Group 1 - Pop Mart's stock price has significantly declined, dropping 8.49% to 200.4 HKD per share on December 8, and further down 5.04% to 190.3 HKD on December 9, marking a cumulative decline of over 43% from its historical high of 339.8 HKD in August [1][16][19] - Despite a remarkable performance with a revenue increase of 245% to 250% year-on-year for Q3 2025, and an even higher growth of 365% to 370% in overseas markets, market confidence has not improved, leading to continuous stock price declines [3][19][28] - The core driver of this growth, the phenomenon IP "Labubu," is perceived to have peaked, raising concerns about the sustainability of future growth and the potential for a critical turning point in the company's growth trajectory [3][19][29] Group 2 - The market premium for Labubu has been declining, with regular items even selling below their original prices. The peak market activity occurred in June, where limited edition figures sold for 1.08 million HKD, but prices have since plummeted [4][20][22] - Following a significant restock announcement on June 18, the average transaction price for Labubu 3.0 series on secondary markets dropped over 60%, with prices stabilizing at more rational levels [6][22][28] - The average transaction price for Labubu 3.0 regular items has fallen below the official retail price, with recent sales averaging 87.7 HKD, down from a peak of nearly 400 HKD [6][22][25] Group 3 - Concerns have arisen regarding the sustainability of Pop Mart's high growth, with multiple foreign institutions questioning the reliance on a single blockbuster IP and the uncertainty of the collectible toy lifecycle [13][30][31] - Deutsche Bank highlighted that the production capacity for Labubu has increased dramatically, which may lead to a loss of its scarcity premium, impacting its fashion status and secondary market prices [30] - Morgan Stanley noted a potential slowdown in growth momentum, predicting a significant deceleration in sales growth for Labubu in 2026, despite maintaining a long-term positive outlook on the company's platform capabilities [30][31]