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].

前段时间，一款以登山为主题的派对合作游戏《PEAK》光速首曝，然后光速上线。再然后， 它又以迅雷不及掩耳之势冲上了Steam热销前三，并持续爆 火至今。 （游戏的好评率高达93%） 以上周的Steam新增关注和销量数据为例，《PEAK》的表现可以说是一骑绝尘。 据VG Insight数据显示，自6月16日上线以来，《PEAK》在20天左右的时间里卖出了超过350万份。若以游戏的原售价7.99美元/份计算，游戏目前的流水 已经接近2800万美元（约人民币2亿元）。 派对合作游戏这一品类总是这样，在你以为热度要退潮的时候，冷不丁地又会有新品爬上岸，给业界来上这么一下子。 不过从履历来看，《PEAK》的研发团队Landcrab对这种事应该不会感到陌生——只看"Landcrab"这个名字，你可能会觉得一头雾水，但如果把它拆 成"Landfall"和"Aggro Crab"，你大概就能看懂了。 Landfall是创造了《全面战争模拟器》（Totally Accurate Battle Simulator）和《前方高能》（Content Warning）等主播爆款的物理模拟类游戏厂商，在业内 有相当知名度；Aggro C ...

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].