Sou Hu Cai Jing·2025-12-10 10:57Core Insights - The stock price of Pop Mart has been under significant pressure, experiencing a cumulative decline of approximately 44% since its peak in August, resulting in a daily loss of 1.5 billion HKD and a total market value evaporation exceeding 200 billion HKD, equivalent to over 180 billion RMB [3] Group 1 - Pop Mart's stock fell by 8.49% on the previous day and further declined by 4.94% on December 9, indicating ongoing market challenges [3] - Notable investor Duan Yongping expressed skepticism about investing in Pop Mart, despite acknowledging the company's ability to create emotional value products [3] - Pop Mart, founded in 2010 and listed on the Hong Kong Stock Exchange in 2020, is recognized as a leading Chinese cultural and entertainment group in the collectible toy sector [3] Group 2 - Deutsche Bank's recent report highlighted that Pop Mart plans to significantly increase the production capacity of its Labubu toys from 10 million units in the first half of the year to an average of 50 million units per month by the end of the year [4] - The report cautioned that large-scale mass production could signal a decline in the brand's popularity, which relies on unique designs and scarcity [4] - Pop Mart has strategic collaborations planned, including a significant partnership with Disney to launch themed blind boxes, which have been well-received in the market [3]