Core Viewpoint - The recent live streaming incident involving Pop Mart has sparked a trust crisis, highlighting potential issues with pricing and consumer perception of the brand [1][3]. Group 1: Incident Details - On November 6, during a live stream, Pop Mart staff made comments suggesting that the price of a DIMOO blind box at 79 yuan was too high, leading to public outrage [1][2]. - Following the incident, there were rumors that the involved employees were fired, but Pop Mart clarified that no employees would be dismissed as a result of the incident [2]. Group 2: Consumer Reaction - Consumers felt offended by the dismissive comments made by the staff, interpreting them as a sign that the brand views its loyal customers as easy targets for high pricing [3]. - The incident has damaged the emotional connection consumers have with the brand, transforming perceived emotional value into a sense of exploitation [3]. Group 3: Broader Implications - The live streaming incident coincided with other recent issues, such as a logo error on a new product, which has contributed to a wave of negative sentiment towards Pop Mart [4]. - Following these incidents, Pop Mart's stock price fell over 4% on November 7, reaching a six-month low, indicating a potential shift in market confidence [4]. - The situation serves as a warning to the toy industry that relying solely on IP popularity without addressing product quality and consumer respect may lead to market rejection [5].

Core Viewpoint - The incident involving a live broadcast leak has exposed the underlying issues of consumer trust and pricing strategies in the blind box industry, particularly for Pop Mart, leading to significant public backlash and market repercussions [1][2][3]. Group 1: Incident Overview - A live broadcast error allowed private employee conversations to be heard, which highlighted consumer dissatisfaction with the blind box industry's pricing and product quality [1][2]. - The employee's comment about consumers being willing to pay sparked outrage, consolidating existing grievances against the perceived exploitation of fans [2][3]. Group 2: Market Reaction - Following the incident, Pop Mart's stock price dropped by 5.88% on November 7, resulting in a market value loss exceeding 17 billion HKD, indicating the critical importance of brand trust in the collectible toy sector [3][4]. - The live broadcast attracted a peak audience of 1.2 million, amplifying the impact of the incident as it quickly spread across social media platforms [2][3]. Group 3: Regulatory and Industry Implications - New regulatory measures are being proposed, including mandatory disclosure of product costs and limiting the probability of hidden items, which could challenge the high pricing strategies previously employed by the industry [4][5]. - The financial attributes of collectible toys are diminishing, with resale prices for certain items dropping significantly, indicating a shift back to the core nature of fast-moving consumer goods and cultural products [4][5]. Group 4: Company Response and Future Challenges - In response to the crisis, Pop Mart has implemented several measures, including upgrading live broadcast technology and committing to cost transparency for products priced under 100 yuan [5][6]. - The company faces challenges in rebuilding consumer trust, as the dissatisfaction stems from a long history of perceived exploitation rather than a single technical error [5][6]. - The incident has the potential to negatively impact overseas market growth, particularly in Southeast Asia, where pricing strategies may lead to accusations of price discrimination [6][7]. Group 5: Long-term Industry Outlook - The incident is expected to lead to a decline in membership renewal and repurchase rates by 5-10 percentage points in the short term, with brand recovery anticipated to take at least two quarters [7]. - The blind box industry may transition towards a more refined model characterized by design-driven products, transparent pricing, and regulatory compliance, moving away from previous profit-driven practices [7].