Group 1 - The new product "Starry People Delicious Moment Series - Freshly Baked Cookie Plush Keychain Blind Box" from Pop Mart (09992.HK) is highly sought after before its official release on September 29 [1][4] - The hidden variant "Bear Cookie" has seen its highest transaction price rise from 59 yuan to 929 yuan, representing a premium rate of nearly 15 times [1] - The individual blind box price increased from 59 yuan to 249 yuan, while the complete box price rose from 354 yuan to 1499 yuan, both showing a premium rate exceeding 3.2 times [1] Group 2 - The "Starry People Delicious Moment Series" figures are also popular, with a set of 12 plus one hidden variant priced originally at 828 yuan, now trading at 1055 yuan, indicating a 27% premium [4] - The series was created by artist Da Xin, and the characters represent stories of courage, longing, and love [4]

Core Viewpoint - The stock price of Pop Mart (09992.HK) has been declining, with a drop of over 7% recently, reflecting market concerns about its sustainability and valuation risks despite strong financial performance [1][2]. Group 1: Stock Performance - On September 8, Pop Mart's stock price fell by 6.78%, closing at 288.6 HKD per share [1]. - The short-selling data for Pop Mart has significantly increased, with short positions rising from 285,800 shares on August 29 to 6,266,200 shares by the previous Friday [2]. Group 2: Product Performance - The resale prices of the mini LABUBU figures have decreased significantly, with second-hand prices dropping to between 1,400 and 1,850 RMB, and some less popular styles falling to as low as 81 RMB [1][2]. - The mini LABUBU series was launched on August 28, with an original price of 79 RMB per blind box, but the average resale price has decreased by 60% from its initial peak [1][2]. Group 3: Financial Performance - For the first half of 2025, Pop Mart reported a revenue of 13.88 billion RMB, a year-on-year increase of 204.4%, and an adjusted net profit of 4.71 billion RMB, up 362.8% [2]. - Despite the strong financial results, some institutions express concerns about the long-term sustainability and short-term valuation risks of Pop Mart [2][3]. Group 4: Market Sentiment - The stock has seen a significant price increase of 588% over the past 12 months, leading to profit-taking pressures in the short term [3]. - Analysts from Goldman Sachs noted that while the net profit growth exceeded expectations, it only "roughly met" the elevated expectations from buyers [3].

Core Viewpoint - The strong sales performance of the new "mini LABUBU" series significantly supports the optimistic revenue forecast of 30 billion yuan for the year, as stated by the company's CEO Wang Ning [1][19]. Sales Performance - The "mini LABUBU" series was launched on Thursday night and sold out within 10 seconds across major platforms like JD and Taobao, indicating high consumer demand [2][6]. - Prior to the official launch, over 580,000 consumers had already added the product to their shopping carts on Tmall, showcasing the pre-launch interest [8]. - The sales revenue from Tmall alone exceeded 23.7 million yuan, based on a rough estimate of 79 yuan per unit [9]. Market Reaction - Following the sales announcement, the stock price of Pop Mart experienced fluctuations, reflecting mixed market sentiments, with a slight decline of 0.18% at the time of reporting [3][4]. - Analysts noted that the popularity of the new series demonstrates sustained consumer enthusiasm for the Labubu brand [4]. Secondary Market Activity - The high demand for the mini LABUBU has sparked significant speculation in the secondary market, with resale prices for hidden variants reaching up to 1,000 yuan, indicating a substantial markup [10][13]. - On secondary trading platforms, the average transaction price for a complete set reached approximately 1,920.77 yuan, with some sets selling for as high as 2,580 yuan [13]. Financial Performance - In the first half of 2025, Pop Mart reported a revenue of 13.88 billion yuan, a year-on-year increase of 204.4%, and an adjusted net profit of 4.71 billion yuan, up 362.8% [17]. - The Labubu series, part of the THE MONSTERS collection, generated 4.81 billion yuan in revenue during the same period, marking a staggering year-on-year growth of 668.0% and accounting for 34.7% of total revenue [17]. - The company's gross margin reached a record high of 70.3%, surpassing that of luxury brands like LVMH [18].

Core Viewpoint - The launch of the "Mini Labubu" series by Pop Mart has generated significant consumer interest, leading to rapid sellouts across various platforms, indicating strong demand for the Labubu brand [1][3][4]. Sales Performance - The "Mini Labubu" series sold out within 10 seconds of its release, with over 58,000 consumers adding the product to their shopping carts prior to the launch [4][6]. - The sales figures from Tmall alone exceeded 23.7 million yuan, based on the unit price of 79 yuan [6]. - The series includes 14 regular items and 1 hidden item, with a total set price of 1,106 yuan [4]. Market Demand and Resale Value - The high demand has led to a surge in secondary market trading, with resale prices for the complete set reaching up to 2,699 yuan, more than double the original price [7][10]. - The average transaction price for the complete set on a trading platform reached 1,920.77 yuan, with some individual hidden items selling for as much as 1,188 yuan, representing a significant markup from the original price [10]. Financial Performance - Pop Mart reported a revenue of 138.8 billion yuan for the first half of 2025, a year-on-year increase of 204.4%, with a net profit of 47.1 billion yuan, up 362.8% [14]. - The Labubu series contributed 48.1 billion yuan to the total revenue, marking a 668% increase year-on-year and accounting for 34.7% of total revenue [14]. - The company's gross margin reached 70.3%, surpassing that of luxury brands like LVMH [14]. Management Outlook - The CEO of Pop Mart expressed confidence in achieving a revenue target of 300 billion yuan for the year, bolstered by the successful launch of the Mini Labubu series [15].

Core Viewpoint - The demand for LABUBU products from Pop Mart is surging, with recent releases selling out quickly and commanding high resale prices, indicating a strong market presence and consumer interest in collectible toys [1][6]. Sales Performance - The recent release of the LABUBU mini and colorful versions sold over 300,000 units within minutes, showcasing the high demand [1]. - The resale price for the LABUBU products has seen significant appreciation, with some items selling for over 9 times their original price [1][6]. Revenue Growth - The revenue for the THE MONSTERS series reached 3.04 billion yuan in 2024, marking a year-on-year increase of 726.6%, making it Pop Mart's most profitable IP [6]. - In the first half of 2024, the revenue from THE MONSTERS series was 4.814 billion yuan, surpassing the total revenue for the previous year [6]. Market Trends - Pop Mart has seen a rise in the popularity of other IPs, with 13 IPs generating over 100 million yuan in revenue in 2024, including SKULLPANDA and CRYBABY [7]. - The newly signed IP "Star People" is also gaining traction, with resale prices for its products reaching 9-15 times their original prices [9]. Financial Performance - For the first half of 2025, Pop Mart reported a record revenue of 13.88 billion yuan, a year-on-year increase of 204.4%, and an adjusted net profit of 4.71 billion yuan, up 362.8% [11]. - The company aims for a revenue target of 30 billion yuan for the current year, with optimistic projections suggesting it could reach 30 billion yuan easily [11]. Stock Market Presence - Pop Mart was included in the Hang Seng Index, effective September 8, 2025, marking a significant milestone for the company [11]. - As of August 28, 2025, Pop Mart's stock closed at 324.4 HKD per share, with a market capitalization exceeding 430 billion HKD [11].

Core Viewpoint - The launch of the "Mini LABUBU" from Pop Mart's "THE MONSTERS" series has generated significant consumer interest, evidenced by long queues for pickup at the company's first store in Beijing, despite the absence of scalpers [1] Group 1 - The online sale of the "Mini LABUBU" began on August 29 at 10 PM, with in-store pickup starting the following day [1] - At the Beijing Zhongguancun store, a line formed quickly after opening, with at least ten people waiting for pickups within the first ten minutes [1] - The store staff indicated that the "Mini LABUBU" is only available for online purchase, with no in-store sales, which has prevented any chaotic buying scenarios [1] Group 2 - Pop Mart implemented a dedicated pickup channel for customers and temporarily assigned security personnel to maintain order during the pickup process [1]

Core Insights - The launch of the "Mini LABUBU" from Pop Mart's "THE MONSTERS" series took place online on August 29, with in-store pickup starting the following day [1] - The first store in Beijing's Zhongguancun saw significant customer interest, with a long queue forming for pickups shortly after the store opened [1] Summary by Category Product Launch - Pop Mart's "Mini LABUBU" was released as part of the "THE MONSTERS" series, indicating a strategic move to expand its product offerings [1] Customer Engagement - The company experienced high customer engagement, as evidenced by a long line of customers waiting for product pickup, demonstrating strong demand for the new product [1] - A dedicated pickup channel was established to facilitate the process, and additional security personnel were deployed to maintain order at the store [1]

Core Insights - The launch of the "Mini LABUBU" from Pop Mart's "THE MONSTERS" series saw significant consumer interest, with long queues forming for product pickup [1] Company Performance - Pop Mart's first store in Zhongguancun, Beijing, experienced a strong turnout, with a line of customers waiting for over ten minutes to collect their purchases [1] - The company implemented a dedicated pickup channel and deployed security personnel to manage the crowd effectively [1]

Core Viewpoint - The launch of the "Mini LABUBU" series by Pop Mart has generated significant consumer interest, leading to rapid sell-outs across various platforms and a surge in secondary market prices for the product [2][5][23]. Group 1: Product Launch and Sales Performance - The "Mini LABUBU" was released on August 28 at 10 PM, quickly selling out within 60 seconds on platforms like JD and Taobao [5]. - The product consists of 14 regular items and 1 hidden item, priced at 79 yuan each, with a complete set costing 1106 yuan [7]. - During the live broadcast prior to the launch, over 2.37 million viewers tuned in on Taobao, and more than 580,000 added the product to their carts [7]. - Post-launch, the Taobao live stream audience surged to 3.86 million, with sales exceeding 30,000 units and generating over 23.7 million yuan in revenue [7]. Group 2: Secondary Market Dynamics - The hidden variant of the "Mini LABUBU" has seen prices on secondary markets soar, with individual items selling for as high as 300 yuan and complete sets reaching 2699 yuan [23][26]. - As of the report, over 700 units of "Mini LABUBU" were listed for sale on secondary trading platforms, with an average transaction price of approximately 1920.77 yuan [26]. - The hidden item, originally priced at 79 yuan, has been listed at a minimum of 679.5 yuan, with some transactions exceeding 1100 yuan [30]. Group 3: Company Financial Performance - Pop Mart reported a revenue of 13.88 billion yuan for the first half of 2025, a year-on-year increase of 204.4%, with a net profit of 4.71 billion yuan, up 362.8% [35]. - The "THE MONSTERS" series, including LABUBU, generated 4.81 billion yuan in revenue, marking a staggering increase of 668.0% and accounting for 34.7% of total revenue [35]. - The company's gross margin reached 70.3%, a historical high, surpassing competitors and even luxury brands like LVMH [35]. Group 4: Market Reaction and Future Outlook - Following the financial report, Pop Mart's stock price rose nearly 9%, with a market capitalization exceeding 400 billion HKD [36]. - The CEO expressed optimism about achieving 200 billion yuan in revenue for the year, suggesting that 300 billion yuan is also attainable [36].

Core Viewpoint - The launch of the "Mini LABUBU" product by Pop Mart has generated significant consumer interest, leading to rapid sell-outs across various online platforms and a surge in secondary market prices. Group 1: Product Launch and Sales Performance - The "Mini LABUBU" product was sold out within 60 seconds on platforms like JD and Taobao, with the sales page displaying messages indicating high traffic and server overloads [2][4] - The product consists of 14 regular items and 1 hidden item, priced at 79 yuan each, with a complete set costing 1106 yuan. During the initial sale, over 58,000 people added the product to their carts [4] - The live streaming event for the product attracted over 2.37 million viewers on Taobao, with sales exceeding 30,000 units and generating over 23.7 million yuan in revenue shortly after launch [4] Group 2: Secondary Market Dynamics - The secondary market for the "Mini LABUBU" has seen prices soar, with individual items being resold for as high as 300 yuan, and complete sets reaching up to 2699 yuan, indicating a significant markup from the original price [18][21] - The average transaction price for the "Mini LABUBU" on secondary platforms is reported to be around 1920.77 yuan, with some hidden items fetching prices over 1000 yuan [21][25] Group 3: Financial Performance and Market Impact - Pop Mart's revenue for the first half of 2025 reached 13.88 billion yuan, a year-on-year increase of 204.4%, with a net profit of 4.71 billion yuan, up 362.8% [30] - The "THE MONSTERS" series, which includes LABUBU, generated 4.81 billion yuan in revenue, a staggering increase of 668.0%, contributing significantly to the overall growth [30] - The company's gross margin reached a historical high of 70.3%, surpassing competitors and even luxury brands like LVMH [30] Group 4: Market Sentiment and Future Outlook - Following the impressive financial results, Pop Mart's stock price rose nearly 9%, with market capitalization exceeding 400 billion HKD, reflecting strong investor confidence [31]