Core Insights - The company has expanded its product offerings to include a variety of derivative products, including figurines, covering over 100 IPs with nearly 40,000 SKUs [2] Product Categories - Among the non-book products, the trendy toy category accounts for 60% of the company's non-book SKUs [2]

Core Viewpoint - The company has diversified its product offerings to include various types of derivatives, including toy figurines, and has a significant presence in the trendy toy category. Group 1 - The company currently covers multiple categories of derivatives, including toy figurines [1] - The company has over 100 IPs and nearly 40,000 SKUs in total [1] - The trendy toy category accounts for 60% of the company's non-book category SKUs [1]

Core Insights - Pop Mart has established a significant position in the trendy toy market through continuous innovation in its IP and diverse product offerings, particularly with the LABUBU series, which has gained immense popularity among international celebrities on social media [1] - The strong market demand has led to a surge in sales of LABUBU's blind boxes and figurines on major e-commerce platforms, with popular items frequently sold out, indicating a growing supply-demand imbalance [1] - The secondary market has seen a phenomenon of premium resale for certain limited-edition items, with resale prices on second-hand platforms reaching 2 to 3 times the original price, exemplified by a unique mint-colored LABUBU selling for 1.08 million yuan at an auction [1] Market Trends - The unique nature of blind box products creates a situation where consumers often purchase multiple times without obtaining their desired items, further driving demand for specific LABUBU models on second-hand platforms [1] - Platforms like Xianyu have introduced rental services for LABUBU figures, catering to various scenarios such as photography and event decoration, with daily rental prices ranging from 30 to 80 yuan [3][10] - Since June, the search volume for LABUBU-related products on Xianyu has increased tenfold compared to May, and the transaction volume for rentals has doubled, indicating a growing trend in the rental market [10] Consumer Behavior - The rise of LABUBU's rental and premium trading models reflects a robust demand for trendy cultural consumption, with consumers opting for rentals to lower costs while still engaging with the product [10] - However, there are concerns regarding the significant price inflation of limited items in the secondary market, which may not reflect the actual value of the products, suggesting a potential bubble [10] - The current rental services lack standardized hygiene and damage compensation protocols, highlighting the need for consumers to confirm deposit return terms and product condition assessment processes [10]