Core Viewpoint - The trading prices of Labubu products in the second-hand market are experiencing significant fluctuations, with a general downward trend in average transaction prices and a higher number of bearish sentiments among traders [1]. Group 1: Market Trends - The average transaction price for Labubu products has decreased, with a notable drop of ¥3 from the previous week, currently standing at ¥105 [3]. - The "hidden" version of the Labubu product, known as "Ben Wo," which was once priced at nearly ¥5000 in the secondary market, has seen its price fall to the range of ¥700-800, indicating a clear downward trend over the past 30 days [6]. - The "mini version Labubu," launched on August 28, 2025, has also seen a decline in average transaction prices, now ranging from ¥80-650, down from previous high premiums [13]. Group 2: Company Actions - In response to high premiums in the secondary market, the company executed a large-scale restock on June 18, 2025, with an estimated total replenishment of 4-5 million units across various platforms, leading to a significant drop in secondary market prices [15]. - Following the restock, the prices for complete sets of Labubu blind boxes plummeted from ¥1500-2800 to ¥650-800, with some individual hidden versions dropping from ¥250 to ¥100 [16]. - The company's stock price has been on a continuous rise this year, reaching a market capitalization of approximately HKD 370 billion, although it has recently experienced a decline, falling below HKD 300 to HKD 270 [16].