POP MART(HK:09992) 财联社·2025-06-19 06:33Core Viewpoint - The article discusses the recent developments surrounding Pop Mart's Labubu series, highlighting the impact of pricing strategies and consumer behavior on the market dynamics of collectible toys [1][2]. Group 1: Pricing and Market Response - The launch of the Labubu pre-sale was fully sold out, with a waiting period of up to three months for consumers [1]. - Following a price adjustment, the average transaction price of the Labubu "Front High Energy" series dropped significantly from 2279.7 yuan to 1181.3 yuan, a decrease of nearly 48% [2][7]. - The price drop led to a surge in trading volume, with daily sales increasing from an average of 66 units to 559 units on June 17, and peaking at 2531 units on June 18 [2]. Group 2: Broader Market Trends - The price decline was not limited to specific items but spread across the entire Labubu series, with regular items now priced between 208 yuan and 385 yuan, and hidden items priced at 2048 yuan [2]. - A comparison shows that just a week prior, regular items were priced between 292 yuan and 510 yuan, and hidden items were priced at 4699 yuan, indicating a price drop of over 50% in a short period [7]. Group 3: Consumer Engagement and Product Ecosystem - The popularity of Labubu has led to increased sales of related products, such as clothing designed for the figures, with thousands of units sold on platforms like Taobao [9]. - The Labubu clothing line has gained significant traction, with over 130,000 related posts on Xiaohongshu, indicating strong consumer engagement [9]. - Early investors in Pop Mart have seen substantial returns, with the stock price increasing over 1276% from early 2024 to mid-2025, and a notable rise from approximately 85 HKD at the beginning of the year to a peak of 283.4 HKD [9].