Cai Jing Wang·2025-12-12 02:16Group 1 - The core point of the article highlights that Pop Mart's stock price has significantly declined, with a total market value evaporating by over HKD 200 billion (approximately RMB 180 billion) since its peak in August 2023 [1] - Pop Mart's stock price dropped more than 8% on December 8 and over 5% on December 9, resulting in a cumulative decline of about 40% from its high of HKD 339.8 per share [1] - The company's net profit for the first half of 2024 was reported at RMB 920 million, with an expected total net profit of RMB 3.13 billion for the entire year [1] Group 2 - The surge in stock price was partly driven by the popularity of its flagship IP, LABUBU, which gained significant traction in 2025, becoming a "traffic password" after being showcased by foreign celebrities [2] - LABUBU's products have seen high demand both domestically and internationally, leading to sold-out situations and increased prices on secondary markets [2] - However, as production capacity expands, the popularity of some IPs is beginning to wane, with LABUBU's production capacity increasing from 10 million units to approximately 30 million units per month compared to the previous year [2] Group 3 - Concerns in the capital market have arisen regarding the sustainability of LABUBU's popularity, as Deutsche Bank reported a decrease in market premiums for LABUBU and other popular IPs since August [3] - The premium for hidden versions of LABUBU has shrunk by over 50%, and prices for regular versions on secondary platforms have fallen below official retail prices [3] - Consumer fatigue is becoming evident, with prices for the mini version of LABUBU dropping from over RMB 2,000 to around RMB 1,100, reflecting a decline of over 40% [3]