Mini Labubu series proves instant hit
On Thursday, collectible toys maker Pop Mart's latest launch — THE MONSTERS Heart Code Mini Series, featuring a pocket-sized version of its iconic Labubu character — became an instant sensation.
Released at 10 pm, the highly anticipated collection sold out within a minute across all official stores. By 11 pm, e-commerce sales had surpassed one million units, sending shock waves through the collectibles market.
Pop Mart's shares opened at HK$330 ($42.35) apiece on Friday, up 5.6 percent, but quickly slipped in intraday trading. Its shares closed 1.11 percent lower at HK$320.80.
The release of the new collection consists of two separate blind-box sets, each containing 14 standard figures and one secret edition. Priced at 79 yuan ($11.07) per blind box, the full set of 14 figures retails for 1,106 yuan.
Speculators quickly capitalized on the frenzy.
On resale platforms, full sets of 14 were being listed for as high as 2,500 yuan. The secret "Heart" figure, in particular, saw its price soar to 1,900 yuan — 24 times the original retail value.
The intense demand comes as no surprise, given Pop Mart's recent financial performance. The company's 2025 interim results report showed a 204.4 percent increase in first-half revenue, reaching 13.88 billion yuan, while its adjusted net profit jumped 362.8 percent to 4.71 billion yuan.
The MONSTERS brand, which includes Labubu, generated 4.81 billion yuan in sales during the same period — a 668 percent year-on-year growth, now accounting for nearly 35 percent of Pop Mart's total revenue.
In the first half, the Chinese market delivered 8.28 billion yuan in revenue, a 135.2 percent year-on-year surge; Asia-Pacific generated 2.85 billion yuan, up 257.8 percent; the Americas contributed 2.26 billion yuan, soaring 1,142.3 percent; and Europe plus other markets added 480 million yuan, higher by 729.2 percent.
Founder Wang Ning introduced the mini Labubu during the company's earnings call, emphasizing its design as a key-chain-ready collectible that can hang from phones, bags, or keys, unlocking new moments of engagement. "Demand for the current line remains enormous, and the IP still has vast untapped value," Wang said.
GF Securities noted that as Gen-Z matures, China's spending mix is shifting: outlays on services are rising steadily, and new categories — emotion-driven and self-reward consumption — are springing up.
Tracking how preferences evolve offers a road map: Chinese consumers are migrating toward purchases that deliver emotional resonance and high value-for-money, signaling a structural pivot to sentiment-centric, quality-first spending, GF Securities said.
