泡泡玛特，遭大规模减持！

Core Viewpoint - Recent news indicates that a major shareholder has sold approximately 11.91 million shares of Pop Mart through block trades, accounting for about 0.9% of the company's total share capital, involving funds of around HKD 2.2 billion [1] Group 1: Shareholder Actions - The recent share reduction is not attributed to the company's management but is likely a natural reduction due to the expiration of a fund, unrelated to the company's fundamentals [3] - Fengqiao Capital, an early investor in Pop Mart before its IPO, has completely liquidated its holdings in the company due to the impending expiration of its first RMB fund [4] - Fengqiao Capital has reportedly cashed out over HKD 2.1 billion recently, with the stock price of Pop Mart facing pressure during this period [4] Group 2: Company Performance - Since its listing on December 11, 2020, Pop Mart's stock price has increased significantly, with a maximum cumulative increase of over 10 times [6] - In 2024, Pop Mart reported a revenue of HKD 13.04 billion, a year-on-year increase of 106.9%, and an adjusted net profit of HKD 3.4 billion, up 185.9% [6] - The stock price of Pop Mart has seen a cumulative increase of 349.60% in 2024, continuing to reach historical highs [6] Group 3: Market Trends - For the first quarter of 2025, Pop Mart's overall revenue is expected to increase by 165% to 170%, with domestic market revenue growing by 95% to 100% and overseas market revenue experiencing explosive growth of 475% to 480% [6]