独家 | 泡泡玛特创始人：我们的目标不是让Labubu成为一时爆红的流行符号

Core Viewpoint - The CEO of Pop Mart, Wang Ning, emphasizes a cautious approach amidst the rising popularity of the Labubu IP, highlighting the balance between opportunity and risk, and the importance of maintaining brand trust and consumer experience over rapid growth [3][4]. Group 1: Company Strategy - Wang Ning advocates for a strategy focused on long-term brand development rather than short-term trends, aiming to establish Labubu as a sustainable IP rather than a fleeting fad [3]. - The company has implemented a new supply and pre-sale strategy for Labubu, including a "full-channel replenishment mechanism" and a purchase limit of 12 items per person to manage demand and prevent scalping [4]. Group 2: Market Performance - Despite the ongoing popularity of Labubu, Pop Mart's stock price experienced volatility, dropping from 275 HKD per share to 233 HKD within a few days, resulting in a market value loss of nearly 37 billion HKD [5]. - The fluctuation in stock price is attributed to changes in pre-sale policies affecting secondary market prices and the impact of early investor fund expirations leading to sell-offs [5]. Group 3: Market Dynamics - The premium on Labubu products in the secondary market has decreased from over 200% to approximately 75%, indicating a healthier market environment as supply increases [5][6]. - The situation reflects historical patterns seen with other successful toy brands, where increased supply and market segmentation can lead to a more balanced market for genuine consumers [6]. Group 4: Industry Challenges - The company faces challenges related to the lifecycle of IPs, as the popularity of Labubu may not be sustainable in the long term, similar to previous trends with other IPs like MOLLY [6].