Core Viewpoint - The article highlights the remarkable performance of Pop Mart, particularly driven by the LABUBU series, which has seen explosive growth in revenue and market interest, reminiscent of past trends in collectible markets like "sneaker flipping" and "bearbrick speculation" [3][4][12]. Group 1: Financial Performance - Pop Mart reported a revenue of 13.88 billion RMB for the first half of 2025, marking a year-on-year increase of 204.4% [3][4]. - The adjusted net profit surged by 362.8% to 4.71 billion RMB during the same period [3]. - The LABUBU series alone generated 4.81 billion RMB in revenue, a staggering growth of 668%, accounting for 34.7% of total revenue [4]. Group 2: Market Demand and Sales - The launch of the mini LABUBU on August 28 sold out within 60 seconds, with a peak resale price reaching 1,388 RMB, a 1,657% markup from the original price of 79 RMB [3][5]. - Over 580,000 consumers added the mini LABUBU to their shopping carts before the sale, indicating high demand [5]. - The secondary market saw prices for complete sets of LABUBU toys reaching an average of 1,920.77 RMB, with some transactions exceeding 2,580 RMB [6]. Group 3: Global Expansion - Pop Mart operates 571 retail stores and 2,597 robot stores across 18 countries and regions as of mid-2025 [9]. - Revenue from the Asia-Pacific region reached 2.85 billion RMB, up 258%, while the Americas saw revenue of 2.27 billion RMB, increasing by 1,142% [9]. - The company’s global strategy includes opening flagship stores in major cities, such as London and Paris, to enhance brand visibility [9]. Group 4: IP Development and Future Outlook - Pop Mart emphasizes a balanced development of its IP matrix, with five IPs generating over 1 billion RMB in sales each during the first half of 2025 [10]. - The LABUBU brand is seen as a "gold mine" with potential for further exploration and innovation in product applications [11]. - The company is building a "LABUBU universe" to expand its product offerings and enhance consumer engagement [11]. Group 5: Consumer Behavior and Market Trends - The success of LABUBU reflects a shift in consumer behavior, particularly among Generation Z, who prioritize emotional connection and self-rewarding purchases [12]. - The article notes a trend towards more rational consumption, with consumers becoming less impulsive and more focused on the actual value of collectible items [12].

Core Viewpoint - The article discusses the recent hype surrounding the new product launches by Pop Mart, particularly the "MOKOKO" and "Star People" series, highlighting the significant price inflation in the secondary market driven by speculation and the influence of scalpers [1][5][6]. Group 1: Product Launch and Market Reaction - Pop Mart plans to launch new products on the 21st, with some items already being resold at four times their original price, such as the MOKOKO plush keychain originally priced at 199 yuan being listed for 840 yuan [1][2]. - The LABUBU series previously saw prices soar over 50 times its original value, but due to restocking, the secondary market price plummeted by 60%, indicating potential volatility for the new series [1][5]. Group 2: Market Dynamics and Consumer Behavior - The price surge is attributed to economic drivers, active promotion by businesses, and social media influence from fans, which collectively create a speculative environment [2][6]. - The phenomenon of "hunger marketing" and the introduction of hidden variants by Pop Mart create a sense of scarcity, triggering consumer fear of missing out (FOMO) [6][9]. Group 3: Consumer Perspectives - Consumer attitudes towards purchasing these collectibles are polarized, with some viewing Pop Mart as a long-term investment akin to "Moutai for the '00s," while others criticize the inflated prices and the role of scalpers [7][9]. - Young consumers are motivated by various factors, including the thrill of collecting, the potential for profit, and the desire to showcase rare items on social media [9].

Group 1 - The company is set to launch new products including MOKOKO and Star People, with high demand already reflected in secondary market prices before official release [2][7] - The resale prices for the new products have surged significantly, with items originally priced at ¥199 being listed for as high as ¥800, and another item priced at ¥474 being offered for around ¥900 on second-hand platforms [7] - The company reported a revenue of ¥138.8 billion for the first half of 2025, marking a year-on-year increase of 204.4%, and an adjusted net profit of ¥47.1 billion, up 362.8% [8] Group 2 - The gross margin for the company in the first half of 2025 was 70.3%, an increase of 6.3 percentage points compared to the previous year [8] - The CEO expressed optimism about achieving a revenue target of ¥200 billion for the year, suggesting that reaching ¥300 billion is also feasible [8] - The company is focusing on developing LABUBU as a world-class IP, indicating potential for further product diversification and value extraction [9]

Core Viewpoint - The recent product launches by Pop Mart, including the MOKOKO plush keychain and the Starry Person series, have led to significant price speculation on second-hand platforms, with prices soaring well above the official retail prices. Group 1: Product Launch and Market Reaction - The MOKOKO plush keychain, priced at 199 yuan, is being resold for as high as 800 yuan on second-hand platforms [8] - Another product, the Starry Person Dream Meteorological Bureau series blind box, has an official price of 474 yuan but is listed around 900 yuan by multiple sellers [8] - A collaboration blind box with singer Zhou Shen, originally priced at 129 yuan, has over 120,000 items added to carts, with resale prices reaching 200 yuan for regular versions and 1688 yuan for hidden versions [9][11] Group 2: Company Financial Performance - Pop Mart's half-year report for 2025 shows revenue of 13.88 billion yuan, a year-on-year increase of 204.4%, and an adjusted net profit of 4.71 billion yuan, up 362.8% [11] - The gross margin for the first half of 2025 is reported at 70.3%, an increase of 6.3 percentage points compared to the previous year [11] - Plush toy revenue reached 6.14 billion yuan, accounting for 44.2% of total revenue, surpassing the sales of figurines for the first time [11] Group 3: Future Outlook and Strategy - The CEO of Pop Mart, Wang Ning, expressed optimism about achieving a revenue target of 20 billion yuan for the year, suggesting that 30 billion yuan could be easily attainable [11] - Wang Ning also highlighted the potential for the LABUBU brand to evolve into a world-class IP, indicating a focus on diverse product development while maintaining a controlled approach [12]

Core Viewpoint - The article highlights the disparity between the high market prices of Labubu toys and the low wages of the workers involved in their production, exemplified by the story of Hu Meiyu, a worker who earns a meager income from her labor in the toy manufacturing process [8][11][24]. Group 1: Labubu Toy Market - Labubu toys, produced by Pop Mart, have gained immense popularity globally, with initial products fetching auction prices as high as 1.08 million yuan [8][11]. - The demand for Labubu has led to long queues at Pop Mart stores and even violent incidents among scalpers trying to acquire the toys [8][11]. - The secondary market for Labubu products has seen a significant price drop, with prices falling by approximately 50% during recent sales events [23]. Group 2: Worker Experience - Hu Meiyu, a 60-year-old worker, earns about 0.035 yuan per piece for trimming excess material from the Labubu toy faces, resulting in a daily income of around 50-60 yuan [10][11][24]. - The labor-intensive process involves multiple steps and workers, with Hu's role being just one of many in the production chain [16][19]. - Despite the low wages, Hu expresses pride in her work, noting that her output is often of higher quality than that of her peers [13]. Group 3: Production Process - The production of Labubu toys involves various stages, including molding, trimming, painting, and assembly, requiring the collaboration of numerous workers [15][19]. - In Dongguan, a major toy manufacturing hub, there are over 4,000 toy production companies, with many supplying to Pop Mart [16]. - The article describes the working conditions and pay disparities among different roles in the production process, highlighting the significant markup from production to retail [17][20].

Core Viewpoint - The recent opening of a new Pop Mart store in Hangzhou saw overwhelming demand, leading to a rapid sell-out of products within two hours, primarily due to the presence of resellers [1][2]. Group 1: Store Opening and Customer Response - The Pop Mart store in Hangzhou opened earlier than scheduled due to a large number of customers queuing in the rain, resulting in a premature closure for safety reasons after just two hours of operation [2]. - Customers reported waiting in line for up to four hours, only to find that the products were sold out shortly after the store opened [2]. Group 2: Reseller Activity - Resellers quickly purchased entire boxes of products, making it difficult for regular consumers to buy items [2]. - The trend of reselling has shifted from traditional products like Moutai to collectible items such as Labubu figures, indicating a growing market for these collectibles [3][17]. Group 3: Pricing and Market Dynamics - Limited edition Labubu items are being sold at significant markups, with some items listed for as high as 15,200 yuan, reflecting a multiple-fold increase in price [5][12]. - The market for Labubu collectibles is characterized by high demand and substantial price inflation, with some items being resold for several times their original price [4][11]. Group 4: Company Performance and Future Outlook - Pop Mart's stock price has seen a substantial increase, rising over 12 times since early 2024, with a market capitalization reaching 366.1 billion HKD as of June 13, 2025 [23]. - The company's revenue from the U.S. market in Q1 has already matched the expected total for the entire year of 2024, indicating a 100% growth that exceeds company expectations [24].

Core Viewpoint - The auction of the first-generation collectible Labubu has gained significant attention, with notable sales prices indicating a growing market for these collectibles [1]. Group 1: Auction Highlights - A first-generation collectible Labubu in mint green was sold for 1.08 million yuan at the Yongle 2025 Spring Auction, marking a significant event as it was the first dedicated auction for Labubu art pieces [1]. - Another limited edition brown Labubu, with only 15 pieces globally, was sold for 820,000 yuan, showcasing the high demand and value of these collectibles [1]. Group 2: Market Response and Regulation - Following the popularity of Labubu, many manufacturers have started producing high-quality replicas, leading to a surge in availability in markets like Yiwu [3]. - A recent social media post claimed that all Labubu products were removed from the Yiwu market overnight due to a crackdown on counterfeit versions, highlighting regulatory efforts to protect intellectual property [3]. - A representative from the Yiwu Market Supervision Administration stated that production and sales of Labubu require official authorization, and they are actively pursuing counterfeit operations, with potential criminal referrals for significant cases [3].