2 1 Shi Ji Jing Ji Bao Dao·2025-09-08 09:50Core Viewpoint - The stock price of Pop Mart (09992.HK) has experienced a significant decline despite being included in the Hang Seng Index, indicating a disconnect between market sentiment and index inclusion benefits [2][7]. Group 1: Stock Performance - On September 8, Pop Mart's stock price dropped by 7.11% to HKD 287.6 per share, resulting in a market capitalization loss of HKD 29.545 billion [2]. - Since reaching a historical high of HKD 339.8 per share on August 26, the stock has retreated by 11.94%, while the Hang Seng Index only declined by 0.76% during the same period [2]. Group 2: Product Market Dynamics - The secondary market prices for Pop Mart's core IP, Labubu, have been declining, with first to third generation products experiencing daily price drops of HKD 3-11, and the average transaction price for the fourth generation mini Labubu shrinking by over 50% compared to its initial release [2]. - The fourth generation mini Labubu series was launched online on August 28 at a price of HKD 79 per unit, with initial demand leading to rapid sellouts and inflated secondary market prices, where a complete set was once priced at HKD 3,200 [2]. Group 3: Market Sentiment and Future Outlook - Market analysts suggest that the current decline in Labubu's prices may lead to a continuous downward trend, as the demand for collectible toys is closely tied to market sentiment [7]. - There are concerns regarding the sustainability of Pop Mart's IP lifecycle, emphasizing the need for continuous innovation and diversification in product offerings to maintain market interest and support stock prices [7].