POP MART(HK:09992) Mei Ri Jing Ji Xin Wen·2025-06-21 09:51Core Insights - The price of Labubu toys in the domestic second-hand market is declining, while the overseas market, particularly in Singapore, remains robust with high demand and significant price premiums [1][1][1] Company Overview - Pop Mart has established a strong presence in Singapore, which is one of its earliest overseas markets, with a total of 8 stores as of 2023 [1][1][1] - The company’s international business president, Wen De, highlighted that Singapore, Japan, and South Korea were prioritized for expansion due to their market size and existing interest in trendy toys [1][1][1] Market Dynamics - In Singapore, the demand for Labubu toys is so high that all styles are sold out in official stores, requiring customers to participate in lotteries to purchase them [1][1][1] - In contrast, second-hand stores in Singapore have Labubu toys available at significantly marked-up prices, with one item priced at 450 SGD (approximately 2500 RMB), compared to the official price of under 200 RMB [1][1][1] Cultural Context - Singapore's demographic, with 74% of the population being of Chinese descent, provides a favorable environment for Pop Mart to replicate its domestic success in the overseas market [1][1][1] - The majority of customers in Singapore's Pop Mart stores are Chinese-speaking, indicating a strong cultural connection that supports the brand's popularity [1][1][1]