Citibank: The resale price of Pop Mart LABUBU has fallen, indicating a decrease in non-IP popularity.

Jin10 data reported on September 19 that Citigroup issued a report stating that it believes the recent pullback in the stock price of Pop Mart (09992.HK) is mainly due to market concerns about the falling resale prices of LABUBU. Citigroup does not consider this as a sign of declining IP popularity. On the contrary, the group's replenishment measures based on real demand, as well as efforts to improve customer experience and curb resale activities, should help enhance the competitiveness of the IP in the long run. Citigroup suggests that investors pay more attention to sales trends, especially as the phenomenon of rapid sellouts in its own channels continues. Therefore, it reiterates a "buy" rating and maintains a target price of 398 HKD.