Core Viewpoint - The article discusses the recent performance of Pop Mart (09992.HK), highlighting the launch of new collectible figures and the subsequent decline in stock price, raising concerns about future revenue growth [3][5][6]. Product Launch and Sales Performance - On October 23, Pop Mart launched a new series of collectible figures to celebrate its 15th anniversary, featuring a lineup of popular characters [3]. - The hidden variant "Sweetheart Party" based on MOLLY saw a price increase from 69 yuan to 519 yuan, reflecting a premium of 6.5 times, while other regular variants had premiums ranging from 1.3 to 1.9 times [3]. - The new series did not perform as well as previous hits, such as the "WHY SO SERIOUS" series, which had a hidden variant that increased from 159 yuan to 1999 yuan, a premium of 11.6 times [3]. Market Trends and Consumer Behavior - The lower premium on the new figures is attributed to the nature of the collectible market, where buyers are often deep fans of the IP, and the use of lower-cost PVC materials makes the figures more affordable [4]. - Pop Mart's collaboration with the popular series "Wednesday" resulted in a highly sought-after pendant, with the North American version seeing a price increase from 399 yuan to 5499 yuan, a premium of 12.8 times [5]. Stock Performance and Investor Sentiment - Since September, Pop Mart's stock price has declined nearly 30%, with significant drops occurring on October 21 and 23, including a nearly 10% drop on the latter date, marking the largest decline in six months [5]. - As of October 24, the stock closed at 230.4 HKD per share, down 0.86% [6]. - Concerns have been raised by analysts regarding the potential peak in revenue growth for Pop Mart, with expectations of slowing growth momentum starting next year [5][6]. Financial Performance - For the third quarter of 2025, Pop Mart reported an overall revenue increase of 245% to 250%, with China revenue growing by 185% to 190% and overseas revenue by 365% to 370% [6]. - Online sales in China saw a significant increase of 300% to 305%, while offline sales grew by 130% to 135% [6]. - Revenue growth varied by region, with Asia-Pacific up 170% to 175%, the Americas up 1265% to 1270%, and Europe and other regions up 735% to 740% [6].