Zheng Quan Shi Bao·2025-10-21 15:28Core Viewpoint - Pop Mart has reported a remarkable performance for Q3 2025, with overall revenue growth of 245%-250% compared to Q3 2024, driven by significant increases in both domestic and international markets [2][4]. Revenue Growth - Overall revenue increased by 245%-250% year-on-year in Q3 2025 [2]. - Revenue from the Chinese market grew by 185%-190% [2]. - Revenue from overseas markets surged by 365%-370% [2]. Channel Performance - In the Chinese market, offline channel revenue rose by 130%-135% [4]. - Online channel revenue in China saw a substantial increase of 300%-305% [4]. Regional Performance - The Americas market experienced the highest growth, with revenue increasing by 1265%-1270% [4]. - Revenue in Europe and other regions grew by 735%-740% [4]. - The Asia-Pacific market revenue increased by 170%-175% [4]. Expansion Strategy - Pop Mart has accelerated its overseas market expansion, operating in 18 countries with 571 stores and 2597 robot stores as of mid-2025 [5]. - In the Asia-Pacific region, the company opened 5 new offline stores, bringing the total to 69 [6]. - In the Americas, 19 new stores were added, increasing the total to 41 [6]. - In Europe, 4 new stores were opened, totaling 18 [6]. Market Challenges - Despite strong performance, Pop Mart's stock price has faced challenges, dropping 8.08% on October 21, with a total decline of over 26% from its peak of 339.80 HKD per share [5]. - Analysts attribute the stock price decline to the drop in second-hand market prices for the LABUBU IP products, raising concerns about the sustainability of future earnings [8].