一娃难求→部分破发！“盲盒界的爱马仕”发生了什么？

Core Viewpoint - The article discusses the significant decline in the resale prices of Labubu blind boxes from Pop Mart, indicating a fundamental shift in supply and demand dynamics, with a return to emotional consumption rather than investment speculation [1][2][14]. Group 1: Price Decline and Market Dynamics - Labubu hidden figures have seen resale prices drop by over 80% within six months, with some boxes selling below their original price [2][8]. - The average transaction price for the Labubu "Heart Code" series has fallen from approximately 1800 yuan to about 1022 yuan, a decline of over 40% [5]. - The price of the "Ben Wo" hidden figure dropped from nearly 3000 yuan in June 2025 to around 530 yuan, representing a decline of over 80% [8][11]. Group 2: Supply Chain and Production Capacity - Pop Mart has significantly increased its production capacity, with current monthly output for plush toys being over ten times that of the same period last year, reaching around 30 million units [14]. - The company has established six global production bases, enhancing its supply chain in Southeast Asia and Mexico [18]. Group 3: Market Sentiment and Future Outlook - The retreat of speculative buying has contributed to the price drop, with many second-hand dealers halting purchases of Labubu products [14][19]. - Experts suggest that if Pop Mart can continue to diversify its revenue and optimize costs, it may enter a valuation recovery phase [3][19]. - The company is exploring new growth avenues, including the metaverse and theme park upgrades, which could provide new profit growth points [18][20]. Group 4: Financial Performance - Despite the market downturn, Pop Mart reported a 245% to 250% year-on-year revenue growth in Q3 2025, with overseas revenue increasing by 365% to 370% [17]. - The company is expected to transition from explosive growth to sustainable growth, with a focus on diversifying its income sources beyond the Labubu brand [19].