POP MART(HK:09992) Di Yi Cai Jing·2025-09-04 07:11Core Insights - The resale prices of the mini version of Labubu have started to decline just one week after its release, with scalpers indicating that the price momentum is weaker compared to the third generation Labubu [2][6] - The transaction volume for the mini version Labubu has exceeded 56,000 units within a week, with an average transaction price of 138 yuan, representing a 75% premium over the original price of 79 yuan, although resale prices have decreased by 10%-60% compared to the pre-sale period [2][6] Pricing Trends - The average transaction price for the mini version Labubu on the Dewu app peaked at 1,930 yuan on the release day but has since dropped to 1,541 yuan, a decline of 20% [2] - The average transaction price for the hidden version of Labubu has decreased from 991 yuan at launch to 679 yuan [6] - The average transaction price for non-popular models has also seen significant declines, with one model dropping 57% from its release price [2][6] Market Dynamics - The rapid price decline of the mini version Labubu is attributed to a higher supply volume and the inclusion of 30 product variants, which has reduced the liquidity in the secondary market [7] - The company is taking measures to mitigate scalper interference, including online-only sales and limiting in-store stock to reduce hoarding [7] - Analysts predict that the upcoming second round of mini version Labubu releases in October may lead to further price declines [7] Stock Performance - Following the release of the mini version Labubu, the stock price of Pop Mart (09992.HK) has decreased by 5.61% over the past five days [7]