Core Points - Apple CEO Tim Cook visited Shanghai for the first stop of the global tour celebrating the 10th anniversary of THE MONSTERS exhibition [3] - Cook interacted closely with Bubble Mart founder Wang Ning and artist Long Jiasheng, showcasing the LABUBU series original manuscripts and products [3][5] - This year marks the 10th anniversary of LABUBU, with Bubble Mart hosting a year-long global exhibition featuring Long Jiasheng's original works and various products from THE MONSTERS [5] Company Insights - Tim Cook has been CEO of Apple since 2011, succeeding Steve Jobs [5] - The recent product launch event in September saw Cook delegate the introduction of the iPhone Air to Senior Vice President of Hardware Engineering John Ternus, indicating a potential succession plan [5] Industry Context - The exhibition in Shanghai is part of a global tour by Bubble Mart to commemorate the success of THE MONSTERS, highlighting the brand's growth and cultural impact over the past decade [5]

Core Insights - Apple CEO Tim Cook visited Shanghai for the first stop of the THE MONSTERS ten-year anniversary exhibition, interacting with key figures in the art and toy industry [1][3]. Group 1: Event Overview - THE MONSTERS exhibition is a year-long global tour celebrating its ten-year anniversary, with the first stop in Shanghai showcasing original manuscripts and diverse products from artist Long Jiasheng [3]. - The exhibition will also be held in major cities including Beijing, Taipei, Hong Kong, Tokyo, Paris, and New York in the future [5]. Group 2: Company Performance - In the first half of 2025, Pop Mart reported revenue of 13.88 billion yuan, a year-on-year increase of 204.4%, and an adjusted net profit of 4.71 billion yuan, up 362.8% [7]. - The revenue from THE MONSTERS, including LABUBU, reached 4.81 billion yuan in the first half of 2025, marking a significant year-on-year growth of 668.0% and accounting for 34.7% of total revenue [7]. - The gross margin for Pop Mart in the first half of 2025 was 70.3%, an increase of 6.3 percentage points year-on-year, achieving a historical high [8].

Core Insights - Apple's CEO Tim Cook visited Shanghai for the first stop of the "THE MONSTERS" tenth anniversary exhibition, highlighting his engagement with local culture and innovation [2] - The exhibition theme "monsters by monsters: now and then" reflects on the ten-year development of the LABUBU series since its inception in 2015 [2] - Recent discussions around Cook's potential successor have gained traction following his decision to delegate the introduction of the iPhone Air to another executive during the September product launch [2] Company Engagement - Tim Cook interacted closely with local artists and entrepreneurs, including Wang Ning, founder of Pop Mart, and artist Long Jiasheng, showcasing Apple's commitment to fostering creativity [2] - The exhibition featured original manuscripts and diverse products from the LABUBU series, indicating a collaboration between technology and art [2] Industry Trends - The visit and exhibition signify Apple's ongoing strategy to strengthen its presence in the Chinese market, which is crucial for its growth [2] - The focus on local partnerships and cultural events may enhance Apple's brand image and customer loyalty in a competitive landscape [2]

Group 1 - Apple CEO Tim Cook visited Shanghai for the first stop of THE MONSTERS ten-year anniversary exhibition, interacting with Bubble Mart founder Wang Ning and artist Long Jiasheng [1] - The exhibition celebrates the tenth anniversary of LABUBU and features a year-long global tour, starting in Shanghai and set to visit cities like Beijing, Taipei, Hong Kong, Tokyo, Paris, and New York [3] - The exhibition showcases a wealth of original manuscripts and products from THE MONSTERS series, highlighting its cultural significance and appeal [3] Group 2 - Long Jiasheng drew inspiration from Nordic mythology to create THE MONSTERS series, launching several illustrated books and establishing a unique character lineup [4] - The collaboration between Bubble Mart and Long Jiasheng in April 2019 led to the release of the first series of trendy toys, "THE MONSTERS Forest Concert Series," which quickly gained popularity in the collectible toy market [4] - The release of the third-generation LABUBU plush keychain "High Energy Ahead" in 2025 caused a global buying frenzy, propelling the Bubble Mart app to the top of the US App Store shopping chart [4]

作者 | 第一财经 揭书宜 2025.10. 13 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 推荐阅读 得力集团辞退跛脚员工，CEO留言致歉 10月13日下午，苹果CEO蒂姆·库克（下称"库克"）现身上海THE MONSTERS十周年巡展，这是 库克此次到访中国参观的第一站。 展览现场，泡泡玛特创始人王宁、LABUBU艺术家龙家升与库克进行了亲密互动，一起参观了 LABUBU系列原创手稿和丰富多元的产品。龙家升现场向库克展示了如何在iPad Pro上绘制 LABUBU，王宁还向库克赠送了惊喜礼物——LABUBU的大首领ZIMOMO。 公开资料显示，库克于2011年接替苹果创始人史蒂夫·乔布斯出任CEO。今年9月，在苹果新品发布 会上，库克把介绍iPhone Air的任务交给了特努斯。因此，最近关于库克接班人的消息引发广泛关 注。 作为全球巡展的首站，本次展览以"mons ...

Group 1 - Tim Cook, CEO of Apple, visited Shanghai for the first stop of the "THE MONSTERS" 10th anniversary exhibition [1][4] - The exhibition theme is "monsters by monsters: now and then," reflecting on the development of the "the monsters" since its inception in 2015 [4] - Wang Ning, founder of Pop Mart, presented a surprise gift to Cook during the event [1] Group 2 - Cook succeeded Steve Jobs as CEO of Apple in 2011, and recent discussions about his potential successor have gained attention following the September product launch event [4] - At the product launch, Cook delegated the introduction of the iPhone Air to another executive, highlighting a possible transition in leadership [4]

Core Viewpoint - Apple's CEO Tim Cook visited Shanghai for the 10th anniversary exhibition of THE MONSTERS, marking his first stop in China during this trip [1] Group 1: Event Details - The exhibition featured interactions between Tim Cook and notable figures such as Bubble Mart founder Wang Ning and artist Long Jiasheng [1] - Long Jiasheng demonstrated how to create LABUBU art on the iPad Pro during the event [1] - Wang Ning presented a surprise gift to Tim Cook at the exhibition [1]

Core Insights - The report from CICC indicates that the consumption data for the National Day and Mid-Autumn Festival holidays in 2025 shows strong performance, driven by longer holiday periods and a high level of domestic and outbound travel [1] Group 1: Consumption Trends - Overall consumption data reflects a youthful and experience-oriented trend, with notable performance in discretionary categories such as home appliances and outdoor sports [1] - The average daily flow of cross-regional personnel in mainland China from October 1 to 8 increased by 6.2% year-on-year, indicating a robust travel environment [1] - The average spending per trip during the holiday increased by 14.6% year-on-year, attributed to the ongoing recovery of outbound tourism and a rise in long-distance and segmented travel within the country [1] Group 2: Retail Performance - The Ministry of Commerce's monitoring of 78 key business districts showed a year-on-year increase in foot traffic and sales of 4.2% and 4% respectively during the first three days of the holiday [1] - Data from the National Immigration Administration revealed that the average daily number of inbound and outbound travelers exceeded 2 million, marking a 15% year-on-year increase [1] Group 3: Investment Recommendations - CICC recommends focusing on sectors benefiting from self-indulgent consumption trends, such as trendy toys and e-cigarettes, highlighting companies like Pop Mart (09992), Blucor (00325), and Smoore International (06969) [1] - The report also suggests investing in domestic brands in the beauty and personal care sectors, recommending companies like Mao Geping (01318), Giant Bio (02367), and Shanghai Jahwa (600315) [1] - Attention is drawn to retail sectors that may benefit from supportive domestic policies and seasonal catalysts [1]

Core Viewpoint - Morgan Stanley's research report indicates that the impact of US-China trade negotiations on Pop Mart is expected to be low due to the current progress in negotiations [1] Group 1: Trade Impact - Approximately 75% to 80% of toy imports to the US come from China, and even if higher tariffs are imposed on these toys, it is unlikely to alter the company's relative advantage [1] Group 2: Investment Recommendation - The firm has set a target price of HKD 382 for the company and maintains an "Overweight" rating, designating it as a preferred stock in the industry [1]

Core Insights - The article highlights the rapid growth of Pop Mart, a leading player in China's IP toy industry, driven by its unique business model and market positioning, achieving significant revenue and profit increases in 2024 [1][5][30] Financial Performance - In 2024, Pop Mart reported a revenue of 13.04 billion yuan, a year-on-year increase of 106.9% - Adjusted net profit reached 3.403 billion yuan, up 185.9% - Revenue from mainland China was 7.97 billion yuan, growing by 52.3% - Revenue from overseas and Hong Kong, Macau, and Taiwan reached 5.07 billion yuan, a staggering growth of 375.2%, accounting for 38.9% of total revenue - As of December 31, 2024, the total number of registered members in mainland China reached 46.083 million, with 11.729 million new members added during the year [1] Market Positioning and Product Strategy - Pop Mart's blind box model, which leverages uncertainty to drive consumer behavior, has significantly increased repurchase rates, with over 50% of members making repeat purchases - The company has diversified its product offerings beyond blind boxes, with a notable increase in derivative products such as phone cases and keychains, as well as plush toys and high-end figures [5][7] - The emotional connection provided by quality IPs is crucial, with a focus on extending product types and enhancing repurchase as key growth drivers [7] IP Development and Operations - Pop Mart has built a strong IP matrix with core characters like Molly, Dimoo, and Skullpanda, collaborating with global designers to create a differentiated IP library [11] - The company operates across the entire supply chain, from design to sales, enhancing the IP lifecycle and fostering emotional connections with fans through limited releases and collaborations [12] Channel Strategy - Pop Mart employs a comprehensive channel strategy, integrating online and offline experiences through flagship stores and automated vending machines to create immersive shopping environments [14] - The online ecosystem includes flagship stores on platforms like Tmall and WeChat mini-programs, facilitating traffic retention and private domain operations [14][21] Consumer Insights - The company effectively captures the consumption psychology of Generation Z, with over 80% of its users aged 18-35 willing to pay for emotional satisfaction [16] - Pop Mart's products serve as a form of self-expression, and the company has successfully transitioned users from buyers to "cultural co-creators" [23][30] Future Outlook - The article suggests that the future of consumer spending will focus on emotional value, social identity, and the integration of material and virtual experiences [28][29] - Pop Mart's model of combining emotional consumption, social currency, and scarcity economics offers valuable lessons for other brands in the entertainment and new consumer sectors [30]