Xin Lang Cai Jing·2025-12-10 12:18Core Viewpoint - Pop Mart is undergoing a leadership change with the appointment of Wu Yue as a non-executive director, while the company is transitioning from explosive growth to sustainable growth, as indicated by Morgan Stanley's report [1][2]. Group 1: Leadership Changes - He Yu has resigned as a non-executive director due to other work commitments, effective December 10, 2025 [1] - Wu Yue, aged 69, has been appointed as a non-executive director, effective December 10, 2025, and has extensive experience in the luxury goods sector, particularly with LVMH [1] Group 2: Stock Performance - Pop Mart's stock price has seen a significant decline, dropping 43.96% from a high of 339.8 HKD per share on August 26 to 190.4 HKD per share as of December 10 [1] - The company is transitioning from a phase of explosive growth to sustainable growth, with a forecasted slowdown in revenue growth for its Labubu brand by 2026 [1] Group 3: Recent Performance and Incidents - In Q3 2025, Pop Mart reported a 245% year-on-year increase in overall revenue, with Chinese revenue growing by 185% and overseas revenue by 365% [2] - A live-streaming incident on November 6 led to negative publicity, where comments made during the stream about product pricing sparked controversy [2] - Following the incident, Pop Mart confirmed it was investigating the matter but would not terminate the employees involved [2] Group 4: Product Performance - The new DIMOO series "New Birthday Diary" sold out immediately upon release, with the black hidden variant "Safety" reaching a resale price of 819 RMB, a 7.3 times premium [2] - The top three best-selling regular variants of DIMOO were the pink "Affection," the colorful "Guardian," and the green "Stranger," with premiums of 1.2 times, 1.4 times, and 1.1 times, respectively [2]