POP MART(09992) 观察者网· Guan Cha Zhe Wang·2025-05-30 05:54Core Viewpoint - Labubu, a plush toy created by Pop Mart (stock code: 09992.HK), has gained international popularity and significant revenue-generating ability, leading to chaotic scenes in overseas markets due to overwhelming demand [7][12]. Group 1: Product Popularity and Market Response - The Labubu 3.0 series blind boxes were officially launched on April 24, leading to a buying frenzy where customers had to queue for hours in physical stores, and online sales sold out instantly [12]. - The original price of the Labubu 3.0 series blind box was 594 yuan, but it has been resold in the secondary market for 1,000 to 2,000 yuan, representing a price increase of up to 237%. The basic version, priced at 99 yuan, is now commonly sold for 200 to 600 yuan, a 2-6 times increase [12]. - The popularity of Labubu has led to a surge in counterfeit products, with reports indicating that some counterfeit manufacturers can achieve over 90% similarity to the original, and about 45% of these counterfeits can pass authenticity verification [13]. Group 2: Company Performance and Market Strategy - Pop Mart's stock price has increased over 500% since July of the previous year, with the latest market capitalization exceeding 300 billion HKD, driven by the success of Labubu [12]. - The company has announced the opening of its first jewelry brand store, POPOP, in Shanghai, indicating a strategy to diversify beyond the "trendy toy" label and extend the lifespan of its IP [15]. - Pop Mart's management acknowledged that the demand for plush products has significantly exceeded normal levels, presenting challenges for the company [13].