热搜第一！黄牛暂缓收购，Labubu二手市场价格大跳水

Core Viewpoint - The significant decline in the second-hand market prices of Labubu series blind boxes from Pop Mart has sparked widespread discussion, indicating a potential shift in consumer sentiment and market dynamics [1][3][12]. Group 1: Price Decline in Second-Hand Market - The average price of the Labubu "Sitting Party" plush series, originally priced at 594 yuan, has dropped from over 1400 yuan in July to around 630 yuan currently [3]. - The minimum transaction price for single blind boxes, originally priced at 99 yuan, has fallen to as low as 60 yuan, below the original price [3]. - Hidden variant prices have also plummeted, with one variant dropping from 46,000 yuan to approximately 480 yuan, a decline of over 98% [6]. Group 2: Market Dynamics and Consumer Sentiment - The increase in the number of Labubu listings on platforms like Xianyu, coupled with a decrease in transaction prices, suggests a cooling off in the market, with 68% of users predicting further price declines [6][10]. - Promotional strategies, including discounts of up to 50% and "buy one get one free" offers, have been implemented for older products, with some unsold items priced as low as 29 yuan [8]. - Some resellers are reportedly halting purchases of Labubu products, with losses exceeding 100,000 yuan in a single day for some, and inventory accumulation reaching over one million yuan [8]. Group 3: Company Growth and Future Outlook - Labubu, a flagship IP of Pop Mart, achieved over 100 million units sold in 2023, marking it as the fastest-growing IP for the company [9]. - The monthly production capacity of Labubu has increased from 10 million to 50 million units to meet market demand, which is believed to be a primary factor contributing to the price collapse in the second-hand market [9]. - Analysts from Morgan Stanley suggest 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 [12].