POP MART(HK:09992) 第一财经·2025-10-23 12:13Core Viewpoint - The article discusses the recent significant decline in the stock price of Pop Mart (09992.HK), which has dropped 30% over the past two months, despite a previous surge of nearly 15 times in the stock price over 17 months, driven by the popularity of its IP, LABUBU [3][4]. Financial Performance - In the first half of 2024, Pop Mart reported a net profit of 9.2 billion yuan, which increased to 31.3 billion yuan for the entire year. In the first half of 2025, the net profit reached 45.7 billion yuan [3]. - The latest third-quarter operational data shows overall revenue growth of 245% to 250% year-on-year, with specific growth rates of 185% to 190% in China, 130% to 135% in offline channels, and 300% to 305% in online channels. Overseas revenue grew by 365% to 370% [6]. Market Trends and Consumer Sentiment - Despite the recent stock price correction, Pop Mart's performance continues to grow, particularly in overseas markets [5]. - There are emerging concerns regarding the sustainability of growth due to high base effects, with some institutions reassessing the company's future performance and valuation [6]. - Consumer sentiment indicates a potential fatigue with Pop Mart's product offerings, with calls for more diverse product forms beyond just variations of dolls [6]. IP and Product Strategy - The success of Pop Mart is significantly tied to its leading IP, LABUBU, which gained international traction and popularity, contributing to the company's market value [4]. - Industry analysts suggest that the value of blind boxes and related products is primarily driven by IP and the rarity of hidden items, rather than intrinsic value [7]. - There is a need for Pop Mart to enhance its IP storytelling and expand its product matrix to maintain growth momentum and avoid over-reliance on a single successful IP [7].