POP MART(HK:09992) 第一财经·2025-09-04 09:36Core Viewpoint - The resale prices of the mini version of Labubu have started to decline significantly within a week of its release, indicating a potential oversupply and reduced demand in the secondary market [2][4]. Group 1: Market Performance - The mini version of Labubu has seen over 56,000 transactions on the Dewu app within a week, with an average transaction price of 138 yuan, representing a 75% premium over the original price of 79 yuan [2]. - However, the resale prices have decreased by 10%-60% compared to the initial release period, with specific examples showing a drop from 1930 yuan to 1541 yuan, a 20% decline [2][4]. - The average transaction price for the Labubu 4.0 has fallen from 143 yuan on August 27 to 106 yuan [2]. Group 2: Supply and Demand Dynamics - The price of the mini version Labubu has decreased from 2399 yuan before release to 1850 yuan for the (AM) version and 1800 yuan for the (NZ) version [4]. - The mini version Labubu has a lower premium compared to the third generation Labubu, with the hidden version of the third generation still commanding an average price of 939 yuan, a 9.5 times premium, compared to the mini version's 8.6 times premium [4]. - The rapid price decline is attributed to a larger supply, with 30 product variations and all sales conducted online, reducing the influence of scalpers [4]. Group 3: Market Sentiment and Future Outlook - Analysts suggest that the mini version of Labubu may not generate significant buzz on social media, leading to a short-lived popularity and not a sustainable sales phenomenon [5]. - Following the release of the mini version, the stock price of Pop Mart (09992.HK) has dropped by 5.61% over the past five days [6].