On June 26, Pop Mart fell 3.14% in regular trading, trading at 151.9 HKD/share, with turnover of 609 million HKD.

On the news front, Deutsche Bank maintains a Sell rating on Pop Mart with a target price of 140 HKD, citing that the company's May China online sales declined 5% year-over-year and dropped 14% month-over-month, marking the first negative growth in nearly two years. The bank expects both domestic and overseas markets to enter a more pronounced downcycle in the second half.

Additionally, secondary market prices for the Labubu series continue to retreat, with certain hidden edition figures falling from a peak of over 4,500 yuan to approximately 600 yuan, reflecting concerns over IP aesthetic fatigue and over-reliance on a single blockbuster franchise. Deutsche Bank notes that aggressive new product launches in the second quarter have diluted scarcity perception, leading to inventory buildup across offline channels and cooling consumer demand.

(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.)