Core Insights - The "Star People Delicious Moments Series" blind boxes from Pop Mart have generated significant consumer interest, leading to a rush for pre-orders even before the official release [1][5] - The initial sale saw products sell out within minutes, with over 360,000 items added to carts on Tmall, while only 20,000+ items were available [1][5] Pricing and Resale Market - The resale market has seen substantial price increases, with the original price of 69 yuan for figurines rising to 119 yuan, and the hidden "Little Bear Cookie" variant reaching a peak price of 689 yuan, reflecting a nearly 10-fold markup [5][8] - Random blind boxes have seen prices increase from 59 yuan to 182 yuan, while complete sets have risen from 354 yuan to 769 yuan, indicating a markup of over 2 times [5][8] Consumer Demand and Product Popularity - The "Star People" series has shown higher resale premiums compared to the previously popular "Mini Labubu" series, indicating strong consumer demand [8] - Popular items within the series include "Star Sugar," "Macaron Moments," "Zhao Jibing," "Lazy Moments," and "Strong Bread," with a variety of merchandise announced, including plush toys and accessories [8][9] Market Trends and Future Outlook - The previous release of the "Star People Dream Weather Bureau Series" also experienced high demand, with resale prices reaching 1511 yuan, showcasing the series' consistent popularity [9] - Analysts suggest that while some price increases are driven by speculation, the active demand from consumers indicates a genuine interest in the products, highlighting a structural gap in quality IP supply [9] - For Pop Mart, sustaining long-term value will depend on continuous innovation in product offerings and maintaining strong consumer connections through beloved IPs [9]

记者丨刘婧汐 编辑丨高梦阳 黎雨桐 继Labubu之后，泡泡玛特星星人系列再次引发抢购潮。 计划于9月29日晚上10点上架的"星星人美味时刻系列盲盒"还未正式发售，在二手电商平台上，该系列 包括隐藏款在内的所有产品已有商家挂出链接，且已有不少买家出手预订。 正式开售后，两款星星人系列产品均为秒空。开售十分钟后，天猫页面信息显示，小饼干毛绒挂件有超 36万人加购，但首批天猫官方旗舰店放货仅2万+件，手办盲盒玩具摆件显示已售3万+。 | 随机款盲盒 ¥89.99 | | 招吉布丁 ¥119.99 | | --- | --- | --- | | 马卡龙时刻 ¥109.99 | | 星星糖 ¥99.99 | | 橘子果酱 | ¥99.99 | 栗子奶油 ¥99.99 | | 幸福蝴蝶酥 ¥99.99 | | 咖啡奶油浴 ¥99.99 | | 饼干屋 ¥79.99 | | 强壮面包 ¥75.99 | | 茶壶伯爵 | ¥60.99 | 披萨的永恒 ¥60.99 | | 懒惰时刻 | ¥60.99 | | 相比发售价格，二手平台上原价69元的手办产品最高涨至119元，系列产品内原价59元的毛绒挂件则更 受欢迎，隐藏款"小 ...

Core Viewpoint - The article highlights the successful launch of the "Star People Delicious Moments Series" by Pop Mart, which has generated significant consumer interest and high resale prices on secondary markets, indicating strong demand and potential for the brand to diversify beyond its reliance on the Labubu series [1][4][8]. Group 1: Product Launch and Market Response - The "Star People Delicious Moments Series" blind boxes were set to launch on September 29, and even before the official sale, products were being pre-ordered on second-hand platforms [1]. - Upon official release, the products sold out within minutes, with over 360,000 people adding the plush cookie keychain to their carts, while only 20,000 units were available on Tmall [1]. - The resale prices on second-hand platforms have surged, with the original price of 69 yuan for the figurine rising to 119 yuan, and the hidden variant "Little Bear Cookie" reaching a peak price of 689 yuan, reflecting a nearly 10-fold premium [4]. Group 2: Financial Performance and IP Diversification - Concerns had previously been raised about Pop Mart's heavy reliance on the Labubu series, which accounted for 34.7% of the company's total revenue of 138.76 billion yuan in the first half of 2025 [8]. - The introduction of the Star People series has shown promising results, generating over 100 million yuan in its first year and 390 million yuan in the first half of 2025, making it one of the fastest-growing new IPs for Pop Mart [8]. - The Star People series emphasizes themes of warmth and healing, resonating with the emotional consumption trends among younger consumers [8]. Group 3: Market Position and Stock Performance - As of September 29, Pop Mart's stock closed at 261.8 HKD per share, with a total market capitalization of 351.6 billion HKD, reflecting a 19.3% decline over the past month [8].