Core Viewpoint - The secondary market prices for Labubu blind boxes from Pop Mart have experienced a significant decline, with some prices dropping over 80% within six months, indicating a fundamental shift in supply and demand dynamics [1][4][9] Price Decline of Labubu Blind Boxes - The average transaction price for the Labubu "Heart Password" series has fallen from approximately 1800 yuan at launch to about 1022 yuan, a decline of over 40% [1][14] - The price of the "Self" hidden version from the "Front High Energy" series peaked at nearly 3000 yuan in June 2025 but has since plummeted to around 530 yuan, representing a drop of over 80% [4][17] - The number of Labubu listings on platforms like Xianyu and Chidao has increased, with many popular items seeing continuous price reductions [6][19] Supply and Demand Dynamics - Pop Mart has significantly increased its production capacity, with monthly output now exceeding ten times that of the same period last year, reaching around 30 million units [8][21] - The company has implemented a large-scale replenishment strategy following the global pre-sale of the Labubu 3.0 series, which has led to a substantial increase in market supply [21][22] Market Sentiment and Speculation - The retreat of speculative sentiment has contributed to the decline in secondary market prices, with reports of second-hand dealers halting purchases of Labubu products [9][22] - Industry experts suggest that Pop Mart may face challenges related to IP aging, as market fatigue and increased competition have led to a decrease in the popularity of Labubu [22] Financial Performance and Growth Prospects - Despite the market downturn, Pop Mart's overall revenue for Q3 2025 has increased by 245% to 250%, with significant growth in both domestic (185% to 190%) and overseas (365% to 370%) markets [10][23] - The company is actively expanding its overseas supply chain, with new partnerships in Indonesia, Cambodia, and Mexico, which may support revenue diversification and cost optimization [11][24] - Analysts predict that Pop Mart is transitioning from explosive growth to a phase of sustainable growth, with future revenue drivers expected to shift from single blockbuster products to a more diversified portfolio [12][25]

Core Viewpoint - The article discusses the significant decline in the resale prices of Labubu blind boxes from Pop Mart, indicating a fundamental shift in supply and demand dynamics, with a return to emotional consumption rather than investment speculation [1][2][14]. Group 1: Price Decline and Market Dynamics - Labubu hidden figures have seen resale prices drop by over 80% within six months, with some boxes selling below their original price [2][8]. - The average transaction price for the Labubu "Heart Code" series has fallen from approximately 1800 yuan to about 1022 yuan, a decline of over 40% [5]. - The price of the "Ben Wo" hidden figure dropped from nearly 3000 yuan in June 2025 to around 530 yuan, representing a decline of over 80% [8][11]. Group 2: Supply Chain and Production Capacity - Pop Mart has significantly increased its production capacity, with current monthly output for plush toys being over ten times that of the same period last year, reaching around 30 million units [14]. - The company has established six global production bases, enhancing its supply chain in Southeast Asia and Mexico [18]. Group 3: Market Sentiment and Future Outlook - The retreat of speculative buying has contributed to the price drop, with many second-hand dealers halting purchases of Labubu products [14][19]. - Experts suggest that if Pop Mart can continue to diversify its revenue and optimize costs, it may enter a valuation recovery phase [3][19]. - The company is exploring new growth avenues, including the metaverse and theme park upgrades, which could provide new profit growth points [18][20]. Group 4: Financial Performance - Despite the market downturn, Pop Mart reported a 245% to 250% year-on-year revenue growth in Q3 2025, with overseas revenue increasing by 365% to 370% [17]. - The company is expected to transition from explosive growth to sustainable growth, with a focus on diversifying its income sources beyond the Labubu brand [19].