Xin Lang Cai Jing·2025-10-23 04:34Core Insights - Bubble Mart's stock price experienced a significant drop, falling nearly 10% on October 23, closing at 232 HKD per share, marking a cumulative decline of nearly 30% since September [1] - Concerns have been raised by analysts regarding the potential peak in revenue growth for Bubble Mart this year, with expectations of a slowdown in growth momentum starting next year [1] - Despite cautious sentiments from some analysts, several foreign investment banks remain optimistic, raising target prices and maintaining "buy" ratings based on the company's diversified IP matrix, global channel expansion, and capacity enhancement [1] Financial Performance - Bubble Mart reported a year-on-year revenue growth of 245% to 250% for Q3 2025, with Chinese revenue increasing by 185% to 190% and overseas revenue soaring by 365% to 370% [2] - In Q3, offline revenue in China grew by 130% to 135%, while online revenue surged by 300% to 305% [2] - Revenue growth in overseas regions was notable, with Asia-Pacific up by 170% to 175%, the Americas by 1265% to 1270%, and Europe and other regions by 735% to 740% [2] Product Performance - Several new products from Bubble Mart have become bestsellers, including the "WHY SO SERIOUS" Halloween series blind boxes, which sold out within minutes online [2] - The price of the LABUBU-themed hidden "Moon Shadow Mask" surged from 159 RMB to a peak transaction price of 2289 RMB, reflecting a premium of 13.4 times [2] - Other popular items include the LABUBU-themed "Throwing Clown," DIMOO-themed "Blazing Clown," and the star-themed "Rainbow Bean," with premiums of 7.2 times, 3.8 times, and 2.8 times, respectively [2]