Core Viewpoint - The second-hand market prices for Labubu blind boxes under Pop Mart have significantly dropped, leading to widespread discussion and concern about the brand's future and pricing strategy [2][11]. Price Decline - The price of the Labubu Sit Sit Party vinyl plush series, originally priced at 594 yuan, peaked at over 1400 yuan in July but has now fallen to around 630 yuan [3]. - The minimum transaction price for a single blind box, originally 99 yuan, has decreased to 60 yuan, falling below the original price [3]. - The hidden variant "Ben Wo" from the Front High Energy series, once valued at 46,000 yuan, has plummeted to approximately 480 yuan, a drop of over 98% [6]. Market Dynamics - The number of Labubu listings on platforms like Xianyu has increased, but transaction prices have decreased. The average transaction price on Xianyu has dropped to 83.5 yuan since June [6]. - 68% of users on these platforms expect further price declines [6]. - Older Labubu products are being sold at significant discounts, with some priced as low as 29 yuan [8]. Inventory and Financial Impact - Some resellers have reported losses exceeding 100,000 yuan in a single day, with some holding over 1 million yuan in unsold inventory [9]. - The company's stock price has fallen over 40%, reflecting investor concerns about the brand's pricing strategy and market position [10]. Production and Future Outlook - Labubu achieved over 100 million units sold in 2023, becoming Pop Mart's fastest-growing IP. However, the monthly production capacity has increased from 10 million to 50 million units, which is believed to be a key factor in the price collapse [11]. - Analysts from Morgan Stanley suggest that Pop Mart is transitioning from explosive growth to sustainable growth, with revenue growth for Labubu expected to slow significantly by 2026 [14].

Group 1 - The core point of the article highlights that Pop Mart's stock price has significantly declined, with a total market value evaporating by over HKD 200 billion (approximately RMB 180 billion) since its peak in August 2023 [1] - Pop Mart's stock price dropped more than 8% on December 8 and over 5% on December 9, resulting in a cumulative decline of about 40% from its high of HKD 339.8 per share [1] - The company's net profit for the first half of 2024 was reported at RMB 920 million, with an expected total net profit of RMB 3.13 billion for the entire year [1] Group 2 - The surge in stock price was partly driven by the popularity of its flagship IP, LABUBU, which gained significant traction in 2025, becoming a "traffic password" after being showcased by foreign celebrities [2] - LABUBU's products have seen high demand both domestically and internationally, leading to sold-out situations and increased prices on secondary markets [2] - However, as production capacity expands, the popularity of some IPs is beginning to wane, with LABUBU's production capacity increasing from 10 million units to approximately 30 million units per month compared to the previous year [2] Group 3 - Concerns in the capital market have arisen regarding the sustainability of LABUBU's popularity, as Deutsche Bank reported a decrease in market premiums for LABUBU and other popular IPs since August [3] - The premium for hidden versions of LABUBU has shrunk by over 50%, and prices for regular versions on secondary platforms have fallen below official retail prices [3] - Consumer fatigue is becoming evident, with prices for the mini version of LABUBU dropping from over RMB 2,000 to around RMB 1,100, reflecting a decline of over 40% [3]