On July 9, Pop Mart fell 3.03% in regular trading, trading at 149.8 HKD/share, with turnover of 998 million HKD.

On the news front, Deutsche Bank released a research report significantly downgrading its outlook for Pop Mart's second-half performance. The bank noted that flagship IP Labubu 4.0's secondary market prices fell below 50 yuan within just one week of launch, signaling weakening IP momentum, while promotional destocking efforts have spread across multiple markets.

Deutsche Bank estimates that Q3 group revenue could decline approximately 35% year-over-year, with Q4 seeing an 18% decline, resulting in a full-year revenue drop of 6% to 35 billion yuan. The bank maintains a Sell rating with a target price of 140 HKD. Current short interest stands at 12.67% of the free float, with securities lending utilization at 92.4%, indicating intensified bull-bear confrontation.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)