by HOU Ruining

Pop Mart (09992.HK) launched its latest plush blind-box series at 10 p.m. on Sept. 29, with items reselling for up to 15 times the official price even before the release, underscoring feverish demand that is driving record earnings.

The "Twinkle Twinkle Savor the Moment" series, created by artist Da Xin, features six plush toys and a hidden variant called "Little Bear Biscuit." Sold at 59 yuan (aboutUS$8.3), the Little Bear Biscuit has fetched 929 yuan on resale platform Dewu, while full sets climbed from 354 yuan to 1,499 yuan, and other characters also saw strong markups.

Pop Mart divides its portfolio into plush, figurines, MEGA collectibles and other derivatives. Plush has now overtaken figurines as the top category, with first-half sales surging 1,276% to 6.14 billion yuan (about US$864 million), or 44% of revenue.

Overall, revenue more than tripled to 13.88 billion yuan in the first half year, while net profit jumped 397% to 4.57 billion yuan. Artist-driven IP contributed 88% of sales, up from 81% a year earlier.