以下文章来源于21世纪经济报道 ，作者南财快讯 21世纪经济报道 . 权威、专业、深度、有趣！用经济思维看世界。 互联网新闻信息服务许可证编号：44120180007 来源|21世纪经济报道 见习记者 丨 李益文编辑丨叶映橙 9月15日，泡泡玛特（09992.HK）股价再遭重挫， 盘中跌幅一度达8.96%，截至收盘报259港元/股，日内下跌6.43%，总市值3478亿港元，已跌 破3500亿港元关口。 自8月26日创出339.8港元/股的历史高点后，泡泡玛特股价持续阴跌，截至今日收盘较最高点已经跌去23.78%，市值蒸发超千亿港元，而 同期恒指上涨了2.16%。 消息面上，摩根大通在近期发布的研究报告中将泡泡玛特的股票评级下调至"中性"。摩根大通表示，做出这一决定的原因是该公司目前缺乏明显的增 长催化剂，且当前估值水平不具吸引力。 事实上，从近期表现来看，泡泡玛特产品号召力已不如此前。9月11日，泡泡玛特旗下热门IP（SKULLPANDA）新品不眠剧场系列正式发售，但随即 就因 #泡泡玛特新品发售仅10人排队 #登上热搜 ，与以往新品销售大排长龙的情况相差甚远。 其上线当晚的线上销量也呈现过山车状态。据公开报 ...

Core Viewpoint - The stock price of Pop Mart (09992.HK) has experienced a significant decline, dropping 23.78% from its historical high of 339.8 HKD per share, resulting in a market capitalization loss exceeding 100 billion HKD [3]. Group 1: Stock Performance - On September 15, Pop Mart's stock price fell by 6.43% to close at 259 HKD per share, with an intraday drop of 8.96%, leading to a total market value of 347.8 billion HKD [1]. - Since reaching its peak, the stock has been on a downward trend, while the Hang Seng Index has increased by 2.16% during the same period [3]. Group 2: Analyst Ratings - Morgan Stanley downgraded Pop Mart's stock rating to "neutral," citing a lack of clear growth catalysts and unattractive current valuation levels [3]. Group 3: Product Demand and Sales - Recent product launches, such as the SKULLPANDA series, have not generated the expected consumer demand, with sales figures showing a significant drop compared to previous releases [4]. - The online sales of the new blind box experienced fluctuations, with initial sales of 93,000 units dropping to only 809 units shortly after, indicating potential high return rates [5]. - The launch of the popop gold jewelry series also failed to attract significant consumer interest, with no queues reported at retail locations [5]. Group 4: Market Trends and Consumer Sentiment - Data from second-hand trading platforms indicate a decline in the popularity of Pop Mart's IPs, with the average transaction price for Labubu series dropping from 1916 RMB to 1422 RMB [5]. - A significant portion of users on trading platforms believe prices will continue to decline, leading some resellers to pause their purchasing strategies [5]. - An economist noted that the stock price of collectible toy companies is closely tied to product market demand, emphasizing the importance of continuously producing new IPs to sustain market value [7].

Core Viewpoint - Pop Mart's stock price has significantly declined, dropping 23.78% from its historical high of 339.8 HKD per share, with a market capitalization now below 350 billion HKD, indicating a loss of over 100 billion HKD in value since the peak [2] Group 1: Stock Performance - On September 15, Pop Mart's stock price fell by 6.43% to 259 HKD per share, with an intraday drop of 8.96%, resulting in a total market value of 347.8 billion HKD [2] - The stock has been on a downward trend since reaching its peak on August 26, despite the Hang Seng Index rising by 2.16% during the same period [2] Group 2: Analyst Ratings and Market Sentiment - JPMorgan downgraded Pop Mart's stock rating to "Neutral," citing a lack of clear growth catalysts and unattractive current valuation levels [2] - Recent product launches, such as the SKULLPANDA series, have not generated the expected consumer interest, with reports of only 10 people queuing for the new release [2][3] Group 3: Sales Performance and Market Trends - The online sales of the new blind box series showed volatility, with initial sales of 93,000 units dropping to only 809 units shortly after, suggesting high return rates [3] - The launch of the gold jewelry series "popop" also failed to attract significant consumer interest, with no queues reported at the Beijing store [3] - Data from second-hand trading platforms indicate a decline in the popularity of Pop Mart's IPs, with average transaction prices for Labubu products falling significantly [3] Group 4: Market Dynamics and Future Outlook - Economic experts suggest that the stock price of collectible toy companies is closely linked to product market demand, with current trends indicating a potential irrational bubble in Labubu's pricing [5] - The sustainability of IPs is crucial, and companies need to continuously produce new IPs to meet diverse consumer demands and support stock prices through performance [6]