Core Viewpoint - The company, Pop Mart, is experiencing significant revenue and profit growth driven by the popularity of its Labubu series, although the secondary market prices for these products have started to decline due to increased supply [1][2]. Group 1: Financial Performance - For the first half of 2024, Pop Mart reported a revenue of 4.56 billion yuan, with a projected revenue exceeding 13.5 billion yuan for the first half of 2025, indicating a growth of over 200% [1]. - The net profit for the first half of 2024 was 920 million yuan, with expectations for the first half of 2025 to exceed 4.1 billion yuan, reflecting a growth of over 350% [1]. Group 2: Market Dynamics - The Labubu series has seen a staggering revenue increase of 726.6% in 2024, leading to heightened consumer demand and even conflicts in stores [2]. - Following the restocking of Labubu products, the secondary market prices have dropped significantly, with the price of a complete set of Labubu 3.0 boxes falling from 1,100-1,500 yuan to 600-900 yuan [2][3]. - The willingness of players to sell their products has increased, further driving down secondary market prices, as many consumers are now able to purchase at lower prices [3].

Core Insights - The recent restock of Labubu 3.0 series products by Pop Mart has led to a decrease in prices in the secondary market, indicating a shift in supply and demand dynamics [2] - Pop Mart's stock price has experienced significant fluctuations, with a 100% increase from March to mid-June, followed by a drop of over 5% on June 19 [4] Group 1: Product Restock and Market Response - Pop Mart has optimized its sales process by launching online pre-sales for the Labubu series to enhance consumer experience and mitigate the impact of scalpers [1] - The Labubu 3.0 series has seen a high demand, with a pre-sale period extending until September 22, leading to system overloads during the purchasing process [1] - Following the restock, the price of Labubu 3.0 in the secondary market has dropped significantly, with prices ranging from 600 to 900 yuan, down from 1100 to 1500 yuan prior to the restock [2] Group 2: Stock Performance - Pop Mart's stock price has shown a remarkable increase of over 11 times since the beginning of 2024, but has recently faced a decline after a period of rapid growth [4] - The stock price had been on an upward trend, with a 100% increase noted from March to mid-June, but a notable drop occurred on June 19 [4]