泡泡玛特热潮遇冷：黄牛停止囤货，Labubu溢价神话正在破灭

Core Viewpoint - The "Labubu economy" is facing significant challenges as the secondary market's premium ability declines, leading to a loss of appeal for Pop Mart in the capital market [1] Group 1: Market Performance and Investor Sentiment - Investors are reassessing whether Pop Mart can maintain its high growth narrative and if its core IP is merely a fleeting trend [2] - Reports of weakened demand from scalpers have caused Pop Mart's stock to drop by 6.2%, marking its largest decline in three weeks and making it one of the worst performers in the MSCI Asia Pacific Index [2] - Since peaking in August, Pop Mart's stock has fallen approximately 44%, resulting in a market value loss of over $25 billion [5] Group 2: Secondary Market Dynamics - The sell-off was triggered by reports of significant price volatility in the secondary market, indicating weak demand and causing some scalpers to halt their stockpiling activities [4] - Data from the resale platform Qianshao shows that the average price of the mini Labubu set has fallen below the official retail price, with the "Sit Down" series dropping from nearly $400 to about $110 [8] Group 3: Growth Concerns and Market Expansion - Pop Mart's revenue growth in North America has slowed to 424%, halving compared to the previous quarter [10] - Despite aggressive marketing efforts, disappointing performance during the U.S. Black Friday and cooling resale demand have raised concerns about Pop Mart's long-term viability as a brand comparable to Disney or Sanrio [11] Group 4: Valuation and Diversification Efforts - Some institutional investors are adopting a wait-and-see approach due to negative market sentiment and uncertainties regarding future earnings per share [14] - Pop Mart is attempting to mitigate risks associated with reliance on a single IP by investing in other IPs and expanding into the entertainment sector, including theme parks and film development [15]