Ge Long Hui·2025-09-19 05:32Core Viewpoint - Citi's report indicates that the recent stock price correction of Pop Mart (9992.HK) is primarily due to market concerns over the declining resale prices of LABUBU, but does not reflect a decrease in IP popularity [1] Group 1: Market Concerns - The decline in LABUBU resale prices has raised concerns in the market [1] - Citi does not view this as a sign of diminishing IP heat [1] Group 2: Strategic Initiatives - The company is taking measures to replenish stock based on real demand, which is expected to enhance IP competitiveness in the long run [1] - Improvements in customer experience and efforts to curb resale activities are part of the company's strategy [1] Group 3: Investment Recommendation - Investors are encouraged to focus on sales trends, particularly the ongoing rapid sell-out phenomenon in the company's own channels [1] - Citi reaffirms a "Buy" rating and maintains a target price of HKD 398 [1]