Group 1 - The prices of certain Pop Mart products in the second-hand market have significantly dropped due to increased supply [2][3] - The Labubu 3.0 series, which was highly sought after at launch, saw its prices plummet after large-scale restocks [2] - The hidden variant "Ben Wo" reached a peak price of 4,522 yuan, a 44.7 times markup, but fell to 540 yuan by December 30, representing an 88% decrease from its peak [2] Group 2 - The average transaction price for the Labubu series over the past 30 days is 117.17 yuan, down from a peak of 130.76 yuan on December 16 [2] - Some second-hand platforms show prices for certain Labubu models falling below their original retail prices, leading consumers to consider purchasing directly at retail [3] - Pop Mart's stock price has declined approximately 40% since its peak of 339.8 HKD per share in August [3]

Core Viewpoint - The stock price of Pop Mart (09992.HK) has been on a continuous decline, dropping approximately 40% since its peak of HKD 339.8 per share in August this year [1][2] Group 1: Stock Performance - Pop Mart's stock has seen a significant decline, with a cumulative drop of about 40% since reaching its high in August [1][2] Group 2: Product Pricing Trends - The prices of certain Pop Mart products in the secondary market have sharply decreased, primarily due to increased supply [1] - The Labubu 3.0 series experienced a price surge upon release, with the hidden variant "Ben Wo" reaching a peak transaction price of 4,522 CNY, a premium of nearly 44.7 times its original price [1] - Following large-scale restocks, the price of "Ben Wo" plummeted to 2,433 CNY within four days, marking a 46% drop [1] - By December 30, the lowest transaction price for "Ben Wo" was 540 CNY, representing an 88% decrease from its peak market price [1] - The average transaction price for Labubu blind boxes over the past 30 days was 117.17 CNY, with a previous high of 130.76 CNY on December 16 [1] Group 3: Market Sentiment - On platforms like Xianyu and Qianshao, the Labubu series is showing similar pricing trends, with some resellers halting purchases due to declining prices [2] - Some consumers have expressed intentions to buy their preferred styles directly if all variants fall below the original price [2]

Group 1 - The resale prices of Labubu blind boxes have significantly declined after initially soaring to high levels, with prices dropping from over 4600 yuan to around 260 yuan [1] - The fourth generation mini Labubu followed a similar trend, with initial resale prices reaching 1600 yuan and hidden variants nearing 800 yuan, but later falling to an average of 264 yuan for hidden variants and 1077 yuan for whole boxes by late December [1] - Recent data from the Dewu APP indicates that the average transaction price for the Labubu blind box over the past 30 days was 117.17 yuan, with a peak of 130.76 yuan on December 16, followed by a downward trend [1] Group 2 - Morgan Stanley's report indicates that Pop Mart is transitioning from a phase of explosive growth to a phase of sustainable growth, predicting a significant slowdown in revenue growth for Labubu by 2026, shifting from a single blockbuster to diversified drivers beyond Labubu IP [2] - Pop Mart reported strong performance, with a 245% year-on-year revenue increase in Q3 2025, including a 185%-190% increase in China and a 365%-370% increase overseas [2] - The company's stock reached a historical high of 339.8 HKD, with a market capitalization exceeding 420 billion HKD, but has since declined to 199.90 HKD per share as of December 29, reflecting a decrease of 0.15% [2]