POP MART(HK:09992) Bei Jing Shang Bao·2026-01-05 06:49Core Viewpoint - Labubu has significantly increased its restocking efforts, leading to improved availability of products, although some popular items remain out of stock both online and offline [1][2]. Group 1: Restocking Efforts - Labubu's restocking frequency has noticeably increased, with notifications of new arrivals frequently appearing in store communities [1][2]. - During the New Year period, a large-scale restocking was conducted by Pop Mart, resulting in consumers successfully purchasing the Labubu heart password series [2]. - Despite the increased restocking, certain Labubu series products, such as the front high-energy series and heart password series, remain sold out in both physical and online stores [1][2]. Group 2: Consumer Demand and Market Dynamics - Consumer enthusiasm for purchasing older Labubu products remains high, indicating a persistent demand gap between supply and demand [2]. - The transition from online-only purchases to allowing in-store purchases reflects a shift in sales strategy, aimed at improving consumer access to products [2]. - The secondary market prices for Labubu products have significantly adjusted downward, indicating that the brand is regaining pricing power and moving towards a healthier market environment [3].