泡泡玛特:年初至今高频数据 - 20+领先指标显示无基本面拐点.docxVIP

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泡泡玛特:年初至今高频数据 - 20+领先指标显示无基本面拐点.docx

21April2026

ChinaConsumer

PopMart:YTDHighFrequencyData-20+leadingindicatorspointtonofundamentalinflection

ThisPopMartTrackermonitorsdemandworldwideusingover20+independentthird-partydatasources,coveringbothactualtransactions(sales,resaleactivity)andkeydemandsignals(engagement,searchinterest).DatathroughMarch2026confirmsthetransitionfromdecelerationtooutrightcontractionintheU.S.,broadeningweaknessacrossthefullIPportfolio,andanewsignal—theerosionofsecretSKU

premiums—thatsuggestsevenscarcity-drivendemandisnowfad

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