Group 1 - The core viewpoint of the article highlights the significant financial success of IP products associated with celebrities, particularly in the collectible toy market [1] - Pop Mart's market capitalization reached 430 billion HKD following the announcement of the mini version of Labubu, indicating strong investor confidence [1] - The latest financial report reveals that Pop Mart's gross margin soared to 70.3% in the first half of 2025, surpassing LVMH and approaching Hermès [1] Group 2 - The revenue of the THE MONSTERS series, which includes Labubu, surged by 668%, showcasing the strong demand for these products [1] - Celebrity IP products have shown remarkable sales, with Zhou Shen's "Zhou Keke" selling over 10 million in just five minutes, and Mayday's "Bu Bu" ranking among the top three in plush toy sales within six months [1] - Zhou Jielun's "Zhou Tongxue" has collaborated with over 200 brands, generating over 1 billion in IP licensing revenue, demonstrating the lucrative potential of celebrity IPs [1] Group 3 - Despite the financial success, there are inherent risks associated with celebrity IPs, as their value is closely tied to the celebrity's public image; any negative incident could lead to a significant drop in IP value [1] - The industry is now looking to replicate the success of Labubu by creating more celebrity-linked products, indicating a trend towards mass production of celebrity IPs [1]