2 1 Shi Ji Jing Ji Bao Dao·2025-09-08 10:26Core Viewpoint - The stock price of Pop Mart (09992.HK) has experienced a significant decline despite being included in the Hang Seng Index, indicating potential underlying issues in market demand and product pricing [3][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 [1]. - 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 [3]. Group 2: Product Pricing and Market Demand - 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 dropping over 50% from its initial release [3]. - Following the online release of the fourth generation mini Labubu series on August 28, initial demand was high, with prices for complete sets soaring to HKD 3,200, but by September 8, the average transaction price on the platform had fallen to HKD 1,446, indicating a more than 50% decrease [5]. Group 3: Market Sentiment and Future Outlook - Some resellers have announced a pause in acquiring Labubu series products due to significant price declines, indicating a cautious market sentiment [5]. - Economic experts suggest that the stock price of Pop Mart is closely tied to product market demand, and the current situation reflects a potential irrational bubble that could lead to further price declines if not stabilized [7]. - Analysts from Zhongtai Securities note that while Pop Mart has developed a gradient IP matrix and established a world-class IP in Labubu, there are risks associated with the sustainability of consumer interest and the potential for declining product sales if new IPs are not continuously developed [8].