每经记者｜杜蔚 每经编辑｜文多 丨2025年9月5日 星期五丨 NO.1 迪士尼涉嫌非法收集儿童数据，被罚1000万美元 点评：伦纳德2800万美元代言协议涉嫌阴阳合同，引发NBA联盟调查。伦纳德作为NBA球星，其合同 风波不仅影响个人声誉，更牵动球队未来布局，以及整个NBA联盟的商业信誉和市场秩序。 NO.4 迷你版Labubu二手价普降 9月4日距迷你版Labubu发布已一周，媒体记者发现，其二手价格开始下降。有黄牛表示："迷你版 Labubu的价格后劲没有第三代Labubu足。"得物App平台显示，迷你版Labubu的成交单量已超过5.6万 件，单个盲盒的近3日成交均价为138元，相较79元的原价仍溢价75%。但相较发售前期，Labubu迷你版 的二手成交价已下降10%～60%。 NO.2 前8月黄金相关企业注册量同比增长22.92% 近日来，黄金价持续走高。行业数据显示，国内现有黄金相关企业60.21万家。黄金相关企业注册量近 10年增减起伏较大，但仍处于整体增长态势，2024年全年有14.91万家企业注册，同比增长10.60%，达 近十年注册量峰值。截至目前，今年已注册11.87万家黄金相关企业，其 ...

Core Insights - The resale prices of the mini version of Labubu have started to decline just one week after its release, with some resellers indicating that the price momentum is weaker compared to the third generation of Labubu [2][4] - The transaction volume for the mini version of Labubu has exceeded 56,000 units within a week, with an average transaction price of 138 yuan, representing a 75% premium over the original price of 79 yuan, although this is a decrease of 10%-60% from the initial resale prices [2][4] - The average transaction price for the hidden version of Labubu has also dropped significantly, from 991 yuan at launch to 679 yuan currently, indicating a reduction in speculative pricing [4][5] Market Dynamics - The rapid price decline of the mini version of Labubu is attributed to a higher supply volume and the presence of 30 different product variants, which has reduced the liquidity in the secondary market [5] - The mini version of Labubu is sold exclusively online, limiting the ability of physical resellers to hoard inventory, which has further contributed to the price drop [5] - The company is expected to launch a second round of mini version Labubu products in October, which may lead to further price fluctuations [5] Competitive Analysis - Compared to the third generation of Labubu, the mini version has seen a significant reduction in premium pricing, with the hidden version of the third generation still commanding an average price of 939 yuan, which is 9.5 times its original price, compared to the mini version's 8.6 times premium [4][5] - The stock price of the company, Pop Mart (09992.HK), has decreased by 5.61% in the five days following the release of the mini version Labubu [5]

Core Viewpoint - The resale prices of the mini version of Labubu have started to decline significantly within a week of its release, indicating a potential oversupply and reduced demand in the secondary market [2][4]. Group 1: Market Performance - The mini version of Labubu has seen over 56,000 transactions on the Dewu app within a week, with an average transaction price of 138 yuan, representing a 75% premium over the original price of 79 yuan [2]. - However, the resale prices have decreased by 10%-60% compared to the initial release period, with specific examples showing a drop from 1930 yuan to 1541 yuan, a 20% decline [2][4]. - The average transaction price for the Labubu 4.0 has fallen from 143 yuan on August 27 to 106 yuan [2]. Group 2: Supply and Demand Dynamics - The price of the mini version Labubu has decreased from 2399 yuan before release to 1850 yuan for the (A~M) version and 1800 yuan for the (N~Z) version [4]. - The mini version Labubu has a lower premium compared to the third generation Labubu, with the hidden version of the third generation still commanding an average price of 939 yuan, a 9.5 times premium, compared to the mini version's 8.6 times premium [4]. - The rapid price decline is attributed to a larger supply, with 30 product variations and all sales conducted online, reducing the influence of scalpers [4]. Group 3: Market Sentiment and Future Outlook - Analysts suggest that the mini version of Labubu may not generate significant buzz on social media, leading to a short-lived popularity and not a sustainable sales phenomenon [5]. - Following the release of the mini version, the stock price of Pop Mart (09992.HK) has dropped by 5.61% over the past five days [6].

Core Insights - The resale prices of the mini Labubu toys have significantly decreased within a week of their release, with some styles dropping nearly 60% [1][8] - The average transaction price for the mini Labubu has fallen by 10%-60% compared to the initial sales period, indicating a decline in demand [1][9] - The stock price of Pop Mart (09992.HK) has dropped by 5.61% in the five days following the release of the mini Labubu [10] Sales Performance - Over 56,000 units of mini Labubu have been sold on the Dewu app within a week, with an average transaction price of 138 yuan, which is a 75% premium over the original price of 79 yuan [1] - The average transaction price for a specific set (N~Z) dropped from 1930 yuan on the release day to 1541 yuan, a decrease of 20% [1] - The average price for non-popular styles has also seen a significant decline, with one style dropping 57% from its release price [1] Market Dynamics - The mini Labubu's resale market is experiencing a rapid price decline due to increased supply and a larger initial release [9] - The presence of 30 different products in the series has led to reduced trading volume in the secondary market as users engage in self-exchange [9] - The mini Labubu's online-only sales strategy has minimized the impact of scalpers, as physical stores are only responsible for pick-up [9] Future Outlook - Analysts predict that the prices of mini Labubu may continue to decline with the anticipated second round of product releases in October [9] - The mini Labubu is unlikely to generate sustained buzz on social media, limiting its potential for long-term sales success [9]

9月4日，正值迷你版Labubu发布一周，记者发现，潮玩平台迷你版Labubu的二手价格开始下降，有黄牛表示"迷你版Labubu的价格后劲没有第三代Labubu 足。" 得物app平台数据显示，发布一周以来迷你版Labubu的成交单量已超过5.6万件，单个盲盒的近3日成交均价为138元，相较79元的原价仍溢价75%。但相较发 售前期，Labubu迷你版的二手成交价已下降10%-60%。 以14件为一组、原价1106元的（N~Z）端盒为例，发售当天得物app成交均价一度飙升至1930元，昨日已回落至1541元，下跌20%，"想要人数"也从9398人降 至362人。非热门款中，X的昨日成交均价为106元，较发售日下降57%。闲鱼平台数据也显示，Labubu4.0成交均价已从8月27日的143元下降至106元。 一方面，泡泡玛特正尽可能通过系列措施降低"黄牛"干扰。一位潮玩行业人士分析，迷你版Labubu价格回落较快的原因一是供给量更丰富，首批放货较多； 其次该系列包含30款产品，用户自发互换减少了二级市场的流动量；同时Labubu迷你版全部线上发售，门店只负责提货，也减少了线下黄牛囤货。该人士 预测，泡泡玛特预计 ...

Core Viewpoint - The resale prices of the mini version of Labubu have started to decline just one week after its release, indicating a lack of sustained demand compared to previous versions [1]. Group 1: Price Trends - The mini version of Labubu has seen over 56,000 transactions on the platform since its release, with an average transaction price of 138 yuan, representing a 75% premium over the original price of 79 yuan [1]. - However, the resale prices have decreased by 10%-60% compared to the initial sales period [1]. - For example, the average transaction price for a set of 14 N-Z models dropped from 1,930 yuan on the release day to 1,541 yuan, a decline of 20% [1]. - The average transaction price for the hidden variant has also decreased from 991 yuan to 679 yuan [8]. Group 2: Market Dynamics - The rapid price decline is attributed to a higher supply of the mini version, with a larger initial release and a total of 30 products in the series, which has reduced the liquidity in the secondary market [9]. - The mini version's online-only sales strategy has minimized the impact of scalpers, as physical stores only handle pickups [9]. - Analysts predict that the upcoming second round of mini Labubu releases in October may further decrease prices [9]. Group 3: Company Performance - Following the release of the mini version, the stock price of Pop Mart (09992.HK) has dropped by 5.61% over the past five days [10].