泡泡玛特，斥资2.51亿港元回购

Core Viewpoint - The company, Pop Mart, has initiated a share buyback program worth approximately HKD 251 million to repurchase 1.4 million shares after experiencing a significant decline in stock price over the past five months [2][3]. Group 1: Share Buyback Details - On January 19, Pop Mart announced the repurchase of shares at a price range of HKD 177.7 to HKD 181.2 per share [3]. - The stock price has dropped over 43% from its peak of HKD 339.8 in late August 2025, leading to a market capitalization reduction from over HKD 400 billion to HKD 242.8 billion [3]. Group 2: Market Analysis - Analyst Jeff Zhang from Morningstar indicated that Pop Mart's domestic revenue growth may slow down in Q4 2025, with some Labubu products facing inventory buildup in specific retail stores, suggesting a waning interest in older products [3]. - Despite these concerns, Zhang maintains a fair value estimate of HKD 280 for Pop Mart, arguing that the recent stock price decline has made the valuation attractive and that market worries about short-term revenue fluctuations are excessive [3].