泡泡玛特当初是怎么跌了90%的？

Core Viewpoint - The article discusses the challenges faced by Pop Mart, particularly during its downturn, emphasizing the importance of understanding the company's operational characteristics beyond surface-level explanations like the pandemic [3][5][11]. Group 1: Market Dynamics - The market is inherently opportunistic, showing favoritism during uptrends and being overly critical during downturns [2][3]. - Pop Mart's stock price fell significantly, dropping over 90% from its peak, with the decline attributed to valuation adjustments, performance concerns, and loss of investor confidence [12][13]. Group 2: Operational Challenges - In 2022, Pop Mart experienced a revenue growth of only 2.8% and a net profit decline of 44%, with gross margin decreasing by 4 percentage points to 57.5% [5]. - The pandemic's impact was not solely responsible for the company's struggles; operational and strategic issues, particularly inventory management, played a significant role [5][6]. - Inventory issues arose from over-ordering during a period of rapid expansion, leading to a need for aggressive clearance strategies that negatively affected profits and brand perception [7][8]. Group 3: Competitive Landscape - Increased competition in the collectible toy market contributed to profit declines, as companies faced rising costs and supply chain challenges [9][10]. - The competitive environment forced Pop Mart to adopt more complex manufacturing processes to enhance product quality, further straining margins [9]. Group 4: IP Management and Market Cycles - Pop Mart's business model is subject to the cyclical nature of IP (Intellectual Property) products, where the success of an IP can lead to market saturation and diminished consumer interest [15][16]. - The reliance on a few successful IPs for revenue growth creates inherent risks, as the lifecycle of these IPs can lead to fluctuations in sales and profitability [16][18]. - The company must continuously innovate and balance its IP portfolio to maintain growth, as the market's perception can shift rapidly [17][19]. Group 5: Strategic Shifts - The inventory challenges of 2022 prompted Pop Mart to accelerate its overseas expansion, discovering new market opportunities that led to unexpected growth [19]. - The company shifted its strategic focus towards international markets, which became a significant driver for revenue and stock performance in 2023 [19][20].