Core Viewpoint - The availability of Labubu blind box products has improved on platforms like Tmall and Douyin, although some items remain out of stock, indicating a mixed supply situation across different channels and product lines [3][7]. Supply Situation - Consumers have reported that previously hard-to-find Labubu products are now more accessible, with some items still facing stock shortages [3][7]. - The "Labubu Frontline High Energy Series" remains largely out of stock on major online channels, while the "Labubu Heart Code Series" is available for purchase [3][7]. - Official customer service from Pop Mart confirmed recent restocking efforts but noted that restocking times are random and quantities are not disclosed, suggesting uncertainty in future availability [3][7]. Secondary Market Trends - Recent reports indicate that the secondary market for Labubu products has seen significant price drops, with the average price of the "Labubu Sit Party Rubber Plush Series" falling from 1478 yuan to approximately 632 yuan, nearing its original price of 594 yuan [4][8]. - The "Labubu 3.0 Frontline High Energy Series" experienced a price surge to 2500 yuan upon release, but has since seen a decline, with recent average transaction prices around 518 yuan, below the official price [4][8].

Group 1 - The average resale price of Labubu's products on second-hand platforms has significantly decreased, with the price of a box that originally cost 594 yuan dropping from 1478 yuan to around 632 yuan, and some single items originally priced at 99 yuan even falling below their original price to as low as 82 yuan during flash sales [1][3] - The number of Labubu listings on platforms like Xianyu, Qiantao, and Dewu has increased, but the transaction prices are simultaneously declining, indicating a shift in market dynamics [1][3] - The stock price of Pop Mart, the parent company of Labubu, has also seen a significant decline, dropping over 40% from a peak of 339.8 HKD in late August to approximately 189 HKD by mid-December, resulting in a market capitalization loss of over 200 billion HKD [3][5] Group 2 - The changes in pricing and market behavior cannot be attributed to a single product release or event, but rather reflect a broader decline in consumer confidence and interest in trendy toys, suggesting that the market's cooling is primarily driven by shifts in sentiment rather than sales volume [5] - The once high demand for new releases has diminished, with consumers now expressing a willingness to purchase items at lower prices without the urgency to buy blind boxes, indicating a fundamental change in consumer behavior [3][5]