8月28日晚22时，泡泡玛特新品THE MONSTERS心底密码系列-搪胶毛绒挂件盲盒（迷你Labubu）赶在七夕之前正式发售，引发消费者抢购热潮。8月28日晚 10点，开售仅1分钟，京东、淘宝、抖音等平台的相关商品链接就显示"已售罄"。天猫泡泡玛特旗舰店显示，当晚售出30万+件，相关商品均已下架；泡泡玛 特抖音直播间的迷你版LABUBU链接也显示"已抢光" 。由于该系列全平台售罄，二级市场依然处于溢价状态，据得物方面数据显示，截至29日下午17:00， 该平台"迷你版LABUBU"整端盲盒的成交均价在1900-2000元浮动，labubu吸金能力可见一斑。 i 最近购买 据悉，"迷你版LABUBU"售价79元一只，尺寸高约10.5厘米，分为A/B两组，单组价格1106元，各含14个常规款，1个隐藏款，隐藏款抽中概率为1:168。 此次发售的新品中，心底密码系列Labubu即Labubu Mini版备受关注，此外Rock系列即Labubu 3.0的大娃版也是潮流玩家心仪的热门对象。此前就有业内人士 预测，这两款新品必然是爆款。 Mini Labubu由王宁亲自在泡泡玛特2025年中期业绩发布会"带货"，该款是 ...

Core Insights - The popularity of the new LABUBU product has led to significant demand, resulting in stock shortages across multiple IP products from Pop Mart [1][4] - The recent launch of various IP products, including Starry People and others, has generated substantial market interest, with some items experiencing price surges in the secondary market [4] - The rapid growth of IPs like Starry People, HACIPUPU, and CRYBABY indicates a strong trend in consumer engagement, with Starry People achieving over 390 million yuan in revenue in the first half of the year [4] Group 1 - The mini LABUBU sold out within one minute of its online release, with prices on secondary platforms reaching approximately 2290 yuan for a full box [1] - Starry People has entered the billion-yuan IP category within a year, showcasing the rapid growth of its brand [4] - The supply chain president of Pop Mart stated that the current monthly production capacity for plush toys is over ten times that of the same period last year, reaching around 30 million units [5] Group 2 - The surge in consumer enthusiasm has posed new challenges for Pop Mart's production capacity, leading to stock shortages for multiple IP products [4] - The fastest-growing IPs, HACIPUPU and CRYBABY, reported revenue growth rates of 249.6% and 248.7% respectively in the first half of the year [4] - Pop Mart is currently in a phase of "catching up on production capacity" to meet the heightened demand for its products [5]

Group 1 - The mini Labubu has sold out in countries like Australia, New Zealand, and Japan, indicating a rising popularity in overseas markets [1] - Labubu has become a global hot IP, with the recent release of the "High Energy Ahead" series generating significant public interest [3] - The mini Labubu, part of the THE MONSTERS series, was launched online on August 28 and sold out instantly, attracting widespread attention [4] Group 2 - The THE MONSTERS series includes 14 regular items and 1 hidden item per blind box, with a regular item probability of 1:14 and a hidden item probability of 1:168 [4] - Each blind box is priced at 79 yuan, while a complete set costs 1,106 yuan [4] - Bubble Mart's stock price has surged over 600% this year, reaching 323.8 HKD per share as of August 29 [4] - The company's revenue for the first half of the year reached 13.88 billion yuan, a year-on-year increase of 204.4%, with adjusted net profit of 4.71 billion yuan, up 362.8% year-on-year [4]

Core Viewpoint - The article highlights the remarkable performance of Henan-based companies in various sectors, particularly focusing on the success of the pork industry led by Muyuan Foods, which has achieved significant profit growth despite declining pork prices in the market [2][4][11]. Group 1: Company Performance - Muyuan Foods reported a staggering net profit of 10.53 billion yuan in the first half of 2025, a year-on-year increase of 1,169.77% compared to 829 million yuan in the same period of the previous year [8][9]. - The company's revenue surged by 34.46% to 76.46 billion yuan, showcasing its strong market position [8][9]. - The daily net profit of Muyuan Foods reached approximately 58.18 million yuan, indicating robust financial health [10]. Group 2: Cost Management and Efficiency - Muyuan Foods successfully reduced its breeding costs from 13.1 yuan per kilogram in January to 11.8 yuan in July 2025, with some facilities achieving costs below 11 yuan [13]. - The company proactively reduced the number of breeding sows to control production capacity, demonstrating its commitment to industry stability [14]. - Muyuan Foods has significantly decreased its soybean meal usage in feed to 4.9%, resulting in substantial cost savings and a reduction in reliance on imported soybeans [19][20]. Group 3: Industry Dynamics - The pork industry is characterized by a cyclical nature, but the demand for pork remains stable as it is a staple in the Chinese diet, ensuring a consistent market [28][29]. - The article emphasizes that the key to survival in the pork industry lies in improving efficiency, maintaining quality, and reducing costs [29][31]. - Muyuan Foods is investing 6 billion yuan to establish a global breeding platform, aiming to enhance its breeding capabilities and reduce dependence on foreign genetics [32][33]. Group 4: Technological Innovation - The company employs advanced technology and data analytics in its operations, with a dedicated team of over 1,200 for research and development [24]. - The integration of smart systems in pig farming has led to improved animal welfare and reduced operational costs [24]. - The article suggests that the transformation of traditional industries through technology is essential for long-term success [24].

Core Viewpoint - The mini LABUBU plush keychain from the THE MONSTERS series by Pop Mart has sold out across multiple platforms, with secondary market prices rising significantly, indicating strong demand and potential investment opportunities in collectible toys [1]. Group 1 - The mini LABUBU plush keychain was launched online on August 28, with the main product being a part of the heart password series [1]. - The product has seen substantial sales, with over 300,000 units sold on Taobao, more than 155,000 units on Douyin, and over 700,000 units on JD.com [1]. - The hidden variants of the product are currently being sold at nearly 8 times their original price in the secondary market, reflecting a high demand and potential for profit [1].

Investment Rating - The report gives an "Overweight" rating for the toy industry, indicating a positive outlook for investment opportunities in this sector [5]. Core Insights - The Chinese toy market is experiencing rapid growth, with the market size projected to increase from 22.9 billion yuan in 2020 to 76.3 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 35.11% [5][27]. - The competitive landscape of the Chinese toy market is relatively fragmented, with the leading company, Pop Mart, holding a market share of 11.5% in 2024, followed by Blokus at 5.7% [5][28]. - Multiple factors are driving the growth of the toy market, including government support, rising consumer income, and changing consumption patterns that favor emotional connections with products [5][36]. Summary by Sections 1. Overview of the Toy Industry - The toy industry emphasizes artistic and personalized expression, targeting a young, trend-conscious audience [13]. - The toy industry value chain includes upstream IP supply and operation, midstream toy companies like Pop Mart, and downstream sales channels [16]. 2. Growth of the Chinese Toy Market - The Chinese toy market is thriving, with core categories like blind boxes and figurines gaining popularity among consumers [27]. - The market is characterized by a fragmented competitive landscape, with many companies holding less than 5% market share [28]. 3. Factors Driving Market Development - Government policies are actively supporting the high-quality development of the toy industry [36]. - Changes in consumer spending habits, driven by rising disposable income, are enhancing the purchasing power for non-essential cultural products [38]. - Urbanization is expected to increase the number of toy consumers, particularly in first-tier and new first-tier cities [43]. 4. Key Company Analysis Pop Mart - Pop Mart has become a leader in the toy industry, focusing on IP incubation and global expansion [54]. - The company has seen rapid growth in both artist IP and licensed IP revenues, with artist IP revenue reaching 12.229 billion yuan in the first half of 2025, a year-on-year increase of 231.6% [56]. - Pop Mart operates a diversified sales strategy across various channels, including online and offline platforms, and has expanded its international presence [61]. Blokus - Blokus is recognized as a leader in the building block toy segment, leveraging a strong IP portfolio and innovative product designs [73]. - The company has established a multi-channel sales network and is actively expanding into overseas markets [78]. - Blokus has achieved significant revenue growth, with a 27.9% increase in total revenue in the first half of 2025 compared to the previous year [81].

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]