Labubu hasn't escaped the fate of NFTs either. Pop Mart's Q3 revenue dropped 45% to 50% year-on-year, with a 70% to 75% decline in the Americas and a 65% to 70% drop in the Asia-Pacific region. Management also stated that gross margins will further decrease in the second half of the year, with proactive price reductions and continued store openings overseas. In other words: low profit margins, high volume! Duan Yongping holds approximately 102 million shares, representing 8% of the company, with a cost basis of around HK$150. At the current price of HK$132, his unrealized loss is approximately HK$1.846 billion, representing a loss of about 12.07%. I don't understand the logic behind continuously increasing his investment in Pop Mart. Is he betting on another blockbuster product? However, Labubu does have some advantages over NFTs. Once the hype dies down, at least there's still a shop window behind him, and he can still play with the cat occasionally. NFTs? They're practically gone.