新浪科技讯 1月6日晚间消息，近日，在社交媒体上，不少消费者表示，曾经很难卖到的 Labubu怪味便利店系列盲盒产品，在泡泡玛特天猫旗舰店和小程序上已经能轻松买到。还有消费者反 馈，"虽然不少Labubu系列产品仍然处于断货的状态，但比之前好买了许多。" 新浪科技查询发现，泡泡玛特Labubu系列产品的供应情况在不同渠道与不同款式间存在分化。在泡泡 玛特天猫官方旗舰店、抖音直播间及官方小程序等主要线上渠道，备受追捧的"Labubu前方高能系列" 仍普遍显示为"缺货"或"售罄"状态；而另一款 "Labubu心底密码系列"则有现货，消费者可正常下单购 买。 对此，泡泡玛特官方客服确认了近期进行了补货，但表示，"补货时间均是随机的，且无法具体了解到 补货多少。"谈及后续是否还会补货Labubu，客服表示"无法保证"，并强调"补货具有随机性，建议关注 补货通知。" 此外，近期二手Labubu"跌破官方价"的消息，再度引发潮玩圈关注。有数据统计，去年12月，原价594 元一盒的Labubu坐坐派对搪胶毛绒系列，二手平台均价已经从1478元回落到632元左右，价格几近"腰 斩"，并逐步逼近其原始发售价。 还有Labubu ...

线下渠道Labubu售罄，线上渠道也同样如此。北京商报记者随机查询泡泡玛特天猫、抖音、官方小程 序、抽盒机等线上渠道，Labubu的前方高能系列和心底密码系列仍旧处于缺货状态。 据了解，泡泡玛特在元旦期间进行了一波大规模补货。假期期间，消费者在泡泡玛特门店购买过 Labubu心底密码系列。在线上渠道，也有不少人表示抢到了期待已久的产品。 "Labubu近期的补货力度明显加大了"，一位资深玩家现场向北京商报记者表示，"不定时的补货越来越 频繁，在门店社群里常能看到上新通知。只要多关注，抢到心愿款的几率其实很高。"她还注意到，发 售规则也出现了松动，从早期仅限线上抢购，转变为消费者可以直接进店购买。 一位潮玩行业人士解释称，上述变化反映出Labubu的补货节奏正在稳步推进，而且消费者购买老品的 热情依然高涨，说明需求依然旺盛，供需之间还是存在缺口，距离实现"人手一只，随到随买"的状态还 有一段路要走。 "Labubu近期的补货力度明显加大了"，一位资深玩家现场向北京商报记者表示，"不定时的补货越来越 频繁，在门店社群里常能看到上新通知。 1月5日，北京商报记者实探北京三里屯、合生汇等热门商圈，发现不少Labubu ...

北京商报讯（记者 赵述评）1月5日，北京商报记者实探北京三里屯、合生汇等热门商圈，发现不少Labubu系列产品仍然处于断货的状态。现场有粉丝表 示，"目前无论是线上还是线下，都没有全部放开，但确实比以前更好买了"。 一位潮玩行业人士解释称，上述变化反映出Labubu的补货节奏正在稳步推进，而且消费者购买老品的热情依然高涨，说明需求依然旺盛，供需之间还是存 在缺口，距离实现"人手一只，随到随买"的状态还有一段路要走。 2025年，Labubu爆火成为全球性IP后，一度进入供不应求的阶段，这直接导致了其二手市场价格猛涨。随着持续扩产，泡泡玛特不断开启大规模补货，消费 者们不再需要苦等，相反黄牛群体陆续暂缓收购Labubu产品。 盘古智库高级专家江瀚分析称，从今年6月开始，泡泡玛特进行了一次大规模补货，当时意在打击黄牛，抑制二级市场的乱象，主动引导市场走向健康化， 抑制非理性溢价。此后相应产品二手市场价格回调明显，本质上这是品牌夺回定价权的举措，这也是IP长远发展的必经之路。 目前，在三里屯、合生汇的泡泡玛特门店内，Labubu的前方高能系列和心底密码系列依旧无货。店员表示，该两款曾在元旦期间进行过门店补货，不过在 ...

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]