The mini version of LABUBU is selling like crazy!
At 10 PM on Thursday, POP MART's &#34;mini version of LABUBU&#34; (THE MONSTERS Heart Code series) officially went on sale. Within just 10 seconds of the sale, all official stores on platforms like JD.com and Taobao sold out, and the official mini program page experienced significant lag. Around 10 AM on Friday, major overseas markets such as the United States, Japan, and South Korea also began pre-sales, which sold out within minutes.
On Friday, POP MART's stock price continued to fluctuate, dropping 0.18% as of the time of writing, reflecting the market's complex emotions while digesting this hot sales news.
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SPDB International Holdings Ltd. analyst Richard Lin stated that the popularity of the new series proves that consumer enthusiasm for Labubu remains strong. POP MART founder and CEO Wang Ning had previously announced the launch of the new series and expressed strong confidence in the company's performance this year, stating, &#34;It feels like achieving 30 billion (in revenue) this year is quite easy.&#34;
<h2>Online channels sold out in seconds, millions of viewers flooded the live stream</h2>
The &#34;mini version of LABUBU&#34; released this time includes 14 regular styles and 1 hidden style, representing the letters A-Z and some punctuation marks. The physical height is about 10.5 cm, priced at 79 yuan each, with the entire set costing 1106 yuan.
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According to media statistics, before the official sale, over 580,000 consumers had added the product to their shopping carts on Tmall.
The data from the live stream more intuitively reflects the popularity of this sale. Ten minutes before the sale, the view count in POP MART's Tmall live stream exceeded 2.37 million, quickly climbing to 3.86 million after the sale began. Information on the Taobao live stream page shows that over 300,000 pieces of this series have been sold.
If we roughly calculate based on the single price of 79 yuan, the sales revenue from just the Tmall channel has already exceeded 23.7 million yuan.
<h2>Resale prices doubled! Hidden styles sold for over a thousand yuan</h2>
The enormous market demand for the mini version of LABUBU has quickly ignited speculation in the secondary market.
According to Daily Economic News, before the sale, sellers on second-hand platforms were already offering purchasing services, with the price for a set (14 pieces) reaching as high as 2699 yuan, more than double the official original price of 1106 yuan.
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On a certain trendy toy trading platform, the average transaction price for the entire product set reached 1,920.77 yuan, with some users even completing transactions at a price of 2,580 yuan.
As the core of the blind box gameplay, the price of hidden items is particularly high. The &#34;Hidden Item - Heart&#34; with a probability as low as 1:168 among new products has a minimum listing price of 679.7 yuan in the secondary market, and there have been records of transactions at 1,188 yuan and 1,100 yuan, which is more than 13 times the original price of 79 yuan.
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In the H1 earnings call, Wang Ning expressed great optimism about the mini version of LABUBU, stating that the series &#34;can be hung on a mobile phone&#34; and believes it will definitely become a super popular hit product.
<h2>Labubu IP Drives Performance Surge, Gross Margin Comparable to Luxury Goods</h2>
The continued popularity of the Labubu series has become the core engine driving the performance growth of POP MART.
According to the company's H1 2025 financial report, it achieved revenue of 13.88 billion yuan in the first half of the year, a year-on-year increase of 204.4%; adjusted net profit soared to 4.71 billion yuan, a year-on-year surge of 362.8%, with the company surpassing last year's total revenue of 13 billion yuan in just half a year.
In terms of IP contribution, the THE MONSTERS series, including LABUBU, achieved revenue of 4.81 billion yuan in the first half of the year, a staggering year-on-year increase of 668.0%, accounting for as much as 34.7% of total revenue. At the same time, the company's profitability also reached a new high.
In the first half of 2025, POP MART's gross margin increased to 70.3%, setting a historical record, a figure that not only surpassed LVMH Group's 67.0% level but also approached that of the luxury brand Hermès.
In the face of unexpected growth, the company's management has also shown strong confidence. Wang Ning stated in the earnings call that the revenue target of 20 billion yuan set at the beginning of the year now seems easily achievable, and he believes &#34;300 billion this year should also be very easy.&#34;
The sell-out of new Labubu products undoubtedly adds strong weight to achieving this optimistic expectation

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If we roughly calculate based on a single price of 79 yuan, the sales revenue from the Tmall channel alone has exceeded 23.7 million yuan. Wang Ning previously stated, "It feels very easy to achieve 30 billion (in revenue) this year." Considering that the Labubu series accounts for as much as 35% of the revenue, the sell-out of this new product undoubtedly adds strong support for achieving this optimistic expectation

- The release of the "Mini LABUBU" by Pop Mart sold out within 10 seconds across major platforms, indicating strong consumer demand.  
- Analysts highlight the series' popularity, with sales exceeding 237 million yuan on Tmall alone, and secondary market prices for hidden variants skyrocketing.  
- Pop Mart's revenue for the first half of 2025 reached 13.88 billion yuan, a 204.4% increase, driven by the Labubu IP, with a gross margin of 70.3%, surpassing luxury brands.

Labubu's new product sold out in seconds, with global fans going crazy to buy it, and POP MART has exploded in sales again!