热搜第一！Labubu，价格崩盘！

Core Viewpoint - The significant price drop of Labubu collectibles is primarily attributed to a large-scale restock by Pop Mart, leading to a drastic decline in secondary market prices and impacting the company's stock performance [2][4][7]. Group 1: Price Decline and Market Impact - Labubu 3.0 box set prices fell by 45%, while the hidden variant "Ben Wo" saw a price drop of over 38% due to Pop Mart's extensive restocking efforts [2]. - The average transaction price for the "Qian Fang Gao Neng" series Labubu pendant plummeted nearly 48%, from 2279.7 yuan to 1181.3 yuan [4]. - The price range for regular Labubu items has decreased to between 208 yuan and 385 yuan, with hidden variants dropping from 4699 yuan to 2048 yuan within a week [4]. Group 2: Pop Mart's Restocking Strategy - Pop Mart initiated a three-day restock starting June 18, with multiple notifications of product availability across various platforms, although many consumers faced difficulties accessing the purchase interface [2][3]. - An internal source indicated that the company is optimizing the sales process to enhance consumer experience and mitigate the impact of scalpers [3]. Group 3: Stock Performance - Following the news of price drops and restocking, Pop Mart's stock fell over 5% on June 19, with a cumulative decline of over 12% from its peak on June 12 [7]. - Despite a strong performance earlier in the year, with stock prices increasing from around 85 yuan to a peak of 283.4 yuan, the current valuation raises concerns about potential corrections [7]. Group 4: Background on Labubu - Labubu is a character from Pop Mart's exclusive IP "THE MONSTERS," designed by Hong Kong designer Long Jia Sheng, and has gained significant popularity since its global release in April [5]. - The character's unique design combines cute and rebellious elements, contributing to its appeal and subsequent market frenzy [5]. Group 5: Legal Issues and Market Regulation - Recent customs inspections revealed a batch of 20,240 infringing Labubu toys, leading to their seizure, indicating ongoing challenges in protecting intellectual property rights [7].