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]

Core Insights - The launch of the "Starry People Delicious Moments Series Blind Box" by Pop Mart has generated significant pre-sale interest, with products being listed on second-hand platforms before the official release [1][5] - The initial sales of the Starry People series saw products sell out within minutes, indicating strong demand [1] - The secondary market prices for these products have surged, with some items experiencing price increases of nearly tenfold compared to their original prices [5] Sales Performance - The "Starry People" series has shown impressive sales figures, with over 360,000 items added to carts within ten minutes of launch, while only 20,000 units were available on Tmall [1] - The original price of the hand-painted figures was 69 yuan, but they have reached prices as high as 119 yuan on second-hand platforms [5] - The hidden variant "Little Bear Biscuit" has seen its price rise from 59 yuan to 689 yuan, reflecting a nearly tenfold premium [5] Financial Impact - Pop Mart's revenue from the Labubu IP was 48.14 billion yuan, accounting for 34.7% of the company's total revenue of 138.76 billion yuan in the first half of 2025 [9] - The Starry People series has quickly become one of Pop Mart's fastest-growing new IPs, generating over 390 million yuan in revenue in the first half of 2025 [9] - The introduction of the Starry People series may help reduce the company's reliance on the Labubu series, addressing previous market concerns about potential IP stagnation [9] Market Position - 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 [10]

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].