---
title: "Bernstein: POP MART's fourth-quarter performance may be below expectations as domestic and overseas market demand weakens"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/265419397.md"
description: "Bernstein analyst Melinda Hu stated that POP MART's demand in both the Chinese and overseas markets significantly declined in October, leading to a potential underperformance in the fourth quarter. High-frequency data monitoring shows that key IP transaction data, social media interactions, and search popularity indicators have all weakened simultaneously, indicating that the trend of slowing fundamental demand cannot be ignored. The analyst maintains an underperform rating on the company, with a target price of HKD 225"
datetime: "2025-11-12T01:09:20.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/265419397.md)
  - [en](https://longbridge.com/en/news/265419397.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/265419397.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/265419397.md) | [繁體中文](https://longbridge.com/zh-HK/news/265419397.md)


# Bernstein: POP MART's fourth-quarter performance may be below expectations as domestic and overseas market demand weakens

Bernstein stated that based on high-frequency data, the demand for POP MART in both the Chinese and overseas markets deteriorated in October, with significant deceleration in transactions across various channels, which may indicate that the company's performance in the fourth quarter could be below market expectations. Analysts Melinda Hu and others pointed out in the report that high-frequency data monitoring over 20 data points and sources related to POP MART's key IP shows that indicators such as transaction data, social media interactions, and search popularity are weakening simultaneously, making it difficult to view the trend of slowing fundamental demand as mere short-term noise or channel adjustments. They maintain an underperform rating for the company, with a target price of HKD 225

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