Core Viewpoint - The article discusses the successful launch of the mini Labubu by Pop Mart, highlighting the high demand and sales performance, while noting the lack of significant market reaction to the event. Group 1: Launch and Demand - The mini Labubu was launched just before the Qixi Festival, leading to long lines for pickup at Pop Mart's first store in Beijing, with many customers excited to purchase the product [3][5][7] - The product sold out online within a minute, with over 300,000 orders on Taobao and more than 30,000 on JD.com, generating estimated sales between 260.7 million and over 3.64 billion yuan [11][15] Group 2: Market Reaction - Despite the high demand and sales figures, Pop Mart's stock price fell by 0.62% to 322.40 HKD per share on the day of the launch, indicating a lack of positive market response [4][16] - The absence of scalping and price hikes at the physical store suggests effective management of the product release, as the store only facilitated pickups and did not sell the product directly [6][9] Group 3: Financial Performance - Pop Mart reported a revenue of 13.88 billion yuan in the first half of the year, a 204.4% increase year-on-year, with a significant contribution from the Labubu series, which generated 4.81 billion yuan, accounting for 34.7% of total revenue [15] - The company aims to continue leveraging the Labubu brand to drive further revenue growth, following the success of both the large and mini versions of the product [15]

Core Insights - The launch of the new mini LABUBU plush keychain by Pop Mart's THE MONSTERS series has sparked a buying frenzy, with the product selling out within minutes across various online platforms [1][3] - The total sales of mini LABUBU across e-commerce platforms exceeded 1 million units by the evening of August 28, indicating a significant increase in production capacity compared to previous launches [3][5] - The popularity of LABUBU and other IP products has led to stock shortages, reflecting both high consumer demand and production challenges within the industry [4][5] Sales Performance - The mini LABUBU achieved over 300,000 sales on the Tmall platform alone shortly after its release [1] - The overall sales across all platforms reached over 1 million units, showcasing the strong market response [3] - The production capacity for plush toys has reportedly increased tenfold, reaching 30 million units in August [5] Production and Supply Chain - Despite the increased production capacity, the overwhelming consumer demand has still led to stock shortages, highlighting the challenges in meeting market needs [3][5] - The production of plush toys remains labor-intensive, with a single skilled worker able to produce a maximum of 50 LABUBU units per day [5] - The company is focused on scaling production to meet market demand, with management emphasizing the need to enhance capacity further [5][7] IP Development and Future Prospects - LABUBU is part of a broader portfolio of IPs, with the THE MONSTERS series accounting for only 30% of the company's offerings, indicating potential for other IPs to emerge as future hits [6] - Other rapidly growing IPs include HACIPUPU and CRYBABY, which have seen year-on-year growth rates of 249.6% and 248.7%, respectively [6] - The company has established itself as a mature IP operation platform, with a strong focus on maintaining the health of its IP ecosystem and supply chain [7] Financial Performance - For the first half of 2025, the company reported revenues of 13.88 billion yuan, a year-on-year increase of 204.4%, and a net profit of 4.71 billion yuan, up 362.8% [7] - The company's market capitalization exceeded 400 billion HKD, with stock prices reaching 324.4 HKD per share as of August 28 [7] - The CEO has projected annual revenues to be no less than 30 billion yuan for the current year, emphasizing a focus on overall business health rather than just financial metrics [7]

新浪科技讯 8月29日下午消息，昨日晚间 泡泡玛特迷你版Labubu（THE MONSTERS心底密码系列）线 上正式开售，开售60秒全线售罄，且二手交易平台迅速将其价格炒至翻番。 昨日晚间，有"黄牛"晒出订单抛售迷你版Labubu，原价1106元一端盒，已被炒至2500元一组，价格高出 1倍多。有"黄牛"还表示，"拒绝议价，盲盒特殊性拍下不退不换。" 今日，新浪科技检索二手交易平台发现，迷你版Labubu价格开始有所回落，均价在1800元一组左右， 有"黄牛"连夜降价数百元进行抛售。 根据潮玩二手交易平台数据，截至发稿，已有9664件迷你版LABUBU"在售"，成交476件，成交均价为 1760.8元一组，较之前下跌5.1%，价格出现明显回落。 在得物App上，8月28日晚间，泡泡玛特迷你版Labubu（THE MONSTERS心底密码系列）线上正式开售 后，原价1106元一端盒，一度涨至1900多元一组，单个迷你版Labubu售价185元/个。 到今日，泡泡玛特迷你版LABUBU，在得物App上数据显示，A-M款成交均价103元，N-Z款成交均价88 元，共已售出2万多单，有8.2万人"想要"。（闫妍） ...

Core Insights - The launch of the mini version of LABUBU by Pop Mart on August 28 was highly anticipated, with over 200 million viewers on their Tmall live stream before the sale started [1] - The mini LABUBU sold out within one minute across multiple platforms, indicating strong demand [1] - The mini LABUBU is designed to be more versatile, with a height of 10.5 cm and the ability to be attached to bags or phones, differentiating it from the regular version [1] Sales Performance - The mini LABUBU achieved 13,000 orders within 2 minutes of launch, totaling over 21,000 orders by the next morning, with 82,000 users expressing interest [1] - The blind box pricing shows significant markup, with individual boxes selling for 168-182 yuan shortly after release, and average transaction prices nearly doubling on resale platforms [2] Company Perspective - Pop Mart's CEO Wang Ning highlighted the potential of the mini LABUBU as a "super hit" and emphasized the commercial value of a globally recognized IP [2]

Investment Rating - The report maintains a recommendation for the industry [3] Core Insights - The consumption focus in China has shifted from family-oriented spending to individual-oriented spending across generations from the 70s to the 00s, with a notable increase in self-indulgent consumption [1][53] - Emotional consumption is on the rise, with over 90% of young consumers willing to pay a premium for emotional value, leading to the emergence of multiple billion-dollar markets [1][57][63] - The report highlights the importance of product value evolution, emphasizing that emotional, social, and asset values are increasingly prioritized over functional value [2][57] Summary by Sections 1. Generational Consumption Characteristics - The consumption center has gradually shifted from family to individual, with each generation displaying self-indulgent characteristics [1][53] - The 70s generation is characterized by compensatory consumption after initial wealth accumulation, while the 80s and 90s generations are the main consumer forces, with the 90s generation showing stronger growth potential [1][24][53] 2. Emotional Consumption Insights - The demand side is expanding, with a significant portion of young consumers willing to pay for emotional premiums, leading to a market where monthly interest consumption accounts for 27.6% of their spending [1][57] - The supply side sees domestic brands learning from Japanese product innovation to enhance their global market adaptability [1][57] 3. Product Value Evolution - As generations evolve, the emphasis on emotional, social, and asset values in product offerings is increasing, while functional value is experiencing deflation [2][57] - The report suggests focusing on high emotional engagement sectors and those with significant potential for per capita consumption growth, such as pet food and health products [2][57] 4. Brand and Channel Development - The report stresses the need for brands to enhance their platform capabilities and reduce reliance on single products to mitigate market volatility [2][57] - Emotional pricing strategies are crucial, as emotional intensity and duration affect product premium pricing and consumption frequency [2][57] 5. Market Size and Performance - The industry comprises 144 stocks with a total market value of 500.34 billion, indicating a significant presence in the market [3] - The industry has shown strong performance, with absolute returns of 48.5% over 12 months [5]

Core Viewpoint - The launch of the "Mini Labubu" series by Pop Mart has generated significant consumer interest, leading to rapid sellouts across various platforms, indicating strong demand for the Labubu brand [1][3][4]. Sales Performance - The "Mini Labubu" series sold out within 10 seconds of its release, with over 58,000 consumers adding the product to their shopping carts prior to the launch [4][6]. - The sales figures from Tmall alone exceeded 23.7 million yuan, based on the unit price of 79 yuan [6]. - The series includes 14 regular items and 1 hidden item, with a total set price of 1,106 yuan [4]. Market Demand and Resale Value - The high demand has led to a surge in secondary market trading, with resale prices for the complete set reaching up to 2,699 yuan, more than double the original price [7][10]. - The average transaction price for the complete set on a trading platform reached 1,920.77 yuan, with some individual hidden items selling for as much as 1,188 yuan, representing a significant markup from the original price [10]. Financial Performance - Pop Mart reported a revenue of 138.8 billion yuan for the first half of 2025, a year-on-year increase of 204.4%, with a net profit of 47.1 billion yuan, up 362.8% [14]. - The Labubu series contributed 48.1 billion yuan to the total revenue, marking a 668% increase year-on-year and accounting for 34.7% of total revenue [14]. - The company's gross margin reached 70.3%, surpassing that of luxury brands like LVMH [14]. Management Outlook - The CEO of Pop Mart expressed confidence in achieving a revenue target of 300 billion yuan for the year, bolstered by the successful launch of the Mini Labubu series [15].

Core Insights - The mini version of Labubu has sold out in Australia, New Zealand, and Japan, indicating strong overseas demand for Pop Mart products [2] - The collaboration between Pop Mart and AliExpress has expanded from online to offline, with a notable presence at the ELROW music festival in Spain, showcasing the SKULLPANDA IP [2] - During the 2025 "Overseas 618" event, AliExpress's live streaming attracted over 200,000 users globally, highlighting the popularity of the Labubu series [2]

Group 1 - Labubu's new mini version launched online on August 28, featuring two sets (A/B) with 14 regular items and 1 hidden item, priced at 79 yuan each, and a larger plush doll priced at 499 yuan [1] - The launch attracted over 100,000 viewers across multiple live streaming platforms, causing significant traffic issues on sales pages [1] - Sales statistics indicate that over 300,000 units were sold on Taobao, over 155,000 on Douyin, and over 700,000 on JD.com [3] Group 2 - In the first half of the year, Pop Mart's revenue exceeded 10 billion yuan, with net profit surpassing the total for the entire year of 2024 [4] - The company aims to diversify the use of Labubu products, suggesting they can be attached to bags or phones, with expectations for the new products to become popular hits [4] Group 3 - A university student reported being scammed while purchasing a Labubu doll online, leading to a second scam when attempting to recover lost funds [5][6] - The police issued warnings about the risks of online transactions, advising consumers to use official channels for disputes and to be cautious of unfamiliar accounts claiming to assist in fund recovery [6]

Core Insights - The new product launch of THE MONSTERS' mini LABUBU plush keychains sold out quickly across multiple platforms, indicating strong market demand [1] - The supply chain president of Pop Mart reported a significant increase in plush product output, with August production reaching approximately 30 million units, a tenfold increase compared to the previous year [7] - The plush category generated revenue of 6.14 billion yuan in the first half of the year, marking a year-on-year growth of 1276.2%, while THE MONSTERS series contributed 4.81 billion yuan, accounting for 34.7% of total revenue [7] Sales Performance - The mini LABUBU sold over 21,000 units on the Dewu app, with 82,000 users expressing interest, and recent purchase prices ranged from 168 to 182 yuan [1] - On Taobao, over 300,000 units of the series were sold, while Douyin and JD platforms reported sales exceeding 155,000 and 700,000 units, respectively [1] Production and Industry Dynamics - The plush toy industry is characterized by its complexity, with fluctuating production capacities and a low level of automation compared to traditional toys [7] - A skilled worker can only sew a maximum of 50 LABUBU plush toys per day, highlighting the labor-intensive nature of the production process [7]

Core Insights - The new product from Pop Mart, THE MONSTERS Heart Code series - rubber plush keychain blind box (mini version Labubu), was launched online on August 28 and sold out quickly [2] - The blind box is priced at 79 yuan and includes 28 regular styles and 2 hidden styles, with the regular styles named using letters A to Z, "?" and "&", while the hidden styles are named "!" and "heart" [2] Sales Performance - The product was sold out on both home delivery and in-store pickup options across multiple locations [2][11] - A related blind box, the letter keychain blind box, was also launched on the same day at a price of 59 yuan and experienced similar sales success, also selling out quickly [11] Market Trends - The term "labubu heart code rubber" has seen a surge in popularity on second-hand trading platforms, indicating strong consumer interest [9] - Current market prices for the regular styles of the Heart Code series range from 90 to 100 yuan, while the hidden styles are priced at approximately 668.8 yuan and 701.4 yuan [9] - The resale prices for the Heart Code series are lower than those seen for the previous "High Energy Ahead" series at launch [9]