价格暴跌、5折甩卖！曾一度炒到天价

Core Viewpoint - The collectible toy market, particularly the Labubu blind boxes from Pop Mart, is experiencing a significant price drop, with reports of prices halving in various channels and second-hand markets [1][8]. Price Changes - The average price of the Labubu Sit Party vinyl plush series, originally priced at 594 yuan, has decreased from 1478 yuan to approximately 632 yuan on second-hand platforms; some single items originally priced at 99 yuan are now selling for as low as 82 yuan during flash sales [2][9]. - There is a noticeable increase in the number of Labubu listings on multiple second-hand trading platforms, while transaction prices are simultaneously declining [2][9]. Market Impact - Pop Mart's stock price has fallen over 40% since reaching a peak of 339.8 HKD in late August, dropping to around 189 HKD by mid-December, resulting in a market capitalization loss of over 200 billion HKD [5][12]. - The price changes have altered consumer expectations, with some resellers postponing purchases of the Labubu series and consumers expressing a preference to buy directly at lower prices rather than engaging in blind box purchases [5][12]. Future Growth Projections - Morgan Stanley's report indicates that Pop Mart is transitioning from a phase of explosive growth to one of sustainable growth, predicting a significant slowdown in revenue growth for Labubu by 2026, with diversification beyond the Labubu IP becoming the new growth driver [5][12]. - In 2023, Labubu achieved over 100 million in sales, marking a growth rate of nearly 40%, making it the fastest-growing IP for Pop Mart [6][13].