泡泡玛特要与黄牛「决裂」

Core Viewpoint - The article discusses the significant price drop of LABUBU products in the secondary market, which has led to a decline in investor sentiment and a drop in the stock price of Pop Mart. The company is actively working to reduce speculation and regain control over product pricing while maintaining the value of its IPs [4][10][12]. Summary by Sections Price Trends and Market Reaction - LABUBU products, including the newly released mini LABUBU, have seen a substantial price decline in the secondary market, with the average transaction price for the third generation dropping by approximately 80% from its peak [5][7]. - The average transaction price for the mini LABUBU has decreased by around 30% [8]. - The stock price of Pop Mart has also been affected, falling over 19.5% from a peak of 339.8 HKD to 273.4 HKD [11][31]. Company Strategy and Market Position - Pop Mart aims to eliminate middlemen and reduce the speculative nature of its products, focusing on selling quality products rather than "investment products" [14][16]. - The company has significantly increased its plush toy production capacity, reaching approximately 30 million units in August, which has contributed to the availability of new products [17][19]. - The release strategy has shifted to allow for immediate availability of products, which has reduced the speculative bubble around LABUBU [20]. IP Performance and Revenue - LABUBU's revenue for the first half of 2025 reached 48.1 billion RMB, accounting for nearly one-third of Pop Mart's total revenue [27]. - Other IPs like MOLLY and SKULLPANDA have also shown significant revenue growth, with MOLLY achieving 13.6 billion RMB (up 73.5%) and SKULLPANDA reaching 12.2 billion RMB (up 112.4%) [27]. - The overall revenue from artist IPs has increased, but the dilution of IP scarcity due to increased supply may impact future pricing [29][30]. Long-term Outlook - The long-term success of LABUBU will depend on its ability to maintain consumer interest and storytelling capabilities, as well as the introduction of new hit IPs [32][33]. - The company is also exploring new avenues such as film and animation to expand its brand presence [32].