Core Viewpoint - The recent live streaming incident involving Pop Mart has raised concerns about the company's brand image and sales strategy, despite strong revenue growth reported in Q3 2025 [5]. Group 1: Incident Overview - A live streaming event for Pop Mart faced backlash when a staff member criticized the pricing of a DIMOO blind box, which retails for 79 yuan, leading to negative reactions on social media [1][3]. - The company confirmed the incident and is conducting an internal investigation but has stated that no employees will be dismissed as a result [3]. Group 2: DIMOO IP Performance - DIMOO, created by designer Ayan Deng, is one of Pop Mart's top-selling IPs, consistently ranking in the top 5 for sales [3]. - The new DIMOO series "New Diary" sold out immediately upon release, and a collaboration with Disney saw the hidden version of a product increase in price from 179 yuan to 784 yuan, reflecting a 3.4 times premium [3]. Group 3: Sales and Revenue Growth - Pop Mart's overall revenue for Q3 2025 increased by 245% year-on-year, with domestic revenue growing by 185% to 190% and overseas revenue surging by 365% to 370% [5]. - Despite a stock price decline of over 35% since late August, the company continues to show strong performance in terms of sales and revenue [5].

Core Viewpoint - The incident involving misprinted branding on the "SKULLPANDA Dining Table Series" blind box figures from Pop Mart has raised consumer concerns and led to the removal of the product from official sales channels [1]. Group 1 - Multiple consumers reported that the brand name "POP MART" was incorrectly printed as "POP MAET" on the figures [1]. - Following the complaints, the product was no longer searchable on Pop Mart's official mini-program and major e-commerce platforms as of November 6 [1]. - Pop Mart did not provide a comment when approached for verification regarding the incident [1].

Core Viewpoint - Pop Mart (09992.HK) is experiencing significant revenue growth, with a notable increase in both domestic and international markets, driven by the popularity of its LABUBU IP. Group 1: Financial Performance - In Q3 2025, overall revenue is expected to grow by 245% to 250% year-on-year, with domestic revenue increasing by 185% to 190% and international revenue rising by 365% to 370% [4] - For the first half of 2025, Pop Mart reported revenue of 13.88 billion yuan, a year-on-year increase of 204.4%, and an adjusted net profit of 4.71 billion yuan, up 362.8% [5] - The profit attributable to the company's owners reached 4.574 billion yuan, reflecting a year-on-year growth of 396.5% [5] Group 2: Channel Performance - In Q3, offline channel revenue grew by 130% to 135% year-on-year, while online channel revenue surged by 300% to 305% [5] - The success of the LABUBU brand has significantly contributed to the company's performance growth in 2025 [5] Group 3: Company Response - Pop Mart is actively addressing recent issues and has confirmed that it will not dismiss the employee involved in the situation [3]

Core Insights - DIMOO is a leading IP for Pop Mart, consistently ranking in the top 5 for sales [1][5] - A recent live-stream incident raised concerns about product pricing and customer perception [1][5] - Despite stock price declines, Pop Mart's overall performance remains strong with significant revenue growth reported [7] Group 1: Live Stream Incident - A live-stream event on November 6 raised eyebrows when a staff member commented on the high price of a DIMOO blind box, suggesting it was excessive [1] - Internal sources confirmed the incident and stated that an investigation is underway, but no employees will be dismissed as a result [5] Group 2: DIMOO IP Performance - DIMOO, created by designer Ayan Deng, has become a proprietary IP for Pop Mart and features a character that enters dreams [5] - The new DIMOO series "New Diary" sold out immediately upon release, indicating strong demand [5] - A collaboration with Disney led to a blind box product that saw significant price increases, with a hidden variant's price rising from 179 yuan to 784 yuan, reflecting a 3.4 times premium [5] Group 3: Other IPs and Market Trends - Other Pop Mart IPs like LABUBU, Star People, CRYBABY, and SKULLPANDA are also performing well, with supply issues gradually improving due to regular restocks [6] - Price adjustments were noted after large-scale restocks, with the hidden variant "Heart" of LABUBU dropping by 13% and 6% after two separate restocks [6] Group 4: Financial Performance - Pop Mart's stock has seen a decline of over 35% since late August, with a recent drop of over 4%, bringing the share price to 208 HKD [7] - Despite stock price challenges, the company reported a 245% year-on-year revenue increase for Q3 2025, with domestic revenue up 185% and international revenue up 365% [7]

Core Viewpoint - A live streaming incident involving Pop Mart has sparked significant discussion after two staff members were overheard discussing the high price of a product, suggesting that consumers would still purchase it regardless of cost [1] Group 1 - The incident occurred during a promotional live stream for a specific IP-related product, where a conversation between two staff members was unintentionally broadcasted [1] - The conversation included one staff member questioning the high price of the product, while the other confidently stated that consumers would buy it anyway [1] - This incident quickly gained traction on social media, leading to the related topic trending at the top of search results [1] Group 2 - Reports indicate that the two staff members involved in the incident have been dismissed, and related departments are facing accountability [2] - However, an internal source from Pop Mart confirmed that while the incident is under urgent investigation, the company will not terminate the employees involved in the live streaming incident [2]

Core Viewpoint - The live streaming incident involving Pop Mart has sparked significant public discussion and led to a notable decline in the company's stock price, highlighting potential issues with product pricing and consumer perception [2][6]. Group 1: Incident Overview - On November 7, Pop Mart's live streaming incident trended on Weibo, where two staff members were overheard discussing the high price of a product during the live broadcast [2]. - The product in question is the "DIMOO New Birthday Diary Series - Pendant Blind Box," priced at 79 yuan per unit, which has raised concerns about its value compared to production costs [6][8]. Group 2: Stock Market Reaction - Following the incident, Pop Mart's stock price fell over 4%, trading at 208 Hong Kong dollars, marking a continuous decline since August, with a cumulative drop of over 17% in September and over 16% in October [2][3]. - The market reaction indicates investor concern regarding the company's pricing strategy and overall brand perception [2]. Group 3: Product Details and Controversy - The blind box series includes six regular items and one hidden item, with the regular item probability set at 1:6 and the hidden item at 1:72 [6]. - The production cost of similar imitation products is significantly lower, leading to debates about the pricing strategy of Pop Mart's products [8].

记 者丨刘雪莹 编 辑丨江佩霞 视频丨见习编辑陈泽锴 11月7日早间，泡泡玛特直播事故冲上微博热搜。 据了解，泡泡玛特两位工作人员没注意到直播开始，其中一位女性工作人员在拿着dimoo原价 79块挂链盲盒时说："哎嘛，这东西卖79块确实有点贵"，另一个工作人员说："没事会有人买 单的"。 随后，网友纷纷热议。 截至10:35，泡泡玛特股价跌超4%，报208港元，自8月以来，泡泡玛特股价一路下跌，9月累 计下跌超17%， 10月累计下跌超16%。 | | 208.200 -9.400 -4.32% | | | | | | 泡泡玛牆 立即 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 9997 交易 | | HKEX HKD 10:35:05 | | | | | | | 通 バ △ + | | | 美(PMRT\27.747(-1.12%) U/H:+3.62% | | | 交生 | 133.19% 120日 | | 0.99% | | 委比 | 27.68% 委差 | | 22.06万 | 5日 | -6.05% 250日 ...

Core Viewpoint - The recent controversy surrounding the pricing of the DIMOO blind box by Pop Mart has sparked significant public dissatisfaction, particularly regarding the perceived high price of 79 yuan for a single item, leading to internal reviews and potential adjustments in response to customer feedback [1][3][8]. Group 1: Product Details - The DIMOO blind box series, launched in November, includes 6 regular items and 1 hidden item, with a purchase probability of 1:6 for regular items and 1:72 for the hidden item [3][4]. - The price for a single DIMOO blind box is set at 79 yuan, while a complete box containing all items is priced at 474 yuan [3][4]. Group 2: Company Performance - Pop Mart reported a strong performance in Q3 2025, with overall revenue increasing by 245% year-on-year, including a 185% to 190% increase in China and a 365% to 370% increase in overseas markets [10]. - The DIMOO brand is identified as Pop Mart's fifth-largest artist IP, generating 1.105 billion yuan in revenue during the first half of 2025, accounting for 8% of the company's total revenue [10]. Group 3: Management Actions - Pop Mart's CEO, Wang Ning, recently sold 21.7 million shares at an average price of 71.98 HKD, totaling approximately 1.562 billion HKD, indicating a significant personal financial move [12].

Core Viewpoint - The incident involving Pop Mart's live streaming has become a trending topic, with the company stating it is under investigation and will not dismiss the involved employees [1] Group 1 - On November 7, Pop Mart responded to the live streaming incident, indicating an ongoing investigation [1] - During the live stream, a staff member commented that the price of a DIMOO blind box at 79 yuan was "a bit expensive," to which another staff member replied, "It's okay, someone will buy it" [1] - Following the incident, Pop Mart's stock price fell over 4% in the secondary market [1]

Core Viewpoint - The incident involving a live broadcast by Pop Mart has gained significant attention, with the company stating that it is currently under investigation and will not terminate the employees involved in the incident [1]. Group 1: Incident Details - During a live stream, a staff member commented that the price of a DIMOO blind box, priced at 79 yuan, was "a bit expensive," to which another staff member responded that "someone will buy it anyway" [1]. - The incident has led to a surge in discussions on social media, propelling it to the top of trending topics [1]. Group 2: Company Response - Pop Mart has officially stated that it is investigating the matter and has decided not to dismiss the employees involved in the live broadcast incident [1].