Labubu出现竞争对手？泡泡玛特能再复制下一个“顶流”吗？

Core Viewpoint - The article discusses the recent popularity of Labubu, a collectible toy from Pop Mart, and the potential challenges and opportunities for the company and the industry as a whole, including competition, market dynamics, and shareholder actions [4][5][6]. Group 1: Labubu's Popularity and Market Dynamics - Labubu has gained significant attention, with record auction prices, such as a mint green Labubu selling for 1.08 million yuan and a limited brown version for 820,000 yuan [6]. - The demand for Labubu has led to long queues and even conflicts among buyers, with reports of scalpers reselling items at exorbitant prices, such as a 599 yuan item being sold for 31,999 yuan, a more than 52-fold increase [7]. - The popularity of Labubu has also sparked interest in the collectible toy market, with a surge in transactions during the "618" shopping festival, where multiple merchants reported transaction totals exceeding 100 million yuan [10]. Group 2: Challenges and Risks - Despite the excitement, the rise of counterfeit products poses a significant threat to Labubu's brand integrity, with thousands of fake items being seized by customs [7]. - Analysts suggest that the current wave of interest may not be sustainable, as many new buyers may not continue purchasing once the initial excitement fades [11]. - The article highlights that while Labubu has successfully created a high-end brand image, the market may revert to a more rational state, indicating that the collectible toy market is not a mass-market demand [11]. Group 3: Shareholder Actions and Market Sentiment - Recent shareholder actions indicate a lack of confidence in the sustainability of Labubu's success, with significant share reductions by major stakeholders, including a sale of 21.7 million shares worth approximately 1.562 billion HKD [15][16]. - The stock price of Pop Mart has faced pressure following these sell-offs, with a reported decline of 6.77% during a specific period [17]. - Despite these concerns, Citigroup has maintained a buy rating on Pop Mart, raising the target price from 162 HKD to 308 HKD, citing the company's strong IP portfolio and potential for long-term growth [17].