Group 1 - The core viewpoint of the articles indicates that the resale prices of LABUBU products are declining, with some items selling below their original prices [1][5][7] - The LABUBU 3.0 "Front High Energy Series" is being resold for 400 yuan, significantly lower than the official price of 1168 yuan for the same product on Tmall [1][5] - The average transaction price of the "Starry People Delicious Moment" blind box has dropped from a peak of 359 yuan to 143.07 yuan [2] Group 2 - The decline in LABUBU product prices is attributed to an increase in supply, as the company has been restocking both online and offline channels since the global pre-sale began [5][7] - Market expectations have shifted due to the increased supply, leading to a decrease in speculative buying, which has contributed to the drop in second-hand prices [7] - The stock price of Pop Mart has also decreased by over 30% compared to its price of 339 HKD per share in August 2025, reflecting the overall decline in LABUBU's market value [7]

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]