$POP MART(09992)$ POP Mart’s surge following the release of Labubu 3.0 screams euphoric top. Designer toys are a niche market, and while Labubu’s popularity is undeniable, chasing a parabolic move driven by limited-edition hype is rarely wise.

The business is heavily reliant on a handful of IPs, and the collectible toy boom may be peaking as discretionary spending weakens, especially among young consumers. Re-runs of older figures and oversupply risk diluting scarcity — a key pricing pillar in this model.

Valuations are stretched, and international expansion is still experimental. Any slowdown in hype, production misstep, or inventory build-up could trigger a sharp correction.

Conclusion:
Labubu 3.0 is a marketing triumph, but investing now is chasing momentum — not fundamentals. The smart money may already be selling into the excitement.