Core Viewpoint - The stock price of Pop Mart (09992.HK) has experienced a significant decline despite being included in the Hang Seng Index, indicating potential underlying issues in market demand and product pricing [3][7]. Group 1: Stock Performance - On September 8, Pop Mart's stock price dropped by 7.11% to HKD 287.6 per share, resulting in a market capitalization loss of HKD 29.545 billion [1]. - Since reaching a historical high of HKD 339.8 per share on August 26, the stock has retreated by 11.94%, while the Hang Seng Index only declined by 0.76% during the same period [3]. Group 2: Product Pricing and Market Demand - The secondary market prices for Pop Mart's core IP, Labubu, have been declining, with first to third generation products experiencing daily price drops of HKD 3-11, and the average transaction price for the fourth generation mini Labubu dropping over 50% from its initial release [3]. - Following the online release of the fourth generation mini Labubu series on August 28, initial demand was high, with prices for complete sets soaring to HKD 3,200, but by September 8, the average transaction price on the platform had fallen to HKD 1,446, indicating a more than 50% decrease [5]. Group 3: Market Sentiment and Future Outlook - Some resellers have announced a pause in acquiring Labubu series products due to significant price declines, indicating a cautious market sentiment [5]. - Economic experts suggest that the stock price of Pop Mart is closely tied to product market demand, and the current situation reflects a potential irrational bubble that could lead to further price declines if not stabilized [7]. - Analysts from Zhongtai Securities note that while Pop Mart has developed a gradient IP matrix and established a world-class IP in Labubu, there are risks associated with the sustainability of consumer interest and the potential for declining product sales if new IPs are not continuously developed [8].

Market Overview - The Hong Kong stock market saw a significant afternoon rally on September 8, with the Hang Seng Tech Index rising by 1.17%, the Hang Seng Index increasing by 0.85%, and the Hang Seng China Enterprises Index up by 0.71%. Net inflow from southbound funds reached HKD 16.7 billion [2][4]. - The total trading volume for the day was HKD 286 billion [2]. Technology Sector - Major technology stocks experienced substantial gains, with Baidu Group rising by 9.48%, NetEase and Alibaba increasing by over 4%, and Xiaomi and Tencent both up by over 2% [4][5]. - Alibaba's trading volume exceeded HKD 20 billion, while Tencent's reached HKD 13.37 billion [4]. Paper Industry - The paper sector showed strong performance throughout the day, with shares of Chenming Paper, Lee & Man Paper, and Nine Dragons Paper rising by 8.05%, 4.83%, and 4.63%, respectively [7][8]. - Several paper manufacturers have implemented a dual strategy of price increases and production halts, with price hikes announced in early September [8]. Precious Metals Sector - The performance of the precious metals sector was mixed, with companies like WanGuo Gold, China Silver, Lingbao Gold, and Shandong Gold seeing increases of 3.75%, 2%, 1.32%, and 0.73%, respectively [9][10]. - Conversely, companies such as Luoyang Molybdenum, Nanshan Aluminum, and Zijin Mining experienced declines [10][11]. Individual Stock Movements - Pop Mart saw a significant decline of over 7%, attributed to a surge in short-selling activity, with 6.26 million shares shorted on September 5, compared to 200,000 shares on September 8 [4][13][14]. - Skyworth Group experienced a notable surge, closing up by 34.41% at HKD 4.57 per share, with trading volume increasing to HKD 137 million [4][15].

Core Viewpoint - The stock price of Pop Mart (09992.HK) has experienced a significant decline despite being included in the Hang Seng Index, indicating a disconnect between market sentiment and index inclusion benefits [2][7]. Group 1: Stock Performance - On September 8, Pop Mart's stock price dropped by 7.11% to HKD 287.6 per share, resulting in a market capitalization loss of HKD 29.545 billion [2]. - Since reaching a historical high of HKD 339.8 per share on August 26, the stock has retreated by 11.94%, while the Hang Seng Index only declined by 0.76% during the same period [2]. Group 2: Product Market Dynamics - The secondary market prices for Pop Mart's core IP, Labubu, have been declining, with first to third generation products experiencing daily price drops of HKD 3-11, and the average transaction price for the fourth generation mini Labubu shrinking by over 50% compared to its initial release [2]. - The fourth generation mini Labubu series was launched online on August 28 at a price of HKD 79 per unit, with initial demand leading to rapid sellouts and inflated secondary market prices, where a complete set was once priced at HKD 3,200 [2]. Group 3: Market Sentiment and Future Outlook - Market analysts suggest that the current decline in Labubu's prices may lead to a continuous downward trend, as the demand for collectible toys is closely tied to market sentiment [7]. - There are concerns regarding the sustainability of Pop Mart's IP lifecycle, emphasizing the need for continuous innovation and diversification in product offerings to maintain market interest and support stock prices [7].

Core Viewpoint - Despite being included in the Hang Seng Index, Pop Mart's stock price has continued to decline, indicating a disconnect between market sentiment and index inclusion benefits [1][2]. Group 1: Stock Performance - On September 8, Pop Mart's stock price dropped by 7.11% to HKD 287.6 per share, resulting in a market capitalization loss of HKD 29.545 billion [1]. - Since reaching a historical high of HKD 339.8 per share on August 26, the stock has retreated by 11.94%, while the Hang Seng Index only declined by 0.76% during the same period [1]. Group 2: Product Market Dynamics - The secondary market prices for Pop Mart's core IP, Labubu, have been declining, with first to third generation products experiencing daily price drops of HKD 3-11, and the average transaction price for the fourth generation mini Labubu dropping over 50% from its initial release [1]. - Following the online release of the fourth generation mini Labubu series on August 28, initial demand was high, with prices for complete sets soaring to HKD 3,200, but by September 8, the average transaction price had fallen to HKD 1,446 [2]. Group 3: Market Sentiment and Future Outlook - Some resellers have paused their purchasing strategies for the Labubu series due to significant price declines, indicating a cautious market outlook [2]. - A notable economist pointed out that the stock price of toy companies is correlated with product market demand, and the current situation with Labubu suggests a potential for continued price declines if the market does not stabilize [2]. - Analysts from Zhongtai Securities noted that while Pop Mart has developed a tiered IP matrix and established a world-class IP in Labubu, there are risks related to the sustainability of consumer interest in IP-derived products and potential sales declines due to insufficient new product offerings [3].

Core Viewpoint - In 2025, Pop Mart's well-known IP LABUBU has gained global popularity, leading to increased issues with counterfeit and infringing products. The company is intensifying its overseas rights protection efforts by collaborating with customs, police, law firms, and government departments worldwide to combat infringement effectively [1]. Group 1: Infringement and Counterfeit Products - From January to mid-August this year, domestic customs intercepted a total of 1.83 million infringing products related to Pop Mart, involving 237 batches destined for 61 countries and regions [2]. - As of now, the total number of intercepted counterfeit products has reached 7.91 million, covering over 240 batches, with significant seizures in countries like the Netherlands, which alone confiscated over 260,000 counterfeit items [2]. - Counterfeit products often exhibit poor quality and bizarre combinations, such as a mix of THE MONSTERS and Coca-Cola, which complicates identification for consumers and law enforcement [4]. Group 2: Collaborative Efforts for Rights Protection - Pop Mart is forming a global coalition against infringement by collaborating with local government agencies and institutions across Europe, North America, and South America, achieving significant progress in rights protection actions [5]. - The company has conducted 36 joint anti-infringement operations with the UK's Fair Trading Office and Trading Standards, covering 21 areas including Liverpool and Birmingham [5]. - In South America, Chilean police seized over 30,000 counterfeit products in a single operation, which received extensive media coverage, raising public awareness about anti-counterfeit actions [6]. Group 3: Legal Actions Against Infringement - In addition to customs actions, Pop Mart is pursuing civil rights protection by filing lawsuits against international brands for infringement, emphasizing the importance of intellectual property protection in the industry [8]. - In June, Pop Mart filed a lawsuit in California against 7-Eleven for selling counterfeit LABUBU products, seeking to stop the sale and disclose supply channels [8]. - The company has also applied for a "temporary injunction" in the Netherlands against retail giants Jumbo and Albert Heijn, with the court quickly approving the request [8]. Group 4: Online Counterfeit Issues - Pop Mart has identified over 300 infringement links across various cross-border e-commerce platforms and is utilizing the "Schedule A" procedure to collectively sue multiple anonymous sellers [10]. - The company is advancing its global intellectual property protection efforts, highlighting that counterfeiters may face government bans, account freezes, and significant fines [10]. - In the first half of 2025, Pop Mart opened its first stores in iconic locations such as Cambridge, UK, and Bali, Indonesia, and reported a revenue of 13.88 billion yuan, a year-on-year increase of 204.4% [10]. Group 5: Call for Consumer Support - The company emphasizes the need for consumer understanding and support in the fight against counterfeiting, urging consumers to purchase products through official channels [11].

Core Viewpoint - The stock price of Pop Mart (09992.HK) has been declining, with a drop of over 7% recently, reflecting market concerns about its sustainability and valuation risks despite strong financial performance [1][2]. Group 1: Stock Performance - On September 8, Pop Mart's stock price fell by 6.78%, closing at 288.6 HKD per share [1]. - The short-selling data for Pop Mart has significantly increased, with short positions rising from 285,800 shares on August 29 to 6,266,200 shares by the previous Friday [2]. Group 2: Product Performance - The resale prices of the mini LABUBU figures have decreased significantly, with second-hand prices dropping to between 1,400 and 1,850 RMB, and some less popular styles falling to as low as 81 RMB [1][2]. - The mini LABUBU series was launched on August 28, with an original price of 79 RMB per blind box, but the average resale price has decreased by 60% from its initial peak [1][2]. Group 3: Financial Performance - For the first half of 2025, Pop Mart reported a revenue of 13.88 billion RMB, a year-on-year increase of 204.4%, and an adjusted net profit of 4.71 billion RMB, up 362.8% [2]. - Despite the strong financial results, some institutions express concerns about the long-term sustainability and short-term valuation risks of Pop Mart [2][3]. Group 4: Market Sentiment - The stock has seen a significant price increase of 588% over the past 12 months, leading to profit-taking pressures in the short term [3]. - Analysts from Goldman Sachs noted that while the net profit growth exceeded expectations, it only "roughly met" the elevated expectations from buyers [3].

Summary of Pop Mart (9992.HK) Conference Call Company Overview - **Company**: Pop Mart International Group Ltd - **Industry**: Pop Toy Industry - **Market Cap**: HK$411,746 million (US$52,787 million) [6] Key Findings Industry and Market Trends - Recent data indicates upward momentum in app downloads and web visits, particularly in Japan, with increases of +11% in web visits and +5% in app downloads week-over-week [2] - The number of weekly active users (WAU) reached a record high in late August [2] - Significant growth in social media engagement, with Instagram likes increasing by +49% in total likes and +26% in average likes per post month-over-month [2] Product Performance - The launch of new products, such as mini LABUBU "PIN FOR LOVE," has been a short-term catalyst for sales, achieving rapid sell-outs [3] - The TWINKLE TWINKLE "SWEET DREAMS FORECAST" series has also gained high interest and price premiums in the secondary market [3] - Pop Mart's IP ecosystem is noted for its diversity and brand recognition, positioning it ahead of competitors [3] Supply Chain and Production - Pop Mart is enhancing its supply chain capabilities with plans for six global production bases (four in China and two overseas) [4] - The production capacity for plush toys has reached approximately 30 million units per month, a tenfold increase year-over-year [4] - Automation in production has improved significantly, with the automation rate increasing from 20% to 50% [4] Financial Performance Earnings Summary - **2023 Net Profit**: RMB 1,082 million - **2024 Net Profit**: RMB 3,125 million (growth of 190.6%) - **2025E Net Profit**: RMB 11,554 million (growth of 269.2%) - **2026E Net Profit**: RMB 15,691 million (growth of 35.8%) - **2027E Net Profit**: RMB 19,839 million (growth of 26.4%) [5] Valuation Metrics - **Target Price**: HK$398.00 - **Expected Share Price Return**: 29.8% - **Expected Total Return**: 30.9% [6] Investment Strategy - Pop Mart is rated as a "Buy" due to its strong IP incubation and monetization capabilities, along with a growing global footprint [34] - The company is well-positioned to capture the emerging 'spiritual consumption' trend among young consumers, particularly Gen Z [34] Risks - Key risks include rising competition in the pop toy market, potential disappointments in global expansion, and challenges in IP commercialization [37] - The stock has a high-risk rating, but qualitative factors such as execution capability and growth profile support its valuation [36] Conclusion - Pop Mart is experiencing significant growth driven by new product launches and strong consumer engagement, particularly in Japan. The company's robust supply chain enhancements and strategic focus on IP commercialization position it favorably for future growth. However, investors should remain cautious of competitive pressures and execution risks in the evolving market landscape.

（文章来源：每日经济新闻） 每经AI快讯，9月8日，泡泡玛特股价下跌6%，至291港元。 ...

Market Overview - On September 5, Hong Kong's three major indices collectively strengthened, with the Hang Seng Index rising by 1.43% to 25,417.98 points, the Hang Seng Tech Index increasing by 1.95% to 5,687.45 points, and the National Enterprises Index up by 1.34% to 9,057.22 points [1] - The weekly performance showed the Hang Seng Index up by 1.36%, the Hang Seng Tech Index up by 0.23%, and the National Enterprises Index up by 1.22% [1] - Notable stocks included Kuaishou rising over 4%, Tencent Holdings up over 2%, and Alibaba and Meituan both increasing by over 1.5% [1] Southbound Capital - On September 5, southbound capital recorded a net inflow of 56.23 billion HKD, with a cumulative net inflow of 10,120.58 billion HKD year-to-date, significantly exceeding last year's total net inflow [2] U.S. Market Performance - Overnight, U.S. stock indices experienced slight declines, with the Dow Jones down by 0.48%, the S&P 500 down by 0.32%, and the Nasdaq down by 0.03% [3] - Notable declines included JPMorgan falling over 3% and Nvidia dropping more than 2% [3] - Chinese concept stocks mostly rose, with Canadian Solar increasing over 15% and SOTI Biotech up over 11% [3] Key Economic Data - The U.S. Labor Department reported that non-farm employment grew by only 22,000 in August, significantly below the market expectation of 75,000, with the unemployment rate rising to 4.3%, the highest since 2021 [4] - The data has led to renewed expectations for interest rate cuts [4] Company Developments - Alibaba's subsidiary Tongyi Qianwen launched Qwen3-Max-Preview, its largest model to date with over 1 trillion parameters, showing significant improvements in understanding Chinese and English, following complex instructions, and reducing knowledge hallucinations [4] - On September 8, adjustments to the Hang Seng Index constituents will take effect, increasing the number of stocks from 85 to 88, with additions including China Telecom, JD Logistics, and Pop Mart [4] Short Selling Data - On September 5, a total of 637 Hong Kong stocks were short-sold, with total short selling amounting to 33.389 billion HKD [5] - The top three stocks by short selling amount were Alibaba at 3.572 billion HKD, Pop Mart at 1.934 billion HKD, and Horizon Robotics at 1.931 billion HKD [5] Institutional Insights - Haitong International noted that most Hong Kong companies have reported their financials, with short-term performance affected by disruptions, particularly in retail and automotive sectors, while hardware, materials, finance, and pharmaceuticals showed high growth [6] - EPS growth expectations for Hong Kong stocks in 2025 have been notably revised downwards due to consumer discretionary pressures, while materials, pharmaceuticals, technology, and finance are seeing upward revisions [6] - The implementation of anti-involution policies may shift the narrative for Hong Kong internet stocks towards AI empowerment, potentially boosting earnings expectations and attracting incremental capital inflows [6] ETF Insights - The Hong Kong Consumption ETF (513230) focuses on e-commerce and new consumption sectors, which are relatively scarce compared to A-shares [7] - The Hang Seng Tech Index ETF (513180) includes core AI assets and encompasses technology leaders that are also relatively scarce compared to A-shares [8]

Market Overview - On September 5, Hong Kong's three major indices rose collectively, with the Hang Seng Index up 1.43% to 25,417.98 points, the Hang Seng Tech Index up 1.95% to 5,687.45 points, and the National Enterprises Index up 1.34% to 9,057.22 points [1] - The weekly performance showed the Hang Seng Index increased by 1.36%, the Hang Seng Tech Index by 0.23%, and the National Enterprises Index by 1.22% [1] - Notable stocks included Kuaishou rising over 4%, Tencent Holdings up over 2%, and Alibaba and Meituan both up over 1.5% [1] - The Hang Seng Tech Index ETF (513180) closed up 2.39% [1] Southbound Capital - On September 5, southbound capital recorded a net inflow of HKD 56.23 billion, with a cumulative net inflow of HKD 10,120.58 billion year-to-date, significantly exceeding last year's total [2] U.S. Market Performance - Overnight, U.S. stock indices experienced slight declines, with the Dow Jones down 0.48%, S&P 500 down 0.32%, and Nasdaq down 0.03% [3] - Notable declines included JPMorgan down over 3% and Nvidia down over 2% [3] - Chinese concept stocks mostly rose, with Canadian Solar up over 15% and SOTY Biotech up over 11% [3] Key Economic Data - The U.S. Labor Department reported that non-farm employment grew by only 22,000 in August, significantly below the market expectation of 75,000 [4] - The unemployment rate rose to 4.3%, the highest since 2021, leading to increased expectations for interest rate cuts [4] Company Developments - Alibaba's subsidiary Tongyi Qianwen launched Qwen3-Max-Preview, its largest model to date with over 1 trillion parameters, enhancing capabilities in Chinese and English understanding and instruction compliance [4] - On September 8, adjustments to the Hang Seng Index constituents will take effect, increasing the number from 85 to 88, with additions including China Telecom, JD Logistics, and Pop Mart [4] Short Selling Data - On September 5, 637 Hong Kong stocks were short-sold, with a total short-selling amount of HKD 33.389 billion [5] - The top three stocks by short-selling amount were Alibaba at HKD 35.72 billion, Pop Mart at HKD 19.34 billion, and Horizon Robotics at HKD 19.31 billion [5] Institutional Insights - Haitong International noted that most Hong Kong companies have reported earnings, with short-term performance affected by disruptions, particularly in retail and automotive sectors, while hardware, materials, finance, and pharmaceuticals showed high growth [6] - EPS growth expectations for Hong Kong stocks in 2025 have been notably revised down due to consumer discretionary pressures, while materials, pharmaceuticals, technology, and finance are seeing upward revisions [6] - The implementation of anti-involution policies may shift the narrative for Hong Kong internet stocks towards AI empowerment, potentially boosting earnings expectations and attracting incremental capital inflows [6] Hong Kong ETFs - The Hong Kong Consumption ETF (513230) focuses on e-commerce and new consumption sectors, which are relatively scarce compared to A-shares [7] - The Hang Seng Technology Index ETF (513180) includes core AI assets and leading technology firms, also relatively scarce compared to A-shares [8]