泡泡玛特股价大跌8.08%，创下近半年来单日最大跌幅

Core Viewpoint - The stock of Pop Mart (09992.HK) experienced a significant decline of 8.08% on October 21, closing at 250.4 HKD per share, influenced by a broader downturn in new consumer stocks in the Hong Kong market [1] Group 1: Stock Performance - Pop Mart's stock price reached a historical high of 339.8 HKD per share on August 26, 2023, but has since declined nearly 15% over the past three days [1] - The total market capitalization of Pop Mart is approximately 336.27 billion HKD [1] Group 2: Financial Performance - For Q3 2025, Pop Mart expects overall revenue to increase by 245%-250% compared to Q3 2024, with Chinese revenue projected to grow by 185%-190% and overseas revenue by 365%-370% [1] - Revenue from offline channels in China is anticipated to rise by 130%-135%, while online channels are expected to grow by 300%-305% [1] - Overseas revenue growth is expected to be 170%-175% in the Asia-Pacific region, 1265%-1270% in the Americas, and 735%-740% in Europe and other regions [1] Group 3: Product Performance - Several new products from Pop Mart have become bestsellers, including the "WHY SO SERIOUS" Halloween blind box series, which sold out within minutes [2] - The price of the LABUBU-themed "Moon Shadow Mask" surged from 159 RMB to a peak transaction price of 2289 RMB, representing a premium of 13.4 times [2] - The "Delicious Moments Series" featuring the Starry People character saw a peak price increase from 59 RMB to 929 RMB, with a premium of nearly 14.7 times [2] Group 4: Analyst Ratings - On October 16, JPMorgan upgraded Pop Mart's investment rating to "Overweight," raising the target price from 300 HKD to 320 HKD [2] - The bank adjusted its earnings estimates for 2025 to 2027 upwards by 5% to 7%, forecasting a year-on-year sales increase of 165% and a 276% rise in adjusted profit for this year [2][4] - JPMorgan noted that Pop Mart's stock price has significantly corrected from its August peak, suggesting that investor expectations have become overly conservative [5]