JPMorgan believes that although Labubu's search popularity has declined by 5% from its peak, this is not a sign of its waning popularity, but rather a normal phenomenon in the development process of a hit IP.

The life cycle of top IPs can last for decades, such as Mickey Mouse for 97 years and Hello Kitty for 51 years. Furthermore, Labubu's collaboration T-shirts with Uniqlo are about to be released, and the animation "Labubu and Friends" will premiere this summer.