11月7日，贝壳财经记者在第八届进博会现场联系到泡泡玛特工作人员，一名工作人员回应称，公司高度重视，正在核实处理，不会开除涉事员工。 10月21日，泡泡玛特（09992.HK）发布公告，2025年第三季度整体收入同比增长245%至250%。其中，中国收入同比增长185%至190%；海外收入同比增长 365%至370%。 第三季度，中国各渠道收入表现方面，线下渠道同比增长130%至135%；线上渠道同比增长300%至305%。 2025年上半年，LABUBU全球爆火成为超级IP，也带动了泡泡玛特的业绩增长。8月19日，泡泡玛特发布2025年半年报，上半年泡泡玛特营收138.8亿元，同 比增长204.4%，经调整净利润47.1亿元，同比增长362.8%；公司拥有人应占溢利45.74亿元，同比增长396.5%。泡泡玛特今年上半年的营收、净利润均超去 年全年。 新京报贝壳财经讯（记者俞金旻 阎侠）11月7日，泡泡玛特直播事故冲上微博热搜。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块的挂链盲盒时说："这东西卖79确实有点贵。"另一个工作人员说："没事会有人买单的。" 展位号: 5.1 ...

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].

Core Viewpoint - The article discusses a recent incident involving Pop Mart's DIMOO product launch, highlighting internal employee comments that raised concerns about product pricing and consumer perception, leading to a broader discussion on "emotional pricing" among consumers [2][9][13]. Product Launch and Employee Comments - On November 6, Pop Mart launched the new DIMOO series "New Diary," which includes a blind box priced at 79 yuan. During a live stream, an employee remarked that the price seemed high, prompting another employee to suggest that consumers would still purchase it [2][9]. - The incident sparked significant discussion on social media, with many interpreting the comments as a critique of the company's pricing strategy and suggesting that consumers are being taken advantage of [9]. Consumer Reactions and Product Performance - Consumer sentiment regarding the DIMOO product is polarized. Some fans consider it the best design yet, while others criticize its similarity to previous products, questioning the value for money [10]. - Data from the Dewu app indicates that the DIMOO "New Diary" series sold out quickly, with the black hidden variant "Sense of Security" reaching a resale price of 819 yuan, a 7.3 times markup. The top three regular variants also saw significant price increases [10]. Financial Performance - Pop Mart reported strong financial results, with a projected revenue growth of 245% to 250% year-on-year for Q3 2025. Domestic revenue is expected to grow by 185% to 190%, while overseas revenue is projected to increase by 365% to 370% [11][12]. - The company noted substantial growth across various channels, with offline sales up by 130% to 135% and online sales increasing by 300% to 305% [11]. Company Response to Incident - Following the live stream incident, Pop Mart stated that it is investigating the matter and will not terminate the involved employees. The company is taking the feedback seriously and is currently verifying the situation [13][14].

Core Viewpoint - The incident involving Pop Mart's live streaming has become a trending topic, raising concerns about the company's public image and employee conduct [1] Group 1 - On November 7, Pop Mart responded to the live streaming incident, stating that an investigation is underway and that no employees involved will be dismissed [1] - During the live stream, a staff member commented that the price of a DIMOO blind box chain, priced at 79 yuan, was "a bit expensive," to which another staff member replied, "It's okay, someone will buy it" [1] Group 2 - In the secondary market, Pop Mart's stock has dropped over 4% as of the time of reporting [2]