彭博：泡泡玛特股价暴跌40%，市场对Labubu崩盘的担忧日益加剧

Core Viewpoint - The rapid decline of Labubu's popularity has led to a significant drop of approximately 40% in Pop Mart International Group Ltd.'s stock price, raising concerns about the company's long-term prospects [1][2]. Group 1: Market Performance and Investor Sentiment - Pop Mart's revenue growth in North America slowed to 424% for the quarter ending December 6, down more than half from the previous quarter [1]. - The stock has seen a threefold increase in short-selling bets since November of last year, reaching the highest level since August 2023 [1]. - Analysts express skepticism about Pop Mart's ability to maintain high year-on-year growth, especially given the high base from the previous year [2]. Group 2: Sales and Market Trends - Concerns about a potential downturn in collectible markets have emerged, with predictions of declining holiday season sales contributing to market panic [5]. - Pop Mart's stock has lost approximately $24 billion in value since its peak in August, which is three times the market capitalization of Sanrio [5]. - Despite the negative sentiment, some analysts believe that the company's growth engine is not exhausted, citing improvements in supply chain and product lifecycle management [7]. Group 3: Future Prospects and Challenges - Pop Mart's efforts to establish a multi-platform entertainment brand akin to Disney are still in the early stages, with the company yet to prove its long-term viability [10]. - The performance of Labubu during the holiday season in the U.S. was disappointing, which is critical for the brand's global strategy [10]. - There are signs of cooling in the secondary market for Labubu collectibles, with prices for popular items dropping significantly from their peak [10][11].