Core Viewpoint - LABUBU has transitioned from a "financial product" to an ordinary consumer good, with significant changes in availability and pricing in the secondary market [1][2]. Group 1: Product Availability and Pricing - As of January 3, LABUBU products are readily available for purchase on platforms like Tmall, with a guarantee of shipping within 48 hours, contrasting with previous scarcity [1]. - The resale price of LABUBU's 3.0 series has dropped significantly, nearing the original retail price, with some non-popular items selling for even less [2]. - The LABUBU 4.0 series has not experienced the same level of scarcity, with reports indicating that consumers can easily find stock in stores [2]. Group 2: Market Performance and Company Strategy - Despite a significant increase in stock price over two years, Bubble Mart's stock has seen a decline of approximately 40% since reaching a peak of 339.8 HKD per share, resulting in a market cap loss of over 200 billion HKD [2]. - Industry expert Zhang Shule believes that reducing LABUBU's secondary market prices is essential for Bubble Mart to establish itself as a genuine global IP operation, emphasizing the difference between short-term profit and long-term sustainability [3]. - The rising popularity of the Starry People IP under Bubble Mart suggests a potential shift in revenue sources, although it is uncertain if it can replicate LABUBU's previous success [3].

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" back to an ordinary consumer good, with products now readily available for purchase after previously being in high demand and short supply [2]. Group 1: Product Availability - As of January 3, LABUBU products are no longer out of stock on platforms like Tmall, with various series available for immediate purchase [2]. - The LABUBU 3.0 series, which initially faced stock shortages, has seen its resale prices drop to near original retail prices by the end of December [4]. - The LABUBU 4.0 series has also become readily available, with reports of in-store stock being accessible for immediate purchase [4]. Group 2: Market Dynamics - The resale market for LABUBU products has experienced a significant decline, with prices for certain items falling below official retail prices [4]. - The stock price of Bubble Mart has decreased approximately 40% from its peak of 339.8 HKD per share, resulting in a market capitalization loss of over 200 billion HKD [4]. Group 3: Strategic Insights - Industry expert Zhang Shule believes that reducing the speculative value of LABUBU is essential for Bubble Mart to establish itself as a genuine global IP development company [5]. - The current fluctuations in LABUBU's resale prices and Bubble Mart's stock price are viewed as temporary, as long as the founders do not liquidate their holdings [5]. Group 4: Future Prospects - The popularity of the Starry People IP is rising, with its products frequently sold out, raising questions about its potential to become the next revenue driver for Bubble Mart [7]. - Zhang Shule suggests that while LABUBU's initial success was unexpected, the Starry People IP may not replicate that level of explosive growth due to various external factors [7].

Core Viewpoint - LABUBU has transitioned from a "financial product" back to an ordinary consumer product, with its various series now readily available for purchase, contrasting with previous scarcity [3]. Group 1: Product Availability - As of January 3, LABUBU products are no longer in short supply on platforms like Tmall, with multiple series available for immediate purchase [3]. - The LABUBU 3.0 series, which initially faced stock shortages, has seen its resale prices drop to near official retail prices, with some non-popular items even selling below original prices [5]. - The LABUBU 4.0 series has also lost its scarcity status early on, with reports of available stock in stores [5]. Group 2: Market Performance - Following a significant rise in stock price, which increased over tenfold in two years, the stock of Bubble Mart has seen a decline of approximately 40% since reaching a peak of 339.8 HKD per share, resulting in a market cap loss of over 200 billion HKD [5]. - The fluctuation in LABUBU's resale prices reflects a broader strategy by Bubble Mart to stabilize its brand value and transition into a global IP operation [6]. Group 3: Future Prospects - The rising popularity of the Star People IP under Bubble Mart may indicate a potential shift in revenue sources, although experts suggest that the explosive success of LABUBU was largely unexpected and influenced by various external factors [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].

Core Viewpoint - LABUBU has transitioned from a financial product to an ordinary consumer good, with products now readily available for purchase, contrasting with previous scarcity [1] Group 1: Product Availability and Pricing - LABUBU products, including various series, are now in stock and can be shipped within 48 hours, a significant change from previous pre-sale conditions where products were hard to obtain [1] - The resale prices of LABUBU's 3.0 series have dropped significantly, nearing the original retail price, with some non-popular items selling for less than the original price [3] - The LABUBU 4.0 series has also seen a lack of scarcity, with consumers able to purchase items directly from stores without difficulty [3] Group 2: Market Performance and Company Strategy - Despite a significant increase in stock price over two years, Bubble Mart's stock has seen a decline of approximately 40% since reaching a peak of 339.8 HKD per share, resulting in a market cap loss of over 200 billion HKD [3] - Industry expert Zhang Shule believes that reducing LABUBU's inflated prices is essential for Bubble Mart to establish itself as a genuine global IP operation, emphasizing the difference between short-term profit and long-term sustainability [4] Group 3: Future Prospects - The popularity of the Starry People IP is rising, with products frequently sold out, raising questions about whether it can become the next revenue driver for Bubble Mart [6] - Zhang Shule suggests that while LABUBU's success was somewhat accidental, the Starry People IP does not currently have the same potential for explosive growth due to various external factors [6]