Core Viewpoint - The stock price of Pop Mart (09992.HK) experienced a significant drop, falling nearly 10% in intraday trading on October 23, closing at 232 HKD per share, a decrease of 9.44%. Since September, the stock has seen a cumulative decline of nearly 30% [3] Group 1: Analyst Opinions - Morningstar analyst Jeff Zhang expressed concerns that investors fear Pop Mart's revenue growth may peak this year, with a potential slowdown in growth momentum starting next year [3] - In contrast, several foreign investment banks, including Nomura, Goldman Sachs, Citigroup, and HSBC, remain optimistic about Pop Mart, raising their target prices and maintaining "buy" ratings after the Q3 report. They believe the company's diversified IP matrix, global channel expansion, and capacity enhancement will support growth for the coming years [3] - JPMorgan recently upgraded Pop Mart's rating from "neutral" to "overweight," increasing the target price from 300 HKD to 320 HKD. The bank noted that despite market concerns about the lifecycle of its popular IPs, core products like Labubu are still sold out globally, indicating strong demand [3] Group 2: Financial Performance - On October 21, Pop Mart announced that its overall revenue for Q3 2025 is expected to grow by 245% to 250% year-on-year, with China revenue increasing by 185% to 190% and overseas revenue rising by 365% to 370% [4] - In terms of revenue performance across channels in China, offline channels are expected to grow by 130% to 135% year-on-year, while online channels are projected to increase by 300% to 305% [4] - Revenue growth in overseas regions is also notable, with the Asia-Pacific region expected to grow by 170% to 175%, the Americas by 1265% to 1270%, and Europe and other regions by 735% to 740% [4] Group 3: Product Performance - Pop Mart has launched several new products this year that have become bestsellers. For instance, the "WHY SO SERIOUS" Halloween series blind boxes sold out within minutes online [4] - Data from the Dewu App indicates that the price of the LABUBU-themed hidden "Moon Shadow Mask" surged from 159 RMB to a peak transaction price of 2289 RMB, reflecting a premium of 13.4 times. Other regular items like the LABUBU-themed "Throwing Ball Clown," DIMOO-themed "Blazing Clown," and the star-themed "Rainbow Bean" also saw significant premiums of 7.2 times, 3.8 times, and 2.8 times, respectively [4]