Pop Mart International: Increasing Concerns About Resale Price Declines

• Pop Mart (9992 HK)’s share price is down 33% from its peak levels in late August 2025. Going forward, we expect further downside risk on Pop Mart.

• We highlight the growing concerns about the declining resale values of Labubu. After reaching their peak prices in this summer, the resale prices of Labubu dolls have continued to drop.

• Its share price declining below the critical HK$250 support on big volumes suggest negative technicals on this stock.

Lisa with her Labubu dolls (Source: Lisa Takes Her Labubus (and a Metallic Mini Dress) Out to the Club)