by HOU Ruining
Pop Mart's latest mini version of Labubu is already a hot commodity before it officially goes on sale at 10pm on August 28. The collectible toy, part of THE MONSTERS: Pin for Love series, is priced at 79 yuan (US$11) per piece or 1,106 yuan per full set. But on second-hand trading platforms, full sets are being resold for as much as 2,500 yuan—126 per cent above retail.
The mini Labubu comes in two sets, A and B, each containing 14 standard figures and one hidden model. Labubu, created by artist Kasing Lung and inspired by Norse mythology, has become one of the most popular global IPs this year. Fueled by the character's popularity, revenue from THE MONSTERS series surged 668 per cent in the first half of 2025 to 4.81 billion yuan, accounting for more than a third of Pop Mart's total revenue.
Founder WANG Ning said at the company's interim results briefing on August 20 that new Labubu products this year were released in a restrained manner to avoid oversaturation, while demand remained strong. He predicted the mini version would be a "super hit."
The frenzy is not limited to Labubu. Pop Mart's other new products have also been resold at high markups before official release. The "Mokoko Jump into Summer" series, launched on August 21 at 199 yuan, was listed on resale platforms for between 600 and 1,999 yuan. A new Twinkle Twinkle blind box series priced at 79 yuan per piece or 474 yuan per set was also marked up to 1,000 yuan.
Plush toys have overtaken figurines as Pop Mart's largest revenue source, generating 6.14 billion yuan in the first half, up 1,276 per cent year on year and accounting for 44.2 per cent of revenue. Overall, the company reported 13.88 billion yuan in revenue, up 204 per cent, with net profit nearly quadrupling to 4.57 billion yuan. Wang said full-year revenue will exceed 30 billion yuan.
