Core Insights - The new "Starry People Delicious Moments Series" by Pop Mart has generated significant pre-sale interest, with products being listed on e-commerce platforms before the official launch [1] Pricing and Market Performance - The hidden version of the "Little Bear Biscuit" pendant, originally priced at 59 yuan, has seen its highest transaction price rise to 929 yuan, representing a 16-fold premium [1] - The price of individual blind boxes has increased from 59 yuan to 249 yuan, reflecting a 4.2-fold premium [1] - A complete box's price has surged from 354 yuan to 1499 yuan, also indicating a 4.2-fold premium [1] - The top three most popular items, "Vanilla Crunch," "Matcha Crisp," and "Salty Cookie," have all experienced premiums exceeding 3.6 times, while the least popular item, "Sweet Cream," still has a premium of 3.3 times [1] User Engagement - Over 3,000 users on the Dewu App have expressed interest in the new series [1] - On the Qiantao App, the average transaction price for the "Little Bear Biscuit" plush pendant has reached 612.7 yuan over three days, with individual blind box prices ranging from 79 to 525.5 yuan [1]

Core Insights - The report from CICC indicates that the 2025 National Day and Mid-Autumn Festival holiday will span 8 days, coupled with more flexible leave arrangements, which is expected to stimulate a more active consumption window [1] - The Ministry of Culture and Tourism has announced that over 480 million yuan in consumption subsidies will be distributed during the consumption month, which is anticipated to further enhance residents' willingness to spend and boost holiday consumption [1] Group 1: Consumer Trends - The extended holiday peak is expected to improve travel sentiment year-on-year [1] - The report emphasizes a long-term focus on self-consumption, recommending sectors such as trendy toys and e-cigarettes, with specific companies like Pop Mart, Blokus, and Smoore International highlighted [1] Group 2: Domestic Brands and Policy Impact - The report suggests a trend towards the rise of domestic brands, recommending beauty and personal care sectors, including companies like Mao Geping, Juzhibio, Shanghai Jahwa, and Shanghai Jahwa [1] - Attention is drawn to sectors benefiting from policy catalysts, particularly retail, supported by domestic demand policies and seasonal boosts [1]

Core Insights - The upcoming release of the "Starry People Delicious Moments Series" by Pop Mart has generated significant pre-sale excitement, with products already being listed on e-commerce platforms before the official launch [2][3] - The resale market for the series shows remarkable price premiums, with the highest resale price for the hidden "Little Bear Biscuit" accessory reaching 929 yuan, a 16-fold increase from the original price of 59 yuan [2] - The popularity of the "Starry People" brand is evident, as previous releases have also experienced high demand, leading to stock shortages in physical stores [3] Pricing and Resale Market - The "Little Bear Biscuit" plush accessory has seen a resale average of 612.7 yuan on QianDao App, significantly higher than its original price [2] - The resale prices for individual blind boxes range from 79 to 525.5 yuan, indicating strong market interest [2] - Compared to the previous "Mini LABUBU" series, the current series shows higher resale premiums across all product types, with the highest premium for the hidden "Heart" variant reaching 12.5 times its original price [3] Market Demand and Performance - The "Starry People" brand has previously experienced explosive popularity, as seen during the release of the "Starry People Good Dream Meteorological Bureau Series," which caused platform outages due to high traffic [3] - There are reports of stock shortages in physical stores for certain "Starry People" products, indicating strong consumer demand [3]

Core Insights - The AI emotional companionship sector, previously labeled as "pseudo-demand," is potentially nurturing its first blockbuster product with the launch of "Fuzai" by Luobo Intelligent, achieving monthly sales of 20,000 units and pre-orders exceeding 100,000 units [2] - The founder, Sun Zhaozhi, identifies "emotional consumption" as a global trend, particularly among young people, where emotional issues drive them to pay for emotional value [2][3] - The target demographic for "Fuzai" primarily consists of Gen Z women, indicating a shift from emotional support as a luxury to a necessity [2] Company Overview - Luobo Intelligent was founded by Sun Zhaozhi, who has a background in industrial design and artificial intelligence, previously working at XPeng Motors and XPeng Robotics [3] - The product "Fuzai" differentiates itself through unique design and innovative technology, including the Multi-Modal Emotion Model (MEM) and EchoChain bionic memory system [3][5] Product Features - "Fuzai" establishes long-term emotional bonds with users through deep emotional interaction, setting it apart from other AI products [4] - The MEM technology allows "Fuzai" to accurately recognize users' emotional fluctuations by analyzing voice, expressions, and actions, creating a unique "emotional personality" [5] - The EchoChain system enables "Fuzai" to retain long-term memories of user interactions, enhancing the personalization of responses [5] Market Trends - The AI toy market in China is projected to reach 29 billion yuan by 2025, with an annual growth rate of 28%, potentially reaching 85 billion yuan by 2030 [4] - The rise of emotional consumption among young people, driven by social isolation and emotional voids, is creating a dependency on AI companionship products [4] - Investment in the AI toy sector is increasing, with 96 investment institutions involved, including major players like Sequoia and ByteDance [4][6] Competitive Landscape - The AI toy market is attracting numerous startups and established internet companies, with major players like Baidu and JD.com accelerating their investments [6] - AI toys are categorized into two types: native IP products and AI versions of existing IPs, expanding the market from children to all age groups [6] Future Developments - Luobo Intelligent is developing the "Fuzai ecosystem," which aims to integrate psychological assessments, parent-child companionship, and virtual social interactions into a comprehensive emotional service matrix [7] - The market for AI toys is increasingly focusing on the keyword "companionship," with a significant percentage of consumers willing to pay for emotional support services [7]

Group 1 - The new product "Starry People Delicious Moment Series - Freshly Baked Cookie Plush Keychain Blind Box" from Pop Mart (09992.HK) is highly sought after before its official release on September 29 [1][4] - The hidden variant "Bear Cookie" has seen its highest transaction price rise from 59 yuan to 929 yuan, representing a premium rate of nearly 15 times [1] - The individual blind box price increased from 59 yuan to 249 yuan, while the complete box price rose from 354 yuan to 1499 yuan, both showing a premium rate exceeding 3.2 times [1] Group 2 - The "Starry People Delicious Moment Series" figures are also popular, with a set of 12 plus one hidden variant priced originally at 828 yuan, now trading at 1055 yuan, indicating a 27% premium [4] - The series was created by artist Da Xin, and the characters represent stories of courage, longing, and love [4]

Summary of Pop Mart International Group Conference Call Company Overview - **Company**: Pop Mart International Group (Ticker: 9992.HK) - **Industry**: Consumer Products, specifically in the toy and collectibles sector - **Market Cap**: Approximately US$45.92 billion as of September 26, 2025 Key Observations from US Store Visits 1. **Customer Engagement**: Many new customers were observed in stores, indicating effective introduction of Pop Mart's "blind boxes" and diverse product offerings beyond just Labubu plush toys, suggesting strong potential for brand expansion in the US market [1][2] 2. **Store Locations**: The current 50 US stores are primarily located in residential areas, with limited presence in high-traffic commercial zones. This rollout strategy is seen as crucial for establishing a loyal customer base [2] 3. **Operational Challenges**: Some stores are smaller than optimal (≤100 sqm) despite good foot traffic. There is a reliance on app sales for bestsellers, and some stores are using social media for restocking announcements, indicating room for operational optimization [2][3] Customer Demographics - **Consumer Cohorts**: A notable presence of children accompanied by adults was observed, likely due to higher disposable income in the US. Adult customers aged 20-40 made up the majority, with Asian customers constituting 30-40% in some locations [3] Store Performance - **Traffic and Sales**: All visited stores reported strong traffic, with five outperforming adjacent stores, second only to Apple stores during the iPhone 17 launch. The Jersey Gardens store underperformed due to nearby discount offerings and limited product availability during its soft opening [4] Competitive Landscape - **Unique Selling Proposition**: No direct competition was noted in the toy/hobby sector offering a similar unboxing experience or product variety. Popular IPs beyond Labubu include Crybaby, Skullpanda, and various licensed anime/Disney products [5] Merchandise Strategy - **Product Rotation**: Each store carries a subset of Pop Mart's total portfolio, allowing for frequent rotation of merchandise to maintain customer interest and freshness [6] Financial Metrics and Projections - **Stock Rating**: Overweight with a price target of HK$382.00, representing a 44% upside from the current price of HK$266.00 [7] - **Earnings Projections**: Expected EPS growth from Rmb 2.43 in FY 2024 to Rmb 13.68 by FY 2027, with revenue projections increasing from Rmb 13.038 billion to Rmb 54.757 billion over the same period [7] Risks and Opportunities - **Upside Risks**: Faster overseas growth, successful product launches, and retention of sales momentum in China [15] - **Downside Risks**: Weak macroeconomic conditions, uncertainties in new product development, and challenges in overseas expansion [17] Conclusion Pop Mart International Group is positioned for growth in the US market, with strong customer engagement and a unique product offering. However, operational optimizations and strategic store placements will be critical for building a sustainable customer base. The financial outlook remains positive, with significant growth potential in earnings and revenue.

Group 1 - The performance of consumer-themed funds has shown significant divergence this year, with some funds achieving over 135% net value growth while others have less than 10% [1][3] - Notable top-performing funds include Hai Fu Tong Consumer Preferred Mixed A, which has a net value increase of 135.42%, and several others with gains exceeding 80% [1] - Conversely, three consumer-themed funds have reported net value growth of less than 10%, highlighting a stark performance gap [1] Group 2 - Many high-performing consumer funds have heavily invested in new consumer enterprises, such as Chao Hong Ji, which constitutes 4.87% of Hai Fu Tong Consumer Preferred Mixed A's portfolio and has seen a stock price increase of over 150% this year [3] - Another significant holding is Pop Mart, making up 9.11% of the portfolio in Yong Ying New Consumer Intelligent Selection Mixed A, with a stock price increase of 193.23% [3] - There has been substantial inflow into consumer-related ETFs, with Penghua Zhongzheng Wine ETF gaining 10.97 billion shares and attracting a net inflow of 6.537 billion yuan, indicating strong market interest in the consumer sector [3] Group 3 - Despite short-term challenges in the consumer sector's fundamentals, structural opportunities are emerging, with some experts suggesting that low-priced consumer stocks may be worth monitoring if consumer sentiment improves [4] - The investment focus is shifting towards the new consumer sector, which is seen as a key area for future growth [4]

Core Insights - The mini toy market has evolved from a niche collector's segment to a significant consumer category, driven by changing consumption and aesthetic values among young people [1][31] - The trend of miniaturization in toys reflects a broader shift towards lightweight consumption and emotional connection, catering to the desire for personalized and unique products [30][31] Market Trends - The mini toy segment, particularly "萌粒" (mini figures), is projected to reach a market size of 72.7 billion yuan in 2024, with blind box figures being a popular category among manufacturers [2] - Mini toys are characterized by their small size, low price point (5-30 yuan), and strong emotional value, making them appealing to students and working professionals alike [4][9] Consumer Behavior - The rise of social media has popularized terms like "小鼻嘎," which refers to mini toys, indicating a cultural shift towards these products [2][8] - Mini toys serve as personal symbols in social contexts, enhancing individual expression and identity among consumers [4][9] Product Innovation - Leading brands like Pop Mart and others are at the forefront of the miniaturization trend, using it as a strategy to extend IP value and reach a broader audience [9][11] - Mini toys are increasingly integrated into everyday life, with products designed for various scenarios, such as keychains and stress-relief items [4][13] Cultural Impact - The mini toy phenomenon has sparked a unique cultural movement, with UGC (user-generated content) becoming a significant driver of consumer engagement and creativity [26][28] - The DIY aspect of mini toys allows consumers to personalize their products, further enhancing their emotional connection to the items [30][31] Industry Dynamics - The mini toy market is witnessing increased competition, with both established brands and new entrants leveraging IP collaborations and innovative designs to capture consumer interest [11][15] - The success of mini toys is also attributed to their adaptability in various retail environments, including pop-up stores and online platforms, which facilitate consumer interaction and engagement [24][30]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are COSCO Shipping Energy (70.65%), China Telecom (70.49%), and Yangtze Optical Fibre and Cable (70.24%) [1] - Alibaba (W) saw the largest increase in holding amount over the last five trading days, with an increase of 9.659 billion yuan, followed by Tencent Holdings with 2.552 billion yuan, and SMIC with 1.472 billion yuan [1] - The companies with the largest decrease in holding amounts over the same period include Pop Mart (-0.976 billion yuan), CSPC Pharmaceutical (-0.594 billion yuan), and Hang Seng China Enterprises (-0.560 billion yuan) [1] Group 1: Top Holding Ratios - COSCO Shipping Energy (01138) has a holding ratio of 70.65% with 916 million shares [1] - China Telecom (00728) has a holding ratio of 70.49% with 9.784 billion shares [1] - Yangtze Optical Fibre and Cable (06869) has a holding ratio of 70.24% with 247 million shares [1] Group 2: Recent Increases in Holdings - Alibaba (W) (09988) increased its holding amount by 9.659 billion yuan, with a change of 58.0117 million shares [1] - Tencent Holdings (00700) increased its holding amount by 2.552 billion yuan, with a change of 3.9628 million shares [1] - SMIC (00981) increased its holding amount by 1.472 billion yuan, with a change of 2.0176 million shares [1] Group 3: Recent Decreases in Holdings - Pop Mart (09992) decreased its holding amount by 0.976 billion yuan, with a change of -3.6698 million shares [3] - CSPC Pharmaceutical (01093) decreased its holding amount by 0.594 billion yuan, with a change of -6.5368 million shares [3] - Hang Seng China Enterprises (02828) decreased its holding amount by 0.560 billion yuan, with a change of -589,320 shares [3]

Short Selling Ratios - The top three companies with the highest short selling ratios are Sun Hung Kai Properties (80016) and China Resources Beer (80291) at 100.00%, and Li Ning (82331) at 96.79% [1][2] - Other notable companies include Lenovo Group (80992) at 92.85% and Anta Sports (82020) at 87.03% [2] Short Selling Amounts - Alibaba (09988) leads in short selling amount with HKD 4.096 billion, followed by Xiaomi (01810) at HKD 3.491 billion and Tencent (00700) at HKD 2.244 billion [1][2] - Other significant amounts include SMIC (00981) at HKD 1.248 billion and Pop Mart (09992) at HKD 1.064 billion [2] Deviation Values - The highest deviation values are seen in China COSCO Shipping International (00517) at 50.31%, followed by Bank of China Hong Kong (82388) at 42.42% and Grand Hotel (00045) at 39.95% [1][2] - Other companies with notable deviation values include Lenovo Group (80992) at 36.64% and China Resources Beer (80291) at 35.99% [2]