(Yicai) Aug. 29 -- Chinese toymaker Pop Mart International Group’s newly launched mini Labubu collection sold out immediately during high-traffic livestreams.

Over 300,000 toys in The Monsters Pin for Love series sold out within two minutes of being released through Pop Mart’s store on Alibaba’s Tmall online marketplace at 10 p.m. yesterday. Pop Mart also livestreamed the release of the new smaller Labubus on its official WeChat mini-program. The products also sold out quickly, but no sales data for that has been released so far.

All of the mini Labubus came from existing inventory, a livestream host said, adding that it is still clear how many more of the mini elvish creature dolls Pop Mart will restock in the near future.

The mini Labubus will sell extremely well because they can be used in many more ways, Wang Ning, chairman and chief executive officer of Pop Mart, said earlier. “I believe it will be a hugely popular hit,” he said.

But as the global frenzy for Labubu gradually cools, it will be difficult for the mini versions to generate further social media buzz and will only be a short-lived trend at best, according to internet industry analyst Zhang Shule.

The massive demand for Labubu happened because the product broke out of the standard blind-box home ornament niche and became something people can actually wear as street fashion, which hugely amplified its visibility, Zhang noted.

Coupled with fan-made doll clothing, Labubu gave fans space for creative reuse and social interaction, while the mini version, being merely a smaller size, is unlikely to repeat that, Zhang said.

As the mini version launched, the market cooled for the previous popular Labubu series, The Monsters Big Into Energy. The average price for a six blind-box pack of Big Into Energy on secondhand apps tumbled almost 67 percent to CNY760.20 (USD106.60) in the past three days from CNY2,118.70 (USD297.10) on June 11.

Pop Mart’s stock price [HKG: 9992] has soared 260 percent since the end of last year, swept higher by the global success of the Labubu plush collectibles.

The company raised its full-year revenue forecast by a third to CNY30 billion (USD4.2 billion) on Aug. 20 and posted a fourfold surge in first-half net profit to CNY4.7 billion (USD659 million). Revenue tripled to CNY13.9 billion.

The revenue projection should be "quite easy" to achieve, Wang said on the company’s earnings conference call. Its prior guidance was CNY20 billion.

Editors: Tang Shihua, Futura Costaglione