股价下跌后，泡泡玛特出手了

Core Viewpoint - The recent significant drop in Pop Mart's stock price has prompted the company to initiate a share buyback program, despite reporting strong revenue and profit growth in its latest financial results [3][4]. Group 1: Stock Performance and Buyback - On March 25, Pop Mart's stock fell by 22.51%, with intraday declines exceeding 10% [3]. - On March 26, Pop Mart announced a buyback plan to spend HKD 599 million (approximately RMB 529 million) to repurchase 3.94 million shares at a price range of HKD 148.4 to HKD 157.8 per share [3]. - As of the market close, Pop Mart's stock was priced at HKD 150.7 (approximately RMB 133.05) [3]. Group 2: Financial Performance - For the third quarter of 2025, Pop Mart reported a revenue growth of 184.7%, totaling RMB 37.12 billion, with adjusted net profit increasing by 284.5% to RMB 13.08 billion [3]. - Despite the impressive financial results, the market reacted negatively, raising concerns about the company's ability to sustain high growth in 2026 [3]. Group 3: Previous Buyback Activities - Earlier in January, Pop Mart conducted two significant buybacks on January 19 and 21, with total expenditures nearing HKD 350 million (approximately RMB 309 million) [4]. - The buyback prices during these transactions ranged from HKD 177.7 to HKD 194.9 [4]. - Cumulatively, Pop Mart has spent over HKD 900 million (approximately RMB 795 million) on share repurchases [4].