Core Viewpoint - The LABUBU dolls are experiencing a surge in demand, but there are significant quality issues reported by consumers, leading to returns and exchanges [2] Group 1: Consumer Feedback - Consumers have reported problems with LABUBU dolls, including misaligned heads and stitching defects, prompting some to seek refunds [2] - A consumer mentioned purchasing a LABUBU doll at a premium price of approximately 250 yuan, but is now unable to sell it for more than 100 yuan on second-hand platforms, resulting in a loss [12] Group 2: Market Trends - Previously, some old LABUBU dolls were sold at prices three times their original value, but now they are being sold at or below original prices on second-hand platforms [5][11] - For example, the LABUBU "Frontline High Energy" series, originally priced at 99 yuan, is now listed between 100 and 149 yuan on second-hand platforms, with hidden variants priced around 936 yuan [7][11] - The overall price of LABUBU dolls on second-hand platforms has dropped significantly, with hidden variants previously priced over 3000 yuan now available for around 1000 yuan [11][12]

Core Viewpoint - The article discusses the recent surge in demand for LABUBU dolls, particularly the "mini LABUBU," while also highlighting quality issues and a significant drop in resale prices for older models [2][6][12]. Group 1: Demand and Quality Issues - The "mini LABUBU" has sparked a new wave of demand, leading to difficulties in obtaining these dolls [2]. - Consumers have reported quality issues with some LABUBU dolls, including misaligned heads and stitching defects, prompting returns and exchanges [2]. Group 2: Resale Market Dynamics - Previously, older LABUBU dolls were sold at prices three times their original value, but now they are being listed at or below original prices on second-hand platforms [6][12]. - For example, the LABUBU "Frontline High Energy" series, originally priced at 99 yuan, is now being sold for around 100 yuan on second-hand platforms, a significant decrease from previous prices that reached up to 3000 yuan for hidden variants [12]. - The resale price for the hidden variant has dropped from over 3000 yuan to approximately 1000 yuan, indicating a substantial decline in market value [12].

Core Points - The LABUBU dolls have become extremely popular, leading to a surge in counterfeit products in the market [1] - The Haidian District Market Supervision Administration has taken action against the sale of counterfeit LABUBU products, confirming the infringement through on-site inspections [1] - A total of 16 counterfeit LABUBU dolls were seized, including various series such as the Coca-Cola series and the Sit Party series [1] Company and Industry Summary - The popularity of LABUBU dolls has created a significant demand, resulting in some manufacturers producing counterfeit versions to exploit the market [1] - The Haidian District Market Supervision Administration emphasizes that selling counterfeit goods is illegal and can lead to severe penalties, including potential criminal charges [2] - Consumers are advised to make rational purchasing decisions and to buy from authorized channels to avoid counterfeit products [2]

Core Insights - Pop Mart, a Chinese toy giant, is rapidly expanding into global markets, achieving significant milestones such as topping the U.S. App Store shopping chart and experiencing a surge in stock price [1][2]. Group 1: Market Performance - On April 28, Pop Mart's stock price surged over 10%, reaching a historic high of 190 HKD per share, with a trading volume of nearly 2.8 billion HKD [2]. - The company's overall revenue for Q1 2025 increased by 170%-175% year-on-year, significantly exceeding industry expectations [7]. Group 2: Product Launch and Popularity - The recent launch of the third generation of the LABUBU plush toy series on April 24 has driven global demand, with long queues reported at stores in major cities like Los Angeles, London, and Milan [4]. - LABUBU has quickly become a leading IP for Pop Mart, with its product series contributing to a staggering 726.6% year-on-year revenue growth, making it the top revenue-generating IP for the company [6]. Group 3: Regional Growth - The Americas have emerged as a new growth engine for Pop Mart, with revenue from this region increasing by 895%-900% year-on-year, while Europe saw a growth of 600%-605% [7]. - The Asia-Pacific region also maintained a strong growth rate of 345%-350%, indicating a balanced global expansion strategy [7]. Group 4: Global Strategy and Organizational Changes - Pop Mart is undergoing its largest organizational restructuring in five years to better align with its global expansion, establishing regional headquarters in Greater China, the Americas, Asia-Pacific, and Europe [8]. - The company aims to tailor its development strategies based on regional characteristics, positioning Southeast Asia as a growth engine and the Americas as a high-value market [9].