Zheng Quan Shi Bao Wang·2025-12-10 13:12Core Viewpoint - Pop Mart announced the resignation of He Yu as a non-executive director effective December 10, 2025, and appointed Wu Yue as his successor, highlighting the company's leadership changes and ongoing strategic direction [1] Group 1: Leadership Changes - He Yu has resigned from his position as a non-executive director due to other work commitments, effective December 10, 2025, with the company expressing gratitude for his contributions during his tenure [1] - Wu Yue, aged 69, has been appointed as a non-executive director, effective December 10, 2025, bringing extensive experience from his previous roles at LVMH and Sony [1] Group 2: Market Performance and Expansion - Pop Mart's stock price has recently experienced a noticeable decline, influenced by overseas institutions predicting a slowdown in sales growth in the U.S. market [2] - Despite the stock price decline, Pop Mart has been aggressively expanding its store presence in key international markets, including the Middle East, Europe, and North America [2] - The company opened its first store in the Middle East at Hamad International Airport in Qatar, marking a significant milestone as the first Chinese brand at the airport and its first 24-hour store globally [2] - Pop Mart has over 60 physical stores in the U.S. and plans to open additional locations in Vancouver and Toronto by early 2026, enhancing its North American market presence [2] Group 3: Investment Sentiment - Major investment institutions remain optimistic about Pop Mart's growth trajectory, with Citigroup noting that the value of its core IP Labubu has not been fully realized, and a new version is set to launch in 2026 [3] - The investment landscape for Pop Mart is influenced by three types of funds: those focused on short-term sales trends, long-term value investors recognizing the potential of the toy industry, and funds seeking marginal catalysts related to sales data and global expansion [3][4] - According to Sinolink Securities, Pop Mart's net profit is expected to reach between 13 billion and 14 billion yuan, with a corresponding PE ratio of 17 to 19 times, indicating a balanced company across business model, growth, and valuation dimensions [4]