Labubu！价格，崩了！

Core Viewpoint - The article discusses the significant drop in the secondary market prices of Labubu collectibles following a large restock by Pop Mart, indicating a shift in market dynamics and consumer behavior [1][2]. Summary by Sections Market Reaction - On June 19, Pop Mart restocked the Labubu series blind boxes, leading to a surge in consumer interest and a notable increase in the number of buyers [3][6]. - The secondary market prices for Labubu collectibles fell sharply, with an average decline of approximately 50%. For instance, the price of a complete set of Labubu 3.0 (6 blind boxes) dropped from 1500-2800 yuan to 650-800 yuan, while certain hidden variants saw price reductions of over 38% [9]. Consumer Behavior - Many consumers reported successfully obtaining pre-sale orders for Labubu, with some speculating that the restock volume could be between 1 million to 2 million units [5][13]. - A Pop Mart insider noted that the company aimed to enhance the shopping experience for genuine fans by optimizing the sales process and reducing the impact of scalpers who previously used automated software to purchase items at high speeds [12]. Impact on Scalpers - The increase in supply led to significant losses for scalpers, with some reportedly losing tens of thousands of yuan in a single day as their inventory became unsellable at inflated prices [12]. - The market experienced panic selling, with scalpers unable to find buyers for their pre-sale orders, which were previously listed at 1200 yuan but saw offers drop to as low as 700 yuan [9]. Stock Market Influence - Following the news of the restock and the subsequent price drop in the secondary market, Pop Mart's stock price fell by approximately 6% on the same day [15]. - The broader market also experienced a downturn, with the Shanghai Composite Index declining by 0.79% and the ChiNext Index dropping by 1.36% [16].