泡泡玛特，股价大跌近9%，发生了什么？

Core Viewpoint - Pop Mart's stock price has been declining, currently down 8.95% to HKD 199.40, as it transitions from explosive growth to sustainable growth, according to Morgan Stanley's report [2] Group 1: Financial Performance - Pop Mart's revenue for Q3 2025 saw a significant year-on-year increase of 245%-250%, driven by new product launches and revenue recognition from pre-sales [2] - Revenue in the Chinese market grew by 185%-190%, with offline channels increasing by 130%-135% and online channels by 300%-305% [2] - Internationally, revenue surged by 365%-370%, with the Americas experiencing a staggering growth of 1265%-1270% [2] Group 2: Market Sentiment - Despite strong financial results, Pop Mart's stock has been under pressure, with a notable drop of 8.08% on October 21 and 9% on October 23, marking the largest single-day decline since April [3] - Analysts express concerns that Pop Mart's revenue growth may peak this year, leading to potential slowdowns in the following year [3] - Short-selling activity has increased significantly, with shares shorted rising from 1.11 million to 1.62 million and the short-selling amount increasing from HKD 241 million to HKD 623 million [3][4]