Labubu溢价超30倍，黄牛挑衅：你们能抢到算我输

Core Viewpoint - The article discusses the phenomenon of "Labubu," a popular collectible toy from Pop Mart, which has seen skyrocketing prices and demand, leading to a thriving secondary market and the emergence of scalpers profiting from its scarcity [1][2]. Group 1: Market Dynamics - Labubu has been dubbed the "plastic Moutai," with some items in the secondary market selling at over 30 times their original price, while ordinary versions see price increases of over 100% [2][9]. - As of June 9, 2023, Pop Mart's stock price surged over 3%, reaching a historical high of 253 HKD per share, with a market capitalization nearing 340 billion HKD (approximately 311.3 billion RMB) [1]. - The demand for Labubu has led to a complete sell-out in stores, with consumers resorting to online reservations and scalpers openly challenging buyers in reselling groups [2][3]. Group 2: Scalping Strategies - Scalpers employ various tactics, including using automated systems and multiple devices to secure purchases quickly, often sharing information in dedicated groups to maximize their chances [5][7]. - Membership-based groups provide faster and more accurate restock information, with fees ranging from 15 to 18 RMB per month, allowing scalpers to gain an edge over regular consumers [6]. - Scalpers also recruit others to help them purchase items, sharing profits while minimizing the risk of account bans [7]. Group 3: International Market and Trends - The popularity of Labubu has extended beyond China, with international scalpers capitalizing on the demand, selling items at significant markups [10][12]. - Celebrities have contributed to Labubu's global appeal, further driving up its desirability and market value [10]. - The article highlights the emergence of counterfeit products, referred to as "Lafufu," which are sold at lower prices but mimic the original Labubu's quality, posing a challenge for the brand [15][16]. Group 4: Financial Performance - Pop Mart's financials indicate a strong performance, with IP licensing expenses at 507 million RMB and a gross margin of 66.8%, showcasing the profitability of its collectible lines [15]. - The top two IPs, Labubu and MOLLY, generated revenues of 3.041 billion RMB and 2.093 billion RMB, respectively, indicating the brand's strong market position [15].