Core Insights - The founder of Pop Mart, Wang Ning, has become the new richest person in Henan with a net worth of $20.3 billion (approximately 145.9 billion RMB) as of June 8 [1] - Pop Mart's stock surged over 3% on June 9, reaching a historical high of 253 HKD per share, with a market capitalization nearing 340 billion HKD (approximately 311.3 billion RMB) [1] - The stock price of Pop Mart has increased more than 11 times since the beginning of 2024, largely driven by the popularity of the Labubu character [1] Group 1: Market Demand and Consumer Behavior - The Labubu series is sold out, leading to online reservations and in-store pickups, indicating high consumer demand [1] - Despite rainy weather, consumers showed enthusiasm for Labubu, with many inquiring about restock times at the flagship store [1] - The secondary market for Labubu has seen prices soar, with some items being sold at over 30 times their original price, and ordinary versions seeing over 100% markup [1] Group 2: Resale Market Dynamics - Resellers are employing "technology" to secure products, using automated systems and multiple devices to increase their chances of purchase [4][6] - Paid membership groups provide more accurate restock information compared to free groups, with fees ranging from 15 to 18 RMB per month [6] - Resellers are also collaborating with others to maximize their chances of acquiring stock, sharing information and profits [7] Group 3: International Resale Opportunities - The Labubu character has gained international popularity, with celebrities showcasing it, which has attracted international resellers [9][10] - Resellers in Southeast Asia are capitalizing on the demand by purchasing Labubu products locally and selling them at a significant markup in China [12] - The high profit margins in the resale market are driving both domestic and international resellers to engage in this lucrative business [10][12] Group 4: Intellectual Property and Market Challenges - The production cost of Pop Mart's products is relatively low, with a gross margin of 66.8%, but the company faces significant challenges from counterfeit products [14] - Reports indicate that counterfeit versions of Labubu, known as "Lafufu," are being sold at a fraction of the cost, posing a threat to Pop Mart's brand integrity [14] - The rapid growth of Pop Mart mirrors challenges faced by established brands like Disney, as they navigate issues of intellectual property infringement [14]
“塑料茅台”Labubu溢价超30倍，黄牛挑衅：你们能抢到算我输
3 6 Ke·2025-06-11 09:05