News Brief
Summary
Pop Mart stock experienced its worst day since April, falling 9% on Thursday, despite reporting a massive year-over-year revenue increase and explosive US sales growth in Q3. The decline is linked to concerns about fading resale demand for its popular Labubu dolls, with prices on secondary markets dropping significantly from their peaks.
Key Points
- Stock Performance: Pop Mart shares fell 9% Thursday, the worst single-day drop since April. The stock is down 30% from its August peak but remains up 159% year-to-date.
- Strong Q3 Revenue: The company reported Q3 revenue more than tripled compared to the same period last year.
- Explosive US Growth: Sales in the U.S. surged between 1,265% and 1,270% year-over-year.
- Resale Market Jitters: Data shows resale prices for some Labubu dolls are falling towards or below official retail prices, sparking concerns about waning collector enthusiasm.
- Analyst Views: Opinions are divided; the price drop could signal slowing demand or be a result of Pop Mart increasing supply to combat scalpers.
- Increased Supply: Pop Mart reported a tenfold increase in plush toy supply this year, now manufacturing about 30 million units monthly.
- Future Drivers: Analysts note emerging characters and global expansion remain key growth opportunities beyond Labubu.
新闻简报
总结
泡泡玛特股价在周四经历了自四月以来最糟糕的一天，下跌了9%，尽管其报告第三季度收入同比大幅增长，且美国销售额爆炸性增长。此次下跌与市场对其热门产品Labubu盲盒娃娃的二手需求可能正在减弱的担忧有关，二手市场价格已从峰值显著下降。
关键点
- 股价表现：泡泡玛特股价周四下跌9%，为自4月以来最差单日表现。该股较8月峰值下跌了30%，但年内累计仍上涨159%。
- 强劲的三季度收入：公司报告第三季度收入同比增长超过两倍。
- 美国市场爆发式增长：美国市场的销售额同比增长了1265%至1270%。
- 二手市场担忧：数据显示，部分Labubu娃娃的二手价格正跌近或低于官方零售价，引发了对收藏者热情可能减弱的担忧。
- 分析师观点：观点存在分歧；价格下跌可能意味着需求放缓，也可能是泡泡玛特增加供应以打击黄牛的结果。
- 供应增加：泡泡玛特报告今年毛绒玩具供应量增加了十倍，目前每月产量约为3000万只。
- 未来增长点：分析师指出，除了Labubu之外，新兴角色和全球扩张机会仍然是关键的 growth 驱动力。
Original Article Link: https://www.cnbc.com/2025/10/23/labubu-maker-pop-mart-stock-q3-us-sales-growth.html