POP MART(09992) 搜狐财经·2025-05-09 09:12Core Viewpoint - The recent large-scale sell-off of shares by Borchid Capital in Pop Mart is a strategic exit aligned with the fund's lifecycle, rather than a reflection of the company's value [5][7][8]. Group 1: Shareholder Actions - Borchid Capital sold 11.91 million shares of Pop Mart through three block trades, cashing out approximately HKD 22.67 billion (around RMB 21.11 billion) [2][7]. - The founder of Borchid Capital, Tu Zheng, expressed gratitude for the 14-year journey with Pop Mart, highlighting the ups and downs experienced during this period [5][6]. - The fund had held a 2.85% stake in Pop Mart prior to the sale, having invested during the angel round and participated in multiple financing rounds [5][6]. Group 2: Market Reaction - Following the announcement of the sell-off, Pop Mart's stock price dropped by 5.43% on May 7, and continued to decline by 2.98% the following day [3][4]. - Market analysts suggest that the sell-off is a normal capital cycle exit and does not indicate a negative outlook on the company's future [7][8]. Group 3: Company Performance - Pop Mart reported impressive financial results for 2024, with revenue reaching RMB 13.04 billion, a year-on-year increase of 106.9%, and adjusted net profit of RMB 3.4 billion, up 185.9% [7][8]. - The overseas market showed remarkable growth, with revenue from overseas and Hong Kong, Macau, and Taiwan reaching RMB 5.07 billion, a staggering increase of 375.2% [7]. - The company anticipates over 50% growth in 2025 compared to 2024, with expectations for overseas sales to exceed RMB 10 billion [8][9]. Group 4: Stock Performance - Pop Mart's stock price surged from HKD 16.59 per share in early February 2024 to a peak of HKD 199 per share, marking an increase of nearly 11 times [9]. - As of May 9, the stock closed at HKD 191.1, giving the company a total market capitalization of HKD 256.6 billion (approximately RMB 238.1 billion) [9].