Hua Xia Shi Bao·2025-11-07 06:07Core Viewpoint - The incident during a live broadcast by Pop Mart has sparked significant public backlash, leading to a sharp decline in the company's stock price and raising questions about its pricing strategy and product quality [1][3][14]. Group 1: Incident Overview - On November 6, during a live stream, a staff member commented on the high price of a DIMOO blind box, which led to consumer backlash and accusations of condescension towards buyers [1][6]. - Following the incident, Pop Mart's stock price fell over 5%, closing at 208.2 HKD per share, with a total market capitalization of 279.6 billion HKD [3][6]. - Pop Mart has acknowledged the incident and is conducting an internal investigation but has stated that no employees will be dismissed as a result [5][6]. Group 2: Product Details - The DIMOO blind box series, launched in November, includes six regular items and one hidden item, priced at 79 HKD per box and 474 HKD for a full set [6][10]. - The product's components include zinc alloy charms and resin figures, but the cost of counterfeit versions is significantly lower, raising concerns about the perceived value versus actual cost [10]. Group 3: Previous Controversies - Prior to the live stream incident, Pop Mart faced criticism for quality control issues related to its Skullpanda blind box series, which had printing errors that went viral on social media [14]. - The company quickly removed the flawed products from sale and offered exchanges, but customer dissatisfaction grew due to lengthy replacement times and lack of a unified return policy [14]. Group 4: Financial Performance - Despite recent controversies, Pop Mart reported a strong financial performance, with a 245% year-on-year revenue increase in Q3 2025, driven by significant growth in both domestic (185%-190%) and international (365%-370%) markets [16]. - The DIMOO IP contributed 1.105 billion CNY in revenue during the first half of the year, accounting for 8% of the company's total revenue [17]. Group 5: Leadership and Market Position - Pop Mart's founder and CEO, Wang Ning, has seen his net worth rise to approximately 146.7 billion CNY, making him one of the wealthiest individuals in China [19]. - The company has established itself as a leading player in the cultural and entertainment sector in China, focusing on IP incubation and consumer engagement [12].