Core Viewpoint - The significant price drop of Labubu collectibles is primarily attributed to a large-scale restock by Pop Mart, leading to a drastic decline in secondary market prices and impacting the company's stock performance [2][4][7]. Group 1: Price Decline and Market Impact - Labubu 3.0 box set prices fell by 45%, while the hidden variant "Ben Wo" saw a price drop of over 38% due to Pop Mart's extensive restocking efforts [2]. - The average transaction price for the "Qian Fang Gao Neng" series Labubu pendant plummeted nearly 48%, from 2279.7 yuan to 1181.3 yuan [4]. - The price range for regular Labubu items has decreased to between 208 yuan and 385 yuan, with hidden variants dropping from 4699 yuan to 2048 yuan within a week [4]. Group 2: Pop Mart's Restocking Strategy - Pop Mart initiated a three-day restock starting June 18, with multiple notifications of product availability across various platforms, although many consumers faced difficulties accessing the purchase interface [2][3]. - An internal source indicated that the company is optimizing the sales process to enhance consumer experience and mitigate the impact of scalpers [3]. Group 3: Stock Performance - Following the news of price drops and restocking, Pop Mart's stock fell over 5% on June 19, with a cumulative decline of over 12% from its peak on June 12 [7]. - Despite a strong performance earlier in the year, with stock prices increasing from around 85 yuan to a peak of 283.4 yuan, the current valuation raises concerns about potential corrections [7]. Group 4: Background on Labubu - Labubu is a character from Pop Mart's exclusive IP "THE MONSTERS," designed by Hong Kong designer Long Jia Sheng, and has gained significant popularity since its global release in April [5]. - The character's unique design combines cute and rebellious elements, contributing to its appeal and subsequent market frenzy [5]. Group 5: Legal Issues and Market Regulation - Recent customs inspections revealed a batch of 20,240 infringing Labubu toys, leading to their seizure, indicating ongoing challenges in protecting intellectual property rights [7].

Core Viewpoint - The article discusses the phenomenon of "Labubu," a popular collectible toy from Pop Mart, which has seen skyrocketing prices and demand, leading to a thriving secondary market and the emergence of scalpers profiting from its scarcity [1][2]. Group 1: Market Dynamics - Labubu has been dubbed the "plastic Moutai," with some items in the secondary market selling at over 30 times their original price, while ordinary versions see price increases of over 100% [2][9]. - As of June 9, 2023, Pop Mart's stock price surged over 3%, reaching a historical high of 253 HKD per share, with a market capitalization nearing 340 billion HKD (approximately 311.3 billion RMB) [1]. - The demand for Labubu has led to a complete sell-out in stores, with consumers resorting to online reservations and scalpers openly challenging buyers in reselling groups [2][3]. Group 2: Scalping Strategies - Scalpers employ various tactics, including using automated systems and multiple devices to secure purchases quickly, often sharing information in dedicated groups to maximize their chances [5][7]. - Membership-based groups provide faster and more accurate restock information, with fees ranging from 15 to 18 RMB per month, allowing scalpers to gain an edge over regular consumers [6]. - Scalpers also recruit others to help them purchase items, sharing profits while minimizing the risk of account bans [7]. Group 3: International Market and Trends - The popularity of Labubu has extended beyond China, with international scalpers capitalizing on the demand, selling items at significant markups [10][12]. - Celebrities have contributed to Labubu's global appeal, further driving up its desirability and market value [10]. - The article highlights the emergence of counterfeit products, referred to as "Lafufu," which are sold at lower prices but mimic the original Labubu's quality, posing a challenge for the brand [15][16]. Group 4: Financial Performance - Pop Mart's financials indicate a strong performance, with IP licensing expenses at 507 million RMB and a gross margin of 66.8%, showcasing the profitability of its collectible lines [15]. - The top two IPs, Labubu and MOLLY, generated revenues of 3.041 billion RMB and 2.093 billion RMB, respectively, indicating the brand's strong market position [15].

Core Viewpoint - The article discusses the booming market for collectible toys, particularly focusing on the success of Pop Mart and its popular product Labubu, which has led to significant profits for scalpers and a growing secondary market for these items [2][3][5]. Group 1: Company Performance - On June 8, Pop Mart founder Wang Ning became the richest person in Henan with a net worth of $20.3 billion (approximately 145.9 billion RMB) [3]. - Following this, on June 9, Pop Mart's stock price rose over 3%, reaching a historical high of 253 HKD per share, with a market capitalization nearing 340 billion HKD (approximately 311.3 billion RMB) [4]. - Since the beginning of 2024, Pop Mart's stock price has increased more than 11 times, largely attributed to the popularity of the Labubu series [5]. Group 2: Market Dynamics - Labubu has become a highly sought-after collectible, with some items in the secondary market selling at over 30 times their original price, and ordinary versions seeing price increases of over 100% [5]. - The article highlights the tactics used by scalpers, including the use of automated tools and multiple devices to secure purchases quickly [11][12]. - Scalpers are also leveraging membership groups for faster and more accurate restock information, with paid memberships costing between 15 to 18 RMB per month [14]. Group 3: International Market - The popularity of Labubu has extended beyond China, with international scalpers capitalizing on the demand, often selling items at significantly higher prices [20][21]. - For instance, a Labubu figure originally priced at 399 RMB was sold for 700 Malaysian Ringgit (approximately 1200 RMB) by a Malaysian scalper, indicating a threefold markup [23]. - The article notes that as domestic availability of Labubu decreases, Pop Mart is expanding its international presence, with scalpers engaging in reverse purchasing to bring products back to China [26]. Group 4: Counterfeiting Issues - The article discusses the challenges Pop Mart faces with counterfeiting, as the production costs for similar products are significantly lower, leading to a thriving market for knockoffs [31]. - Reports indicate that counterfeit versions of Labubu, referred to as "Lafufu," are being sold at a fraction of the original price, with some imitations being nearly indistinguishable from the authentic products [31][32]. - As of June 9, all counterfeit "Lafufu" products in Yiwu's commercial market were reportedly taken down, highlighting the ongoing battle against intellectual property infringement [33].

Core Viewpoint - The article emphasizes the growing significance of "潮玩" (trendy toys) in the market, particularly among adults seeking emotional connections and nostalgia, driven by increased consumer spending, the rise of Generation Z, and cultural consumption upgrades [1][2]. Group 1: Overview of Trendy Toy IP Economy - The report aims to analyze the economic value and development potential of trendy toy IPs by examining the industry's evolution, value chain, and consumer preferences [3]. - It provides a comprehensive view of the current state and trends of the trendy toy IP economy, including market environment, participants, business models, and future opportunities and challenges [4]. Group 2: Case Studies of Trendy Toy IP - The report highlights successful case studies of trendy toy IPs, focusing on key factors such as business layout, storytelling, innovative business models, and fan economy construction [5]. Group 3: Consumer Demand from "Big Kids" - The report analyzes consumer profiles, motivations for purchasing trendy toy IPs, and core characteristics and behavior patterns of the target demographic, revealing insights into social needs, emotional connections, and surprise experiences [5]. Group 4: Future Opportunities and Challenges - The report explores the opportunities and challenges facing the trendy toy IP industry, providing strategic guidance for sustainable development and helping stakeholders understand future trends [6].