2 1 Shi Ji Jing Ji Bao Dao·2025-09-15 09:44Core Viewpoint - Pop Mart's stock price has significantly declined, dropping 23.78% from its historical high of 339.8 HKD per share, with a market capitalization now below 350 billion HKD, indicating a loss of over 100 billion HKD in value since the peak [2] Group 1: Stock Performance - On September 15, Pop Mart's stock price fell by 6.43% to 259 HKD per share, with an intraday drop of 8.96%, resulting in a total market value of 347.8 billion HKD [2] - The stock has been on a downward trend since reaching its peak on August 26, despite the Hang Seng Index rising by 2.16% during the same period [2] Group 2: Analyst Ratings and Market Sentiment - JPMorgan downgraded Pop Mart's stock rating to "Neutral," citing a lack of clear growth catalysts and unattractive current valuation levels [2] - Recent product launches, such as the SKULLPANDA series, have not generated the expected consumer interest, with reports of only 10 people queuing for the new release [2][3] Group 3: Sales Performance and Market Trends - The online sales of the new blind box series showed volatility, with initial sales of 93,000 units dropping to only 809 units shortly after, suggesting high return rates [3] - The launch of the gold jewelry series "popop" also failed to attract significant consumer interest, with no queues reported at the Beijing store [3] - Data from second-hand trading platforms indicate a decline in the popularity of Pop Mart's IPs, with average transaction prices for Labubu products falling significantly [3] Group 4: Market Dynamics and Future Outlook - Economic experts suggest that the stock price of collectible toy companies is closely linked to product market demand, with current trends indicating a potential irrational bubble in Labubu's pricing [5] - The sustainability of IPs is crucial, and companies need to continuously produce new IPs to meet diverse consumer demands and support stock prices through performance [6]