Core Viewpoint - The stock price of Pop Mart (9992.HK) continues to decline, with a drop of over 40% since its peak in late August, leading to a market capitalization loss of over 200 billion HKD [1][3] Group 1: Stock Performance - As of December 30, the stock price was reported at 191.6 HKD per share, down 4.15%, with total market value falling below 260 billion HKD [1] - The short-selling sentiment remains high, with short-selling amounts reaching 304 million HKD and nearly 1.5 million shares sold short on December 29, marking the highest level of the year [1] Group 2: Core IP and Product Performance - The popularity of core IPs has significantly declined, with the resale price of the Labubu blind box dropping from an initial average of 1916 RMB to 1088 RMB, and some styles on second-hand platforms selling for an average of only 77.5 RMB [3][6] - The launch of new products has been underwhelming, with the SKULLPANDA series seeing only 10 people in line for a release, contrasting sharply with previous launches [6] - A live-stream incident in November raised concerns about product pricing, as staff were overheard criticizing the price of a blind box during a promotional event, affecting brand reputation [6] Group 3: Financial Performance - Despite the market downturn, Pop Mart's overall revenue for Q3 2025 increased by 245% year-on-year, with domestic revenue up by 185% and international revenue up by 365% [7] - Offline sales channels grew by 130% to 135%, while online channels saw a growth of 300% to 305% [7] Group 4: Market Analysis and Future Outlook - Concerns regarding high-frequency data and its interpretation have been raised, with reports indicating that sample selection issues may distort the understanding of the company's performance [8] - Despite the current market challenges, the company is viewed positively for its global IP operational capabilities, with a recommendation for continued investment [8]