Core Viewpoint - The launch of the "Mini LABUBU" series by Pop Mart on August 28 was highly successful, with all items sold out shortly after release, indicating strong consumer demand and effective marketing strategies [2][4][9]. Sales Performance - Over 30 million units of the "Mini LABUBU" series were sold within hours of its launch, with more than 4500 people queued to purchase [4][9]. - The product was priced at 79 yuan each, and the hidden variant had a probability of 1 in 168 for consumers to obtain [9][13]. - The previous series, "Front High Energy," saw a price drop from over 600 yuan to an average of 178 yuan following the launch of the new series [9][13]. Production Capacity - Pop Mart's production capacity has significantly increased, with July's output being over ten times that of the same period last year [13]. - The company has indicated that the "Mini LABUBU" series is a regular product and not a limited edition, suggesting ongoing availability in the market [13]. Financial Performance - For the first half of 2025, Pop Mart reported a revenue of 13.876 billion yuan, a year-on-year increase of 204.4%, and a net profit of 4.574 billion yuan, up 396.5% [13][14]. - The company has successfully implemented a differentiated operational strategy, enhancing the commercial viability of its IPs, with 13 artist IPs generating over 1 billion yuan in revenue during the same period [14].

Core Insights - The game "PEAK," a party cooperative game themed around mountaineering, has rapidly gained popularity, reaching the top three in Steam's sales rankings shortly after its release [1][3][25] - The game has received a high approval rating of 93% and has sold over 3.5 million copies within approximately 20 days, generating nearly $28 million in revenue [3][6] Game Development and Team Background - "PEAK" is developed by Landcrab, a collaboration between two well-known studios, Landfall and Aggro Crab, both recognized for their successful titles in the gaming industry [10][12] - Landfall is known for creating popular physics-based games, while Aggro Crab gained fame with the critically acclaimed "Crab Souls" [10][12] - The development of "PEAK" was completed in a unique setting, with team members working together in a temporary Airbnb in Seoul, showcasing an unconventional yet effective collaborative approach [37][40] Gameplay Mechanics and Features - The game focuses on intuitive gameplay where players aim to climb to the highest peak, with stamina management being a crucial aspect of the experience [12][13] - "PEAK" features procedurally generated maps that change daily, providing players with new challenges and enhancing replayability [15][16] - The game encourages player interaction and cooperation, with mechanics that reward teamwork and resource management [19][20] Market Position and Future Potential - The success of "PEAK" reflects a sustained demand for online social gaming experiences, particularly in the party cooperative genre [12][28] - The game's unique features and engaging gameplay have positioned it as a strong contender for the title of the best party cooperative game of the year [28][46] - The development team's focus on player interaction and community engagement has contributed to the game's viral success on streaming platforms [25][46]

Core Viewpoint - The founder and CEO of Pop Mart, Wang Ning, emphasizes the importance of maintaining a long-term vision for the Labubu IP, rather than allowing it to become a fleeting trend. He highlights the need for caution and stability amidst rising external expectations and risks [1]. Group 1: Company Strategy - Wang Ning advocates for a restrained approach within the company, focusing on sustaining consumer experience and brand trust rather than merely pursuing rapid growth. He stresses that health should take precedence over growth, and long-term success is more valuable than short-term gains [1]. - Following Wang Ning's internal sharing, Pop Mart adjusted its supply and pre-sale strategies for Labubu, launching the "Qianfang Gaoneng" series for global pre-sale on June 18, which had previously become a phenomenon since its initial release [2]. Group 2: Market Performance - Despite the popularity of Labubu during the 618 sales period, Pop Mart's stock price experienced volatility, dropping from 275 HKD per share on June 17 to 233 HKD by June 20, resulting in a market value loss of nearly 37 billion HKD [3]. - The fluctuation in stock price is attributed to changes in pre-sale policies affecting supply and the impact of early investor fund expirations leading to sell-offs, which influenced market sentiment [3]. Group 3: Pricing Dynamics - The premium pricing of Labubu products in the secondary market has decreased significantly, with previous premiums exceeding 200% now reduced to approximately 75%, indicating a healthier market adjustment [3]. - The increase in supply and the introduction of purchasing limits are expected to reduce the activities of scalpers, allowing genuine fans better access to products [4]. Group 4: Industry Challenges - The volatility in stock price and market value serves as a warning for Pop Mart, highlighting the challenges associated with the "IP life cycle." The company faces uncertainty regarding how long Labubu's popularity will last, especially as previous top IPs like MOLLY have seen their prominence decline [5].