On October 2, POP MART fell 3.15% in regular trading, trading at 147.8 HKD/share, with turnover of HKD 193 million.

The decline reflects continued market digestion of the company's interim results. The H1 report revealed overseas revenue fell 11.1% year-over-year, while its flagship IP THE MONSTERS family saw revenue decline 7.5%. Inventory turnover days extended sharply from 123 to 201 days, and operating cash flow contracted significantly from RMB 5.98 billion to RMB 3.64 billion. Multiple institutions have since lowered full-year earnings forecasts, with one major broker downgrading the stock to neutral, citing an uncertain overseas adjustment timeline. Although management announced a RMB 2-5 billion share buyback plan and domestic revenue maintained 47.3% growth, investors remain cautious about the post-LABUBU era as the company's market capitalization has shrunk approximately 20% from the start of the year. CEO Wang Ning characterized the current period as an adjustment year, signaling that revenue growth is no longer the primary objective.

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