突然，闪崩暴跌！刚刚，做空了！

Core Viewpoint - Pop Mart's stock experienced a significant drop of nearly 10% on December 8, marking a 40% decline from its peak, primarily due to concerns over slowing sales growth in the U.S. market [3][5]. Sales Performance Concerns - Investors are worried that Pop Mart's sales performance during the U.S. "Black Friday" promotions may not meet expectations, impacting confidence in the company's growth prospects [5]. - After reporting a staggering 1200% year-on-year increase in U.S. sales for Q3, the sustainability of overseas sales has become a key focus for investors [5][6]. Market Sentiment and Short Selling - The stock has faced increased short-selling pressure, with short positions rising to 6.3% of the company's float, the highest level since August 2023 [6]. - Analysts attribute the stock's weakness to a broader decline in North American offline sales trends during November, estimating that U.S. sales growth has slowed to below 500% for the current quarter [6]. Supply Chain and Demand Issues - Despite improvements in supply chain capacity since mid-November, there has been no significant increase in demand, leading to disappointing short-term sales data [6]. - Some foreign institutions predict a 10%-20% decline in both Chinese and overseas markets next year, raising concerns about future performance and leading to valuation adjustments [6]. Data Reliability and Market Dynamics - High-frequency sales data may not accurately reflect actual sales performance, as it is based on credit and debit card sampling and is subject to later revisions [7]. - Pop Mart's strategy focuses on ensuring genuine consumers can purchase products rather than relying on speculative marketing tactics, with only 3% of sales attributed to "scalper" consumers [7]. Regional Performance - Excluding the U.S. market, sales trends in Europe, China, and Southeast Asia remain positive, indicating balanced global development [7]. - Domestic demand for Pop Mart's products, particularly the "Star People" series, is reportedly strong, with the Christmas gift box being a top-selling item [7].