“潮玩之王”业绩狂飙，股价却大幅回调丨港美股看台

Core Viewpoint - The significant drop in the second-hand market price of LABUBU has led to a continuous decline in the stock price of Pop Mart, which has fallen over 30% from its historical peak, resulting in a market capitalization loss of over 140 billion HKD [1][2][7]. Group 1: Market Performance - As of October 27, Pop Mart's stock price closed at 233.40 HKD per share, marking a cumulative decline of over 30% from its historical high, with a market value evaporating by more than 140 billion HKD [1][7]. - Despite the stock price decline, Pop Mart's overall revenue for Q3 2025 surged by 245% to 250% year-on-year, with both domestic and international markets experiencing explosive growth [2][10]. Group 2: LABUBU Market Dynamics - The LABUBU second-hand market, once a "hard currency," has seen prices plummet due to Pop Mart's increased supply, which has led to a significant drop in average transaction prices from over 1100 HKD to around 200 HKD [4][7]. - The official data indicated that during the replenishment period, Pop Mart's sales volume reached over 400,000 units across various platforms, contributing to the price collapse in the secondary market [6][7]. Group 3: Analyst Predictions and Ratings - Following the earnings announcement, multiple brokerage firms raised their profit forecasts for Pop Mart, maintaining optimistic long-term valuations despite the stock price adjustments [2][11]. - Analysts noted that the market's reaction to the stock price decline reflects a rational reassessment of the sustainability of high growth, with some institutions adjusting their ratings to "buy" or "overweight" [12][14]. Group 4: Investment Trends - Domestic investors have shown a strong willingness to "bottom fish," increasing their holdings in Pop Mart, while foreign investors have been reducing their positions [14][18]. - As of October 24, the proportion of shares held by southbound funds increased to 15.81%, despite a decrease in market value due to the stock price drop [14][15].