Core Viewpoint - The LABUBU series has transitioned from being perceived as a "financial product" back to an ordinary consumer good, with products now readily available for purchase rather than being in short supply [3]. Group 1: Product Availability and Pricing - LABUBU products, including various series like "前方高能" and "心底密码," are now available for immediate purchase on platforms like Tmall, contrasting with previous months when they were often sold out or required pre-ordering [2]. - The resale prices of LABUBU products have significantly dropped, with the "前方高能" series' end box resale price nearing the official retail price by the end of December, and some non-popular items selling for even less [5]. - The LABUBU 4.0 series has also seen a lack of scarcity, with consumers able to purchase it directly from stores without difficulty [5]. Group 2: Market Impact and Company Strategy - The stock price of Pop Mart has decreased by approximately 40% since reaching a peak of 339.8 HKD per share in August, resulting in a market capitalization loss of over 200 billion HKD [5]. - Industry analyst Zhang Shule believes that reducing the speculative value of LABUBU is essential for Pop Mart to establish itself as a genuine global IP operation company, emphasizing the difference between short-term profit and long-term sustainability [6]. - The rise of the "星星人" IP is noted, with its products frequently sold out, raising questions about whether it can become the next revenue driver for Pop Mart, although it is suggested that LABUBU's previous success was largely due to chance [8].

Core Viewpoint - LABUBU has transitioned from a financial product to an ordinary consumer good, with its availability significantly improved in the market, indicating a shift in consumer dynamics and pricing strategies [2][5]. Group 1: Product Availability and Pricing - As of January 3, LABUBU products are no longer in short supply on platforms like Tmall, with various series available for immediate purchase, contrasting with previous months when they were only obtainable through pre-orders [2]. - The resale prices of LABUBU products, particularly the 3.0 series, have dropped significantly, with end box resale prices nearing the official retail price by the end of December, and some non-popular items selling for less than the original price [5]. - The 4.0 series, launched later, has not experienced the same scarcity, with reports indicating that consumers can easily find it in stores without difficulty [5]. Group 2: Market Dynamics and Company Strategy - The stock price of Pop Mart, the parent company of LABUBU, has seen a dramatic decline of approximately 40% since reaching a peak of 339.8 HKD per share in August, resulting in a market capitalization loss of over 200 billion HKD [5]. - Industry analyst Zhang Shule suggests that the reduction in LABUBU's secondary market prices reflects Pop Mart's ambition to establish itself as a genuine global IP operation company, emphasizing the difference between artificially created scarcity and genuine consumer demand [6]. - The rising popularity of the Starry People IP under Pop Mart may indicate a potential shift in revenue sources, although it is uncertain if it can replicate the explosive success of LABUBU [6].