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]

Core Insights - The new product launch of THE MONSTERS "Heart Code" series blind box by Pop Mart was highly successful, with both the plush and rubber versions selling out quickly online and in stores [1][5] - The blind box containing the plush version is priced at 79 yuan, featuring 28 regular items and 2 hidden items, while the letter-themed blind box is priced at 59 yuan and also sold out rapidly [1][5] Pricing and Market Performance - The "Heart Code" series has seen a surge in interest on second-hand trading platforms, with the average resale price for regular items ranging from 90 to 100 yuan, while hidden items are priced at approximately 668.8 yuan and 701.4 yuan [2] - The current resale premium for the "Heart Code" series is lower compared to the previous "High Energy Ahead" series, indicating a shift in market dynamics [2]

Core Insights - The launch of the mini LABUBU series by Pop Mart has generated significant consumer interest, leading to rapid sell-outs across various platforms within seconds of release [3][4][7] - The product's popularity is reflected in its high resale prices on secondary markets, with individual pieces reaching up to 300 yuan and complete sets selling for as much as 2699 yuan, indicating a strong demand and speculative trading behavior [9][11] Sales Performance - The mini LABUBU was officially released on August 28, with over 58,000 items added to shopping carts before the sale began, and sales exceeding 30,000 units shortly after launch [7][9] - The total sales revenue from the mini LABUBU on Tmall alone surpassed 23.7 million yuan within the first few minutes of its release [7][11] Market Demand and Supply Chain - Pop Mart's plush toy category has seen a dramatic increase in production, with August's output reaching approximately 30 million units, a tenfold increase compared to previous production levels [13] - Despite the surge in production, the company faces challenges in meeting the overwhelming demand, indicating a potential strain on supply chain capabilities [13] Financial Performance - The LABUBU brand, part of the THE MONSTERS series, reported a revenue of 4.81 billion yuan in the first half of the year, accounting for 34.7% of Pop Mart's total revenue, with a year-on-year growth of approximately 668.4% [11][13] - The plush toy segment generated 6.14 billion yuan in revenue, marking a year-on-year increase of 1276.2%, surpassing the revenue from collectible figures for the first time [13]

Core Viewpoint - The demand for LABUBU products from Pop Mart is surging, with recent releases selling out quickly and commanding high resale prices, indicating a strong market presence and consumer interest in collectible toys [1][6]. Sales Performance - The recent release of the LABUBU mini and colorful versions sold over 300,000 units within minutes, showcasing the high demand [1]. - The resale price for the LABUBU products has seen significant appreciation, with some items selling for over 9 times their original price [1][6]. Revenue Growth - The revenue for the THE MONSTERS series reached 3.04 billion yuan in 2024, marking a year-on-year increase of 726.6%, making it Pop Mart's most profitable IP [6]. - In the first half of 2024, the revenue from THE MONSTERS series was 4.814 billion yuan, surpassing the total revenue for the previous year [6]. Market Trends - Pop Mart has seen a rise in the popularity of other IPs, with 13 IPs generating over 100 million yuan in revenue in 2024, including SKULLPANDA and CRYBABY [7]. - The newly signed IP "Star People" is also gaining traction, with resale prices for its products reaching 9-15 times their original prices [9]. Financial Performance - For the first half of 2025, Pop Mart reported a record 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 company aims for a revenue target of 30 billion yuan for the current year, with optimistic projections suggesting it could reach 30 billion yuan easily [11]. Stock Market Presence - Pop Mart was included in the Hang Seng Index, effective September 8, 2025, marking a significant milestone for the company [11]. - As of August 28, 2025, Pop Mart's stock closed at 324.4 HKD per share, with a market capitalization exceeding 430 billion HKD [11].

Group 1 - The Hang Seng Consumption Index (HSCGSI) has seen a strong increase of 1.25%, with notable gains from constituent stocks such as Shenzhou International (02313) up 7.16%, Haier Smart Home (06690) up 6.38%, and Zhenjiu Lidu (06979) up 5.97% [1] - The Hang Seng Consumption ETF (513970) rose by 0.58%, with intraday gains reaching nearly 3%, indicating active market trading with a turnover of 14.68% and a transaction volume of 294 million [1] - The new consumption concept has been gaining traction this year, with a report from Huafu Securities highlighting increased consumer preference for "relatively high premium + lower unit price" products, driving the popularity of small collectible toys, pet games, and gold jewelry [1] Group 2 - The Hang Seng Consumption ETF (513970) tracks the Hang Seng Consumption Index, which shows significant structural differences from A-share consumption, encompassing both traditional and emerging consumption leaders like Pop Mart, Lao Pu Gold, Miniso, and others [2] - As of the latest data, Pop Mart (09992) is the largest constituent stock of the Hang Seng Consumption Index, accounting for 12.80% of the index weight, with the top ten stocks collectively representing 62.32% [2] - The Hang Seng Consumption ETF (513970) allows T+0 trading, providing an investment avenue for those without a Hong Kong stock account, and there are also external linked funds available to facilitate investment in the Hong Kong consumption sector [2]

Core Insights - The launch of the "Mini LABUBU" product was highly successful, selling out within 60 seconds across major online platforms like JD and Taobao [1][3] - The product generated significant online traffic, with over 2.37 million viewers on the Tmall live stream and 386,000 concurrent viewers at peak time [3] - The resale market for the "Mini LABUBU" has seen inflated prices, with individual units selling for as high as 300 yuan and complete sets reaching up to 2,699 yuan [10][11] Sales Performance - The "Mini LABUBU" is priced at 79 yuan each, with a complete set costing 1,106 yuan [3] - Tmall reported sales exceeding 23.7 million yuan shortly after the product launch, with over 300,000 units sold [3] - The resale market has over 700 listings for the "Mini LABUBU," with an average transaction price of approximately 1,779.97 yuan [11] Financial Results - In the first half of 2025, the company reported revenue of 13.88 billion yuan, a year-on-year increase of 204.4% [12] - Adjusted net profit for the same period was 4.71 billion yuan, up 362.8% year-on-year [12] - The company's gross margin reached a historical high of 70.3%, an increase of 6.3 percentage points compared to the previous year [12] Product Performance - The "LABUBU" series, including the new release, generated 4.81 billion yuan in revenue, a staggering increase of 668.0% year-on-year [12] - Other IPs like MOLLY and SKULLPANDA also contributed significantly, each surpassing 1 billion yuan in revenue [12] - The hidden variant of the "Mini LABUBU" has a low probability of 1:168, leading to high demand and inflated prices in the secondary market [11]

Core Viewpoint - The launch of the "Mini LABUBU" from Pop Mart's "THE MONSTERS" series has generated significant consumer interest, evidenced by long queues for pickup at the company's first store in Beijing, despite the absence of scalpers [1] Group 1 - The online sale of the "Mini LABUBU" began on August 29 at 10 PM, with in-store pickup starting the following day [1] - At the Beijing Zhongguancun store, a line formed quickly after opening, with at least ten people waiting for pickups within the first ten minutes [1] - The store staff indicated that the "Mini LABUBU" is only available for online purchase, with no in-store sales, which has prevented any chaotic buying scenarios [1] Group 2 - Pop Mart implemented a dedicated pickup channel for customers and temporarily assigned security personnel to maintain order during the pickup process [1]

Core Insights - The launch of the mini Labubu series by Pop Mart on August 28 generated significant consumer interest, leading to rapid sellouts across multiple platforms [1][6] - Despite the initial success, there were complaints regarding the product's quality, with consumers noting issues such as small size and poor craftsmanship [1][3] - The company reported impressive financial results, with a revenue of 13.88 billion yuan for the first half of the year, marking a 204.4% year-on-year increase [6] Sales Performance - The mini Labubu was priced at 79 yuan, with a height of approximately 10.5 cm, and was available in two groups, A and B, priced at 1,106 yuan each [6] - The launch saw over 30,000 units sold on Taobao, 15,500 on Douyin, and 70,000 on JD within a short time frame [6] - The resale market for mini Labubu has also been active, with some listings reaching up to 2,500 yuan, indicating a 126% markup from the official price [7] Quality Concerns - Consumers expressed dissatisfaction with the product's quality, describing it as not worth the price and highlighting issues with craftsmanship [1][3] - The CEO of Pop Mart acknowledged the quality control challenges, stating that strict quality measures have limited production capacity [7] Financial Performance - Pop Mart's revenue for the first half of the year reached 13.88 billion yuan, with a net profit of 4.71 billion yuan, reflecting a 362.8% increase year-on-year [6] - The segment associated with Labubu, under the brand THE MONSTERS, generated 4.81 billion yuan in revenue, accounting for 34.7% of the total [6]

Core Insights - The launch of the "Mini LABUBU" from Pop Mart's "THE MONSTERS" series took place online on August 29, with in-store pickup starting the following day [1] - The first store in Beijing's Zhongguancun saw significant customer interest, with a long queue forming for pickups shortly after the store opened [1] Summary by Category Product Launch - Pop Mart's "Mini LABUBU" was released as part of the "THE MONSTERS" series, indicating a strategic move to expand its product offerings [1] Customer Engagement - The company experienced high customer engagement, as evidenced by a long line of customers waiting for product pickup, demonstrating strong demand for the new product [1] - A dedicated pickup channel was established to facilitate the process, and additional security personnel were deployed to maintain order at the store [1]

Core Insights - The launch of the "Mini LABUBU" from Pop Mart's "THE MONSTERS" series saw significant consumer interest, with long queues forming for product pickup [1] Company Performance - Pop Mart's first store in Zhongguancun, Beijing, experienced a strong turnout, with a line of customers waiting for over ten minutes to collect their purchases [1] - The company implemented a dedicated pickup channel and deployed security personnel to manage the crowd effectively [1]