Core Viewpoint - The mini LABUBU plush keychain from the THE MONSTERS series by Pop Mart has sold out across multiple platforms, with secondary market prices rising significantly, indicating strong demand and potential investment opportunities in collectible toys [1]. Group 1 - The mini LABUBU plush keychain was launched online on August 28, with the main product being a part of the heart password series [1]. - The product has seen substantial sales, with over 300,000 units sold on Taobao, more than 155,000 units on Douyin, and over 700,000 units on JD.com [1]. - The hidden variants of the product are currently being sold at nearly 8 times their original price in the secondary market, reflecting a high demand and potential for profit [1].

Core Insights - The launch of the new mini LABUBU plush keychain by Pop Mart's THE MONSTERS series has sparked a buying frenzy, with the product selling out within minutes across various online platforms [1][3] - The total sales of mini LABUBU across e-commerce platforms exceeded 1 million units by the evening of August 28, indicating a significant increase in production capacity compared to previous launches [3][5] - The popularity of LABUBU and other IP products has led to stock shortages, reflecting both high consumer demand and production challenges within the industry [4][5] Sales Performance - The mini LABUBU achieved over 300,000 sales on the Tmall platform alone shortly after its release [1] - The overall sales across all platforms reached over 1 million units, showcasing the strong market response [3] - The production capacity for plush toys has reportedly increased tenfold, reaching 30 million units in August [5] Production and Supply Chain - Despite the increased production capacity, the overwhelming consumer demand has still led to stock shortages, highlighting the challenges in meeting market needs [3][5] - The production of plush toys remains labor-intensive, with a single skilled worker able to produce a maximum of 50 LABUBU units per day [5] - The company is focused on scaling production to meet market demand, with management emphasizing the need to enhance capacity further [5][7] IP Development and Future Prospects - LABUBU is part of a broader portfolio of IPs, with the THE MONSTERS series accounting for only 30% of the company's offerings, indicating potential for other IPs to emerge as future hits [6] - Other rapidly growing IPs include HACIPUPU and CRYBABY, which have seen year-on-year growth rates of 249.6% and 248.7%, respectively [6] - The company has established itself as a mature IP operation platform, with a strong focus on maintaining the health of its IP ecosystem and supply chain [7] Financial Performance - For the first half of 2025, the company reported revenues of 13.88 billion yuan, a year-on-year increase of 204.4%, and a net profit of 4.71 billion yuan, up 362.8% [7] - The company's market capitalization exceeded 400 billion HKD, with stock prices reaching 324.4 HKD per share as of August 28 [7] - The CEO has projected annual revenues to be no less than 30 billion yuan for the current year, emphasizing a focus on overall business health rather than just financial metrics [7]

Core Insights - The new product launch of THE MONSTERS' mini LABUBU plush keychains sold out quickly across multiple platforms, indicating strong market demand [1] - The supply chain president of Pop Mart reported a significant increase in plush product output, with August production reaching approximately 30 million units, a tenfold increase compared to the previous year [7] - The plush category generated revenue of 6.14 billion yuan in the first half of the year, marking a year-on-year growth of 1276.2%, while THE MONSTERS series contributed 4.81 billion yuan, accounting for 34.7% of total revenue [7] Sales Performance - The mini LABUBU sold over 21,000 units on the Dewu app, with 82,000 users expressing interest, and recent purchase prices ranged from 168 to 182 yuan [1] - On Taobao, over 300,000 units of the series were sold, while Douyin and JD platforms reported sales exceeding 155,000 and 700,000 units, respectively [1] Production and Industry Dynamics - The plush toy industry is characterized by its complexity, with fluctuating production capacities and a low level of automation compared to traditional toys [7] - A skilled worker can only sew a maximum of 50 LABUBU plush toys per day, highlighting the labor-intensive nature of the production process [7]