Core Insights - The new "Why So Serious" series inspired by circus clown characters was launched on October 9, featuring various IPs such as Labubu, Dimoo, Molly, Hacipupi, and Star People [4] - The blind box items are priced at 159 yuan each, while the hanging card items are priced at 179 yuan [4] - The complete set of blind box items consists of 8 figures, with a total box price of 1272 yuan, and some second-hand platforms are selling them for 1900 yuan [8] - MOKOKO rubber figures were also released at a price of 199 yuan, but are being resold for over 1000 yuan, with some sellers pricing them at 1500 yuan, which is more than seven times the original price [9] Group 1 - The "Why So Serious" series includes characters like the Crimson Dancer, Rainbow Jelly Bean, Flame Clown, and others [5][6] - The series is available for purchase on various online platforms starting from October 9, with offline sales commencing on October 10 [4] - The high resale prices on second-hand platforms indicate strong demand and potential market interest in these collectibles [8][9]

Core Viewpoint - The recent popularity of the domestic toy brand LABUBU has led to a global frenzy, with products selling out quickly and prices doubling in the secondary market, attracting attention from international celebrities [1][15]. Group 1: Sales and Demand - LABUBU plush toys and keychains have seen overwhelming demand, leading to long queues and even altercations at physical stores in South Korea [1][6]. - The company announced a temporary halt to offline sales of LABUBU products due to safety concerns arising from the chaotic purchasing environment [6]. - In China, the opening of The Monsters convenience store in Shanghai saw appointment slots for entry sell out instantly, with customers needing to pay a nominal fee to secure a spot [9][11]. Group 2: Market Dynamics - The demand for LABUBU products has resulted in significant price increases in the secondary market, with some items being resold for over 1,000 yuan, compared to their original price of 199 yuan [15]. - A rare LABUBU collectible was sold at an auction for an astonishing 1.08 million yuan, highlighting the brand's growing value and desirability among collectors [17].

Core Viewpoint - The recent auction of LABUBU collectibles has highlighted the significant price appreciation of these items, raising questions about market speculation and the sustainability of such valuations [1][3][10]. Group 1: Auction Results and Market Dynamics - The auction on June 10 featured 48 LABUBU pieces, achieving a total sales amount of 3.73 million yuan, with individual items fetching prices as high as 1.08 million yuan for the mint green LABUBU and 820,000 yuan for the brown variant [1][3]. - The price of the two LABUBU figures, which were originally purchased for just over 100,000 yuan in 2020, skyrocketed to 1.9 million yuan at the auction, indicating a dramatic increase in perceived value [3][8]. Group 2: Collector Insights and Market Sentiment - A collector, referred to as Cheng Luo, expressed that the value of LABUBU is difficult to define, viewing it more as a toy than a traditional art piece, and attributing the price surge to market speculation and celebrity influence [5][10]. - Cheng Luo noted that the market for LABUBU collectibles has become increasingly volatile, with prices rising sharply, which may alienate genuine fans who appreciate the items for their artistic value rather than as investment vehicles [10][26]. Group 3: Future Outlook and Concerns - The current high prices of LABUBU collectibles may indicate that the market is nearing its peak, with concerns that inflated prices could deter new collectors and harm the community of genuine enthusiasts [22][26]. - The future value of LABUBU collectibles may depend on the recognition of their designer, Long Jiasheng, within the international art community, as well as potential collaborations with high-end brands [25][26].

Core Viewpoint - The article discusses the recent auction of LABUBU toys, highlighting the significant price increase and the factors driving this trend, including market speculation and celebrity influence [3][12][25]. Group 1: Auction Results and Market Dynamics - The auction on June 10 featured 48 LABUBU pieces, with a total transaction value of 3.73 million yuan, attracting widespread attention [1]. - Two specific LABUBU figures, a mint green and a brown version, were sold for 1.08 million yuan and 820,000 yuan respectively, marking a dramatic increase in value from their original purchase price of over 100,000 yuan combined [10][12]. Group 2: Collector Insights - A collector, referred to as Cheng Luo, shared his experience of purchasing the two LABUBU figures in 2020 for just over 100,000 yuan and later selling them for over 300,000 yuan, expressing surprise at their auction prices [3][10]. - Cheng Luo noted that the value of LABUBU is difficult to define, as it is perceived more as a toy than traditional art, influenced by market speculation and celebrity endorsements [7][12]. Group 3: Market Trends and Future Outlook - The article suggests that the current high prices of LABUBU may indicate a market peak, with concerns that inflated prices could alienate genuine fans [25][29]. - Future price appreciation may depend on the designer Long Jiasheng's recognition in the international art community and potential collaborations with luxury brands [28].

Core Viewpoint - LABUBU, a popular IP under Pop Mart, is experiencing a surge in popularity, leading to significant price increases in both primary and secondary markets, indicating a cultural phenomenon and strong market demand [1][2]. Group 1: LABUBU's Market Performance - LABUBU's themed pop-up event in Chengdu sold out quickly, with scalpers reselling tickets for 500 yuan, up from the original price of 0.01 yuan, highlighting the high demand [1]. - A mint condition LABUBU was sold for 1.08 million yuan, while another variant fetched 820,000 yuan, showcasing the extreme value placed on these collectibles [1]. - In the secondary market, a LABUBU blind box originally priced at 99 yuan is being resold for 3,000 yuan, reflecting a more than 30-fold increase in price [1]. Group 2: Financial Performance of Pop Mart - Pop Mart reported a revenue of 13.04 billion yuan for the previous year, a year-on-year increase of 106.9%, with an adjusted net profit of 3.4 billion yuan, up 185.9% [2]. - The company plans to increase its offline stores by 38, bringing the total to 401, and expand its robot stores by 110, totaling 2,300 [2]. - Revenue from offline stores reached 3.83 billion yuan, a 43.9% increase, while robot store revenue was 700 million yuan, up 26.4% [2]. Group 3: Analyst Predictions and Target Prices - Morgan Stanley raised Pop Mart's target price from 224 yuan to 302 yuan, predicting a compound annual growth rate of 42% in sales from 2025 to 2027, with overseas revenue expected to account for 65% [2]. - Deutsche Bank significantly increased its target price for Pop Mart from 200 yuan to 303 yuan, citing improved gross margins in overseas markets and premium pricing on new products [4]. - Jianyin International is optimistic about the continuity of the LABUBU blind box series, forecasting a 72% increase in revenue and a 90% increase in profit for 2025, raising its target price to 288 yuan [4].

Core Insights - The auction of LABUBU collectibles achieved a total sales amount of 3.7254 million yuan, with all 48 lots sold [2][5] - A unique mint green LABUBU figure sold for 1.08 million yuan, setting a new auction record for LABUBU collectibles [2][5] - The auction attracted a younger demographic, with a significant number of female participants, indicating a shift in consumer interest towards unique and quirky collectibles [5][6] Company Performance - LABUBU, created by artist Kasing Lung in 2015, has become a significant IP under Pop Mart, contributing to a revenue of over 3 billion yuan for the "THE MONSTERS" series in 2024, which is nearly a quarter of Pop Mart's total revenue [8] - The popularity of LABUBU has led to increased capital inflow and has been described as a "top-tier" collectible within Pop Mart's portfolio [8] Market Trends - The auction showcased a blend of online and offline participation, with nearly a thousand online buyers, reflecting the growing trend of digital engagement in the collectibles market [6] - LABUBU's design resonates with contemporary youth culture, characterized by its "ugly-cute" aesthetic, which has been identified as a driving factor for its popularity [7] Future Outlook - Pop Mart plans to continue the LABUBU project with regular live auctions, indicating a long-term strategy to capitalize on the growing interest in this collectible [8] - The founder of Pop Mart, Wang Ning, has seen a significant increase in wealth, positioning him as a leading figure in the industry, which may further enhance the brand's visibility and market influence [8]