在2025年9月8日至10日之間，泡泡瑪特旗下最具人氣的Labubu系列，在二手市場出現前所未有的全面價格暴跌，引發玩家、黃牛與投資者的高度關注。這場價格震盪，讓原本炙手可熱的隱藏款與熱門系列迅速失去高昂的溢價能力，也讓市場內部長期存在的炒作模式被迫暴露出脆弱的一面。

這次事件最引人注目的，是隱藏款的價格幾乎「斷崖式」下跌。例如曾經被炒到近萬元的「本我」版本，如今在二手市場的成交價僅剩下840元，跌幅超過九成，讓不少囤貨者一夜之間從獲利變成巨額虧損。其他如冷門的字母款「i」、「n」更是跌到只剩81元，幾乎接近官方原價，徹底打破此前市場「只漲不跌」的迷思。不僅如此，成套的盒裝產品也全面回落，第四代迷你Labubu整盒（14 隻）從高點3200元回落至1446元，跌幅超過一半；第三代「前方高能」系列整盒從1380元下滑到600至700元之間。

面對這場雪崩式的下跌，黃牛與炒作者成為最大的受害群體。許多原本高價囤貨的賣家不得不大量拋售庫存，甚至出現「血虧轉賣」「求回血」等標籤充斥社交平台。二手交易平台的掛售量急劇增加，但成交卻異常冷清，顯示買方信心大幅下滑。根據統計，多達 67% 的玩家與投資者認為價格還會繼續走低，這樣的市場氛圍讓二手市場陷入了僵局。

這場風暴不僅衝擊到玩家與黃牛，更立刻反映到資本市場。9月8日，泡泡瑪特股價大跌7.5%，並跌破300港元的關鍵價位，投資人開始質疑潮玩產業是否過度依賴炒作與短期熱度維持價值。一些原本熱衷高價收購的人群開始轉向理性消費，玩家社群更是出現呼籲：「不要高價買娃」，希望透過拒絕跟風來打破炒作鏈條。品牌方的直播間人氣也顯著下滑，顯示這股價格暴跌對官方銷售端已經產生影響。

雖然泡泡瑪特尚未對此次大幅波動公開回應，但市場傳出公司正考慮調整策略，可能透過控制產量、增加產品多樣性來重新穩定市場秩序。這一舉動被視為官方在「理性消費」浪潮下的必然反應，否則過度依賴黃牛炒作的產業模式將難以長久維持。

整體而言，Labubu的價格崩跌，不僅是一場二手市場的投機失敗，更是潮玩產業發展過程中的重要轉折點。它揭示了當玩家不再盲目追捧、當黃牛炒作難以維持，這個產業將被迫走向更加健康、理性的消費環境。然而，這同時也意味著泡泡瑪特與同類品牌必須重新思考如何在熱度之外，提供更具持久價值的產品與文化內涵，否則一旦熱潮退去，過去的「神話」很可能會徹底瓦解。

Between September 8 and 10, 2025, Pop Mart’s highly popular Labubu series experienced an unprecedented price crash across the secondhand market, sending shockwaves through collectors, scalpers, and investors alike. Once viewed as a near-guaranteed investment, hidden editions and full sets that had been pushed to astronomical levels rapidly lost their premium value, exposing the fragility of the speculative frenzy that had long fueled the designer toy market.

The most striking case was the collapse of hidden edition prices. For example, the “Id” figure, which once traded close to 10,000 yuan, plunged to just 840 yuan, a drop of over 90%. Other less sought-after models, such as the alphabet editions “i” and “n,” fell to 81 yuan, barely above retail. Entire box sets also tumbled dramatically: the fourth-generation mini Labubu set (14 pieces) dropped from 3,200 yuan at its peak to 1,446 yuan, while the third-generation “High Energy Ahead” set fell from 1,380 yuan to around 600–700 yuan.

Scalpers and hoarders were hit hardest by the collapse. Many who had stockpiled figures at inflated prices were forced into fire sales, flooding secondhand platforms with listings marked by desperate tags like “selling at a loss” or “need to recover costs.” Yet despite the surge in supply, transaction volumes remained sluggish, as buyer confidence evaporated. Surveys indicated that as many as 67% of users expected prices to fall even further, leaving the market in a standstill.

The fallout quickly spread beyond the secondhand scene to the financial markets. On September 8, Pop Mart’s stock price tumbled 7.5%, sinking below the critical HK$300 level. Investors began questioning whether the entire designer toy industry had become overly dependent on hype and speculative trading. Among players, there was a noticeable shift toward rational consumption: community discussions started emphasizing “don’t buy dolls at inflated prices,” while official Pop Mart livestreams saw a significant decline in viewership and engagement.

Although Pop Mart has not issued a formal response to the crash, reports suggest the company is considering strategic adjustments, such as tighter control over production and expanding product variety to stabilize demand. Such steps are seen as necessary in an environment where consumer behavior is moving away from speculative fever toward a more sustainable model of appreciation and collection.

In essence, the Labubu price collapse was more than a short-term market correction; it signaled a turning point for the broader toy and collectibles industry. It revealed that once scalping loses its grip and consumers refuse to chase inflated prices, the sector must confront the reality of building long-term value beyond hype. For Pop Mart and similar brands, this means finding ways to cultivate cultural depth and enduring appeal—or risk watching their once-mythic status unravel as the bubble continues to deflate.