Group 1 - The core incident involved a staff member at Pop Mart's live stream questioning the price of a DIMOO blind box, which sparked strong dissatisfaction among users [1] - Pop Mart's official customer service acknowledged the incident and stated that internal handling of the staff involved is underway, but no notification regarding price adjustments has been received [1] - The DIMOO blind box is priced at 79 yuan and includes materials such as zinc alloy, resin figurines, and polyester lanyards, suitable for ages 15 and above [1] Group 2 - Pop Mart, established in 2010, is a leading cultural and entertainment company in China, focusing on five key areas: global artist discovery, IP incubation, consumer engagement, promotion of trendy toy culture, and integration of related industry investments [4] - The company has faced controversies related to supply chain issues and "hunger marketing" strategies, but recent performance has been strong [4] - On October 21, Pop Mart reported a year-on-year revenue increase of 245% to 250% for Q3 2025, with domestic revenue up 185% to 190% and overseas revenue up 365% to 370% [4] - The founder of Pop Mart, Wang Ning, saw his wealth increase by over 150 billion yuan, placing him in the top 20 of the 2025 Hurun Rich List and ranking among the top three for wealth growth this year [4]

Core Viewpoint - The controversy surrounding the pricing of the DIMOO blind box, priced at 79 yuan, has sparked significant public dissatisfaction, leading to internal reviews by the company [1][3]. Group 1: Product Details - The DIMOO blind box is part of a new series launched in November, featuring 6 regular items and 1 hidden item, with a purchase probability of 1:6 for regular items and 1:72 for the hidden item [4]. - The blind box is priced at 79 yuan individually, while a complete box costs 474 yuan [4]. - The product includes components such as zinc alloy pendants, polyester lanyards, resin figures, and glass/acrylic parts, but the cost of counterfeit versions is as low as 4 yuan, raising questions about the pricing strategy [7]. Group 2: Company Performance - Recently, the company reported strong performance, with a projected revenue growth of 245% to 250% year-on-year for Q3 2025, including a 185% to 190% increase in China and a 365% to 370% increase overseas [9]. - The DIMOO brand is identified as the fifth-largest artist IP for the company, generating 1.105 billion yuan in revenue during the first half of the year, accounting for 8% of total revenue [9]. Group 3: Management Actions - The founder and CEO of the company, Wang Ning, recently sold 21.7 million shares at an average price of 71.98 HKD, totaling 1.562 billion HKD [11]. - Wang Ning was recognized in 2024 as one of Forbes' "Best CEOs in China," becoming the youngest self-made founder to appear on the cover of the magazine [11].

Core Points - A recent incident occurred during a live stream for Pop Mart, where a staff member commented that the price of a blind box necklace at 79 yuan was "a bit expensive," leading to public backlash [2][4] - The company is currently conducting an internal investigation regarding the incident but has stated that no employees involved will be dismissed [2][4] Summary by Sections Incident Details - During a live stream promoting a blind box necklace priced at 79 yuan, a staff member remarked that the price was "a bit... excessive," which was followed by another staff member saying, "It's okay, someone will buy it" [4] - This exchange was broadcast live and sparked significant public criticism [4] Company Response - Following the incident, there were reports that the two involved staff members had been dismissed, along with accountability measures for related departments [4] - However, an internal source from Pop Mart confirmed that while the incident is under investigation, the employees involved will not be terminated [2]

Core Viewpoint - A live streaming incident occurred on November 6, where staff discussions about product pricing were inadvertently recorded, raising concerns about the company's pricing strategy and customer perception [1] Group 1: Incident Details - During a live stream, a staff member was heard stating that the product pricing was "excessive," while another mentioned that "someone will buy it anyway" [1] - The product in question was a necklace priced at 79 yuan, which was in a pre-sale status and has since sold out [1] Group 2: Company Response - On November 7, the company's official customer service stated that the company is taking the matter seriously and has assigned a dedicated department to investigate and address the issue [1]

Core Viewpoint - The controversy surrounding a comment made by staff during a live stream about a 79 yuan blind box has led to significant backlash against Pop Mart, resulting in a stock price drop and concerns over product quality and demand sustainability [2][3]. Group 1: Incident Overview - During a live stream, a staff member commented that selling a blind box for 79 yuan was "a bit excessive," to which another staff member responded that "someone will buy it," sparking outrage among viewers [3]. - Pop Mart's stock price fell over 5% in early trading, marking its largest drop in about two weeks and reaching its lowest level since May [2]. - Since peaking at the end of August, Pop Mart's stock has declined approximately 38%, raising concerns about the sustainability of demand for its products [2]. Group 2: Product Details - The controversial product is the "DIMOO New Diary Series - Blind Box," which includes six regular and one hidden variant, priced at 79 yuan per box and 474 yuan for a full set [3]. - The blind box contains components such as zinc alloy pendants, polyester lanyards, resin figures, and glass/acrylic parts, but the cost of counterfeit versions is as low as 4 yuan, leading to debates about its true value [3]. Group 3: Quality Issues - Pop Mart is facing scrutiny over quality control issues, particularly with the "SKULLPANDA Dining Table Series" blind boxes, which had misprinted brand names [4]. - The affected series has been completely removed from sale, but misprinted items have seen a surge in second-hand market prices, with some items selling for significantly above their original prices [4]. - For instance, the price of the misprinted "Duality of Balance" has risen to 74 yuan, exceeding its original price of 69 yuan, and the average transaction price for a full box has increased from 691 yuan to 717 yuan, with some transactions reaching as high as 1000 yuan [4].

Core Viewpoint - The live streaming incident involving Pop Mart's new product has sparked significant public discussion and raised concerns about pricing and product quality [1][2]. Group 1: Incident Details - On November 6, during a live stream promoting the "DIMOO New Birthday Diary Series - Pendant Blind Box" priced at 79 yuan, a staff member commented that the price was indeed a bit high, which led to widespread online debate [1]. - The incident quickly gained traction, reaching the top of Weibo's trending topics with over 500 million views by November 7 [1]. Group 2: Company Response - Pop Mart's official customer service acknowledged the feedback and stated that the matter was being actively investigated and handled internally [2]. - The company has taken internal measures against the involved staff but has not indicated any plans to terminate their employment [2]. Group 3: Product Information - The "DIMOO New Birthday Diary Series - Pendant Blind Box" includes 6 regular items and 1 hidden item, with the regular items having a 1:6 chance of being found and the hidden item a 1:72 chance [2]. - The blind box is priced at 79 yuan individually, while a complete set (including 6 regular and 1 hidden item) costs 474 yuan [2]. - The product is made from various materials, including zinc alloy, polyester, resin, and glass/acrylic [2]. Group 4: Market Concerns - Media investigations revealed that counterfeit versions of the pendant could cost as low as 4 yuan, raising questions about the perceived value versus the actual pricing of the original product [2]. - The product has been temporarily removed from Pop Mart's Tmall flagship store, with customer service suggesting it may be sold out, while it remains available on the official mini-program [2]. Group 5: Regulatory Environment - Pop Mart has faced ongoing scrutiny, including previous complaints about quality control issues, such as misprinted brand names on products [4]. - The market regulatory authority is drafting guidelines for blind box sales, which may require companies to justify the pricing of items over 50 yuan [4].

Core Viewpoint - The recent live streaming incident involving Pop Mart has raised concerns about the company's brand image and sales strategy, despite strong revenue growth reported in Q3 2025 [5]. Group 1: Incident Overview - A live streaming event for Pop Mart faced backlash when a staff member criticized the pricing of a DIMOO blind box, which retails for 79 yuan, leading to negative reactions on social media [1][3]. - The company confirmed the incident and is conducting an internal investigation but has stated that no employees will be dismissed as a result [3]. Group 2: DIMOO IP Performance - DIMOO, created by designer Ayan Deng, is one of Pop Mart's top-selling IPs, consistently ranking in the top 5 for sales [3]. - The new DIMOO series "New Diary" sold out immediately upon release, and a collaboration with Disney saw the hidden version of a product increase in price from 179 yuan to 784 yuan, reflecting a 3.4 times premium [3]. Group 3: Sales and Revenue Growth - Pop Mart's overall revenue for Q3 2025 increased by 245% year-on-year, with domestic revenue growing by 185% to 190% and overseas revenue surging by 365% to 370% [5]. - Despite a stock price decline of over 35% since late August, the company continues to show strong performance in terms of sales and revenue [5].

Core Viewpoint - The incident involving misprinted branding on the "SKULLPANDA Dining Table Series" blind box figures from Pop Mart has raised consumer concerns and led to the removal of the product from official sales channels [1]. Group 1 - Multiple consumers reported that the brand name "POP MART" was incorrectly printed as "POP MAET" on the figures [1]. - Following the complaints, the product was no longer searchable on Pop Mart's official mini-program and major e-commerce platforms as of November 6 [1]. - Pop Mart did not provide a comment when approached for verification regarding the incident [1].

Core Viewpoint - Pop Mart (09992.HK) is experiencing significant revenue growth, with a notable increase in both domestic and international markets, driven by the popularity of its LABUBU IP. Group 1: Financial Performance - In Q3 2025, overall revenue is expected to grow by 245% to 250% year-on-year, with domestic revenue increasing by 185% to 190% and international revenue rising by 365% to 370% [4] - For the first half of 2025, Pop Mart reported revenue of 13.88 billion yuan, a year-on-year increase of 204.4%, and an adjusted net profit of 4.71 billion yuan, up 362.8% [5] - The profit attributable to the company's owners reached 4.574 billion yuan, reflecting a year-on-year growth of 396.5% [5] Group 2: Channel Performance - In Q3, offline channel revenue grew by 130% to 135% year-on-year, while online channel revenue surged by 300% to 305% [5] - The success of the LABUBU brand has significantly contributed to the company's performance growth in 2025 [5] Group 3: Company Response - Pop Mart is actively addressing recent issues and has confirmed that it will not dismiss the employee involved in the situation [3]

Core Insights - DIMOO is a leading IP for Pop Mart, consistently ranking in the top 5 for sales [1][5] - A recent live-stream incident raised concerns about product pricing and customer perception [1][5] - Despite stock price declines, Pop Mart's overall performance remains strong with significant revenue growth reported [7] Group 1: Live Stream Incident - A live-stream event on November 6 raised eyebrows when a staff member commented on the high price of a DIMOO blind box, suggesting it was excessive [1] - Internal sources confirmed the incident and stated that an investigation is underway, but no employees will be dismissed as a result [5] Group 2: DIMOO IP Performance - DIMOO, created by designer Ayan Deng, has become a proprietary IP for Pop Mart and features a character that enters dreams [5] - The new DIMOO series "New Diary" sold out immediately upon release, indicating strong demand [5] - A collaboration with Disney led to a blind box product that saw significant price increases, with a hidden variant's price rising from 179 yuan to 784 yuan, reflecting a 3.4 times premium [5] Group 3: Other IPs and Market Trends - Other Pop Mart IPs like LABUBU, Star People, CRYBABY, and SKULLPANDA are also performing well, with supply issues gradually improving due to regular restocks [6] - Price adjustments were noted after large-scale restocks, with the hidden variant "Heart" of LABUBU dropping by 13% and 6% after two separate restocks [6] Group 4: Financial Performance - Pop Mart's stock has seen a decline of over 35% since late August, with a recent drop of over 4%, bringing the share price to 208 HKD [7] - Despite stock price challenges, the company reported a 245% year-on-year revenue increase for Q3 2025, with domestic revenue up 185% and international revenue up 365% [7]