Citigroup: The new Labubu doll from POP MART may not be a short-term catalyst.

Citigroup Group stated that the feedback for Labubu plush toy series "THE MONSTERS Hair Salon" recently launched by Pop Mart on social media is mixed, and may not become a short-term catalyst. Analysts Lydia Ling and others pointed out in a report: "The series has attracted widespread attention since its release, but online reviews of the design are mixed." One of the highlights of this new product is the hairstyle design, which uses new velvet materials and techniques to provide users with more space for DIY styling. Currently, the "MOKOKO Velvet Afternoon" style is the most popular, with a premium price in the secondary market; followed by "Coastal Style" and "Naturally Rebellious", which perform well in the trend data on the Qianda platform; while the demand for the remaining three standard styles is relatively low, with secondary market prices lower than the original price. As of the evening of June 21st, the reservation numbers for their Douyin flagship store has exceeded 17,000, Tmall flagship store has exceeded 10,000, and Xiaohongshu platform has exceeded 3,000 people. This series will be sold online on June 25th and offline on June 26th.