Core Insights - The recent popularity of the "Labubu 3.0" and "Twinkle Twinkle" series from Pop Mart indicates a strong demand in the collectible toy market, with significant price fluctuations observed in the secondary market [1][6][10] Group 1: Product Performance - The "Labubu 3.0" series saw a significant drop in secondary market prices, with items originally priced at 99 RMB now being sold for as low as 85 RMB, indicating a decrease in demand or oversupply [1] - The "Twinkle Twinkle" series, particularly the "Starry Person Delicious Moment Series," has experienced a surge in popularity before its official release, with hidden items selling for up to 929 RMB, reflecting a nearly 15-fold premium [6] - The "Starry Person" IP achieved over 1 billion RMB in sales within six months of signing with Pop Mart, making it the fastest-growing new IP in the company's history [7] Group 2: Market Trends - The collectible toy market remains vibrant, as evidenced by the active secondary market for the "Starry Person" series, which indicates strong consumer interest and demand [6][10] - The emotional connection and storytelling behind the "Starry Person" IP contribute to its appeal, as it resonates with consumers seeking identity expression through collectibles [10] - The trend of high premiums in the secondary market suggests a structural shortage of quality IPs, highlighting the potential for continued growth in the collectible toy sector [10] Group 3: Company Strategy - Pop Mart is shifting from a model focused on creating hit products to a more refined approach of nurturing long-term IP ecosystems, as seen with the "Starry Person" series [10] - The company aims to reduce reliance on single IPs and extend the consumer lifecycle of popular products, which is crucial for sustaining revenue growth [10] - The success of the "Starry Person" series demonstrates Pop Mart's effective IP incubation and market deployment strategies, showcasing its ability to maintain a pipeline of popular products [10]

Core Viewpoint - The commercial value of an IP only begins when it becomes a world-class super IP, as stated by the chairman and CEO of Pop Mart, Wang Ning [2] Group 1: Product Launch and Sales Performance - On August 28, Pop Mart launched the "Mini Labubu" online, with offline sales starting the next day [2] - The live streaming event for the product launch attracted over 2.37 million viewers on Tmall and over 840,000 on the WeChat mini-program [3] - At the official launch, more than 580,000 users added the Mini Labubu to their carts, and within two minutes, over 300,000 units were sold, generating sales exceeding 23.7 million yuan [3] Group 2: Market Reaction and Pricing Trends - Despite the successful launch of the Mini Labubu, the stock price of Pop Mart only saw a slight increase of 0.68%, closing at 324.4 HKD per share on August 28 [7] - The average transaction price of the regular Labubu series has dropped significantly, from 2,118.7 yuan in June to 760.2 yuan recently, indicating a decline in popularity [7] Group 3: Expert Analysis and Strategic Intent - Industry analyst Zhang Shule expressed skepticism about the Mini Labubu's ability to generate significant social media buzz, suggesting it may only achieve short-term popularity [8] - Zhang noted that while Labubu has become a global phenomenon, it lacks depth in storytelling, and the Mini version serves more as a marketing strategy to maintain visibility during a lull in product innovation [8]

Core Viewpoint - The commercial value of an IP only begins when it becomes a world-class super IP, as stated by Pop Mart's Chairman and CEO Wang Ning [3]. Group 1: Product Launch and Sales Performance - On August 28, Pop Mart launched the "Mini Labubu" as an extension of the Labubu brand, with online sales starting at 10 PM and offline sales the following day [4]. - The launch event saw significant engagement, with over 2.37 million viewers on Pop Mart's Tmall live stream and over 840,000 on the box machine WeChat mini-program before the official sale [4]. - At the time of the official launch, more than 580,000 people had added the Mini Labubu to their carts, and within two minutes of the sale, over 300,000 units were sold, generating over 23.7 million yuan in sales [4]. Group 2: Market Trends and Consumer Sentiment - Despite the successful launch of the Mini Labubu, the popularity of the regular Labubu has declined, with the average transaction price on second-hand platforms dropping from 2,118.7 yuan in June to 760.2 yuan recently, a decrease of nearly two-thirds [7]. - Analysts express skepticism about the Mini Labubu's ability to generate sustained social media buzz, suggesting it may only achieve short-term popularity [8]. - The strategic intent behind launching the Mini version is seen as a marketing choice to maintain visibility and fill a gap in the market, rather than a significant innovation in the brand's narrative [9].