PANews reported on December 8th that Pop Mart (09992.HK) shares continued their downward trend, closing down 8.49% at HK$200.4, having fallen as low as HK$199 during the session, marking its biggest drop in six weeks. Market concerns intensified regarding its overseas sales performance, particularly the possibility that sales figures during the US "Black Friday" period might fall short of expectations. Data shows that since December 2nd, short selling of the company has surged from HK$241 million to HK$623 million, indicating a significant increase in bearish sentiment.

Previously, Deutsche Bank warned that the Labubu series' secondary market premium had significantly declined due to a substantial increase in production capacity, and gave it a "hold" rating. Morgan Stanley predicted significant sales growth for the Labubu series in 2024, but the growth rate would slow in 2025, and lowered its target price to HK$325. Despite Pop Mart's third-quarter revenue increasing by 245%-250% year-on-year, with overseas markets growing by 365%-370%, the stock price failed to stop falling. Analysts believe that the company's future growth momentum is questionable during its transition from "explosive growth" to "sustainable growth," which may limit the upside potential of the stock price.