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].

Core Viewpoint - Labubu has significantly increased its restocking efforts, leading to improved availability of products, although some popular items remain out of stock both online and offline [1][2]. Group 1: Restocking Efforts - Labubu's restocking frequency has noticeably increased, with notifications of new arrivals frequently appearing in store communities [1][2]. - During the New Year period, a large-scale restocking was conducted by Pop Mart, resulting in consumers successfully purchasing the Labubu heart password series [2]. - Despite the increased restocking, certain Labubu series products, such as the front high-energy series and heart password series, remain sold out in both physical and online stores [1][2]. Group 2: Consumer Demand and Market Dynamics - Consumer enthusiasm for purchasing older Labubu products remains high, indicating a persistent demand gap between supply and demand [2]. - The transition from online-only purchases to allowing in-store purchases reflects a shift in sales strategy, aimed at improving consumer access to products [2]. - The secondary market prices for Labubu products have significantly adjusted downward, indicating that the brand is regaining pricing power and moving towards a healthier market environment [3].

Core Viewpoint - The Labubu series products from Pop Mart are still experiencing stock shortages in popular shopping areas like Sanlitun and He Shenghui, despite improved availability compared to previous times [1][3]. Group 1: Product Availability - Many Labubu products, particularly the "Frontline High Energy" and "Heart Code" series, remain out of stock in both physical and online stores, indicating a persistent demand-supply gap [3][4]. - A significant restock occurred during the New Year period, but products sold out quickly, highlighting the ongoing high consumer interest [3][4]. Group 2: Consumer Behavior - Consumers are increasingly utilizing fan communities to receive real-time restock notifications, which enhances their chances of purchasing desired items [3]. - The purchasing enthusiasm for older Labubu products remains strong, suggesting that demand continues to outpace supply [4]. Group 3: Market Dynamics - The recent changes in restocking frequency and sales rules reflect a strategic shift by Pop Mart to combat scalpers and stabilize the secondary market, which had seen inflated prices due to high demand [4]. - Since June, Pop Mart has implemented large-scale restocking efforts aimed at curbing scalper activities and promoting a healthier market environment, which has led to a noticeable decrease in secondary market prices [4].

Core Viewpoint - The article highlights the successful launch of the "Star People Delicious Moments Series" by Pop Mart, which has generated significant consumer interest and high resale prices on secondary markets, indicating strong demand and potential for the brand to diversify beyond its reliance on the Labubu series [1][4][8]. Group 1: Product Launch and Market Response - The "Star People Delicious Moments Series" blind boxes were set to launch on September 29, and even before the official sale, products were being pre-ordered on second-hand platforms [1]. - Upon official release, the products sold out within minutes, with over 360,000 people adding the plush cookie keychain to their carts, while only 20,000 units were available on Tmall [1]. - The resale prices on second-hand platforms have surged, with the original price of 69 yuan for the figurine rising to 119 yuan, and the hidden variant "Little Bear Cookie" reaching a peak price of 689 yuan, reflecting a nearly 10-fold premium [4]. Group 2: Financial Performance and IP Diversification - Concerns had previously been raised about Pop Mart's heavy reliance on the Labubu series, which accounted for 34.7% of the company's total revenue of 138.76 billion yuan in the first half of 2025 [8]. - The introduction of the Star People series has shown promising results, generating over 100 million yuan in its first year and 390 million yuan in the first half of 2025, making it one of the fastest-growing new IPs for Pop Mart [8]. - The Star People series emphasizes themes of warmth and healing, resonating with the emotional consumption trends among younger consumers [8]. Group 3: Market Position and Stock Performance - As of September 29, Pop Mart's stock closed at 261.8 HKD per share, with a total market capitalization of 351.6 billion HKD, reflecting a 19.3% decline over the past month [8].

Core Insights - The launch of the "Star People Delicious Moments Series Blind Box" by Pop Mart has generated significant pre-sale interest, with products already listed on second-hand platforms at marked-up prices, indicating strong demand [2][6] - The secondary market shows substantial price increases, with original prices of 69 yuan for figures rising to 119 yuan, and hidden items like the "Little Bear Biscuit" reaching up to 689 yuan, reflecting a nearly 10-fold premium [2][6] - The introduction of the Star People series may help reduce Pop Mart's reliance on the Labubu series, which accounted for 34.7% of the company's total revenue in the first half of 2025 [5][6] Product Demand and Pricing - The Star People series has seen a significant price surge on second-hand platforms, with random blind boxes increasing from 59 yuan to 182 yuan, and complete sets rising from 354 yuan to 769 yuan, both showing over 2 times premium [2][6] - The popularity of the Star People series is attributed to its "warm" and "healing" themes, resonating with the emotional consumption trends among younger consumers [6] Financial Performance - In the first half of 2025, the revenue from the Labubu IP reached 4.814 billion yuan, while Pop Mart's total revenue was 13.876 billion yuan, highlighting the importance of Labubu to the company's financials [5] - The Star People series has quickly become one of Pop Mart's fastest-growing IPs, generating over 390 million yuan in revenue in the first half of 2025 [6] Market Position - As of the latest report, Pop Mart's stock closed at 261.8 HKD per share, with a total market capitalization of 351.6 billion HKD, reflecting a 19.3% decline over the past month [6]