On June 18, POP MART fell more than 3% in regular trading. On the news front, Deutsche Bank issued a Sell rating on Pop Mart with a target price of 140 HKD, citing high-base effects and fashion fatigue as key headwinds. The bank noted that the company's May online sales in China turned negative year-over-year and declined 14% month-over-month, with May performance running 25% below the average monthly sales in the second half of last year. Deutsche Bank warned that sales pressure is likely to intensify further in the second half due to weakening IP popularity in the domestic market.

Additionally, the positive catalyst from LABUBU's appearance at the FIFA World Cup opening ceremony had already been fully priced in during the stock's prior rally. The company also canceled its PTS Shanghai toy carnival originally scheduled for July. Morgan Stanley had previously cut its target price from 278 HKD to 247 HKD, flagging declining social media buzz for Labubu and reducing overseas sales forecasts by 18%-19%, reinforcing concerns over single-IP dependency and decelerating growth.

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