$9992.HK: Pop Mart’s Labubu Decline

Labubu Trend Exhaustion: Accelerating Downside

Paradox Intelligence published the original warning and bearish analysis on Pop Mart two months ago, highlighting the Labubu trend’s exhaustion through data. The short thesis has played out as expected, with the stock down 25% since the call. Our new updated data confirm the decline has accelerated, reinforcing the thesis of a fading fad and structural …