泡泡玛特，斥资2.51亿港元回购

Group 1 - The core point of the article is that Pop Mart has initiated a share buyback program, spending approximately HKD 251 million to repurchase 1.4 million shares after experiencing a significant decline in stock price over the past five months [2][3] - The share buyback occurred at a price range of HKD 177.7 to HKD 181.2 per share, indicating the company's confidence in its valuation despite recent market fluctuations [2] - Following a peak of HKD 339.8 per share in late August 2025, Pop Mart's stock has seen a decline of over 43%, with its market capitalization shrinking from over HKD 400 billion to HKD 242.8 billion [3] Group 2 - Analyst Jeff Zhang from Morningstar noted that Pop Mart's domestic revenue growth may slow in Q4 2025, with some Labubu products facing inventory buildup, suggesting a waning interest in older products [2] - Despite concerns over short-term revenue fluctuations, the fair value estimate for Pop Mart remains at HKD 280, indicating that the current valuation may be attractive for investors [2]