Xin Lang Ke Ji·2025-06-20 00:16Core Viewpoint - The sudden restocking of the Labubu 3.0 series by Pop Mart has led to a significant drop in prices in the secondary market, causing a decline in the company's stock price and market capitalization, highlighting the volatility and speculative nature of the collectible toy market [2][9][10]. Market Reaction - On June 19, Pop Mart's stock price fell over 5%, with its market value decreasing from a peak of 360 billion HKD to 333.856 billion HKD, resulting in a loss of over 26 billion HKD [9]. - The secondary market for Labubu 3.0 collectibles saw prices drop approximately 50%, from 1500-2800 CNY to 650-800 CNY [2][4]. Consumer Behavior - Many consumers reported difficulties in purchasing the Labubu series during the restock, despite the official release of eight pre-sale batches [3]. - The increase in supply led to a surge in demand, but also resulted in negative consumer experiences due to issues with scalpers and counterfeit products [3][4]. Company Strategy - Pop Mart's decision to restock was aimed at addressing the inflated prices in the secondary market and ensuring the longevity of the Labubu IP [10]. - The company is focusing on optimizing the sales process to enhance consumer experience and combat scalping practices [4][10]. Industry Insights - Experts suggest that maintaining product scarcity is crucial for the collectible toy industry, and Pop Mart must adjust production and restocking strategies to balance supply and demand [11]. - The current market dynamics indicate that while short-term impacts on stock prices may occur, the overall sales performance of Pop Mart could remain stable due to increased supply [10].