Core Insights - The stock price of Pop Mart has been under significant pressure, experiencing a cumulative decline of approximately 44% since its peak in August, resulting in a daily loss of 1.5 billion HKD and a total market value evaporation exceeding 200 billion HKD, equivalent to over 180 billion RMB [3] Group 1 - Pop Mart's stock fell by 8.49% on the previous day and further declined by 4.94% on December 9, indicating ongoing market challenges [3] - Notable investor Duan Yongping expressed skepticism about investing in Pop Mart, despite acknowledging the company's ability to create emotional value products [3] - Pop Mart, founded in 2010 and listed on the Hong Kong Stock Exchange in 2020, is recognized as a leading Chinese cultural and entertainment group in the collectible toy sector [3] Group 2 - Deutsche Bank's recent report highlighted that Pop Mart plans to significantly increase the production capacity of its Labubu toys from 10 million units in the first half of the year to an average of 50 million units per month by the end of the year [4] - The report cautioned that large-scale mass production could signal a decline in the brand's popularity, which relies on unique designs and scarcity [4] - Pop Mart has strategic collaborations planned, including a significant partnership with Disney to launch themed blind boxes, which have been well-received in the market [3]

Group 1 - The core viewpoint of the article is that Duan Yongping, the founder of Bubugao, expresses skepticism about investing in Pop Mart, despite recognizing its ability to create emotional value products, indicating that its success is not merely due to luck [1][3] - Duan Yongping emphasizes that young people still have ample entrepreneurial opportunities, stating that societal conditions and opportunities are equal for everyone and success relies on personal effort [3] - He cites his own background of coming from a modest family, highlighting that his achievements are a result of hard work, and points to Pop Mart's founder Wang Ning as an example of young entrepreneurs making significant impacts in the emotional value product space [3]

Core Viewpoint - The recent reduction of holdings by early investors in Pop Mart has drawn attention to the company's evolving business model, which increasingly resembles that of luxury brands rather than just a novelty toy company [3][20]. Group 1: Company Performance - Pop Mart's stock price has surged over 400% in the past year, leading to a market capitalization of 250 billion HKD [3][20]. - The company has seen significant cash returns, with Bee Capital cashing out over 2.2 billion HKD from its pre-IPO shares [3][20]. Group 2: Business Model Evolution - The traditional "blind box" sales strategy is evolving, with Pop Mart increasingly adopting luxury brand tactics, such as scarcity and exclusivity [3][20]. - The company is expanding its store presence, with plans to have 401 stores and 2,300 robot stores in mainland China by the end of 2024, alongside 130 stores and 92 robot stores overseas [5][22]. Group 3: Luxury Brand Strategies - Pop Mart's sales tactics now include "配货" (bundling), where consumers must purchase less desirable items to acquire popular ones, mirroring strategies used by luxury brands [5][25]. - Limited edition products and high purchase thresholds for promotional items have created a sense of exclusivity, further aligning Pop Mart with luxury branding [9][28]. Group 4: Consumer Perception - Consumers are increasingly viewing Pop Mart products as luxury items, with some comparing them to high-end brands like Hermes [3][20]. - The brand's association with luxury is reinforced by collaborations with high-profile designers and appearances in prestigious retail spaces like Harrods [12][31]. Group 5: Market Positioning - Pop Mart's strategy includes positioning itself near luxury brands in retail environments to enhance its brand perception [33][34]. - The company aims to maintain a balance between being perceived as accessible yet exclusive, which is crucial for sustaining its market growth and consumer interest [34].

Core Viewpoint - Pop Mart announced the resignation of He Yu as a non-executive director due to other work commitments, effective December 10, 2025. Wu Yue has been appointed as a non-executive director, also effective December 10, 2025. Wu Yue has been the President of LVMH Greater China since November 2005, overseeing the multi-brand portfolio in the Chinese market [1]. Group 1 - He Yu resigns from the position of non-executive director of Pop Mart effective December 10, 2025 [1] - Wu Yue appointed as non-executive director of Pop Mart effective December 10, 2025 [1] - Wu Yue has been with LVMH since November 2005, responsible for the company's operations in China [1]

智通财经获悉，12月10日，泡泡玛特(09992)发布公告称，何愚先生因其他工作安排已辞任公司非执行 董事职位，自2025年12月10日起生效。泡泡玛特对何愚先生任期内对公司的贡献表示衷心感谢。 此外，泡泡玛特还宣布，吴越先生已获委任为公司非执行董事，自2025年12月10日起生效。据介绍，吴 越先生现年69岁，于1984年5月获得加拿大约克大学国际关系与人文科学学士学位，并于1989年11月获 得加拿大约克大学舒立克商学院国际商务与市场营销硕士学位。 1993年至2000年2月，吴越先生担任LVMH集团旗下Parfums Christian Dior品牌总经理及董事总经理，负 责其在中国的业务；2000年2月至2005年10月，担任索尼国际音乐娱乐集团亚洲区副总裁，负责其在中 国的业务；自2005年11月起，担任LVMH大中华区集团总裁，负责监督LVMH多品牌组合在中国市场的 业务。 ...

智通财经APP讯，泡泡玛特(09992)发布公告，自2025年12月10日起生效：何愚先生因其他工作安排已辞 任非执行董事。吴越先生已获委任为公司非执行董事。此外，执行董事刘冉女士已获委任为董事会提名 委员会成员及独立非执行董事张建君先生已获委任为提名委员会主席，而王宁先生将不再担任提名委员 会主席及成员。 ...

泡泡玛特(09992)发布公告，自2025年12月10日起生效：何愚先生因其他工作安排已辞任非执行董事。 吴越先生已获委任为公司非执行董事。此外，执行董事刘冉女士已获委任为董事会提名委员会成员及独 立非执行董事张建君先生已获委任为提名委员会主席，而王宁先生将不再担任提名委员会主席及成员。 ...

此外，自2025年12月10日起，执行董事刘冉已获委任为提名委员会成员；及独立非执行董事张建君已获 委任为提名委员会主席，而王宁将不再担任提名委员会主席及成员。 格隆汇12月10日丨泡泡玛特(09992.HK)发布公告，何愚因其他工作安排已辞任非执行董事；吴越已获委 任为公司非执行董事，均自2025年12月10日起生效。 ...

POP MART INTERNATIONAL GROUP LIMITED 泡泡瑪特國際集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9992） 董事會成員名單與其角色和職能 泡泡瑪特國際集團有限公司董事會（「董事會」）成員載列如下： 執行董事 屠錚先生 吴越先生 獨立非執行董事 張建君先生 吳聯生先生 顏勁良先生 審核委員會 吳聯生先生 （主席） 屠錚先生 顏勁良先生 薪酬委員會 張建君先生 （主席） 吳聯生先生 王寧先生 提名委員會 張建君先生 （主席） 吳聯生先生 劉冉女士 王寧先生 （主席） 劉冉女士 司德先生 文德一先生 非執行董事 香港，2025年12月10日 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 POP MART INTERNATIONAL GROUP LIMITED 泡泡瑪特國際集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9992） (I)非執行董事辭任 (II)非執行董事委任；及 (III)提名委員會組成變動 非執行董事辭任 泡泡瑪特國際集團有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈， 何愚先生（「何先生」）因其他工作安排已辭任非執行董事，自2025年12月10日起 生效。 吴先生的履歷詳情載列如下： 吴越先生，69歲，自2005年11月起擔任LVMH大中華區集團總裁，負責監督 LVMH多品牌組合在中國市場的業務。在此之前，彼曾於2000年2月至2005年10 月擔任索尼國際音樂娛樂集團亞洲區副總裁，負責其在中國的業務；及於1993年 8月至2000年2月擔任LVMH集團旗下Parfums Christian Dior品牌的總經理及董事 總經理，負責其在中 ...