Core Viewpoint - The appointment of LVMH's Wu Yue to the board of Pop Mart signifies a strategic shift towards high-end consumer engagement, despite the company's current operational challenges and declining stock performance [3][7]. Group 1: Board Changes and Leadership - Pop Mart announced a significant board adjustment, appointing Wu Yue, LVMH's Greater China President, as a non-executive director, while former director He Yu resigned due to other commitments [3][4]. - Wu Yue's annual compensation will be 1.2 million HKD in fixed cash and 1.8 million HKD in stock-based remuneration, effective from December 10 [4]. - The board change is viewed as a "blood renewal" aimed at enhancing the company's strategic direction and operational insights [7]. Group 2: Financial Performance - Pop Mart's financial report indicates a 245% year-on-year revenue growth for Q3 2025, with Chinese revenue increasing by 185% and overseas revenue by 365% [5]. - The gross profit margin for the first half of 2025 reached 70.3%, reflecting strong profitability despite market challenges [5]. Group 3: Market Challenges - Pop Mart's stock price has dropped over 40% from its peak of 339.8 HKD in August, with a market capitalization loss exceeding 200 billion HKD [8]. - Short selling activity surged, with a record 10.92 billion HKD in short sales on December 8, marking a 210.58% increase from the previous trading day [8]. - Analysts have expressed concerns about the oversupply of the flagship IP Labubu, which has seen monthly production rise from 10 million to 50 million units, potentially diluting brand value [8][9]. Group 4: Brand and Consumer Trust Issues - The secondary market for Labubu products has seen significant price declines, with some items losing up to 100% of their premium, indicating a loss of perceived value [9]. - Recent incidents involving product pricing and quality control have led to a trust crisis among consumers, with public discussions highlighting dissatisfaction with pricing and product discrepancies [9][10]. - The concentration of shareholding among founders and management raises questions about governance and the effective integration of external expertise into strategic decision-making [10].

11月7日，贝壳财经记者在第八届进博会现场联系到泡泡玛特工作人员，一名工作人员回应称，公司高度重视，正在核实处理，不会开除涉事员工。 10月21日，泡泡玛特（09992.HK）发布公告，2025年第三季度整体收入同比增长245%至250%。其中，中国收入同比增长185%至190%；海外收入同比增长 365%至370%。 第三季度，中国各渠道收入表现方面，线下渠道同比增长130%至135%；线上渠道同比增长300%至305%。 2025年上半年，LABUBU全球爆火成为超级IP，也带动了泡泡玛特的业绩增长。8月19日，泡泡玛特发布2025年半年报，上半年泡泡玛特营收138.8亿元，同 比增长204.4%，经调整净利润47.1亿元，同比增长362.8%；公司拥有人应占溢利45.74亿元，同比增长396.5%。泡泡玛特今年上半年的营收、净利润均超去 年全年。 新京报贝壳财经讯（记者俞金旻 阎侠）11月7日，泡泡玛特直播事故冲上微博热搜。两位工作人员没注意到直播开始，其中一位女性工作人员在拿着dimoo 原价79块的挂链盲盒时说："这东西卖79确实有点贵。"另一个工作人员说："没事会有人买单的。" 展位号: 5.1 ...

Core Viewpoint - The incident during a live broadcast by Pop Mart has sparked discussions about consumer perceptions and the value of IP, highlighting the potential for IP to enhance product value beyond traditional limits [1] Group 1: Incident Overview - A live broadcast by Pop Mart on Douyin faced criticism when a staff member questioned the pricing of a product, suggesting that consumers might be taken advantage of [1] - Following the incident, Pop Mart's customer service stated that internal measures would be taken regarding the staff involved and confirmed no current plans to adjust the product pricing [1] Group 2: IP Value Proposition - Pop Mart's founder, Wang Ning, emphasized the limitless potential of IP, stating that it can be applied to various products, enhancing their perceived value [1] - An example provided was that a transparent cup priced at 5 yuan could be sold for 10 yuan simply by adding a MOLLY design, illustrating the significant impact of IP on product pricing [1] - Wang Ning argued that while there may be a ceiling for collectible toys, the potential for IP and the company itself does not have a defined limit, suggesting ongoing opportunities for growth and diversification [1]