Shen Zhen Shang Bao·2025-09-10 12:49Core Viewpoint - The stock price of Pop Mart, a leading player in the collectible toy market, has been on a downward trend, dropping 15.74% since reaching a historical high of 339.8 HKD per share on August 26, closing at 275.2 HKD on September 10, with a single-day decline of 4.51% [1] Group 1: Stock Performance - The stock price has seen a significant decline, with a total drop of 15.74% over the past half month [1] - Despite the stock price pressure, the offline consumer scene remains active, with stores experiencing continuous foot traffic [1] Group 2: Product Demand and Market Dynamics - The core IP series, THE MONSTERS, generated revenue of 4.814 billion RMB in the first half of 2025, marking a substantial year-on-year increase of 668%, accounting for 35% of the company's total revenue [1] - Many popular LABUBU products are currently out of stock in stores, leading to a booming second-hand market, with prices for certain items significantly above retail [2] - Recent trends show a cooling in the second-hand market, with prices for similar products dropping to the range of 600-700 RMB [2] Group 3: Strategic Developments - The company has been included in the Hang Seng Index, which theoretically could attract passive fund allocations, although some investors opted to take profits, creating short-term selling pressure [3] - The company's globalization strategy is progressing steadily, with significant revenue growth in overseas markets, particularly in the Americas and Europe [3]