According to PANews, Pop Mart's stock (09992.HK) experienced a significant decline, closing down 8.49% at 200.4 HKD, with an intraday low of 199 HKD, marking the largest drop in six weeks. The market is increasingly worried about the company's overseas sales performance, particularly during the U.S. 'Black Friday' period, which may have fallen short of expectations. Since December 2, the company's short-selling amount has surged from 241 million HKD to 623 million HKD, indicating a rise in bearish sentiment.
Previously, Deutsche Bank warned that the Labubu series' secondary market premium has significantly decreased due to a substantial increase in production capacity, assigning a 'hold' rating. Meanwhile, Morgan Stanley predicted a notable sales growth for the Labubu series in 2024, but anticipated a slowdown in 2025, adjusting the target price to 325 HKD. Despite Pop Mart's third-quarter revenue increasing by 245%-250% year-on-year, with overseas markets growing by 365%-370%, the stock price continued to decline. Analysts suggest that as the company transitions from 'explosive growth' to 'sustainable growth,' there are doubts about its future growth potential, which may limit the stock's upward trajectory.
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