% [3][12]. Notable Stocks - Tianyang Technology rose by 20% to 22.68 yuan, while Sifang Jichuang increased by nearly 20% [5][6]. - Yunda Co. also saw a 20% increase, reaching 12.72 yuan [7]. - Xinghui Entertainment rose by 14.07% to 5.19 yuan [8]. - Tongyuan Petroleum increased by 19.96% to 6.07 yuan [9]. - Guangxin Media rose by 19.98% to 22.10 yuan [10]. Future Outlook - CITIC Securities suggests focusing on the supply chain for computing power, including AI servers, PCB, ASIC chips, and related components, while monitoring application segments such as AI glasses and toys [13].

Core Insights - The resurgence of Pop Mart's stock price, which has increased over 12 times in a year and a half, has significantly boosted the wealth of its founder, Wang Ning, to over 150 billion yuan, while the company's market value has reached over 370 billion HKD [1] - The success of Pop Mart has revitalized the entire collectible toy industry, prompting reflections on the underlying logic of the collectible toy market [1] Company Developments - A new collectible toy IP, WAKUKU, has emerged, backed by a company called Quantum Song, which recently transitioned from adult education to the collectible toy sector, inspired by Pop Mart's success [2][3] - Quantum Song's stock price surged from $2.16 to $9.24, marking a 327.78% increase, as it seeks to establish a foothold in the collectible toy market [3] - Quantum Song has made strategic acquisitions, including a 61% stake in Letsvan, a company specializing in collectible toy design and sales, for a total cash consideration of 235 million yuan [3] Market Trends - The collectible toy industry is witnessing a shift from a fragmented market to a more concentrated one, with leading players like Pop Mart benefiting from increased market share as weaker competitors exit [15] - The industry is also seeing a trend towards high-margin IP-driven models, with Pop Mart's self-owned IPs contributing significantly to its revenue and profitability compared to competitors relying on licensed IPs [14][11] Competitive Landscape - 52TOYS, another player in the collectible toy market, has recently filed for an IPO and completed a C+ round of financing totaling 144 million yuan, indicating a renewed interest in the sector [8][9] - Despite its efforts, 52TOYS has struggled with profitability, reporting a total loss of 19.5 million yuan over three years, and its market share is significantly lower than Pop Mart's [12][11] - TOP TOY, a sub-brand of Miniso, is also planning to go public, aiming to raise $300 million, highlighting the competitive dynamics in the collectible toy space [9] Industry Dynamics - The collectible toy market is evolving with new consumer behaviors, where emotional value and brand loyalty are becoming more significant than mere novelty [14] - The interplay between collectible toys and celebrity endorsements is becoming a common marketing strategy, as seen with WAKUKU's association with celebrities like David Beckham [4][6] - The industry's growth is also influenced by the luxury market dynamics, where high-priced collectible toys are gaining traction among consumers, although the sustainability of such trends remains uncertain [16]

Group 1: Market Trends - The "blind box economy" and "guzi economy" have become hot topics in the new consumption sector, leading to increased interest in companies like Hars. [1] - The domestic cup and kettle market is undergoing a profound transformation, with products evolving from traditional durable goods to fast-moving consumer goods, fashion items, collectibles, and lifestyle symbols. [2] - The global cup and kettle market is experiencing steady growth, driven by the segmentation of usage scenarios, the rise of outdoor activities, and the influence of short video social media, leading to increased consumption frequency. [2] Group 2: Company Strategy - Hars has clarified that its past cooperation with Pop Mart has ended and does not include the Labubu IP, while expressing confidence in the domestic market and the new consumption trends represented by the "guzi economy." [1] - The company has a creative independent design team and plans to actively explore new sales channels and develop new products in response to market trends. [1] - Hars has shown a clear inclination towards IP operations and has previously collaborated with various companies, including Pop Mart and Coca-Cola, to enhance brand development. [3][4] Group 3: Competitive Landscape - Leading brands are enhancing market concentration and consolidating their dominant positions, while emerging brands are rapidly rising through innovative products and flexible strategies, injecting new vitality into the industry. [2] - The rise of new brands intensifies market competition, requiring supply-side companies to enhance their competitiveness and meet diverse customer needs. [2]

Core Viewpoint - The article discusses the recent viral event surrounding the unique Labubu toy and its exchange journey, highlighting the increasing value and popularity of collectible toys in the market. Group 1: Labubu's Exchange Journey - The unique Labubu toy was exchanged multiple times, ultimately reaching Zhang Chaoyang, who later regretted returning it to Hu Run after its auction value skyrocketed [12][13][15]. - Hu Run initiated a challenge to exchange a $10 phone holder for items worth $1 million, which included the Labubu toy [8]. - The Labubu toy was previously exchanged for a car valued at nearly 1 million yuan, showcasing its significance in the collectible market [3][12]. Group 2: Auction and Market Value - A mint condition Labubu was auctioned for 1.08 million yuan, setting a new record for Labubu collectibles [13]. - The auction included a limited edition brown Labubu that sold for 820,000 yuan, indicating a strong demand for these collectibles [13]. - The collectible toy market, particularly for brands like Pop Mart, has seen significant growth, with Pop Mart's revenue reaching 13.038 billion yuan in 2024 and a market capitalization of 366.1 billion HKD [18]. Group 3: Cultural Impact - The popularity of Labubu and similar collectibles reflects a broader trend of Chinese cultural products gaining international recognition, enhancing China's global image [20]. - The rise of the blind box economy has contributed to the success of collectible brands, indicating a shift in consumer behavior towards unique and limited-edition items [18].

Group 1 - The core viewpoint of the article highlights the significant rise in the stock price of Pop Mart (9992.HK), which has increased nearly sevenfold from its low of HKD 36 to HKD 266.8 as of June 12, indicating its status as a "super bull stock" [1] - Pop Mart's blind box sales model is considered a key component of its business strategy, creating an addictive purchasing experience for consumers, similar to the excitement of participating in IPOs [3][4] - The company has transitioned from a low point to a market capitalization exceeding HKD 200 billion, driven by a new narrative of international expansion and a growing trend among young consumers [7][8] Group 2 - The article discusses the generational shift in consumer preferences, comparing Pop Mart to traditional consumer stocks like Moutai, suggesting that Pop Mart represents the current generation's taste [6][7] - The author reflects on the challenges of understanding the valuation of a company like Pop Mart, which has a high market capitalization and price-to-earnings ratio, making it difficult for traditional investors to grasp its potential [5][6] - The recent auction of a Labubu collectible for HKD 1.08 million indicates that Pop Mart may be moving beyond traditional financial metrics, entering a realm of collectible assets that defy conventional valuation [8]

泡泡玛特Labubu爆火，在线上 线下缺货引发抢购潮，甚至出现肢体冲突事件。 6名"黄牛"霸机抢购，殴打劝阻者 据《正在新闻》报道，6月13日，江苏扬州的吾悦广场泡泡玛特自动贩卖机旁，一行6人为抢 Labubu，殴打一名还在排队的顾客。 有目击者表示，有一行人三男三女一直霸占机器狂买Labubu，看着像是黄牛，挡住二维码不 让在后面排队的顾客扫码购买。排在后面的小伙子对他们六人说，排队一人买一个，随后就发 生了冲突。 其中一男子锁住了男生的喉部，对其左右开弓扇耳光，打了五六个耳光，声音非 常响，被打男孩的脸颊两侧及脖子直接变紫了。 报警后，警察把涉事双方所有人都带走了。 辖区警方竹西派出所工作人员表示，此事已经出警。吾悦广场工作人员称，商场会采取相应措 施，因为这件事情确实产生了一些影响， 机器线路也被打坏了。 多地抢购爆发冲突 从社交平台上看，类似的抢购冲突并非个案。 IIISOU 69 ● ● 55 67 456 5小时前 听说今天上新,抢泡泡玛特打起来了#泡泡玛特 图：社交媒体截图 Labubu抢购潮还席卷海外。 Labubu海外究竟多 火? 荷兰门店6点大 … ♡ 132 韩国的labubu已经要通 ...