Core Viewpoint - The trading prices of Labubu in the second-hand market are experiencing significant fluctuations, with a downward trend in average transaction prices and a growing number of bearish sentiments among traders [1]. Group 1: Product Performance - The third-generation Labubu "High Energy Series," which includes one hidden version and six regular versions, has a retail price of 99 yuan. The average price for regular versions in the second-hand market ranges from 90 to 130 yuan, with some versions trading below the original price [3]. - The hidden version "Ben Wo" is the most popular item in this series, initially reaching a peak price of nearly 5000 yuan in the secondary market, representing a premium of nearly 50 times. However, as of September 10, 2025, its price has dropped to the range of 700 to 800 yuan, showing a clear downward trend over the past 30 days [5]. Group 2: Market Dynamics - The "Mini Labubu" series, launched on August 28, 2025, has also seen a decline in second-hand market interest, with average trading prices dropping to between 80 and 650 yuan from an initial premium exceeding 1000 yuan [11]. - In response to high premiums in the secondary market, the company executed a large-scale restock on June 18, 2025, with a total expected replenishment of 4 to 5 million units across various platforms, leading to a significant drop in secondary market prices shortly after [15]. - Following the restock, the buyback prices for resellers plummeted, with the price for a complete set of six blind boxes dropping from 1500-2800 yuan to 650-800 yuan, and individual hidden versions falling from 250 yuan to 100 yuan [15][16]. Group 3: Company Stock Performance - Despite the fluctuations in the secondary market, the company's stock price has been on an upward trend throughout the year, with a market capitalization around 370 billion HKD. However, since late August, the stock has seen a decline, dropping below 300 HKD to 270 HKD [16].

Core Viewpoint - The trading prices of Labubu in the second-hand market are experiencing significant fluctuations, with a general downward trend observed in recent transactions [1][2]. Group 1: Market Trends - The average transaction price for the Labubu products is declining, with more sellers expecting further price drops [2]. - The "Front High Energy Series" of Labubu, which includes a hidden version and six regular versions priced at 99 yuan each, has seen its regular versions trading between 90-130 yuan, with some even falling below the original price [4]. - The hidden version "Ben Wo" was once a star product, reaching a peak price of nearly 5000 yuan, representing a premium of nearly 50 times its original price [6]. Group 2: Recent Price Changes - As of September 10, 2025, the second-hand market price for the hidden version "Ben Wo" has dropped to the range of 700-800 yuan, showing a clear downward trend over the past 30 days [7]. - The "Mini Labubu" series, launched on August 28, 2025, has also seen a decline in second-hand market interest, with prices now ranging from 80-650 yuan [14]. Group 3: Impact of Official Actions - The decline in the second-hand market is partly attributed to a sudden restock by Pop Mart on June 18, which included a global pre-sale of the Labubu 3.0 series, with expected sales of 400-500 million yuan [18]. - Following this restock, the prices in the second-hand market plummeted, with some resellers reporting a drop in recovery prices from 1500-2800 yuan to 650-800 yuan for a full set of blind boxes [18]. - Some resellers have paused purchases, indicating a significant market downturn and a wait for a potential recovery [19]. Group 4: Company Performance - Despite the fluctuations in the second-hand market, Pop Mart's stock price has been on the rise this year, with a market capitalization around 370 billion HKD, although it has seen a decline from 300 HKD to 270 HKD recently [19].

Core Viewpoint - The trading prices of Labubu products in the second-hand market are experiencing significant fluctuations, with a general downward trend in average transaction prices and a higher number of bearish sentiments among traders [1]. Group 1: Market Trends - The average transaction price for Labubu products has decreased, with a notable drop of ¥3 from the previous week, currently standing at ¥105 [3]. - The "hidden" version of the Labubu product, known as "Ben Wo," which was once priced at nearly ¥5000 in the secondary market, has seen its price fall to the range of ¥700-800, indicating a clear downward trend over the past 30 days [6]. - The "mini version Labubu," launched on August 28, 2025, has also seen a decline in average transaction prices, now ranging from ¥80-650, down from previous high premiums [13]. Group 2: Company Actions - In response to high premiums in the secondary market, the company executed a large-scale restock on June 18, 2025, with an estimated total replenishment of 4-5 million units across various platforms, leading to a significant drop in secondary market prices [15]. - Following the restock, the prices for complete sets of Labubu blind boxes plummeted from ¥1500-2800 to ¥650-800, with some individual hidden versions dropping from ¥250 to ¥100 [16]. - The company's stock price has been on a continuous rise this year, reaching a market capitalization of approximately HKD 370 billion, although it has recently experienced a decline, falling below HKD 300 to HKD 270 [16].

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 ...

Group 1 - A Foodpanda delivery rider in Hong Kong was awarded HKD 1.348 million in compensation after being injured in a traffic accident while working during a typhoon warning, with the court ruling that Foodpanda bore 80% of the responsibility [10] - Huawei launched its new foldable smartphone Mate XTs, which is the first to come pre-installed with HarmonyOS 5, with prices set at CNY 17,999 for the 256GB version, CNY 19,999 for the 512GB version, and CNY 21,999 for the 1TB version [15] - The People's Bank of China announced a CNY 1 trillion reverse repurchase operation to maintain liquidity in the banking system, scheduled for September 5, 2025, with a term of 91 days [6] Group 2 - The Ministry of Commerce of China confirmed the initiation of its first anti-circumvention investigation regarding imports of specific optical fiber products from the United States, which aligns with both Chinese law and WTO rules [7] - The State Council of China released an opinion aimed at enhancing the sports industry, targeting a total scale exceeding CNY 7 trillion by 2030 [8] - Agricultural Bank of China reached a market capitalization of CNY 2.55 trillion, surpassing Industrial and Commercial Bank of China for the first time, reflecting strong stock performance [22] Group 3 - ByteDance terminated the contracts of 100 employees due to violations of company policies, with 8 individuals referred to judicial authorities for criminal activities [19] - Broadcom reported a third-quarter revenue of USD 15.95 billion, exceeding analyst expectations, and projected fourth-quarter revenue of approximately USD 17.4 billion [26] - The mini version of Labubu collectible toys saw a significant drop in secondary market prices, indicating a potential decline in collector interest [21]

Group 1 - US stock markets saw collective gains, with the Dow Jones up 0.77%, S&P 500 up 0.83%, and Nasdaq up 0.98%. Notable gains were seen in chip stocks, with Western Digital rising over 5% and Micron Technology up over 4% [3] - International precious metal futures generally declined, with COMEX gold futures down 0.91% at $3602.40 per ounce and COMEX silver futures down 1.77% at $41.32 per ounce [4] - European stock indices closed mixed, with Germany's DAX up 0.74% at 23770.33 points, France's CAC40 down 0.27% at 7698.92 points, and the UK's FTSE 100 up 0.42% at 9216.87 points [5] Group 2 - The People's Bank of China announced a 10 trillion yuan reverse repurchase operation on September 5, 2025, to maintain liquidity in the banking system [6] - The Ministry of Industry and Information Technology and the State Administration for Market Regulation issued the "Action Plan for Stable Growth of the Electronic Information Manufacturing Industry 2025-2026," targeting an average growth rate of around 7% for major electronic manufacturing sectors [7] - The State Council issued opinions on unleashing the potential of sports consumption, aiming for the sports industry to exceed 7 trillion yuan by 2030 [8] Group 3 - ByteDance reported the dismissal of 100 employees for violations, with 8 individuals suspected of criminal activity handed over to judicial authorities [13] - Huawei launched the new Mate XTs foldable smartphone, featuring the HarmonyOS 5 and a Kirin 9020 chip, with prices ranging from 17,999 to 21,999 yuan [14] - Agricultural Bank of China reached a market capitalization of 2.55 trillion yuan, surpassing Industrial and Commercial Bank of China for the first time [20]

每经编辑｜金冥羽 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5.9万件，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%。 8月28日晚间10点，泡泡玛特旗下的迷你Labubu（THE MONSTERS心底密码系列）正式开售，瞬间引发抢购热潮，多平台商品链接迅速售罄。 据统计，淘宝平台该系列已售超过30万件，抖音平台已售超15.5万件，京东平台已售超过70万件。 据悉，"迷你版Labubu"售价79元一只，尺寸高约10.5厘米，绣有不同的英文字母，分为A/B两组，单组价格1106元，各含14个常规款，1个隐藏款，隐藏款 抽中概率为1:168。 据媒体22日早前报道，在二手平台，此前有不少卖家提前发布代抢订单，且价格不一，单只迷你版Labubu价格最高已冲上300元/个，部分卖家开出的一整 套（14只）的代抢费用甚至达到2699元，较 ...

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]