Zheng Quan Shi Bao·2025-10-23 15:36Core Viewpoint - The Hong Kong stock market indices strengthened on October 23, but leading stocks in the new consumption sector, particularly Pop Mart, experienced significant declines, raising concerns about potential performance peaks and future growth sustainability [1][5]. Group 1: Company Performance - Pop Mart reported a revenue growth of 245%-250% for Q3 2025 compared to Q3 2024, with the Chinese market growing by 185%-190% and overseas markets by 365%-370% [3]. - The Americas market showed the highest growth rate at 1265%-1270%, while Europe and other regions grew by 735%-740%, and the Asia-Pacific market increased by 170%-175% [3]. - Analyst Jeff Zhang from Morningstar acknowledged the strong overseas growth but expressed concerns about potential deceleration in future quarters, predicting peak performance in 2025 followed by a slowdown starting in 2026 [5]. Group 2: Market Reactions and Analyst Opinions - The decline in Pop Mart's stock price is attributed to concerns over the sustainability of its popular IP products, particularly LABUBU, and the drop in secondary market prices for related products [5]. - Despite the stock price drop, some analysts remain optimistic about Pop Mart's growth potential, citing its strong IP incubation capabilities and increasing influence in overseas markets [6]. - Morgan Stanley and several other institutions have upgraded their ratings on Pop Mart, indicating confidence in its valuation and future catalysts such as holiday sales and new product launches [6].