Group 1 - The stock price of Pop Mart, a leading player in the Hong Kong toy market, has continued to decline, closing at 275.2 HKD per share on September 10, down 4.51% for the day, and a total drop of 15.74% since reaching a historical high of 339.8 HKD on August 26 [1] - Despite the stock price pressure, the offline consumption scene for Pop Mart remains active, with a notable presence of foreign consumers observed in various stores in Shenzhen [1] - The core IP series, THE MONSTERS, achieved significant revenue of 4.814 billion CNY in the first half of 2025, marking a substantial year-on-year growth of 668%, accounting for 35% of the company's total revenue [1] Group 2 - Market analysis indicates that the stock price adjustment reflects investor concerns regarding the sustainable monetization ability of Pop Mart's IPs, with worries about product lifecycle uncertainties potentially impacting profitability stability [2] - Although Pop Mart was recently included in the Hang Seng Index, which could attract passive fund allocation, some investors opted to take profits after the positive news, leading to short-term selling pressure [2]

稀缺性一度催生火爆的二手交易市场。以"前方高能"系列LABUBU为例，今年6月中旬整端回收价高达 1380元，较原价溢价176%。 但近期二手市场明显降温，同类产品成交价回落至600~700元区间。此外，8月28日发售的迷你版 LABUBU更是经历价格过山车，整端价格从发行初期的3200元"黄牛价"，跌至9月10日的二手平台成交 均价1511元，部分冷门款式甚至跌破原价。 市场分析认为，股价调整反映投资者对IP可持续变现能力的担忧。尽管泡泡玛特成功打造多个爆款IP， 但市场担心其生命周期存在不确定性，一旦热度消退可能影响公司盈利稳定性。 此外，虽然公司近期被纳入恒生指数成分股，理论上有望吸引被动资金配置，但部分投资者选择在利好 兑现后获利了结，反而形成短期抛压。值得注意的是，泡泡玛特的全球化战略仍在稳步推进。2025年上 半年财报显示，其海外市场收入同比实现显著增长，尤其在美洲及欧洲地区表现亮眼。 9月10日，港股潮玩龙头泡泡玛特延续近期跌势，收盘报275.2港元/股，单日下跌4.51%。自8月26日创 下339.8港元/股的历史高位后，公司股价持续调整，半个月内累计跌幅已达15.74%。 股价承压之际，泡泡 ...