Core Viewpoint - Morgan Stanley downgraded Pop Mart's stock rating to "Neutral" due to a lack of clear growth catalysts and unattractive current valuation, raising market concerns about the potential decline in product popularity [1] Group 1: Stock Performance - On September 15, Pop Mart's stock opened with a significant drop, falling over 8% at one point, and closed at 259 HKD, reflecting a decline of 6.43% [1] - Since reaching an all-time high on August 26, Pop Mart's stock price has decreased by 30% [3] Group 2: Product Market Trends - Concerns have emerged regarding the waning popularity of Pop Mart's products, particularly the Labubu series, with its trading prices on the secondary market experiencing volatility [1] - The average transaction price for the Labubu series has shown a downward trend, with some regular models trading below their original price of 99 CNY [1] - The hidden version "Ben Wo," a limited edition product, has seen its second-hand market price drop to around 700-800 CNY, with some listings going as low as just over 200 CNY [2]

Core Viewpoint - JPMorgan has downgraded Pop Mart's stock rating to "Neutral" due to a lack of clear growth catalysts and unattractive current valuation [1][3] Group 1: Stock Performance - Following the downgrade, Pop Mart's stock opened with a significant drop, falling over 8% on September 15, with a trading volume exceeding 1.5 billion HKD, and its total market capitalization dropping below 350 billion HKD [1] - As of the report, Pop Mart's stock price was 259.2 HKD per share, reflecting a decline of over 6% [1] Group 2: Market Concerns - Concerns have arisen regarding the potential decline of Pop Mart's product craze, particularly with the fluctuating prices of its flagship product, Labubu, in the secondary market [3] - The average transaction price for Labubu has shown a downward trend, with more sellers expressing bearish sentiment [3] Group 3: Product Sales and Consumer Interest - The recent launch of the SKULLPANDA new product series saw minimal consumer interest, with only 10 people queuing for the release, contrasting sharply with previous launches that attracted thousands [6] - Sales data from Pop Mart's official flagship store indicated a volatile sales pattern for the new blind boxes, with initial sales of 93,000 units dropping to only 809 shortly after, likely due to high return rates [6]

Core Viewpoint - The trading prices of Labubu in the second-hand market are experiencing significant fluctuations, with a downward trend in average transaction prices and a growing number of bearish sentiments among traders [1]. Group 1: Product Performance - The third-generation Labubu "High Energy Series," which includes one hidden version and six regular versions, has a retail price of 99 yuan. The average price for regular versions in the second-hand market ranges from 90 to 130 yuan, with some versions trading below the original price [3]. - The hidden version "Ben Wo" is the most popular item in this series, initially reaching a peak price of nearly 5000 yuan in the secondary market, representing a premium of nearly 50 times. However, as of September 10, 2025, its price has dropped to the range of 700 to 800 yuan, showing a clear downward trend over the past 30 days [5]. Group 2: Market Dynamics - The "Mini Labubu" series, launched on August 28, 2025, has also seen a decline in second-hand market interest, with average trading prices dropping to between 80 and 650 yuan from an initial premium exceeding 1000 yuan [11]. - In response to high premiums in the secondary market, the company executed a large-scale restock on June 18, 2025, with a total expected replenishment of 4 to 5 million units across various platforms, leading to a significant drop in secondary market prices shortly after [15]. - Following the restock, the buyback prices for resellers plummeted, with the price for a complete set of six blind boxes dropping from 1500-2800 yuan to 650-800 yuan, and individual hidden versions falling from 250 yuan to 100 yuan [15][16]. Group 3: Company Stock Performance - Despite the fluctuations in the secondary market, the company's stock price has been on an upward trend throughout the year, with a market capitalization around 370 billion HKD. However, since late August, the stock has seen a decline, dropping below 300 HKD to 270 HKD [16].

Economic Indicators - In August 2025, China's Consumer Price Index (CPI) decreased by 0.4% year-on-year, while the core CPI, excluding food and energy, rose by 0.9%, marking the fourth consecutive month of growth [2] - The Producer Price Index (PPI) showed a month-on-month stabilization after a 0.2% decline, with a year-on-year decrease of 2.9%, narrowing by 0.7 percentage points from the previous month [2][3] - The average CPI for January to August 2025 fell by 0.1% compared to the same period last year, while the average PPI decreased by 2.9% [2] E-commerce and Logistics - The e-commerce logistics index in China reached a new high of 112.3 points in August, continuing a six-month upward trend, driven by improved service quality and increased business volume [4] - The logistics sector benefited from reduced extreme weather conditions and seasonal demand, particularly in clothing and back-to-school shopping [4][5] Employment and Economic Trends - The U.S. non-farm employment numbers were revised down by 910,000, indicating a significant cooling in the job market, with nearly all sectors experiencing downward adjustments [6][7] - The Federal Reserve may be compelled to lower interest rates in response to the weakening economic growth outlook [7] Urban Development - The Nanjing urban agglomeration has initiated a new round of development planning, aiming to enhance regional collaboration and economic vitality [8][9] Technology and Consumer Products - Apple launched the iPhone Air, the thinnest iPhone to date, with no increase in starting prices compared to previous models, despite some consumer disappointment regarding the lack of new AI features [12][13] - The second-hand market for Labubu toys has seen a significant price drop, reflecting a correction after speculative trading [14][15] Market Performance - On September 10, the Chinese stock market experienced slight fluctuations, with the Shanghai Composite Index closing at 3812.22 points, up 0.13% [16] - The overall trading volume fell below 2 trillion, indicating a potential decrease in market activity and volatility [17]

Core Viewpoint - The trading prices of Labubu in the second-hand market are experiencing significant fluctuations, with a general downward trend observed in recent transactions [1][2]. Group 1: Market Trends - The average transaction price for the Labubu products is declining, with more sellers expecting further price drops [2]. - The "Front High Energy Series" of Labubu, which includes a hidden version and six regular versions priced at 99 yuan each, has seen its regular versions trading between 90-130 yuan, with some even falling below the original price [4]. - The hidden version "Ben Wo" was once a star product, reaching a peak price of nearly 5000 yuan, representing a premium of nearly 50 times its original price [6]. Group 2: Recent Price Changes - As of September 10, 2025, the second-hand market price for the hidden version "Ben Wo" has dropped to the range of 700-800 yuan, showing a clear downward trend over the past 30 days [7]. - The "Mini Labubu" series, launched on August 28, 2025, has also seen a decline in second-hand market interest, with prices now ranging from 80-650 yuan [14]. Group 3: Impact of Official Actions - The decline in the second-hand market is partly attributed to a sudden restock by Pop Mart on June 18, which included a global pre-sale of the Labubu 3.0 series, with expected sales of 400-500 million yuan [18]. - Following this restock, the prices in the second-hand market plummeted, with some resellers reporting a drop in recovery prices from 1500-2800 yuan to 650-800 yuan for a full set of blind boxes [18]. - Some resellers have paused purchases, indicating a significant market downturn and a wait for a potential recovery [19]. Group 4: Company Performance - Despite the fluctuations in the second-hand market, Pop Mart's stock price has been on the rise this year, with a market capitalization around 370 billion HKD, although it has seen a decline from 300 HKD to 270 HKD recently [19].

Core Viewpoint - The trading prices of Labubu products in the second-hand market are experiencing significant fluctuations, with a general downward trend in average transaction prices and a higher number of bearish sentiments among traders [1]. Group 1: Market Trends - The average transaction price for Labubu products has decreased, with a notable drop of ¥3 from the previous week, currently standing at ¥105 [3]. - The "hidden" version of the Labubu product, known as "Ben Wo," which was once priced at nearly ¥5000 in the secondary market, has seen its price fall to the range of ¥700-800, indicating a clear downward trend over the past 30 days [6]. - The "mini version Labubu," launched on August 28, 2025, has also seen a decline in average transaction prices, now ranging from ¥80-650, down from previous high premiums [13]. Group 2: Company Actions - In response to high premiums in the secondary market, the company executed a large-scale restock on June 18, 2025, with an estimated total replenishment of 4-5 million units across various platforms, leading to a significant drop in secondary market prices [15]. - Following the restock, the prices for complete sets of Labubu blind boxes plummeted from ¥1500-2800 to ¥650-800, with some individual hidden versions dropping from ¥250 to ¥100 [16]. - The company's stock price has been on a continuous rise this year, reaching a market capitalization of approximately HKD 370 billion, although it has recently experienced a decline, falling below HKD 300 to HKD 270 [16].