Labubu黄牛价腰斩，泡泡玛特“见顶”还是“假摔”？

Core Viewpoint - The article discusses the dramatic shift in market sentiment towards Labubu, a product from Pop Mart, following an unexpected official restock that led to a significant drop in secondary market prices, raising concerns about the sustainability of the IP's popularity [1][4][12]. Summary by Sections - Market Reaction: Labubu experienced a rapid transition from being highly sought after with reselling prices inflated by 10 to 30 times to a sudden price collapse of approximately 50% in the secondary market after the official restock [2][3][6]. - Price Dynamics: The restock on June 18 resulted in prices for Labubu series dropping from 1500-2800 RMB for a box of six blind boxes to a range of 650-800 RMB. Even rare items saw significant price declines, with the hidden version dropping from 4600 RMB to around 2800 RMB, a decrease of over 38% [6][11]. - Investor Sentiment: Investors are questioning the long-term viability of the Labubu IP, drawing parallels to past phenomena like the "Bully Bear," leading to a drop in Pop Mart's stock price by over 5% on June 19 and an additional 3.6% on June 20 [4][12]. - Consumer Behavior: The atmosphere among resellers has shifted dramatically, with previously high-priced pre-orders now going unsold, and buyers expressing satisfaction with the official restock [9][11]. - Comparative Analysis: The article compares Pop Mart's business model to that of gaming giant Nintendo, highlighting Pop Mart's high member repurchase rate of 49.4% and projecting significant profit growth, suggesting that Labubu's success hinges on its ability to maintain a loyal customer base rather than widespread appeal [15][16].