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]

迷你版LABUBU抢疯了！ 周四晚22点整，泡泡玛特"迷你版LABUBU"（THE MONSTERS心底密码系列）正式开售。开售仅10秒，京东、淘宝等平台官方店铺全部售罄， 官方小程序页面一度陷入卡顿。周五上午10点左右，美国、日本和韩国等主要海外市场也开启预售，数分钟内宣告售罄。 周五，泡泡玛特股价持续震荡，截至发稿跌0.18%，显示出市场在消化这一热销消息时的复杂情绪。 SPDB International Holdings Ltd.分析师Richard Lin表示，新系列的受欢迎程度证明了消费者对Labubu的热情依旧强劲。泡泡玛特创始人兼CEO王 宁此前已宣布将发布新系列，并对公司今年的业绩表达了强烈信心，称"感觉今年300亿（营收）也很轻松"。 线上渠道秒罄，直播间涌入数百万观众 本次发售的"迷你版LABUBU"含14个常规款，1个隐藏款，分别代表A-Z的字母，以及一些标点符号。实体高约10.5厘米，售价79元一只，整套 1106元。 据媒体统计，在正式开售前，已有超过58万消费者在天猫将该产品加入购物车。 直播间的数据更直观地体现了此次发售的热度。开售前十分钟，泡泡玛特天猫直播间的观看人次已超23 ...

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]

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].