9月29日晚22:00，泡泡玛特发布"星星人美味时刻系列"，记者关注到泡泡玛特多个官方发售平台，产品上线即秒空，随后，在潮流交易平台上，该系列产 品价格持续下降。 此次发售的"星星人美味时刻系列"包含手办盲盒、毛绒挂件盲盒、手机壳、抱枕、小夜灯挂件盲盒等产品，其中最受欢迎的是"星星人美味时刻系列"现烤 饼干毛绒挂件，此前该系列产品未售先火，9月29日下午，在得物App上，该款毛绒产品未发售已有350人付款，端盒发售价354元，市场价格在699至1199 元。 星星人美味时刻系列毛绒 但是记者观察到，新品发售后，毛绒产品平台售价持续走低，截至9月29日22时56分，网购平台上隐藏款市场价格从929元跌破600元。 星星人新品发售后价格突降 隐藏款从929元降至559元，溢价仍超过9倍 "宝宝们，还有一分钟，大家不要刷弹幕了，一到时间就抓紧下单。"在泡泡玛特官方直播间里，10万+在线人数，弹幕飞快地刷新着，期待1分钟后的新品 发售，记者注意到，发售一分钟后，在抖音和淘宝官旗店，毛绒产品共显示售出超5万个。 | 1 | ** ने | 官方直发/现货/整端 | ¥580 | 11 分钟前 | | --- | --- ...

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 upcoming release of the "Starry People Delicious Moments Series" by Pop Mart has generated significant pre-sale excitement, with products already being listed on e-commerce platforms before the official launch [2][3] - The resale market for the series shows remarkable price premiums, with the highest resale price for the hidden "Little Bear Biscuit" accessory reaching 929 yuan, a 16-fold increase from the original price of 59 yuan [2] - The popularity of the "Starry People" brand is evident, as previous releases have also experienced high demand, leading to stock shortages in physical stores [3] Pricing and Resale Market - The "Little Bear Biscuit" plush accessory has seen a resale average of 612.7 yuan on QianDao App, significantly higher than its original price [2] - The resale prices for individual blind boxes range from 79 to 525.5 yuan, indicating strong market interest [2] - Compared to the previous "Mini LABUBU" series, the current series shows higher resale premiums across all product types, with the highest premium for the hidden "Heart" variant reaching 12.5 times its original price [3] Market Demand and Performance - The "Starry People" brand has previously experienced explosive popularity, as seen during the release of the "Starry People Good Dream Meteorological Bureau Series," which caused platform outages due to high traffic [3] - There are reports of stock shortages in physical stores for certain "Starry People" products, indicating strong consumer demand [3]

Core Viewpoint - The secondary market prices for the mini LABUBU have declined, impacting market sentiment towards Pop Mart, despite the company's efforts to increase production and combat scalping [1][2]. Group 1: Market Performance - The mini LABUBU series sold out quickly upon release, leading to a significant spike in secondary market prices, which later fell sharply within a week [1][2]. - The prices of first, second, and third generation LABUBU products in the secondary market have also decreased, with the third generation even experiencing slight depreciation [2][3]. - Following the decline in secondary market prices, Pop Mart's stock price also saw a minor correction, although it remained above levels prior to the release of the half-year performance report [2]. Group 2: Production and Supply Chain - Pop Mart is actively increasing production capacity to meet genuine market demand, with plush toy production capacity reportedly increased to over ten times that of the same period last year, reaching approximately 30 million units in August [2]. - The expansion of production capacity is expected to positively impact the availability of LABUBU and other IP products for consumers, which could benefit the company's long-term performance [3]. Group 3: Long-term Value Considerations - The decline in secondary market prices is viewed as a sign of increased production capacity and a move towards making products more accessible to consumers, which is essential for the sustainable development of the company [3]. - Investors emphasize that the long-term value of the company should not be judged solely based on the fluctuations in secondary market prices of a single IP, as controlling secondary market premiums is crucial for maintaining consumer access and reducing speculation [3].

Core Viewpoint - The article discusses the success of the LABUBU IP under Pop Mart and emphasizes the need for sustainable development and diversification of product lines to avoid over-reliance on a single IP [2]. Group 1: LABUBU's Success and Challenges - LABUBU is a highly successful phenomenon in the collectible toy market, but its dominance raises concerns about sustainability and the need for Pop Mart to develop other IPs [2]. - The long-term shortage of LABUBU led to counterfeit products entering the market, and while production capacity has been increased, there have been complaints about product quality that need to be addressed [2]. - The popularity of the mini LABUBU continues to drive sales, but it is essential for Pop Mart to innovate and develop new IPs alongside LABUBU to maintain market relevance [2][3]. Group 2: Potential New IPs - The Star People IP under Pop Mart shows significant potential to become the next successful product line, particularly with the recent "Good Dream Meteorological Bureau" series gaining popularity [4]. - There has been a noticeable increase in demand for Star People products, leading to stock shortages in stores, similar to the sales model of LABUBU [4]. - The secondary market for Star People products has seen rapid price fluctuations, with hidden variants selling for over 700 yuan, indicating strong market interest and potential for growth [5]. Group 3: Growth Metrics - Star People has quickly entered the billion-yuan IP club, generating 390 million yuan in revenue in the first half of the year [5]. - Other IPs like HACIPUPU and CRYBABY have also shown impressive growth, with revenue increases of 249.6% and 248.7% respectively in the first half of the year, highlighting the potential for new IPs to achieve similar success [5].

Core Insights - The recent launch of the mini LABUBU dolls has created a significant demand, leading to rapid sellouts and inflated prices in the secondary market [2][3][4] - While the new mini LABUBU dolls are highly sought after, older models have seen a drastic price drop, with some being sold at or below original prices [4][5] - Quality issues have emerged with the new LABUBU dolls, prompting consumer complaints and returns, raising concerns about the brand's quality control [6][7][8] Pricing Dynamics - The mini LABUBU dolls are priced at 79 yuan each and 1106 yuan for a set, with over 580,000 items added to shopping carts at launch [2] - In the secondary market, the price for a set of mini LABUBU has surged to 2450 yuan, reflecting the high demand [3] - Older LABUBU models, which previously sold for 300-3000 yuan, are now being listed at original prices or even at a loss, indicating a market correction [4][5] Quality Concerns - Consumers have reported various quality issues with the new LABUBU dolls, including stability problems and cosmetic defects [6][7] - Complaints have been made regarding the inconsistency in quality across different production batches, raising questions about manufacturing practices [7] - The company has a policy for handling defective products, allowing for exchanges or refunds, but some consumers feel their rights are not adequately protected [7][8] Financial Performance - The company reported a revenue of 138.8 billion yuan for the first half of the year, a year-on-year increase of 204.4%, with net profit rising by 362.8% [9][10] - The LABUBU series accounted for 48.1 billion yuan in revenue, representing 34.7% of total sales [10] - The company aims for a revenue target of 200 billion yuan for the year, with potential to exceed 300 billion yuan [10] Future Prospects - The company is exploring new IPs to sustain growth, as reliance on LABUBU may not be sustainable long-term [10][11] - The "Star People" IP is gaining traction and may become the next big hit, with recent releases showing strong sales performance [11][12] - Other IPs like HACIPUPU and CRYBABY are also experiencing rapid growth, indicating a healthy diversification strategy [12]

Market Overview - A-shares opened lower on August 26, with coal, gaming, steel, and photovoltaic sectors showing activity, while semiconductor, securities, and AI chip concepts declined [1] - Hong Kong's Hang Seng Index and Hang Seng Tech Index also opened lower, with tech stocks generally retreating [1] Company Performance - NIO's stock fell over 7%, while XPeng Motors dropped more than 2% [1] - Haidilao's stock decreased over 4%, with the company reporting a more than 13% decline in net profit for the first half of the year [1][10] - Pop Mart's stock rose over 3%, with the company launching new products that quickly sold out, achieving revenue of 390 million yuan in the first half of the year [9][10] Satellite Navigation Sector - The satellite navigation sector was active, with companies like Kaipu Cloud (688228) hitting a 20% daily limit increase for two consecutive trading days [3] - Media reports suggest that satellite internet licenses may be issued soon, marking a significant step for commercial operations in this field [5] - Kaipu Cloud's stock reached 94.75 yuan per share, with a market capitalization of 6.397 billion yuan [5] CPO Concept Stocks - CPO concept stocks saw repeated activity, with companies like Cambridge Technology and Longi Green Energy hitting daily limits, while Tianfu Communication and Huafeng Technology surged over 10% [7] Financial Reports - Tuowei Information reported a revenue of 1.306 billion yuan for the first half of 2025, a year-on-year decline of 24.42%, but net profit increased by 2262.83% to 78.81 million yuan [6]

Core Viewpoint - The article discusses the recent hype surrounding the new product launches by Pop Mart, particularly the "MOKOKO" and "Star People" series, highlighting the significant price inflation in the secondary market driven by speculation and the influence of scalpers [1][5][6]. Group 1: Product Launch and Market Reaction - Pop Mart plans to launch new products on the 21st, with some items already being resold at four times their original price, such as the MOKOKO plush keychain originally priced at 199 yuan being listed for 840 yuan [1][2]. - The LABUBU series previously saw prices soar over 50 times its original value, but due to restocking, the secondary market price plummeted by 60%, indicating potential volatility for the new series [1][5]. Group 2: Market Dynamics and Consumer Behavior - The price surge is attributed to economic drivers, active promotion by businesses, and social media influence from fans, which collectively create a speculative environment [2][6]. - The phenomenon of "hunger marketing" and the introduction of hidden variants by Pop Mart create a sense of scarcity, triggering consumer fear of missing out (FOMO) [6][9]. Group 3: Consumer Perspectives - Consumer attitudes towards purchasing these collectibles are polarized, with some viewing Pop Mart as a long-term investment akin to "Moutai for the '00s," while others criticize the inflated prices and the role of scalpers [7][9]. - Young consumers are motivated by various factors, including the thrill of collecting, the potential for profit, and the desire to showcase rare items on social media [9].

Group 1 - Didi Chuxing, Cao Cao Mobility, and T3 Mobility have announced a reduction in commission rates, with Didi and T3 lowering their maximum commission to 27% and Cao Cao reducing it to 22.5% [19] - Gaode Dache has also stated that it will work with partners to ensure that the commission rate for at least 80 ride-hailing platforms does not exceed 27% [19] - The average net income of truck drivers is reported to be 10,512 yuan per month, making it the highest among six new employment groups [10][11] Group 2 - The total electricity consumption in China reached 1.02 trillion kilowatt-hours in July, marking a historic first and a year-on-year increase of 8.6% [11] - This figure is equivalent to the total annual electricity consumption of ASEAN countries and has doubled compared to ten years ago [11] - The increase in electricity consumption is attributed to high temperatures and stable industrial production [11] Group 3 - The Hong Kong Stock Exchange is considering extending trading hours but emphasizes the need for caution due to the potential impact on the market [6] - The National Development and Reform Commission plans to conduct central frozen pork reserve storage to stabilize the pork market amid price fluctuations [7] - The State Council has approved a plan for the Jiangsu Free Trade Zone to promote the open innovation development of the biopharmaceutical industry [8] Group 4 - The National Foreign Exchange Administration is launching a pilot program for green foreign debt in 16 provinces and cities to support green finance development [9] - The CEO of Zhiyuan Robotics expects to complete a Series C financing round by the end of the year, aiming to attract more international investment [20] - Xiaopeng Motors' CEO He Xiaopeng has purchased 3.1 million shares at an average price of 80.49 HKD, signaling confidence in the company's future [21] Group 5 - Sinopec plans to repurchase A-shares worth between 5 billion and 10 billion yuan, which is expected to enhance earnings per share and boost stock prices [22] - WanTai Biologics has received approval for its nine-valent HPV vaccine, marking a new revenue growth point for the company [25] - NIO has launched the new ES8 model with a starting price of 416,800 yuan, indicating a strong market presence in the electric SUV segment [26]

Group 1 - The Hong Kong Stock Exchange (HKEX) is considering extending trading hours but emphasizes the need for caution due to potential market impacts [9] - The National Development and Reform Commission (NDRC) plans to conduct central frozen pork reserve storage to stabilize the pork market amid price fluctuations [10] - The State Council has approved the "Jiangsu Free Trade Zone Biopharmaceutical Industry Chain Open Innovation Development Plan," aiming to enhance the biopharmaceutical sector's global competitiveness [11] Group 2 - The State Administration of Foreign Exchange (SAFE) is launching pilot green foreign debt business in 16 provinces to support green finance development [12] - The China Index Academy reported that 20 distressed real estate companies have approved debt restructuring totaling over 1.2 trillion yuan [14] - China's electricity consumption reached a historic high of 1.02 trillion kilowatt-hours in July, marking an 8.6% year-on-year increase [15] Group 3 - Pop Mart's new product series has generated significant pre-sale interest, with a projected revenue of 30 billion yuan for the year, reflecting strong market demand [22] - Didi, Cao Cao Mobility, T3 Mobility, and Gaode Taxi have collectively announced a reduction in commission rates to attract more drivers and enhance service quality [23] - Zhiyuan Robotics is expected to complete its C-round financing by the end of the year, aiming to attract more international investment [24] Group 4 - Xiaopeng Motors' CEO has purchased 3.1 million shares at an average price of 80.49 HKD, signaling confidence in the company's future [26] - Sinopec plans to repurchase A-shares worth between 5 billion to 10 billion yuan, which is expected to enhance shareholder value [27] - WanTai Biologics has received approval for its nine-valent HPV vaccine, marking a new revenue growth point for the company [30]