摩根大通下调评级，泡泡玛特应声大跌

Core Viewpoint - JPMorgan has downgraded Pop Mart's stock rating to "Neutral" due to a lack of clear growth catalysts and unattractive current valuation [1][3] Group 1: Stock Performance - Following the downgrade, Pop Mart's stock opened with a significant drop, falling over 8% on September 15, with a trading volume exceeding 1.5 billion HKD, and its total market capitalization dropping below 350 billion HKD [1] - As of the report, Pop Mart's stock price was 259.2 HKD per share, reflecting a decline of over 6% [1] Group 2: Market Concerns - Concerns have arisen regarding the potential decline of Pop Mart's product craze, particularly with the fluctuating prices of its flagship product, Labubu, in the secondary market [3] - The average transaction price for Labubu has shown a downward trend, with more sellers expressing bearish sentiment [3] Group 3: Product Sales and Consumer Interest - The recent launch of the SKULLPANDA new product series saw minimal consumer interest, with only 10 people queuing for the release, contrasting sharply with previous launches that attracted thousands [6] - Sales data from Pop Mart's official flagship store indicated a volatile sales pattern for the new blind boxes, with initial sales of 93,000 units dropping to only 809 shortly after, likely due to high return rates [6]