Core Viewpoint - Pop Mart experienced a significant stock decline, with a drop of nearly 8.5% on December 8, marking its largest decline in over six weeks, and a cumulative drop of over 14% in the past month, resulting in a market value loss of over 180 billion HKD compared to its August peak [1] Group 1: Stock Performance - On December 8, Pop Mart's short-selling amount reached 1.092 billion HKD, an increase of 210.58% from the previous trading day, and up 47.35% compared to the average of the last 30 trading days [3] - The short-selling ratio was 19.23%, deviating by -17.33% from the average short-selling ratio over the last 30 trading days [3] - The number of shares sold short increased from 1.1106 million shares to 1.6170 million shares from December 2 to December 8, with the short-selling amount rising from 241 million HKD to 623 million HKD during the same period [3] Group 2: Financial Performance - Pop Mart's overall revenue for Q3 2025 is expected to surge by 245%-250% year-on-year, driven by the launch of new products like Mini Labubu and SP Insomnia Theater, along with revenue recognition from pre-sales in Q2 [4] - The core IP Labubu continues to maintain global popularity, serving as a key growth driver [4] Group 3: Market Sentiment and Product Strategy - Following the launch of the Labubu new product on November 13, market enthusiasm has noticeably declined, with secondary market premiums dropping by over 50% and regular versions selling below official retail prices [5] - Deutsche Bank's latest report indicates that Pop Mart plans to increase Labubu production capacity from 10 million units in the first half of the year to an average of 50 million units per month by the end of the year, warning that large-scale production often signals a decline in market enthusiasm for brands reliant on unique design and scarcity [5]