Core Viewpoint - Citigroup maintains a constructive outlook on Pop Mart's growth potential despite recent stock price weakness, attributing concerns to the decline in second-hand prices of LABUBU V3 and calls for stricter regulation on blind boxes and blind cards by the People's Daily [1] Group 1: Market Concerns - The recent stock price weakness of Pop Mart is primarily due to market worries regarding the decline in second-hand prices of LABUBU V3 and regulatory calls for blind box products [1] - The decline in LABUBU V3 second-hand market prices is attributed to increased supply rather than a decrease in the popularity of the IP [1] Group 2: Demand and Supply Dynamics - Despite replenishment efforts, LABUBU V1 and V2 continue to be in short supply, indicating sustained demand and rising popularity of the IP [1] - The article from the People's Daily serves as a reminder against blind purchases, particularly highlighting the popularity of these products among minors, while noting that Pop Mart's primary customer base consists of adults [1] Group 3: Investment Opportunities - Citigroup views the recent stock price adjustment as providing more entry opportunities for investors interested in Pop Mart [1]