Core Insights - The LABUBU secondary market is experiencing a significant downturn, with prices dropping sharply from initial highs shortly after new product releases [1][2][9] - The stock price of Pop Mart has declined over 15% since reaching a historical high of 339.8 HKD on August 26, reflecting the negative sentiment in the market [1][9] Group 1: Market Dynamics - The release of the MINI version LABUBU blind box on August 28 saw initial resale prices soar to over 1800 RMB, but prices quickly fell as supply outpaced demand [2][11] - Consumers are experiencing shorter "window periods" for selling new products, with the resale value dropping significantly within days of release [2][11] - The rapid introduction of new products has disrupted the supply-demand balance, leading to consumer fatigue and a decrease in speculative buying behavior [11][12] Group 2: Seller Experiences - Sellers like Liu Hui have reported significant losses, with some LABUBU items selling for over 30% below their purchase price, leading to total losses exceeding 10,000 RMB [3][5] - The influx of counterfeit products has further complicated the market, causing hesitation among buyers and impacting sales for legitimate sellers [7][12] - Yellow market participants are adjusting their strategies, focusing on high-demand items while avoiding overstocking less popular products [7][12] Group 3: Company Performance - Pop Mart's market capitalization has decreased by approximately 295.45 billion HKD as of September 8, indicating a substantial loss in investor confidence [9][12] - The company's strategy of releasing multiple new products in a short timeframe has been criticized for contributing to market instability and consumer dissatisfaction [11][12] - There are ongoing consumer concerns regarding the company's supply management practices, with accusations of maintaining artificial scarcity while simultaneously attempting to curb scalping [12]