Hu Xiu·2025-06-21 07:36Core Viewpoint - The founder and CEO of Pop Mart, Wang Ning, emphasizes the importance of maintaining a long-term vision for the Labubu IP, rather than allowing it to become a fleeting trend. He highlights the need for caution and stability amidst rising external expectations and risks [1]. Group 1: Company Strategy - Wang Ning advocates for a restrained approach within the company, focusing on sustaining consumer experience and brand trust rather than merely pursuing rapid growth. He stresses that health should take precedence over growth, and long-term success is more valuable than short-term gains [1]. - Following Wang Ning's internal sharing, Pop Mart adjusted its supply and pre-sale strategies for Labubu, launching the "Qianfang Gaoneng" series for global pre-sale on June 18, which had previously become a phenomenon since its initial release [2]. Group 2: Market Performance - Despite the popularity of Labubu during the 618 sales period, Pop Mart's stock price experienced volatility, dropping from 275 HKD per share on June 17 to 233 HKD by June 20, resulting in a market value loss of nearly 37 billion HKD [3]. - The fluctuation in stock price is attributed to changes in pre-sale policies affecting supply and the impact of early investor fund expirations leading to sell-offs, which influenced market sentiment [3]. Group 3: Pricing Dynamics - The premium pricing of Labubu products in the secondary market has decreased significantly, with previous premiums exceeding 200% now reduced to approximately 75%, indicating a healthier market adjustment [3]. - The increase in supply and the introduction of purchasing limits are expected to reduce the activities of scalpers, allowing genuine fans better access to products [4]. Group 4: Industry Challenges - The volatility in stock price and market value serves as a warning for Pop Mart, highlighting the challenges associated with the "IP life cycle." The company faces uncertainty regarding how long Labubu's popularity will last, especially as previous top IPs like MOLLY have seen their prominence decline [5].