Core Insights - Pop Mart announced a projected revenue growth of 245%-250% for Q3 2025 compared to Q3 2024, with Chinese revenue expected to grow by 185%-190% and overseas revenue by 365%-370% [1] Revenue Performance - Offline channels in China experienced a revenue increase of 130%-135% year-on-year [1] - Online channels saw a significant revenue growth of 300%-305% year-on-year [1] Stock Performance - Pop Mart's stock price surged from HKD 18.74 per share on January 2 last year to HKD 339.80 per share on August 26 this year, marking a cumulative increase of 1713.24% [1] - As of October 21, the stock was priced at HKD 250.40 per share, down 8.08%, with a trading volume of HKD 98.3 billion and a total market capitalization of approximately HKD 336.3 billion [1] - The stock has increased by 182.10% year-to-date [1]

Core Insights - The focus of the "Double 11" shopping festival has unexpectedly shifted to collectible cards, particularly the TOPPS X THE MONSTERS/LABUBU series, which sold out quickly despite a high price point and purchase limits [1][5] - The collectible card market in China is experiencing significant growth, with major players like Pokémon and various entertainment giants entering the space, leading to increased competition and market dynamics [4][8] Market Dynamics - The LABUBU card's popularity reflects a broader trend in the collectible card market, which is heating up with various companies competing for market share [4][6] - The collectible card market is projected to reach $7.267 billion by 2025 and $15.433 billion by 2032, with a compound annual growth rate of 11.36% [6] - China is becoming the largest market for collectible cards, with a projected market size of 263 billion yuan in 2024, significantly lower per capita spending compared to Japan and the U.S., indicating potential for growth [6][8] Company Performance - Bubble Mart reported a projected revenue increase of 245%-250% year-on-year for Q3 2025, with domestic revenue up 185%-190% and overseas revenue up 365%-370% [4] - The LABUBU card's appeal is attributed to its limited availability and artistic value, including signed cards and unique designs, which resonate with collectors [5][11] Competitive Landscape - The card market is becoming increasingly competitive, with over 2,000 card-related companies in China, and major players like 卡游 (Kawoo) and others vying for dominance [7][8] - The entry of entertainment companies like iQIYI and阅文 (Yuewen) into the card market is driving innovation and cross-industry collaboration [8][9] Consumer Behavior - The current consumer base for collectible cards in China is primarily younger, with a shift towards a more balanced age demographic as the market matures [11] - The transition from a hobbyist market to an investment-oriented market is hindered by a lack of infrastructure, including rating agencies and standardized quality control [11] Future Outlook - Analysts suggest that the future of the card market in China may lean towards trading card games (TCG) that offer gameplay and competitive events, which could sustain consumer interest longer than traditional collectible cards [7][11] - The market is expected to evolve from a "toy economy" to an "interest asset" economy as adult players become the main consumer group [11]

Core Insights - The focus of the "Double 11" shopping festival has unexpectedly shifted to collectible cards, particularly the TOPPS X THE MONSTERS/LABUBU series, which sold out quickly despite a high price point and purchase limits [2][4] - The collectible card market in China is experiencing significant growth, with major players like Pokémon and various entertainment giants entering the space, leading to increased competition and market dynamics [5][7] Group 1: Market Dynamics - The LABUBU card's rapid sell-out and subsequent price increase on secondary markets reflect a growing interest in collectible cards, with some sets selling for 600 yuan, a 30% premium over the original price of 469 yuan [2][4] - The collectible card market is becoming increasingly competitive, with over 2,000 card-related companies in China, and major brands like Pokémon targeting the Chinese market for expansion [6][7] - The global collectible trading card market is projected to grow from $7.267 billion in 2025 to $15.433 billion by 2032, with China being a significant contributor due to its large consumer base [5] Group 2: Consumer Behavior - There is a notable overlap between the user bases of collectible cards and trendy toys, with many card players also being adult consumers of brands like泡泡玛特 [3][6] - The current Chinese card market is primarily driven by hobbyists, with a younger demographic, and lacks strong investment characteristics compared to international markets [8][9] - The sustainability of the card market relies on maintaining scarcity and managing supply effectively to avoid oversaturation and demand depletion [8] Group 3: Future Trends - Analysts suggest that the future of the card market in China may lean towards trading card games (TCG), which offer longer lifecycles and higher repurchase rates compared to traditional collectible cards [9] - The transition from a "toy economy" to an "interest asset" economy is anticipated as adult players become the main consumer group, emphasizing the need for robust gameplay and event systems to maintain engagement [9]

Core Viewpoint - Pop Mart has reported a remarkable performance for Q3 2025, with overall revenue growth of 245%-250% compared to Q3 2024, driven by significant increases in both domestic and international markets [2][4]. Revenue Growth - Overall revenue increased by 245%-250% year-on-year in Q3 2025 [2]. - Revenue from the Chinese market grew by 185%-190% [2]. - Revenue from overseas markets surged by 365%-370% [2]. Channel Performance - In the Chinese market, offline channel revenue rose by 130%-135% [4]. - Online channel revenue in China saw a substantial increase of 300%-305% [4]. Regional Performance - The Americas market experienced the highest growth, with revenue increasing by 1265%-1270% [4]. - Revenue in Europe and other regions grew by 735%-740% [4]. - The Asia-Pacific market revenue increased by 170%-175% [4]. Expansion Strategy - Pop Mart has accelerated its overseas market expansion, operating in 18 countries with 571 stores and 2597 robot stores as of mid-2025 [5]. - In the Asia-Pacific region, the company opened 5 new offline stores, bringing the total to 69 [6]. - In the Americas, 19 new stores were added, increasing the total to 41 [6]. - In Europe, 4 new stores were opened, totaling 18 [6]. Market Challenges - Despite strong performance, Pop Mart's stock price has faced challenges, dropping 8.08% on October 21, with a total decline of over 26% from its peak of 339.80 HKD per share [5]. - Analysts attribute the stock price decline to the drop in second-hand market prices for the LABUBU IP products, raising concerns about the sustainability of future earnings [8].

Core Insights - Pop Mart has reported a significant increase in overall revenue for Q3 2025, with growth rates of 245%-250% compared to Q3 2024, driven by strong performance in both domestic and international markets [1][3] Revenue Growth - Domestic revenue in China grew by 185%-190% year-on-year, while overseas revenue surged by 365%-370% [1] - In the Chinese market, offline channel revenue increased by 130%-135%, and online channel revenue saw a remarkable growth of 300%-305% [3] Regional Performance - The Americas market experienced the highest growth, with revenue increasing by 1265%-1270% year-on-year, followed by Europe and other regions at 735%-740%, and the Asia-Pacific market at 170%-175% [3] Expansion Strategy - Pop Mart has accelerated its overseas market expansion, operating in 18 countries with 571 stores and 2597 robotic stores as of mid-2025, marking a net increase of 40 and 105 respectively in the first half of the year [4] - In the Asia-Pacific region, the company opened 5 new stores, bringing the total to 69, while in the Americas, it added 19 stores, increasing the total to 41 [4] Market Challenges - Despite strong performance, Pop Mart's stock has faced challenges, with a notable decline of over 26% since reaching a peak of 339.80 HKD per share in late August [5] - Analysts attribute the stock price drop to declining second-hand market prices for its popular IP LABUBU products, raising concerns about the sustainability of future earnings [7]

Major Events - Guanghe Tong (00638) has set the offer price at HKD 21.5 per share, with the public offering receiving a subscription rate of 550.99 times [1] - China Biologic Products (01177) announced the Phase III study data of Kymriah combined with Fluvestrant for the first-line treatment of advanced breast cancer will be presented at ESMO 2025 [1] - Derun Holdings (01709) plans to conduct a placement of new shares at a discount of approximately 11.34%, aiming to raise about HKD 761 million [1] - New World Development (00017) clarified media reports, stating that it has not undertaken any debt management projects regarding perpetual and other debt securities [1] - China Shenhua (01088) reported that Unit 4 of the Jiujiang Phase II project has successfully completed a 168-hour trial run [1] - Jingwei TianDi (02477) has acquired a TCSP licensed company and launched a new feature called FOPAY [1] - Rongzun International Holdings (01780) announced that its controlling shareholder intends to place up to 60% of the company's shares, reducing their stake to 15% [1] Financial Performance - Pop Mart (09992) reported a year-on-year revenue growth of 245%-250% for the third quarter [2] - China Telecom (00728) recorded a profit attributable to shareholders of RMB 30.8 billion for the first three quarters, reflecting a year-on-year increase of 5.0% [2] - Luk Fook Holdings (00590) reported that its overall retail value, retail income, and same-store sales for the second quarter exceeded the first quarter, increasing by 18%, 15%, and 10% respectively [2] - Minmetals Resources (01208) produced a total of 127,000 tons of copper in the third quarter, marking an 11% year-on-year increase [2] - Datang Power (00991) achieved a total electricity generation of approximately 2,062.41 billion kilowatt-hours in the first three quarters, up about 2.02% year-on-year [2] - Far East Horizon (03360) reported an increase in profit attributable to ordinary shareholders for the first three quarters [2] - China General Nuclear Power Corporation (01164) produced a total of 644.3 tons of natural uranium in the third quarter [2]

Core Insights - The influx of international tourists to Beijing's attractions has increased, with popular sites like the Forbidden City and the Great Wall remaining top destinations during the recent holiday period [1][3] - The Beijing Universal Resort has gained popularity due to its international IPs and local features, while the Pop Mart City Park has emerged as a surprising favorite among young international visitors [1][10] Group 1: Popular Attractions - The Forbidden City, Mutianyu Great Wall, and Badaling Great Wall are consistently ranked among the top attractions for inbound tourists, showcasing their enduring appeal as world cultural heritage sites [3][5] - The Mutianyu Great Wall received approximately 580,000 inbound visitors by September this year, marking a 55% increase compared to the same period last year [3][4] Group 2: Changing Tourist Preferences - Inbound tourists are increasingly interested in deep cultural experiences rather than just sightseeing, seeking to understand the historical and cultural significance of attractions like the Great Wall [4][5] - Cultural activities such as intangible cultural heritage performances and traditional tea breaks are being organized to meet tourists' demands for immersive experiences [5] Group 3: Emerging Attractions - The Beijing Universal Resort has re-entered the list of top inbound tourist attractions, attracting a diverse range of international visitors, including those from Southeast Asia [7][8] - Pop Mart City Park has risen to the sixth position in the ranking of popular attractions for inbound tourists, up from ninth place the previous year, highlighting its growing appeal [10][11]

Group 1: New Stock Offerings - Dana Biological is offering a new stock with a subscription code of 920009, an issue price of 17.10 yuan per share, and a subscription limit of 360,000 shares [1] Group 2: Economic and Trade Developments - The Ministry of Commerce held a roundtable with over 170 foreign enterprises, indicating a commitment to expand foreign investment and support high-quality development in China [2] - The Chinese government is emphasizing the need for equal and respectful negotiations in the ongoing US-China trade discussions, stating that trade wars do not benefit either side [2] Group 3: Industry Standards and Guidelines - The Ministry of Industry and Information Technology is soliciting opinions on a draft guideline for building a computing power standard system by 2027, aiming to revise over 50 standards and promote innovation and collaboration in technology [3] - Guangdong Province has launched an action plan to enhance the quality of manufacturing through artificial intelligence, focusing on various sectors and supporting the development of intelligent factories [4] - Zhejiang Province aims to cultivate 10 leading intelligent development platforms and 1,000 intelligent products by 2027, with a goal of achieving over 70% application rate of intelligent systems [5] Group 4: Consumer and Tourism Initiatives - Guizhou Province is enhancing its tourism sector by creating world-class destinations and improving the quality of existing attractions, while also promoting diverse tourism products [6] - Shanghai is encouraging the integration and upgrading of construction enterprises to foster new growth drivers in the industry [7] - Guangzhou is implementing measures to boost consumer spending and stabilize investor returns through various economic initiatives [7] Group 5: Company Performance Highlights - Pop Mart reported a year-on-year revenue increase of 245% to 250% in the third quarter [8] - Jin Gu shares have been selected for a low-carbon wheel project by a global leading automotive company [9] - China Telecom's net profit for the first three quarters increased by 5.03% year-on-year [9] - Shiyida's net profit surged by 471.34% in the third quarter [9] - Wanchen Group's net profit for the first three quarters increased by 917.04%, with a proposed dividend of 1.5 yuan per 10 shares [9] - Shengnong Development's net profit rose by 202.82% in the first three quarters, proposing a dividend of 3 yuan per 10 shares [9] - China National Materials Technology reported a 234.84% increase in net profit for the third quarter [9] - Grebo secured significant orders for lithium battery outdoor power equipment from a leading US home improvement retailer [9]

Core Insights - On October 21, Shandong Molong made its first appearance on the Hong Kong Stock Connect active trading list in the past month, with a trading volume of 1.147 billion HKD and a net buying amount of 48 million HKD, closing up 8.39% [1] Trading Activity Summary - The total trading volume of active stocks on the Hong Kong Stock Connect reached 44.268 billion HKD, accounting for 35.00% of the day's total trading amount, with a net buying amount of 868 million HKD [1] - Alibaba-W led the trading volume with 10.33 billion HKD, followed by SMIC and Pop Mart with trading amounts of 7.805 billion HKD and 5.897 billion HKD, respectively [1] Stock Performance Overview - The most frequently listed stocks in the past month include Alibaba-W and Huahong Semiconductor, each appearing 16 times, indicating strong interest from Hong Kong Stock Connect investors [1] - Shandong Molong's trading activity on October 21 marked its first listing in the past month, with a notable increase in its stock price [1]

Market Overview - On October 21, the Hang Seng Index rose by 0.65%, with total southbound trading amounting to HKD 126.49 billion, including buy transactions of HKD 63.83 billion and sell transactions of HKD 62.66 billion, resulting in a net buying amount of HKD 1.17 billion [1] Southbound Trading Details - The southbound trading through Stock Connect (Shenzhen) had a cumulative trading amount of HKD 45.84 billion, with buy transactions of HKD 22.25 billion and sell transactions of HKD 23.60 billion, leading to a net selling amount of HKD 1.35 billion [1] - Conversely, the Stock Connect (Shanghai) recorded a cumulative trading amount of HKD 80.65 billion, with buy transactions of HKD 41.59 billion and sell transactions of HKD 39.06 billion, resulting in a net buying amount of HKD 2.52 billion [1] Active Stocks - Among the actively traded stocks, Alibaba-W had the highest trading amount at HKD 103.30 billion, followed by SMIC with HKD 78.05 billion and Pop Mart with HKD 58.97 billion [1] - In terms of net buying, Pop Mart led with a net buying amount of HKD 11.21 billion despite a closing price drop of 8.08%, followed by Xiaomi Group-W with HKD 4.81 billion and Hua Hong Semiconductor with HKD 4.41 billion [1] - The stock with the highest net selling was the Tracker Fund of Hong Kong, with a net selling amount of HKD 11.02 billion, while Alibaba-W and Innovent Biologics experienced net selling amounts of HKD 4.30 billion and HKD 0.78 billion, respectively [1] Detailed Stock Performance - The following table summarizes the trading performance of selected stocks on October 21: - Pop Mart: Total trading amount of HKD 589.69 million, net buying of HKD 112.07 million, with a price drop of 8.08% [3] - Xiaomi Group-W: Total trading amount of HKD 357.59 million, net buying of HKD 48.11 million, with a price drop of 1.44% [3] - Hua Hong Semiconductor: Total trading amount of HKD 366.72 million, net buying of HKD 44.13 million, with a price drop of 0.26% [3] - Tencent Holdings: Total trading amount of HKD 461.03 million, net selling of HKD 3.19 million, with a price increase of 0.48% [3] - Alibaba-W: Total trading amount of HKD 1,033.04 million, net selling of HKD 42.98 million, with a price increase of 1.98% [3] - Tracker Fund of Hong Kong: Total trading amount of HKD 111.86 million, net selling of HKD 110.23 million, with a price increase of 0.68% [3]