二手拉布布跌破原价 泡泡玛特股价大跌

Core Viewpoint - The second-hand market prices for Labubu series blind boxes from Pop Mart have significantly dropped, leading to discussions about the implications for the brand and its future sales strategy [2][5][11]. Group 1: Price Decline in Second-Hand Market - The average price of the Labubu "Sitting Party" plush series, originally priced at 594 yuan, surged to over 1400 yuan in July but has now plummeted to around 630 yuan [6]. - The lowest transaction price for a single blind box, originally priced at 99 yuan, has fallen to 60 yuan, below the original price [6]. - Hidden variants, once valued at 46,000 yuan, have seen a drastic decline to approximately 480 yuan, marking a drop of over 98% [8]. Group 2: Market Dynamics and Consumer Sentiment - The number of Labubu listings on platforms like Xianyu has increased, but transaction prices continue to decline, with the average price dropping to 83.5 yuan since June [8]. - 68% of users on these platforms anticipate further price declines, indicating a bearish sentiment towards Labubu's market performance [8]. - Some consumers express dissatisfaction with the current pricing, stating that even discounted prices are still considered expensive [10][11]. Group 3: Company Strategy and Financial Impact - In 2023, Labubu achieved over 100 million units sold, becoming the fastest-growing IP for Pop Mart, but the increase in monthly production capacity from 10 million to 50 million units is seen as a factor contributing to the price collapse [11]. - Analysts from Deutsche Bank have warned that Pop Mart is engaging in a risky strategy by trading scarcity for short-term revenue growth, which could lead to a decline in brand desirability [11]. - Morgan Stanley's report suggests that Pop Mart is transitioning from explosive growth to a phase of sustainable growth, with revenue growth for Labubu expected to slow significantly by 2026 [14].