As Mini Labubu Sells Out Instantly, Is Pop Mart's ¥30B Revenue Goal Now Secure?

TradingKey - At 10:00 PM Beijing Time on August 28, POP MART's core IP THE MONSTERS "Heart Code" series mini LABUBU officially launched online, immediately triggering a global buying frenzy among consumers.

Upon launch, official stores on major e-commerce platforms such as JD and Taobao immediately sold out, the official mini-program page also experienced lag due to a surge in traffic, and physical store inventories in multiple locations were instantly depleted.

According to data from POP MART's Tmall flagship store, over 580,000 users had added the series to their shopping carts before the launch, and more than 300,000 units were sold within just two minutes after going on sale. Meanwhile, the number of viewers in POP MART's Tmall live streaming room immediately surged to 3.86 million, with nearly 1.5 million new viewers added within ten minutes, and the view count for its blind box machine mini-program also exceeded 1.26 million.

Combined data from Douyin, Tmall, and JD shows that the series has sold over 1.078 million units across all platforms.

On a Chinese second-hand trading platform, the search term "labubu heart code soft vinyl" has recently surged in popularity, with "labubu heart code" also trending on hot search lists. Some rare variants have already seen varying degrees of premium pricing, indicating strong market demand for collection and trading.

The craze has not only swept the Chinese market but also generated strong responses in overseas markets. According to information from POP MART's AliExpress official flagship store, the mini Labubu quickly sold out in multiple countries and regions, including Australia, New Zealand, and Japan. Keywords such as "Labubu" and "POP MART official flagship store" have once again become popular search terms on the AliExpress platform, with overseas market popularity continuing to rise.

POP MART Chairman and CEO Wang Ning previously stated at the earnings conference: "When an IP becomes a world-class super IP, its commercial value has only just begun." He personally is optimistic about the market potential of the Labubu mini version, believing its usage scenarios are more diverse, "I believe it will be a super popular hit."

Richard Lin, an analyst at SPDB International Holdings Ltd., also pointed out that the popularity of the new series demonstrates that consumer enthusiasm for the Labubu IP remains strong.

Facing better-than-expected growth, the company's management is confident. Wang Ning revealed in a conference call that the revenue target of RMB 20 billion set at the beginning of the year now appears easily achievable, and optimistically stated, "This year, RMB 30 billion should also be easily attainable."

This latest sell-out of the Labubu new product undoubtedly adds an important "weight" to POP MART's achievement of this ambitious revenue expectation, further strengthening market confidence in its IP operation capabilities and sustained growth potential.

However, despite the explosive sales of the Labubu mini version this time, it did not help boost the stock price. On August 29, POP MART's share price closed down 0.62% at HK$322.4.

Source: Yahoo Finance