Core Viewpoint - The recent launch of the "Starry People Dream Meteorological Bureau Series" blind box by Pop Mart has generated significant consumer interest and sales, indicating a strong market demand for new IPs in the collectible toy sector [1][2]. Product Launch and Sales - Pop Mart has introduced multiple new products, including the "Starry People" blind box, which is part of its newly signed IP for 2024 and has already achieved a revenue of 390 million yuan in the first half of the year [2]. - The pricing for the blind boxes is set at 79 yuan each and 474 yuan for a full box, while the "MOKOKO" plush toys are priced at 199 yuan each. The products sold out almost instantly upon release, with inventory disappearing within seconds on various platforms [3]. Market Demand and Resale Prices - The shortage of available stock has led to a surge in resale prices on secondary markets, with the full box of "Starry People" selling for as much as 1,350 yuan, representing a nearly threefold increase in price. Individual pieces are averaging 150 yuan, nearly double the original price, while hidden variants have reached 478 yuan, over six times the original price [8][12]. - The excitement surrounding the "Starry People" series has drawn comparisons to the previous popular series, LABUBU 3.0, which has seen its prices drop to 780 yuan, indicating a shift in consumer interest and potential for "Starry People" to become the next big hit [15][16]. Production Capacity and Challenges - Pop Mart's supply chain president revealed that the production capacity for plush toys has increased significantly, with August's output reaching approximately 30 million units, a tenfold increase compared to previous levels. However, there are concerns about meeting the high demand, as the company is still in the process of ramping up production [18].

Core Viewpoint - The recent launch of new products by Pop Mart has led to a significant surge in demand, resulting in extraordinary price inflation in the secondary market, with some items being resold at three times their original price or more [1][11][16]. Product Launch and Market Response - On August 21, Pop Mart launched several new products, including the "Starry Dream Meteorological Bureau Series" plush blind boxes priced at 79 yuan each and 474 yuan per box, which sold out within seconds across various platforms due to overwhelming traffic [3][5]. - Consumers reported difficulties in purchasing, with many resorting to setting alarms to secure their orders, highlighting the competitive nature of acquiring these popular items [5][16]. Secondary Market Pricing - The "Starry Dream Meteorological Bureau Series" blind boxes are being resold for approximately 1350 yuan per box, representing a nearly threefold increase in price, while individual items average around 150 yuan, also showing significant markup [11][16]. - The "MOKOKO Summer Series" plush toys, originally priced at 199 yuan, are being sold for around 800 yuan in the secondary market, indicating a strong speculative interest [13][16]. Company Performance and Growth Potential - Pop Mart's adjusted net profit for the first half of 2025 reached 4.71 billion yuan, a staggering year-on-year increase of 362.8%, with the "THE MONSTERS" series generating 4.81 billion yuan in revenue, accounting for 34.7% of total revenue [20][22]. - The "Starry Dream" IP has emerged as one of the fastest-growing new IPs, generating 389 million yuan in revenue in the first half of the year, showcasing its potential as a new growth driver for the company [20][23]. International Market Expansion - Pop Mart's international business has shown remarkable growth, with revenue in the Americas increasing by 1142.3% and in Europe and other regions by 729.2% [22]. - The company aims for a revenue target of 20 billion yuan for the year, with optimistic projections suggesting it could reach 30 billion yuan easily [22]. Production Capacity and Supply Chain - The production capacity for plush toys has increased significantly, with a monthly output now ten times that of the same period last year, reaching approximately 30 million units [22]. - The supply chain management team has indicated that production levels will continue to rise, addressing concerns about stock availability for future product launches [22].

Group 1 - The core product launch includes the "Starry People Dream Meteorological Bureau Series" plush blind box priced at 79 yuan each and 474 yuan for a full box, along with the "Light Up Series" scene figurine blind box at the same individual price and 711 yuan for a full box [2] - The MOKOKO rubber plush blind box is priced at 199 yuan each, indicating a diverse product offering [2] - The "Starry People" IP has generated significant market interest, leading to rapid price increases in the secondary market, with full boxes selling for up to 1350 yuan, representing a 300% premium [3][5] Group 2 - The overwhelming demand for the "Starry People" series has resulted in stock shortages, with reports of orders exceeding expectations, similar to the previous success of the LABUBU3.0 series [7] - The company reported impressive financial results for the first half of the year, with revenue of 45.58 billion yuan, a 62% year-on-year increase, and a profit of 10.18 billion yuan, up 90.1% [8] - The CEO forecasts annual revenue to exceed 10 billion yuan, with a growth rate of at least 60%, and international revenue growth expected to be around 200% [8]