暴跌的直接导火索是海外做空势力集中发难。 港交所数据显示，12月8日泡泡玛特沽空金额达10.92亿港元，较前一交易日激增210.58%，沽空比率攀 升至19.23%，创2023年8月以来新高。卖空仓位占流通股比例突破6%，显示做空资金对海外业务增长可 持续性的强烈质疑。 核心IP"Labubu"的稀缺性消失是导致股价下跌的重要原因。德意志银行的最新调研显示，为应对上半年 供不应求，公司把Labubu(拉布布)的月产量从1,000万只提高到5,000万只，结果市场溢价快速缩水。 隐藏款价格较峰值腰斩，常规款3.0、4.0已跌破官方零售价；新品"The Monsters1a.m."系列发售即破 发。大规模量产被视为"潮流疲劳"的前兆，引发市场对增长持续性的担忧。 自2025年8月股价触及339.8港元历史高点后，泡泡玛特(09992.HK)陷入持续下跌通道。截至12月9日收 盘，公司股价累计跌幅达44%，市值蒸发超2000亿港元(约合人民币1800亿元)。 作为中国潮流玩具行业的领军企业，泡泡玛特的股价在短时间内大幅下跌，从高点回落约40%。股价暴 跌直接源于海外做空势力集中发难，市场质疑其海外业务增长可持续性及 ...

Core Viewpoint - Pop Mart is experiencing a dynamic "economic relay," where while Labubu's sales growth in North America is expected to decline significantly, the emergence of new IPs like Star People indicates that Pop Mart's overall growth strategy remains robust and adaptable to changing consumer emotions [1][3]. Group 1: Market Dynamics - Labubu's sales growth in North America is projected to drop from 1200% to 500% during the Black Friday period, raising concerns about its longevity [1]. - The emergence of Star People, which achieved nearly 400 million in sales within just six months, suggests a shift in consumer preferences and highlights Pop Mart's ability to adapt [3]. - The strategy of capturing mainstream emotions allows Pop Mart to continuously engage young consumers, as evidenced by the high resale prices of Star People products in the secondary market [5][6]. Group 2: Emotional Consumption Strategy - Pop Mart's approach diverges from traditional IP models by focusing on "controllable randomness" to activate emotional consumption, indicating a new path for sustaining interest in its products [5]. - The evolution of IPs reflects societal emotional changes, with Star People resonating with current youth sentiments, contrasting with the earlier popularity of Labubu [6][8]. - The company has successfully identified and nurtured IPs that align with societal emotions, leading to a clear growth pattern in its product offerings [8][10]. Group 3: Global and Local Adaptation - Pop Mart's global IPs resonate with diverse cultural backgrounds, allowing for emotional expression without the need for a shared narrative, which is crucial for international appeal [10][14]. - Localized IP strategies, such as using softer aesthetic characters in regions with different cultural values, demonstrate Pop Mart's adaptability in various markets [14][17]. - The company's growth strategy is rooted in understanding local economic conditions and cultural sentiments, maximizing the value derived from emotional consumption [17][20]. Group 4: IP Development Mechanism - Pop Mart employs a systematic approach to IP development, utilizing a "anchor-reserve-race-test-heat" mechanism to identify and cultivate potential hits [18][24]. - The company has established a robust pipeline of over 350 artists globally, ensuring a continuous influx of creative IP ideas [20][22]. - The success rate of new IPs at Pop Mart has reached 68%, significantly higher than the industry average of 30%, showcasing the effectiveness of its development strategy [30]. Group 5: Long-term Vision - Pop Mart is positioned as a long-term player in the market, focusing on social emotions as a guiding principle for growth and employing industrial standards to refine its entire operational chain [30][31]. - The company aims to become a global IP factory, continuously evolving its strategies to capture and respond to changing consumer sentiments [31].

Market Overview - The Hong Kong stock market experienced a decline on December 9, with the Hang Seng Index falling by 1.29% to close at 25,434.23 points [1] - The Hang Seng Tech Index decreased by 1.90%, while the State-Owned Enterprises Index dropped by 1.62% [1] Sector Performance - Technology stocks faced widespread declines, with companies such as Bilibili, Xiaomi, and Baidu each dropping over 3% [1] - Kuaishou and Meituan saw declines exceeding 2%, while NetEase, Alibaba, Lenovo, and JD.com fell by more than 1% [1] - Gold and non-ferrous metal stocks were under pressure, with Zijin Mining experiencing a drop of over 4% [1] - The real estate sector weakened significantly, highlighted by a decline of over 18% for Yaloo Group [1] - The semiconductor sector was notably weak, with Huahong Semiconductor falling by more than 5% [1] - New consumption concept stocks also faced declines, with Pop Mart dropping over 5% [1]

Group 1 - Pop Mart's stock price has significantly declined, dropping 8.49% to 200.4 HKD per share on December 8, and further down 5.04% to 190.3 HKD on December 9, marking a cumulative decline of over 43% from its historical high of 339.8 HKD in August [1][16][19] - Despite a remarkable performance with a revenue increase of 245% to 250% year-on-year for Q3 2025, and an even higher growth of 365% to 370% in overseas markets, market confidence has not improved, leading to continuous stock price declines [3][19][28] - The core driver of this growth, the phenomenon IP "Labubu," is perceived to have peaked, raising concerns about the sustainability of future growth and the potential for a critical turning point in the company's growth trajectory [3][19][29] Group 2 - The market premium for Labubu has been declining, with regular items even selling below their original prices. The peak market activity occurred in June, where limited edition figures sold for 1.08 million HKD, but prices have since plummeted [4][20][22] - Following a significant restock announcement on June 18, the average transaction price for Labubu 3.0 series on secondary markets dropped over 60%, with prices stabilizing at more rational levels [6][22][28] - The average transaction price for Labubu 3.0 regular items has fallen below the official retail price, with recent sales averaging 87.7 HKD, down from a peak of nearly 400 HKD [6][22][25] Group 3 - Concerns have arisen regarding the sustainability of Pop Mart's high growth, with multiple foreign institutions questioning the reliance on a single blockbuster IP and the uncertainty of the collectible toy lifecycle [13][30][31] - Deutsche Bank highlighted that the production capacity for Labubu has increased dramatically, which may lead to a loss of its scarcity premium, impacting its fashion status and secondary market prices [30] - Morgan Stanley noted a potential slowdown in growth momentum, predicting a significant deceleration in sales growth for Labubu in 2026, despite maintaining a long-term positive outlook on the company's platform capabilities [30][31]

信达证券消费团队分析指出，客观数据显示，泡泡玛特感恩节周度销售数据环比无明显增长，呈现"旺 季不旺"的特征。值得注意的是，海外市场自11月中旬起已缓解产能压力，供应链保障充足，但充足的 供应未能有效刺激需求端显著爆发，短期经营数据表现确实不及市场预期。 极目新闻记者 黄永进 实习生 曹亚丹 李秉坤 12月8日，泡泡玛特开盘闪崩，暴跌近10%，创近8个交易日以来新低，股价较8月高位以来跌超41%， 市值蒸发超1872亿港元。 市场人士指出，投资者担忧其在美国"黑五"促销期间的销售表现可能不及预期。 据了解，此前11月13日晚，公司核心IP Labubu新品上市，但市场热度显著不及以往，二级市场溢价空 间大幅回落。其中，该系列隐藏款的溢价幅度缩水超50%，3.0及4.0版本的常规款在二手交易平台的售 价更是直接跌破官方零售价。 此前泡泡玛特披露的三季度数据显示，美国地区销售额同比暴增逾1200%，亮眼表现曾提高市场信心， 但后续增长动能能否持续引发疑虑。晨星分析师表示："美国销售可能走弱，会打击市场对泡泡玛特增 长前景的信心。" 摩根士丹利近期报告指出，泡泡玛特正在从过去两年的"爆发式增长"阶段，逐步过渡至未来的 ...

Core Viewpoint - The traditional narrative-driven IP construction model is facing challenges, while Pop Mart has adopted a unique approach by focusing on "non-narrative" character IP, allowing users to project their emotions and imagination onto the IP, thus creating a new emotional connection and commercial ecosystem in the current era of personalized expression and instant emotional resonance [1][4]. Group 1: Pop Mart's IP Strategy - Pop Mart's IP primarily consists of character IP, or "light IP," which does not require a heavy narrative foundation, contrasting with traditional IP models like Disney that rely on grand storytelling [2][4]. - The core advantage of Pop Mart's strategy lies in its ability to create significant emotional space by not setting explicit character stories or single values, allowing products to reflect users' personal emotions [4][5]. - The "light IP" model is more flexible and adaptable, enabling rapid integration into different markets through a "global framework + local plugins" approach, driven by data rather than narrative [5][6]. Group 2: Emotional Connection and Consumer Behavior - Pop Mart's strategy resonates with the new consumption era's logic, where emotions have become a form of currency, and products serve as open emotional canvases for users to express themselves [7][8]. - The consumption behavior has shifted from "ownership" to "experience," where consumers seek immediate emotional gratification through their purchases, facilitated by social media and instant feedback loops [7][8]. - This reflects a broader strategy for modern individuals to cope with anxiety and loneliness, as instant emotional satisfaction serves as a form of psychological compensation in a fast-paced and uncertain environment [8][9]. Group 3: Challenges and Future Outlook - While Pop Mart's model offers flexibility, it may lack the depth of emotional connection and longevity found in traditional story-driven IPs, which can continuously evolve and engage fans [6][9]. - The success of Pop Mart's approach hinges on its ability to maintain relevance in design and social trends, as the appeal of character IP is closely tied to contemporary aesthetic preferences [6][9]. - The long-term viability and risk resilience of this model will require further validation over time [9].

德银最新研报指出，为应对需求激增，泡泡玛特将Labubu产能从上半年的1000万只大幅提升至年底月 均5000万只。该行警示，对于依赖独特设计与稀缺性驱动的潮流玩具品牌而言，大规模量产往往是热度 消退的前兆。 在前一日大跌8.49%后，12月9日，港股泡泡玛特股价继续下挫。截至发稿前公司股价下跌4.94%，与8 月高点相比跌约44%，市值蒸发超2000亿港元（约合人民币超1800亿元）。 每日经济新闻综合公开信息 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 ...

Group 1 - The stock price of Pop Mart continued to decline, dropping 4.94% on December 9, following an 8.49% drop the previous day, resulting in a total decline of approximately 44% from its August peak, with a market value evaporating by over 200 billion HKD (approximately over 180 billion RMB) [2] - Deutsche Bank's latest report indicates 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 [2] - The report warns that for trend toy brands that rely on unique designs and scarcity, large-scale mass production is often a sign of declining popularity [2]

金吾财讯 | 泡泡玛特(09992)股价延续跌势，截至发稿，跌3.24%，报193.9港元，成交额13.42亿港元。 大摩预计，Labubu今年的销售额将达到155亿元人民币，较2023年增长41倍，但估计增长速度明年放 缓，主要因部分消费者的流失。鉴于较低的广告与推销费用比率、较低的降价幅度、较高比例的线上直 销及较低的租金比率，大摩认为，泡泡玛特能够维持约30%的净利润率增长。 金吾财讯 | 泡泡玛特(09992)股价延续跌势，截至发稿，跌3.24%，报193.9港元，成交额13.42亿港元。 大摩预计，Labubu今年的销售额将达到155亿元人民币，较2023年增长41倍，但估计增长速度明年放 缓，主要因部分消费者的流失。鉴于较低的广告与推销费用比率、较低的降价幅度、较高比例的线上直 销及较低的租金比率，大摩认为，泡泡玛特能够维持约30%的净利润率增长。 德银最新研报指出，为应对需求激增，泡泡玛特将Labubu产能从上半年的1000万只大幅提升至年底月 均5000万只。该行警示，对于依赖独特设计与稀缺性驱动的潮流玩具品牌而言，大规模量产往往是热度 消退的前兆。 德银最新研报指出，为应对需求激增，泡泡玛特 ...

Group 1 - The Hong Kong stock market's new consumption concept is experiencing a decline in the afternoon session [1] - Pop Mart has dropped nearly 5%, indicating a significant downturn in its stock performance [1] - Other companies such as Blukoo, Cha Bai Dao, and Lao Pu Gold are also seeing declines alongside Pop Mart [1]