大跳水！5天跌去两成，泡泡玛特怎么了？

Core Viewpoint - The article discusses the recent performance of Pop Mart, highlighting its significant revenue growth but also the concerns regarding potential future performance declines due to high growth rates and market saturation [1][5]. Group 1: Market Performance - On October 23, major Hong Kong stock indices rose, but leading stocks in the new consumption sector, including Pop Mart, experienced declines, with Pop Mart falling over 9% [1]. - Pop Mart's stock has seen a cumulative decline of nearly 20% over the past five trading days, closing at 232.4 HKD per share, with a market capitalization exceeding 310 billion HKD [1]. Group 2: Financial Performance - Pop Mart reported a revenue increase of 245%-250% for Q3 2025 compared to Q3 2024, with domestic revenue growing by 185%-190% and overseas revenue by 365%-370% [3]. - The Americas market showed the highest growth, with a year-on-year increase of 1265%-1270%, while Europe and other regions grew by 735%-740%, and the Asia-Pacific market increased by 170%-175% [3]. Group 3: Analyst Opinions - Analyst Jeff Zhang from Morningstar expressed mixed feelings about Pop Mart's performance, acknowledging strong overseas growth but cautioning about potential deceleration in future quarters [5]. - Zhang predicts that Pop Mart's growth will peak in 2025 and slow down starting in 2026, raising concerns about the sustainability of its performance [5]. - Despite the stock price decline, some analysts remain optimistic about Pop Mart's future, citing its strong IP incubation capabilities and growing influence in overseas markets [5][6]. Group 4: Ratings and Recommendations - JPMorgan upgraded Pop Mart's rating from "Neutral" to "Overweight," citing attractive valuations and positive Q3 data as catalysts for future growth [6]. - Several institutions, including China International Capital Corporation and UBS, have maintained "Buy" or "Overweight" ratings on Pop Mart, indicating confidence in its growth potential [6].