Labubu，二手市场大降温

Core Viewpoint - The trading prices of Labubu in the second-hand market are experiencing significant fluctuations, with a general downward trend observed in recent transactions [1][2]. Group 1: Market Trends - The average transaction price for the Labubu products is declining, with more sellers expecting further price drops [2]. - The "Front High Energy Series" of Labubu, which includes a hidden version and six regular versions priced at 99 yuan each, has seen its regular versions trading between 90-130 yuan, with some even falling below the original price [4]. - The hidden version "Ben Wo" was once a star product, reaching a peak price of nearly 5000 yuan, representing a premium of nearly 50 times its original price [6]. Group 2: Recent Price Changes - As of September 10, 2025, the second-hand market price for the hidden version "Ben Wo" has dropped to the range of 700-800 yuan, showing a clear downward trend over the past 30 days [7]. - The "Mini Labubu" series, launched on August 28, 2025, has also seen a decline in second-hand market interest, with prices now ranging from 80-650 yuan [14]. Group 3: Impact of Official Actions - The decline in the second-hand market is partly attributed to a sudden restock by Pop Mart on June 18, which included a global pre-sale of the Labubu 3.0 series, with expected sales of 400-500 million yuan [18]. - Following this restock, the prices in the second-hand market plummeted, with some resellers reporting a drop in recovery prices from 1500-2800 yuan to 650-800 yuan for a full set of blind boxes [18]. - Some resellers have paused purchases, indicating a significant market downturn and a wait for a potential recovery [19]. Group 4: Company Performance - Despite the fluctuations in the second-hand market, Pop Mart's stock price has been on the rise this year, with a market capitalization around 370 billion HKD, although it has seen a decline from 300 HKD to 270 HKD recently [19].