Core Viewpoint - The article discusses a recent incident involving Pop Mart's live stream, where a staff member made a controversial remark about the pricing of a product, leading to a public backlash. Despite this, the company's performance remains strong, with significant revenue growth reported. Group 1: Incident Overview - On November 6, Pop Mart's live stream faced backlash when a staff member commented that the price of a DIMOO blind box, originally priced at 79 yuan, was "a bit excessive" [3][6] - An internal source confirmed the incident and stated that the company is investigating but will not terminate the involved employees [6] Group 2: Product Performance - DIMOO, created by designer Ayan Deng, is one of Pop Mart's top-selling IPs, consistently ranking in the top 5 for sales [6] - The new DIMOO series "New Diary" sold out immediately upon release, and a collaboration with Disney saw the hidden variant "Mickey TV Show" increase in price from 179 yuan to 784 yuan, reflecting a 3.4 times premium [7] Group 3: Market Trends - Sales for other Pop Mart IPs like LABUBU, Star People, CRYBABY, and SKULLPANDA have also been strong, with supply issues gradually improving due to regular restocks [7] - Following large restocks, product prices have seen varying degrees of decline, with the hidden variant "Heart" of LABUBU dropping by 13% and 6% after restocks on September 25 and October 20, respectively [7] Group 4: Financial Performance - Despite a stock price decline of over 35% since late August, Pop Mart reported robust financial results, with a 245% year-on-year revenue increase in Q3 2025 [8] - Revenue from China grew by 185% to 190%, while overseas revenue surged by 365% to 370% [8]

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]