重要人事调整！LV高管加入

Core Viewpoint - After a significant drop in stock price, Pop Mart announced a major personnel adjustment, appointing Wu Yue as a non-executive director and the resignation of He Yu due to other work commitments [2][13]. Group 1: Personnel Changes - Wu Yue, former president of LVMH Greater China, has been appointed as a non-executive director effective December 10, with a three-year term and an annual salary of 1.2 million HKD in fixed cash and 1.8 million HKD in stock-based compensation [7][8]. - He Yu, a partner at Black Ant Capital and a significant investor in Pop Mart, has resigned from his position as a non-executive director, effective December 10, 2025 [13]. Group 2: Stock Performance - Following the announcement of the personnel changes, Pop Mart's stock price surged over 2% on December 11 [3]. - The stock price had previously experienced a significant decline, dropping over 45% from its peak of 339.8 HKD in August to a low of 184.6 HKD on December 10, resulting in a market value loss exceeding 200 billion HKD [16]. Group 3: Market Sentiment and Future Outlook - There is a growing bearish sentiment towards Pop Mart, with short-selling amounts reaching a two-year high of 1.092 billion HKD on December 8 [16]. - Deutsche Bank downgraded Pop Mart's rating to "Hold," citing concerns over the mass production of its core IP product, Labubu, which may signal a decline in demand [16]. - Morgan Stanley noted that Pop Mart is transitioning from explosive growth to sustainable growth, predicting a significant slowdown in revenue growth for Labubu by 2026 [16]. - Despite the challenges, some investment institutions remain optimistic about Pop Mart's future growth, highlighting the upcoming release of Labubu 4.0 in 2026 and the acquisition of film adaptation rights by Sony Pictures [18].