Core Insights - The MOKOKO plush toys from Pop Mart have generated significant pre-sale hype, with prices on secondary markets soaring from the original price of 199 yuan to as high as 799 yuan, indicating a fourfold increase in value [1][4] - The phenomenon of "pre-sale speculation" is driven by a supply-demand imbalance, with scalpers actively promoting their services to secure these limited-edition items for resale at inflated prices [3][7] - Despite the speculative frenzy, Pop Mart's financial performance remains strong, with a reported revenue of 13.84 billion yuan in the first half of 2025, reflecting a year-on-year growth of 204.4% [14] Market Dynamics - The upcoming release of the MOKOKO series and other products has led to a surge in demand, with some items being resold for prices significantly higher than their retail value, such as the blind box series priced at 79 yuan being sold for 200 to 1979 yuan [4][5] - Scalpers are utilizing technology and manpower to secure large quantities of these products upon release, further exacerbating the supply-demand imbalance [8] - Historical precedents, such as the Labubu 3.0 series, demonstrate that speculative prices can collapse when supply increases, as seen when prices dropped from 1500-2800 yuan to 650-800 yuan [10] Consumer Behavior - Many consumers express frustration over the difficulty of purchasing popular items at retail prices, often resorting to secondary markets where prices are inflated [16] - The unique scarcity and collectible nature of blind box toys, combined with social media influence, contribute to speculative behavior in the secondary market [16] - There is a call for rational consumption among consumers, urging them to resist the urge to participate in the speculative frenzy and to wait for prices to stabilize [16]

Investment Rating - The report indicates a positive outlook for the IP derivatives industry, particularly highlighting the strong performance of Pop Mart's Labubu 3.0 series and the potential of the "emotional consumption" sector [4][10]. Core Insights - On April 25, Pop Mart's official app topped the US App Store shopping chart for the first time, coinciding with the global release of the Labubu 3.0 plush series, which sparked a buying frenzy [4][7]. - The sales momentum of Pop Mart's new products underscores the high growth potential of the emotional consumption sector, with significant validation of its global potential in overseas markets [10]. - The secondary market for Labubu 3.0 products shows high premiums, with hidden variants selling for an average of 1,200 RMB, reflecting over a 10-fold increase from the original price of 99 RMB [10]. - The report emphasizes the strong product line innovation and marketing strategies of Pop Mart, including collaborations and limited editions aimed at various markets [10]. Summary by Sections Market Performance - The Labubu 3.0 series has seen remarkable sales, with the average secondary market price for hidden variants reaching approximately 1,200 RMB, while regular variants also show significant price increases [10]. - The US pricing for Labubu 3.0 is set at 28 USD, a 27% increase compared to previous versions, primarily due to tariff adjustments [10]. Product Innovation - Pop Mart consistently launches new basic blind box products annually, with innovative designs and collaborations with popular brands like Coca-Cola and PRONOUNCE [10]. - The introduction of new IPs and expansion of existing ones, such as DIMOO's collaboration with Disney, further enhances product appeal and market reach [10]. Industry Trends - The report highlights the ongoing transformation of traditional stationery companies into diversified IP ecosystems, with companies like Guangbo and Chuangyuan leveraging popular IPs to create a wide range of products [10].