Core Insights - The article discusses the recent trend surrounding the limited edition LABUBU toy and its impact on the market, particularly focusing on the exchange activities initiated by Hu Run and the subsequent rise in popularity of the toy [1][14]. Group 1: LABUBU Exchange and Significance - Hu Run exchanged the limited edition LABUBU and a half marathon medal with Peng Jun, CEO of Xiaoma Zhixing, for a car valued at nearly one million yuan [2][3]. - The car involved in the exchange is significant as it was the first autonomous vehicle to carry passengers on public roads, highlighting the intersection of technology and collectibles [3][5]. Group 2: Auction and Market Response - A unique mint-colored LABUBU was auctioned for 1.08 million yuan, marking a significant event in the collectibles market, with another brown LABUBU fetching 820,000 yuan [14]. - Following the auction, Zhang Chaoyang expressed regret for returning the LABUBU to Hu Run, indicating the toy's rising status and desirability [14]. Group 3: Impact on Pop Mart - The popularity of LABUBU has led to a surge in the stock price of Pop Mart, which rose over 5% to reach a historical high, attributed to the success of its overseas store model [15]. - Analysts note that the stock price recovery over the past year and a half is linked to the phenomenon created by LABUBU and its cultural significance [15].