里昂发布研报称，泡泡玛特(09992)全球布局的发展动能持续向好，近日在新加坡举行的海外国际潮流 玩具展显示出，泡泡玛特在全球需求仍然强劲，加上供应链持续改善可支持增长，目前预测公司2025年 销售额可同比增长172%至354亿元人民币，中国及海外销售预料各占50%，预测毛利率及核心经营利润 率将提升至71.4%及44.6%。里昂将泡泡玛特2025至2027年销售额及经调整净利润预测分别上调14%、 12%、12%及23%、20%、20%，目标价由318港元升至368港元，维持"跑赢大市"评级。 ...

Core Viewpoint - The report from Credit Lyonnais indicates that Pop Mart (09992) is experiencing strong global demand and improving supply chain conditions, supporting its growth trajectory [1] Group 1: Sales Forecast - The company is projected to achieve a sales increase of 172% by 2025, reaching 35.4 billion RMB [1] - Sales from China and overseas are expected to each account for 50% of total sales [1] Group 2: Profitability Metrics - Forecasted gross margin and core operating profit margin are expected to rise to 71.4% and 44.6%, respectively [1] Group 3: Adjusted Financial Projections - Sales and adjusted net profit forecasts for 2025 to 2027 have been raised by 14%, 12%, 12% and 23%, 20%, 20% respectively [1] - The target price for Pop Mart has been increased from 318 HKD to 368 HKD, maintaining an "outperform" rating [1]

Core Insights - LABUBU has gained significant popularity, contributing to discussions about Bubble Mart's status as a "dark horse" or "bubble" in the market [2] - The release of Bubble Mart's semi-annual report provides concrete data reflecting its operational strategies and performance [2] Financial Performance - The THE MONSTERS series, centered around LABUBU, generated revenue of 4.81 billion yuan in the first half of the year, marking a 668% year-on-year increase and accounting for approximately one-third of total revenue [3] - In contrast to 2017, when MOLLY was the sole revenue driver, Bubble Mart now boasts a more diverse portfolio with five IPs generating over 1 billion yuan and thirteen IPs exceeding 100 million yuan in revenue [3] IP Development Strategy - Bubble Mart has established a unique "star-making" process to diversify its IP offerings, moving away from reliance on a single character [6] - The company sources IPs from signed artists, focusing on those with the highest popularity among consumers [7] - The process of identifying and developing IPs involves extensive market research and testing, ensuring that new products resonate with consumer emotions and preferences [10][11] Market Entry Strategy - Before entering new markets, Bubble Mart conducts thorough research and testing, including participation in local exhibitions and setting up pop-up stores to gauge consumer interest [15][16] - The company employs a tiered resource allocation strategy for its IPs, adjusting marketing and production efforts based on performance metrics [13][14] Business Model - Bubble Mart's core business model revolves around the operation of artist IPs, likening its role to that of a record label in the music industry [17][18] - The company has expanded its offerings beyond traditional toys to include jewelry and theme parks, all aimed at enhancing the IP experience [17]

Core Viewpoint - The article discusses the financial performance and operational strategies of Pop Mart, particularly focusing on the success of its LABUBU series and the diversification of its IP portfolio, highlighting the company's unique "star-making" process in the toy industry [5][6][15]. Group 1: Financial Performance - In the first half of the year, the THE MONSTERS series, centered around LABUBU, generated revenue of 4.81 billion yuan, marking a 668% year-on-year increase, accounting for approximately one-third of Pop Mart's total revenue [7]. - Pop Mart has diversified its IP portfolio significantly, with five IPs generating over 1 billion yuan in revenue and 13 IPs exceeding 100 million yuan in revenue in the first half of the year [7][10]. Group 2: IP Development Strategy - Pop Mart's strategy involves a systematic "star-making" process, akin to talent agencies, where the company identifies and collaborates with popular artists to create new IPs [15][17]. - The company conducts extensive market research and testing to evaluate the potential success of new IPs, focusing on metrics such as emotional resonance, visual memorability, and user extension [25][26]. Group 3: Resource Allocation and Market Entry - Pop Mart categorizes its IPs into different tiers, allocating marketing and operational resources accordingly, which allows for a flexible response to market demand [27][29]. - Before entering new markets, Pop Mart follows a three-step strategy: participating in local exhibitions, testing locations with pop-up stores, and analyzing sales data before establishing permanent stores [31][33]. Group 4: Long-term Viability - The company's long-term success hinges on its ability to continuously develop and promote new top-tier IPs, rather than relying solely on existing popular characters like LABUBU [36].

一说起黄金，很多年轻人会觉得老气横秋，再加上今年金价上涨，大家也是该省省，能不花钱就不花 钱。但有一个黄金品牌今年上半年确实业绩暴涨，它就是老铺黄金。 ...

Group 1: Market Overview - The Hang Seng Index fell by 0.22%, down 56 points, closing at 25,773 points, while the Hang Seng Tech Index rose by 0.27% [1] - The early trading volume in the Hong Kong stock market reached 133.9 billion HKD [1] Group 2: Company Performances - Pop Mart (09992) surged by 2.88%, with new products selling out instantly and continued high growth in H1 performance [1] - China Duty Free Group (01880) soared over 5% following the opening of its first city duty-free store in Guangzhou, with multiple city stores entering the cultivation phase [1] - Genscript Biotech (01672) increased by 4.7%, as the company raised funds to enhance its weight loss drug development, with Citigroup suggesting attention on the upcoming ASC30 Phase II data [1] - China Gold International (02099) rose by 6.8%, reaching a new high, with core product output exceeding half of the annual guidance and significant expansion potential at the Jiamar mine [1] - Meitu (01357) saw an early gain of over 7%, officially entering the MSCI China Index, with Morgan Stanley optimistic about the company's long-term growth potential [1] - Innovent Biologics (02696) increased by 5.68% post-earnings, with ongoing internationalization strategy and overseas product profits more than doubling in H1 [1] - Angelalign Technology (06699) rose over 7%, with H1 net profit increasing by over 360%, and declared a special interim dividend of 0.46 HKD [1] - Oriental Selection (01797) fell over 7%, with annual net profit declining by 99.67%, while Goldman Sachs maintained a "sell" rating [1][2] Group 3: Financial Results - Kintor Pharmaceutical (01951) dropped by 5.97% post-earnings, reporting a loss of 1.04 billion CNY in H1, compared to a profit in the same period last year [2]

里昂将泡泡玛特2025至2027年销售额及经调整净利润预测分别上调14%、12%、12%及23%、20%、 20%，目标价由318港元上调至368港元，维持"跑赢大市"评级。 里昂发表研报指，泡泡玛特全球布局的发展动能持续向好。近日在新加坡举行的海外国际潮流玩具展显 示出，泡泡玛特在全球需求仍然强劲，供应链持续改善可支持增长。该行目前预测公司2025年销售额可 按年增长172%至354亿元，中国及海外销售预料各占50%，预测毛利率及核心经营利润率将提升至 71.4%及44.6%。 ...

Group 1: Hong Kong Stocks - China Gold International (02099) rose nearly 7%, reaching a new high as core product output exceeded half of the annual guidance, with significant expansion potential at the Jiama mine [1] - Pop Mart (09992) increased by nearly 2%, with new products selling out instantly and continued high growth in H1 performance [1] - Meitu (01357) surged over 7% after officially entering the MSCI China Index, with Morgan Stanley optimistic about the company's long-term growth potential [1] - China Tobacco Hong Kong (06055) climbed nearly 6.5%, setting a new high since its listing, with stable growth in H1 performance and promising expansion opportunities as an overseas platform for China Tobacco International [1] - China National Chemical Corporation (03983) fell over 1% as mid-term shareholder profit decreased by 6.74% year-on-year, with a significant drop in urea sales prices [1] - China Intelligent Transportation (01900) surged over 42% after a profit warning, expecting mid-term shareholder profit of approximately 361 million yuan [1] - Keep (03650) dropped nearly 5% post-earnings despite successfully turning a profit in H1, focusing its strategy on AI [1] - Western Cement (02233) rose nearly 6.5% post-earnings, with mid-term shareholder profit increasing by 93.4% due to high growth in overseas sales [1] - ChinaSoft International (00354) increased over 4% post-earnings, with H1 net profit rising over 10% and HarmonyOS 5 terminal devices exceeding 12 million units [1] Group 2: US Stocks - NIO (NIO.US) fell 3.94% after Citigroup set a target price of $8.1, listing five reasons to buy [3] - Shanghai's optimization of real estate policies led to significant gains for housing service platforms, with Fangduo (DUO.US) rising 28.28% and Beike (BEKE) up 1.57% [3] - Hesai (HSAI.US) rose 0.52%, with expectations of 300,000 to 400,000 units shipped in the entire robot lidar market this year, and over 200,000 units for the robot market [3] - Pinduoduo (PDD.US) increased by 0.87% ahead of its earnings report, with optimistic market expectations reflected in declining Put/Call ratios [3] - Intel (INTC.US) fell 1.01% as the federal government acquired a 10% stake in the struggling chip giant, becoming its largest shareholder [4] - American Airlines (AAL.US) dropped 4.06% after an emergency landing due to a passenger's electronic device catching fire [4] - Netflix (NFLX.US) rose 1.11%, achieving its first box office champion in North America [4] - Spirit Airlines (FLYY.US) plummeted 14.02% as financial restructuring failed to lead to sustainable development [4] - Keurig Dr Pepper (KDP.US) fell 11.48% after announcing a €15.7 billion (approximately $18.4 billion) cash acquisition of Dutch coffee giant JDE Peet's NV [4] - Roblox (RBLX.US) increased by 6.02%, with Wedbush maintaining an "outperform" rating and a target price of $165, citing strong user ecosystem and business model growth potential [4] - Opendoor (OPEN.US) dropped 9.38% despite a significant prior increase, with July existing home sales rising 2% month-on-month to an annualized 4.01 million units [5]

Core Viewpoint - Pop Mart (09992) has seen a nearly 4% increase in stock price, reaching a historical high of 339.4 HKD, driven by strong sales of newly launched products and impressive financial performance in the first half of the year [1] Financial Performance - In the first half of the year, Pop Mart achieved revenue of 13.88 billion HKD, representing a year-on-year growth of 204.4% [1] - The adjusted net profit for the same period was 4.71 billion HKD, showing a significant year-on-year increase of 362.8% [1] - The gross profit margin reached 70.3%, an increase of 6.3 percentage points compared to the previous year, marking a historical high [1] Product Launch and Market Response - Recently, Pop Mart launched several new products online, including the "Starry Dream Meteorological Bureau" plush blind box priced at 79 HKD each and 474 HKD for a full box, and the "Light Up Series" scene figurine blind box also priced at 79 HKD each and 711 HKD for a full box [1] - The MOKOKO rubber plush blind box, priced at 199 HKD each, gained significant attention prior to its sale [1] - The new products sold out within seconds across Pop Mart's official mini-program and major e-commerce platforms, causing some platforms to experience lag and temporary crashes due to high traffic [1] Future Outlook - The Chairman and CEO of Pop Mart, Wang Ning, expressed optimism about achieving 20 billion HKD in revenue this year, suggesting that reaching 30 billion HKD could also be feasible [1] - On August 22, it was announced that Pop Mart would be included in the Hang Seng Index, with the change effective from September 8 [1]

Economic News - Shanghai real estate policy adjustments include reducing housing purchase restrictions and optimizing housing credit policies, effective from August 26, 2025 [1] - The central government aims to establish a national carbon trading market by 2030, covering major industrial sectors and enhancing voluntary emission reduction mechanisms [1] - The National Development and Reform Commission is gathering opinions from enterprises on the 14th Five-Year Plan, focusing on expanding domestic demand and stabilizing employment [1] - The People's Bank of China is promoting financial support for high-quality forestry development, including innovations in forest rights mortgage loans [1] - The People's Bank of China conducted a 7-day reverse repurchase operation of 288.4 billion yuan at an interest rate of 1.40% [1] - U.S. President Trump plans to deploy troops to cities like Chicago to combat crime, which has sparked public discontent [4] Company Insights - Nvidia has launched the Jetson AGX Thor developer kit for robotics applications, priced at $3,499, available globally [10] - Huida Technology's president is under investigation for insider trading, but the company asserts that it will not affect its operations [10] - Elon Musk's xAI has filed a lawsuit against Apple and OpenAI, alleging collusion to maintain dominance in the AI sector [10] - Yangfan New Materials is under investigation, but the company's control remains unchanged and operations continue normally [10] - Tencent has unveiled a global game creation AI solution, VISVISE, aimed at streamlining game art development processes [10] Industry Research - The report analyzes the white liquor industry's historical cycles, identifying four key periods since 2000, with a focus on the 2013-2015 downturn [9][10] - It notes that white liquor stock prices typically bottom out two quarters before fundamental improvements are confirmed [10] - Current indicators suggest a positive trend in demand for white liquor, particularly with the upcoming Mid-Autumn Festival and National Day [10] - The report recommends focusing on leading companies like Kweichow Moutai and Wuliangye, as the white liquor sector is expected to rebound [10] Banking Sector Analysis - Jiangsu Bank reported a 7.8% year-on-year increase in revenue for the first half of 2025, with net profit rising by 8.0% [12][13] - The bank's asset quality remains strong, with a non-performing loan ratio of 0.84%, down 2 basis points from the previous quarter [14][15] - The bank's net interest margin is 1.78%, reflecting a slight decline, while total assets and loans grew by 27.0% and 18.3%, respectively [14][15] - The report projects net profit growth rates of 10.9%, 11.5%, and 11.7% for 2025-2027, maintaining a "strongly recommended" rating for the bank [16]