而近期，在闲鱼、得物等二手交易平台上，LABUBU相关商品的上架数量呈现出明显增多的态势，与此同时，其成交价格却出现了下调的情况。 值得注意的是，市场看空情绪持续升温。Wind数据显示，自12月2日至8日，卖空股数从111.06万股增至539.46万股，同期卖空金额也从2.41亿港元大幅上升 至10.92亿港元。12月30日，泡泡玛特卖空金额达4.58亿港元，卖空股数239.22万股。 这一现象背后，是泡泡玛特核心IP产品LABUBU在二手市场价格的显著回调。12月29日，"泡泡玛特开始五折甩卖"话题迅速攀升至微博热搜第一。对此，记 者联系泡泡玛特并发送采访函，截至发稿尚未收到回复。 LABUBU二手市场遇冷 部分款式成交价低于官方价 LABUBU作为泡泡玛特THE MONSTERS家族的核心形象，自2018年推出以来，通过盲盒、毛绒、MEGA（收藏级潮玩）等多品类布局，已形成完整的IP生 态。2024年，THE MONSTERS系列营收达30.4亿元，同比增长726.6%，成为泡泡玛特旗下营收第一的IP。 2025年4月，在泡泡玛特中国内地线上平台，LABUBU第三代搪胶毛绒产品一上线便迅速被抢光，秒速售罄 ...

Group 1 - The core viewpoint of the article highlights the recent decline in the Hong Kong new consumption sector, particularly the significant drop in Pop Mart's stock price, which fell by 10%, marking the largest single-day decline since April [3] - Despite the stock decline, several brokerages, including CMB International and Guojin Securities, maintain a "buy" rating on Pop Mart, citing sustained growth momentum and potential for overseas market expansion through localized operations [3] - Pop Mart's latest business update for Q3 2025 shows a substantial revenue increase of 245% to 250% year-on-year, with specific growth in China at 185% to 190%, and online sales soaring by 300% to 305% [3] Group 2 - The article notes that the Starry People series from Pop Mart has sparked another buying frenzy, following the success of the Labubu series [4]

Core Viewpoint - The Hong Kong stock market's new consumption sector experienced a decline, with Pop Mart's stock price dropping by 10%, marking its largest single-day decline since April [1] Company Performance - Pop Mart announced its latest business situation for Q3 2025, reporting an overall revenue increase of 245% to 250% year-on-year [1] - Specifically, revenue from China for Q3 grew by 185% to 190% [1] - Offline channels saw a revenue increase of 130% to 135%, while online channels experienced a growth of 300% to 305% [1] - The overseas market showed even more significant growth, with a year-on-year increase of 365% to 370% [1] - Revenue growth in the Asia-Pacific region was 170% to 175%, in the Americas it was 1265% to 1270%, and in Europe and other regions it was 735% to 740% [1] Market Sentiment - Despite the stock price decline, brokerages like CMB International and Guojin Securities maintained a "buy" rating for Pop Mart, citing sustained growth momentum and potential for overseas market expansion through localized operations [1]

Group 1 - The Hong Kong new consumption sector experienced a decline, with Pop Mart's stock price dropping by 10%, marking the largest single-day decline since April [1] - According to brokerage views, both CMB International and Guojin Securities maintained a "buy" rating for Pop Mart, highlighting its sustained growth momentum and potential for overseas market expansion through localized operations [3] - Pop Mart announced a significant increase in its third-quarter revenue, with an estimated growth of 245% to 250% year-on-year, driven by strong performance in both domestic and international markets [3] Group 2 - In the third quarter, Pop Mart's revenue in China grew by 185% to 190%, with offline channels increasing by 130% to 135% and online channels by 300% to 305% [3] - The overseas market showed even more impressive growth, with a year-on-year increase of 365% to 370%, including a 170% to 175% increase in the Asia-Pacific region and a staggering 1265% to 1270% increase in the Americas [3] - The launch of the Star People series, following the success of Labubu, has generated significant consumer demand, indicating strong brand engagement [3]

Group 1 - The core viewpoint of the news is that Pop Mart has reported significant revenue growth for the third quarter of 2024, with overall revenue increasing by 245% to 250% year-on-year [1] - Revenue from China has increased by 185% to 190% year-on-year, while overseas revenue has surged by 365% to 370% [1] - As of October 21, Pop Mart's stock has dropped over 8%, with a market capitalization of HKD 336.3 billion [4] Group 2 - The Labubu series has previously generated significant consumer interest, and the new Star People series has also sparked a buying frenzy [6]

Core Viewpoint - Pop Mart announced a significant increase in overall revenue for the third quarter, with a year-on-year growth of 245%-250% compared to the same period in 2024, driven by strong performance in both domestic and international markets [1]. Group 1: Revenue Growth - Overall revenue for the third quarter is expected to grow by 245%-250% year-on-year [1]. - Revenue from China is projected to increase by 185%-190% year-on-year [1]. - International revenue is anticipated to rise by 365%-370% year-on-year [1]. Group 2: Market Performance - As of October 21, Pop Mart's stock price has dropped over 8%, with a market capitalization of 336.3 billion HKD [4]. Group 3: Product Demand - The Starry People series from Pop Mart has sparked another buying frenzy, following the success of the Labubu series [5].

Core Insights - The Hong Kong stock market saw a net inflow of 63.03 billion HKD from northbound trading, with the Shanghai Stock Connect contributing 56.56 billion HKD and the Shenzhen Stock Connect contributing 6.47 billion HKD [1] Group 1: Stock Performance - The most bought stocks included Meituan-W (03690), Tracker Fund of Hong Kong (02800), and CNOOC (00883) [1] - The most sold stocks included Alibaba-W (09988), SMIC (00981), and Hua Hong Semiconductor (01347) [1] Group 2: Detailed Stock Transactions - Alibaba-W (09988) had a buy amount of 36.49 billion HKD and a sell amount of 47.61 billion HKD, resulting in a net outflow of 11.12 billion HKD [2] - SMIC (00981) saw a buy amount of 28.06 billion HKD and a sell amount of 26.47 billion HKD, resulting in a net inflow of 1.59 billion HKD [2] - Meituan-W (03690) had a buy amount of 12.26 billion HKD and a sell amount of 5.78 billion HKD, resulting in a net inflow of 6.48 billion HKD [2] Group 3: Market Trends and News - Meituan announced an upgrade to its "Prosperity Plan" for restaurant merchants, allocating an additional 2.8 billion HKD to support profit retention and healthy development [6] - CNOOC received a net inflow of 5.39 billion HKD, with analysts suggesting that stable oil prices and high dividends could enhance its valuation [6] - Alibaba's significant net outflow of 21.53 billion HKD comes amid the launch of its Double 11 promotional campaign, with substantial investments in marketing [8]

Core Insights - The Hong Kong stock market saw a net inflow of 63.03 billion HKD from northbound trading on October 17, with the Shanghai-Hong Kong Stock Connect contributing 56.56 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing 6.47 billion HKD [1] Group 1: Stock Performance - Meituan-W (03690) received the highest net inflow of 11.49 billion HKD, supported by its "Prosperity Plan" aimed at helping restaurant merchants [4] - Alibaba-W (09988) faced the largest net outflow of 21.53 billion HKD, as it prepares for the Double 11 shopping festival [6][7] - Semiconductor stocks, including SMIC (00981) and Hua Hong Semiconductor (01347), experienced significant net outflows of 15.78 billion HKD and 8.92 billion HKD respectively, due to heightened export controls from the U.S. [6] Group 2: Sector Insights - The oil sector, particularly CNOOC (00883), saw a net inflow of 5.39 billion HKD, with analysts predicting stable oil prices and strong earnings due to high dividends [5] - Xiaomi Group-W (01810) attracted a net inflow of 4.14 billion HKD, with market fluctuations influenced by various news events [5] - Pop Mart (09992) gained a net inflow of 3.94 billion HKD, driven by the popularity of its "Starry People" series and upcoming product launches [6]

Core Viewpoint - UBS remains optimistic about Pop Mart's (09992) prospects due to the rising popularity of the Starry People series and the stabilization of second-hand market prices for the Labubu series after an initial supply-driven price drop [1] Group 1: Sales and Market Trends - The third quarter sales data update, Christmas-themed product releases, and new animation releases are expected to act as catalysts for growth [1] - High-frequency data, such as credit card spending tracking, is anticipated to enhance stock price momentum [1] Group 2: Investment Rating - UBS maintains a "Buy" rating for Pop Mart with a target price of HKD 432 [1]

Core Viewpoint - UBS remains optimistic about Pop Mart's (09992) prospects due to the rising popularity of the Starry People series and the stabilization of second-hand market prices for the Labubu series after an initial supply-driven price drop [1] Group 1: Sales and Market Trends - The third quarter sales data update, Christmas-themed product releases, and the upcoming animation will serve as catalysts for growth [1] - High-frequency data, such as credit card spending tracking, is expected to enhance stock price momentum [1] Group 2: Investment Rating - UBS maintains a "Buy" rating for Pop Mart with a target price of HKD 432 [1]