Chongqing—Pop Mart’s latest releases, including the much-hyped Twinkle Twinkle and a new mini Labubu series, have once again sparked a buying frenzy across China. They sell out within seconds online and drive secondhand prices to eye-watering levels.

The newly launched Twinkle Twinkle series at Pop Mart in Chongqing, The Ring Shopping Park. (Photo/Chen Chang)

New Releases Trigger Frenzy

On the evening of August 21, Pop Mart launched its Twinkle Twinkle series along with new Mokoko products. Even before the official release, listings on resale platforms had already soared, with scalpers ready to cash in. When sales opened, Pop Mart’s official app and major e-commerce platforms experienced traffic surges and even temporary crashes. “The checkout button wasn’t even clickable before it showed sold out,” one customer complained.

The scarcity quickly pushed resale prices higher. On the resale app QianDao, a full Twinkle Twinkle box was sold for RMB 1,350, which was about three times the original price. Single blind boxes averaged RMB 150, double the retail price, while rare hidden figures fetched up to RMB 478, more than six times the original cost.

Scalpers are already comparing the craze to the launch of Labubu 3.0 two months ago. “Orders exceeded expectations, too many to handle,” one reseller told a fan group. “Twinkle Twinkle might be the next big IP after Labubu. Prices could rise further.”

The momentum carried into the August 28 release of the new mini Labubu plush keychain blind boxes, priced at RMB 79 each. More than 580,000 people had pre-added the item on Tmall before launch. Within seconds of going live, the series sold out on Pop Mart’s app, Tmall, and Dewu.

Part of Chris Sheng’s Labubu collection. (photo provided by interviewee)

For fans, the rush is more than commerce. Chris Sheng, a self-described Labubu loyalist, explained his motivations: “It’s social—everyone around me collects them. There’s also the thrill of luck. If I get something others can’t, it feels special. And of course, they’re just cute. Seeing them at home makes me happy.”

Another collector, Ms. Wu, said she buys blind boxes less for trends and more for personal joy. “Pulling a favorite character feels like winning the lottery and makes home decoration more meaningful,” she said. She added on the Twinkle Twinkle launch: “The craze is inevitable—they’re just too cute, and the plush versions are even more irresistible.”

Ms. Tan's new Twinkle Twinkle figures. (photo provided by interviewee)

Ms. Tan offered a similar perspective, comparing blind boxes to a game of chance. “Getting a figure I love feels like hitting the jackpot, and even the ordinary ones bring me luck,” she said. “At work, having them around feels comforting and reassuring.”

Strong Results and Global Expansion

The buying craze is reflected in Pop Mart’s financials. According to its mid-year earnings report released August 19, the company posted an adjusted net profit of RMB 4.71 billion ($650 million) for the first half of 2025, up 362.8% year-on-year. Gross margin climbed to 70.3%, a record high.

“THE MONSTERS” series, led by Labubu, remained the top revenue driver, generating RMB 4.81 billion and accounting for more than one-third of sales. Plush toys also overtook figurines for the first time, contributing RMB 6.14 billion. Newer IPs such as Twinkle Twinkle are quickly catching up, delivering RMB 390 million in revenue in the first half alone.

Pop Mart store at Chongqing The Ring Shopping Park, where the newly launched Twinkle Twinkle series takes center stage and draws crowds. (Photo/Chen Chang)

Overseas markets are also accelerating. Revenue from the Americas increased more than tenfold in the first half of 2025, while Asia-Pacific revenue surged 257.8%, and revenue from Europe and other regions rose over 700%. Pop Mart now operates 140 overseas stores and expects to surpass 200 by year-end, with flagship locations planned for Paris, Milan, Sydney, and New York.

With sell-out launches, record-breaking profits, and aggressive global expansion, Pop Mart is cementing its reputation as a cultural phenomenon—and showing no sign of slowing down.