Zheng Quan Shi Bao·2025-10-21 15:24Core Insights - Pop Mart has reported a significant increase in overall revenue for Q3 2025, with growth rates of 245%-250% compared to Q3 2024, driven by strong performance in both domestic and international markets [1][3] Revenue Growth - Domestic revenue in China grew by 185%-190% year-on-year, while overseas revenue surged by 365%-370% [1] - In the Chinese market, offline channel revenue increased by 130%-135%, and online channel revenue saw a remarkable growth of 300%-305% [3] Regional Performance - The Americas market experienced the highest growth, with revenue increasing by 1265%-1270% year-on-year, followed by Europe and other regions at 735%-740%, and the Asia-Pacific market at 170%-175% [3] Expansion Strategy - Pop Mart has accelerated its overseas market expansion, operating in 18 countries with 571 stores and 2597 robotic stores as of mid-2025, marking a net increase of 40 and 105 respectively in the first half of the year [4] - In the Asia-Pacific region, the company opened 5 new stores, bringing the total to 69, while in the Americas, it added 19 stores, increasing the total to 41 [4] Market Challenges - Despite strong performance, Pop Mart's stock has faced challenges, with a notable decline of over 26% since reaching a peak of 339.80 HKD per share in late August [5] - Analysts attribute the stock price drop to declining second-hand market prices for its popular IP LABUBU products, raising concerns about the sustainability of future earnings [7]