The recent significant pullback in POP MART (09992.HK) +4.200 (+1.572%) Short selling $1.26B; Ratio 24.588% 's stock price is primarily due to market over-concerns about the decline in second-hand prices of some popular products and the sustainability of product popularity, according to Huatai Securities' research report. The broker believed that second-hand prices are not a reasonable indicator of popularity, and the current round of premium adjustment is mainly driven by supply expansion rather than changes in demand side. Related NewsHSBC Research: Labubu Remains Viable for Sustainable Development; Rating Kept at Buy for POP MART (09992.HK)The Company's output ramp-up leads to a rebalancing of supply and demand, signaling a return to the successful path of 'art equity' in the Company, and laying a solid foundation for sustained healthy growth in the medium to long term. After this round of adjustment, the structure of holdings is expected to become more long-term oriented. Huatai Securities recommended investors to actively seize the opportunity to position, and raised its earnings forecasts, with rating kept at Buy.Considering the Company's continued realization of high growth and the expansion of global IP influence, the broker maintained a 2025 target PE ratio of 42x, and lifted its target price by 14% to $396.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-09-19 16:25.)Related NewsM Stanley Rates POP MART as Overweight w/ TP HKD382, Views Production Ramp-ups as Boon for Customer Base Expansion