Core Viewpoint - The popularity of Labubu has significantly declined, leading to a drop in its market price and availability, indicating a shift from a financial product to a regular consumer good [2][3][6]. Group 1: Market Dynamics - Labubu's availability has increased, with products now in stock and ready for shipment within 48 hours, contrasting with previous pre-sale conditions that required a rush to purchase [2][3]. - The resale price of Labubu products has plummeted, with the price for a set of six boxes dropping to 400 yuan, significantly lower than the official price of 1168 yuan for the same set [3][6]. - The increase in supply and the retreat of speculative buying have contributed to the decline in second-hand prices, with some resellers halting purchases of Labubu products [6][11]. Group 2: Company Performance and Future Outlook - Despite the drop in Labubu's market value, the founder of Pop Mart, Wang Ning, projects a revenue of no less than 30 billion yuan for the year 2025, emphasizing the importance of sustainable growth over short-term gains [6][11]. - The stock price of Pop Mart has experienced a significant decline after peaking at 339.8 HKD per share, reflecting market adjustments following the Labubu price drop [6][11]. - The company aims to establish itself as a global leader in IP management, focusing on long-term operational strategies rather than short-term speculative profits [11][13]. Group 3: Future IP Development - The decline in Labubu's scarcity raises questions about its future appeal and revenue-generating potential for Pop Mart, which relies heavily on this IP for a significant portion of its revenue [7][8]. - There are concerns about whether new IPs, like the Star People series, can replicate Labubu's initial success without facing similar market saturation [8][13]. - The company recognizes the need for continuous innovation and the introduction of new IPs to maintain its trendiness and market relevance [13].

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].