Core Insights - The launch of the mini version of LABUBU by Pop Mart has generated significant consumer interest, with over 200 million viewers on Tmall's live stream and rapid sell-out across platforms within minutes of release [1][2] - The mini LABUBU's design appeals to consumers for its portability and versatility, allowing it to be used as a fashion accessory, which enhances its desirability [3][10] - The secondary market has seen a dramatic price increase for hidden versions of LABUBU, with prices soaring up to 14 times the original price, indicating strong demand and speculative trading [3][9] Sales Performance - The mini LABUBU sold over 21,000 units within the first two days of launch, with 82,000 users expressing interest in purchasing [2] - The initial price for the mini LABUBU was set at 79 yuan per unit, with a complete box priced at 1106 yuan [2] - On the resale market, hidden versions are priced between 679.5 yuan and 1188 yuan, while regular versions are being sold for around 300 yuan [3] Market Strategy - The introduction of the mini LABUBU is part of Pop Mart's strategy to capitalize on the popularity of existing IPs and to maintain consumer engagement during periods of lower product novelty [10] - The company aims to enhance the narrative depth of its IPs, as LABUBU is seen as a globally recognized phenomenon but lacks a deeper story compared to other IPs [10] - Pop Mart's CEO expressed confidence in the long-term commercial potential of LABUBU as a world-class IP, suggesting that the brand's value is just beginning to be realized [10] Production Challenges - The surge in demand for LABUBU has posed production challenges for Pop Mart, with current monthly production capacity reaching 30 million units, ten times that of the previous year [10] - The company is currently in a phase of "catching up" with production to meet the heightened consumer demand [10]

Core Viewpoint - The launch of the mini version of Labubu is expected to be a significant commercial success, as stated by the CEO of Pop Mart, Wang Ning, who believes that the true commercial value of a world-class IP begins when it reaches this level [1]. Group 1: Product Launch and Sales Performance - The mini version of Labubu was officially launched online on August 28, with offline sales starting the following day [1]. - During the pre-sale period, the Pop Mart Tmall flagship store and the WeChat mini-program for blind box machines attracted over 2.37 million and 840,000 viewers, respectively [1]. - At the time of the official launch, over 580,000 units were added to shopping carts on Tmall, and within two minutes of the sale, more than 300,000 units were sold, generating over 23.7 million yuan in sales [1]. Group 2: Market Reaction and Stock Performance - Despite the successful launch of the mini version, the stock price of Pop Mart did not see significant increases, closing at 324.4 HKD per share, up only 0.68% on the day of the launch [4]. - The market appears to be cautiously optimistic regarding the emergence of the next "super product" from Pop Mart [4]. Group 3: Market Trends and Analyst Insights - The popularity of the original Labubu has been declining, with the average transaction price on second-hand platforms dropping from 2118.7 yuan to 760.2 yuan, a decrease of nearly two-thirds [4]. - Industry analyst Zhang Shule expressed skepticism about the mini version's ability to generate significant social media buzz, suggesting it may only achieve short-term popularity [5]. - Zhang noted that while Labubu has become a global phenomenon, it lacks depth in storytelling, and the mini version serves more as a marketing strategy to maintain visibility during a period of lower engagement [5].