Sou Hu Cai Jing·2025-11-19 10:42Core Viewpoint - The report from Bernstein indicates a general slowdown in demand for Pop Mart in both China and overseas markets, warning that the company's Q4 performance may fall short of expectations, leading to a stock price drop of over 3% on November 12 [1] Group 1: Stock Performance - Since reaching a historical high of 339.8 HKD on August 25, Pop Mart's stock has been in a continuous decline, hitting a low of 203.6 HKD by November 7, representing a 40% drop and a market capitalization loss of 182.9 billion HKD [1] - The stock price decline is part of a broader trend among the "new consumption trio" in Hong Kong, which includes Pop Mart, Lao Pu Gold, and Mixue Group, all experiencing significant stock price corrections of around 40% [3][4] Group 2: Fund Holdings - In Q2, the number of public funds holding Pop Mart peaked at 311, with a total of 72.3 million shares. By Q3, this number dropped to 197 funds and 51.7 million shares, indicating a sell-off of 20.6 million shares, a 28.52% decrease in holdings [5][6] - Despite the overall reduction in holdings, the fund "Invesco Great Wall Quality Evergreen A" increased its position by 2.23 million shares in Q3, reflecting a belief in the company's future growth potential [8] Group 3: Comparison with Other Companies - Lao Pu Gold's stock also saw a significant decline, dropping from a high of 1108 HKD in July to a low of 592 HKD in November, a 46.57% decrease, with a market cap loss of 90.8 billion HKD [3] - Mixue Group's stock fell from a high of 618.5 HKD in June to a low of 371.6 HKD in October, a 39.91% drop, resulting in a market cap loss of 93.8 billion HKD [3] Group 4: Fund Manager Perspectives - Fund managers have differing views on Pop Mart's future. While some, like the manager of "Invesco Great Wall Quality Evergreen A," are increasing their positions, others, such as the manager of "Invesco Consumption Select 30 A," have significantly reduced their holdings due to concerns over market conditions and high baseline risks [8][14] - The overall trend indicates that while some funds are optimistic about future growth, many are opting to realize profits amid the stock's decline [8]