泡泡玛特离不开狂欢者

Core Viewpoint - The article discusses the rapid rise and subsequent decline of the popularity of Pop Mart's Labubu blind boxes, highlighting the role of scalpers in driving prices and market dynamics, as well as the company's need to adapt to changing consumer expectations and market conditions [5][8][29]. Group 1: Market Dynamics - The price of Labubu blind boxes surged from an original price of 99 yuan to over 200 yuan in the secondary market, with hidden variants reaching prices above 1,000 yuan [5][7]. - Pop Mart's stock price has seen a significant increase, reaching approximately 270 HKD per share by June 16, 2023, nearly tripling since its IPO, although it has recently experienced a decline [8][29]. - The market for Pop Mart's products has been heavily influenced by scalpers, who have created a secondary market that drives up prices and creates a sense of urgency among consumers [11][12][22]. Group 2: Consumer Behavior - Consumers have shown a willingness to pay inflated prices for Labubu blind boxes, with some live-streaming platforms selling them at prices significantly above retail, indicating a strong demand despite the risks [17][20]. - The introduction of promotional activities by various banks and apps, such as offering Labubu blind boxes as rewards for deposits or rides, has further fueled consumer interest and engagement [24]. - The perception of owning Labubu has become a social currency, with many consumers eager to participate in the trend despite the inflated prices [8][24]. Group 3: Company Strategy and Challenges - Pop Mart's inventory turnover days have decreased from 156 days in 2023 to 102 days in 2024, indicating improved operational efficiency and cash flow management [27]. - The company faces challenges in maintaining its market position, as the reliance on a few successful IPs (Intellectual Properties) like Labubu, Molly, and SKULLPANDA accounts for 58.3% of total sales, highlighting the need for diversification [30]. - The marketing expenses for Pop Mart have nearly doubled to 568 million yuan in 2024, while the contribution per user has only marginally increased, suggesting that rising costs are not being matched by proportional revenue growth [31]. Group 4: Future Outlook - The article suggests that for Pop Mart to sustain its market position, it must focus on continuous IP development, product quality, and creating a sustainable business model, especially in light of increasing competition and market scrutiny [35][34]. - The recent market volatility and the significant drop in market capitalization, with a loss of approximately 20 billion HKD, indicate a potential shift towards a more rational market environment [29][28]. - The company has attempted to address scalper issues through measures like purchase limits and facial recognition technology, but these efforts have had mixed results [34].