On June 10, a unique mint-colored LABUBU made its debut at the Yongle 2025 Spring Auction, with a hammer price of 1.08 million yuan, and it has since closed.

It is understood that this auction featured the world's first-generation collectible LABUBU art special. This LABUBU is 131 cm tall, made of PVC, and is mint-colored, noted in the remarks as "the only one in the world."

According to media reports, this auction is in collaboration with collectors of the first-generation LABUBU, and the LABUBU has already been sold, making it inconvenient to disclose the buyer's identity at this time.

In addition to the mint-colored LABUBU priced at 1.08 million yuan, the auction also featured a brown LABUBU that sold for 820,000 yuan, which is globally limited to 15 versions.

It is worth mentioning that the Yongle online mini-program indicates that after buyers win the auction item, they need to pay a commission of 15% of the hammer price. Based on the hammer price of 1.08 million yuan for this 'mint-colored LABUBU', the commission amounts to 162,000 yuan.

The LABUBU buying frenzy is sweeping both domestically and internationally.

According to multiple media reports, the LABUBU buying frenzy is sweeping both domestically and internationally. A reporter queued for two hours in Myeongdong, South Korea, to buy a desired product.

"Too many people are buying lately, and there is no stock in the store or other stores." On June 9, a staff member at a Pop Mart store in Hangzhou told reporters that many adults and children have been inquiring about and buying LABUBU. "We don't know when we will have stock again."

"The product is sold out, and we are frantically restocking" appears on multiple LABUBU online purchasing pages, leaving many to reluctantly click on 'arrival reminder' before exiting.

As LABUBU becomes a top trend in the toy circle, opportunities to purchase at the original price are becoming increasingly rare, leading to its value doubling. "It's impossible to grab one now; even constant refreshing doesn't help, and you have to buy at a high price to get one."

Chen Si (pseudonym), who is in Italy, said that there were people queuing in front of the POP MART store in Milan as early as 3 AM. "This event has been going on for almost a week, and it has been so popular every day."

"It feels like foreigners are crazier than Chinese people overseas." She encountered an Italian grandmother who was visiting Milan, fully dressed in high fashion, also in line. In the end, she even negotiated with the staff to buy two, but was politely refused. Apart from the LABUBU and Coca-Cola collaboration, where multiple purchases are allowed, other LABUBUs are limited to one per person per transaction. "There are quite a number of people in line who buy to resell at a high price, generally reselling at twice the original price."

However, some people express their confusion. 28-year-old Liu Ruo (pseudonym) stated that she cannot understand the behavior of purchasing at a high premium. "I can get its cuteness, but it's impossible for me to spend money on it." She also mentioned that as LABUBU becomes more popular, with increasing marketing, she is even less interested.

"LABUBU's ability to break out of its niche and gain global popularity actually reflects China's significant progress in self-designed trendy toys." According to Chen Rui, associate professor at the School of Journalism at Communication University of China, and deputy secretary-general of the Psychological Communication Committee of the Chinese Society of Psychology, there are multiple reasons why dolls and cultural creative fashion consumer goods can become popular. On one hand, there is economic driving force, with companies and stores actively promoting products; on the other hand, there is social mobilization from the fan base, as fans' sharing on social platforms can greatly boost the trend. "Of course, there may also be some negative factors, such as some people speculating to drive up prices for profit."

"I think the phenomenon of 'high-priced demand for a single child' may just be a temporary 'trend' and is unlikely to last long." He reminded that if the public has the purchasing power, likes such products, and feels they can satisfy their emotional value, buying is understandable. However, if it exceeds their economic limits or if spending too much energy on it affects their daily life, it may not be worth it.

"LABUBU in Yiwu market was taken off the shelves overnight."

According to media reports, on June 9, a post on social media stating "all LABUBUs in Yiwu market were taken off the shelves overnight" garnered attention. The post claimed that due to local authorities cracking down on counterfeit LABUBUs, merchants removed them from display.

A reporter inquired as a purchaser with a merchant in Yiwu International Trade City, who stated that there are few counterfeit LABUBUs left. "Once this batch is gone, we won't make LABUBUs anymore because it's not worth it due to constant inspections for violations." He claimed that his store now only sells LABUBU doll clothes, "which we produce ourselves and are compliant and legal."

The merchant stated that the counterfeit LABUBU is priced around 60 yuan each, "and it can wear clothes." In the end, he suggested consumers buy directly from the official website.

A staff member from the Yiwu Market Supervision Administration stated that producing and selling LABUBU must obtain legitimate authorization, and they have always taken a strict stance against piracy. "If the case involves a large amount, it may even be referred to the public security authorities." She added that any known clues about piracy production are welcome to be reported to the Market Supervision Administration.

Pop Mart's stock price reaches a new high.

Recently, Pop Mart's stock performance in the Hong Kong stock market has attracted much attention. As of the time of publication, $Pop Mart (09992.HK)$ was priced at 265.2 Hong Kong dollars per share, up 2.48%, with its stock price increasing by 198% this year.

Multiple foreign banks have released optimistic reports about the company. Deutsche Bank published a report stating that Pop Mart's potential market size is far greater than previously estimated. The company's LABUBU brand has recently gained strong momentum, and Pop Mart has significant potential to exceed expectations for this year and beyond.

Deutsche Bank maintains a 'buy' rating on the stock and has raised its target price from 200 Hong Kong dollars to 303 Hong Kong dollars.

Recently, JPMorgan stated that Pop Mart leads China's rapidly growing IP product market. They are optimistic about the company's strong IP supply, with LABUBU emerging as a 'super IP'. JPMorgan predicts its overseas sales will increase by 152% year-on-year in 2025, with a compound annual growth rate of 42% from 2025 to 2027, accounting for 65% of sales in 2027.

Additionally, JPMorgan predicts that driven by strong IP, store openings, productivity improvements, category, and profit margin expansions, the company's sales and profit compound annual growth rates will reach 44% and 56% respectively from 2024 to 2027.

On March 26, Pop Mart released its financial report for the full year of 2024. The report shows that Pop Mart achieved revenue of 13.04 billion yuan in 2024, a year-on-year increase of 106.9%, with an adjusted net profit of 3.40 billion yuan, a year-on-year increase of 185.9%.

In terms of IP product performance, in 2024, Pop Mart's four major IPs (THE MONSTERS, MOLLY, SKULLPANDA, and CRYBABY) all exceeded 1 billion yuan in revenue. THE MONSTERS, where LABUBU belongs, achieved revenue of 3.04 billion yuan, a year-on-year increase of 726.6%, becoming Pop Mart's highest-grossing IP.