In-Depth Analysis of the Relationship Between Pop Mart's Restocking Strategy and Secondary Market Premiums for Its Products

Based on information obtained from searches, I will conduct an in-depth analysis of Pop Mart’s restocking strategy and its impact on secondary market premiums of its products from multiple dimensions.

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In 2025,

, an IP under Pop Mart, experienced a dramatic market shift from being “impossible to obtain” to having its price halved, a process that profoundly reveals the core correlation between restocking strategies and secondary market premiums in the trendy toy industry.

Time	Event	Market Impact
Early June 2025	LABUBU surged in popularity, with secondary market premiums reaching 10x	Scalper hype peaked
June 18, 2025	Large-scale restocking across all channels during the 618 Shopping Festival, with over 1 million units sold on Tmall alone	Secondary market prices halved immediately
Second half of 2025	Multiple rounds of continuous restocking	Second-hand prices fell further, with some styles dropping below the issue price

Secondary market data shows [1][2]:

• LABUBU “High Energy Ahead” Series
  : Fell from 1,500-2,800 RMB before restocking to 650-800 RMB, a drop of approximately 50%
• Hidden Edition Price
  : Dropped from over 1,000 RMB to around 560 RMB, a decline of over 80%
• Overall Premium Multiple
  : Gradually returned from the previous 10x premium to a reasonable range of 1-2x

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After LABUBU’s surge in popularity, Pop Mart adopted an aggressive capacity expansion strategy [3]:

Metric	Change
Monthly plush toy production capacity	Reached over 10x the same period last year
Monthly production capacity of plush category in August	Exceeded 30 million units
Global production bases	Increased to 6 (new bases in Indonesia, Cambodia, Mexico)

This capacity expansion allows Pop Mart to:

• Rapidly respond to explosive market demand
• Break through supply chain bottlenecks
• Effectively squeeze the secondary market price bubble

Pop Mart’s restocking strategy has evolved from the traditional “total volume control” to

[3]:

Product Type	Restocking Strategy	Objective
Mature Hit IPs (Labubu 3.0/4.0)	Saturated supply	Crack down on scalpers and stabilize prices
Emerging IPs (e.g., Star Person)	Limited, batch releases	Maintain market enthusiasm
Collaboration Editions	Adjust based on market feedback	Balance popularity and supply

In addition to restocking, Pop Mart has also implemented a number of measures [3][4]:

1. Purchase Limit Policy
   : Each ID is limited to 1-2 boxes on online channels
2. Reservation System
   : Some overseas stores adopt a combined system of reservation numbering and on-site ticket distribution
3. Points Rule Adjustment
   : Canceled the cash redemption mechanism for points (effective December) to crack down on scalper points arbitrage
4. Verification Pilot
   : Some stores are testing dual verification of “facial recognition + mobile phone binding”

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Reasons for high secondary market premiums for trendy toy products [2][4]:

Scarcity → Increased difficulty in purchasing → Increased investment attribute → Scalper hoarding → Further price increase → Greater scarcity

Metric	Before Restocking	After Restocking	Change Range
Average second-hand price of LABUBU series	1,500-2,800 RMB	650-800 RMB	-50% to -70%
Premium multiple of hidden editions	10-20x	2-3x	-70% to -80%
Scalper participation enthusiasm	Extremely high	Significantly decreased	Some scalpers liquidated their inventory and exited the market
Consumer purchase success rate	<5%	Significantly improved	Returned to normal purchasing

The restocking strategy has had differentiated impacts on different IPs [1][3]:

• LABUBU
  : As a hit IP, it received the largest restocking effort, resulting in the most significant price correction
• MOLLY
  : The unopened “Pocket Friends” series fell by 51%, and hidden editions dropped by 69%

• Hirono
  : Collaboration editions with singers still maintain high popularity
• CRYBABY
  : Remains in tight supply-demand due to strong demand
• Star Person
  : New products still adopt a limited release strategy, with firm prices

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Pop Mart’s management clearly stated [5]:

“Our products are made for people who truly love art and enjoy fun — we are delighted to see this enthusiasm. Making this art accessible is key for us.”

“If purchases are purely for ‘profit’, this model will eventually collapse.”

The company clearly stated its objectives are:

• Sell great products
  , not “financial products”
• Crack down on scalpers and return to the essence of the product
• Reconstruct channel control and long-term brand value

Objective	Implementation Path	Expected Outcome
Restore consumer confidence	Sufficient supply + reasonable prices	Attract genuine consumers
Maintain brand reputation	Crack down on hype + standardize channels	Enhance brand reputation
Long-tail IP value	Rational premiums + continuous operation	Navigate market cycles
Overseas market expansion	Capacity guarantee + stable quality	Global layout

1. Overcapacity Risk
   : Large-scale capacity expansion may lead to inventory pressure after market enthusiasm wanes
2. Scarcity Dilution
   : Long-term high capacity may weaken the perception of the IP’s collectible value
3. Valuation Correction Pressure
   : After the cooling of high premiums, the capital market’s valuation logic for the company may adjust
4. Overseas Market Validation
   : Whether the domestic success model can be replicated in new markets remains to be seen

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Dimension	Short-Term Interests	Long-Term Value
Supply strategy	Control supply to maintain prices (high premiums)	Sufficient supply (brand health)
Channel strategy	Rely on secondary market	Return to official channels
Pricing strategy	Premium from investment attribute	Value from consumption attribute
User strategy	Speculative buyers	Genuine enthusiasts

The current trendy toy market is undergoing a profound shift [6]:

• Secondary market prices return to rationality
  : From speculative hype to value investment
• Change in consumer behavior
  : From “chasing high prices” to “purchasing on demand”
• Stable market supply
  : From long-term stockouts to stable supply

Pop Mart’s restocking strategy adjustment represents the transformation of the trendy toy industry from “wild growth” to “rational long-term success”. From the LABUBU case, we can see:

1. Short-term growing pains are inevitable
   : Sharp price adjustments will cause some speculators to exit
2. Long-term health is promising
   : A rational market is more conducive to long-term IP operation
3. Differentiated strategies will continue
   : Mass production of mature products and limited releases of new products will become the norm
4. Global layout will accelerate
   : Overseas markets are expected to become a new growth engine

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Pop Mart’s restocking strategy has had a

on the secondary market premiums of its products:

1. Short-term impact
   : Large-scale restocking directly pricked the price bubble, causing secondary market prices to halve
2. Strategic intent
   : Crack down on scalpers through sufficient supply, restore consumer confidence, and maintain long-term brand value
3. Differentiated regulation
   : Saturated supply for mature hit IPs and limited releases for emerging IPs to balance market enthusiasm
4. Industry transformation
   : Represents the transformation of the trendy toy industry from “scarcity-driven” to “brand value-driven”

Although Pop Mart’s strategy adjustment has caused stock price fluctuations and sharp corrections in second-hand market prices in the short term, in the long run, this “self-pricking of the bubble” measure will help build a healthier brand ecosystem and a sustainable business model.

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[1] Jiefang Daily - “From 10x Premium to Halved Price: Is Pop Mart Fading? Pricking Its Own Bubble Reveals Its “Ambitions”” (https://m.jfdaily.com/wx/detail.do?id=936466)

[2] CBNData - “Stock Price Decline, Growth Slowdown: What is Pop Mart’s Next Ace?” (https://www.cbndata.com/information/294766)

[3] Securities Times - “Impossible to Get → Some Below Issue Price! What Happened to the “Hermès of Blind Boxes”?” (https://www.stcn.com/article/detail/3568949.html)

[4] NetEase Finance - “Uncovering the Truth Behind “Pop Mart’s 50% Off Clearance”” (https://www.163.com/dy/article/KIH2VU0Q05149DTH.html)

[5] CNBC - “Fever to fatigue? Pop Mart welcomes the fall in Labubu resale prices” (https://www.cnbc.com/2025/09/26/fever-to-fatigue-pop-mart-is-actually-happy-that-labubu-resale-prices-are-dropping.html)

[6] Yangcheng Evening News - “Pop Mart’s Year of the Horse New Products Sold Out Online in Seconds, Long Queues for Offline Pickup: Where is the Trendy Toy Market Heading?” (https://news.ycwb.com/ikimvkjtkb/content_53899608.htm)

[7] KrASIA - “Pop Mart pricks Labubu’s resale bubble in bid to outlast the hype” (https://kr-asia.com/pop-mart-pricks-labubus-resale-bubble-in-bid-to-outlast-the-hype)