Cai Jing Wang·2026-01-04 03:40Core Viewpoint - LABUBU has transitioned from a "financial product" to an ordinary consumer good, with significant changes in availability and pricing in the secondary market [1][2]. Group 1: Product Availability and Pricing - As of January 3, LABUBU products are readily available for purchase on platforms like Tmall, with a guarantee of shipping within 48 hours, contrasting with previous scarcity [1]. - The resale price of LABUBU's 3.0 series has dropped significantly, nearing the original retail price, with some non-popular items selling for even less [2]. - The LABUBU 4.0 series has not experienced the same level of scarcity, with reports indicating that consumers can easily find stock in stores [2]. Group 2: Market Performance and Company Strategy - Despite a significant increase in stock price over two years, Bubble Mart's stock has seen a decline of approximately 40% since reaching a peak of 339.8 HKD per share, resulting in a market cap loss of over 200 billion HKD [2]. - Industry expert Zhang Shule believes that reducing LABUBU's secondary market prices is essential for Bubble Mart to establish itself as a genuine global IP operation, emphasizing the difference between short-term profit and long-term sustainability [3]. - The rising popularity of the Starry People IP under Bubble Mart suggests a potential shift in revenue sources, although it is uncertain if it can replicate LABUBU's previous success [3].