Core Viewpoint - Pop Mart (09992) has seen a significant stock price increase, 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 a 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 remarkable 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 plush blind box series "Starry Dream Meteorological Bureau" priced at 79 HKD each and 474 HKD per box, and the "Light Up Series" scene figurine blind box also priced at 79 HKD each and 711 HKD per box [1] - The MOKOKO rubber plush blind box, priced at 199 HKD each, gained significant popularity even before its official 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] Market Index Inclusion - On August 22, the Hang Seng Index Company announced that Pop Mart will be included in the Hang Seng Index constituents, with the change effective from September 8 [1]

Core Insights - The figurine industry, emerging from the ACG (Anime, Comic, Game) culture, has become a key medium connecting IPs with consumers, fulfilling emotional, collectible, and aesthetic needs [1][2] - The market size of China's figurine industry is projected to grow from 3.66 billion yuan in 2020 to 11.08 billion yuan in 2024, with an expected reach of 16.2 billion yuan by 2026 [1][18] - The global figurine market is characterized by a "one strong, many strong" pattern, with Chinese brands accelerating their international expansion [1][20] Industry Overview - Figurines are designed based on characters from anime, games, movies, and brands, serving as a physical representation of virtual images [2][3] - The figurine market is segmented into three categories: by production process and form, by acquisition method and market positioning, and by IP source [3] Favorable Factors for Development - The expansion of the consumer base and the release of generational dividends are driving the figurine market, with the number of pan-ACG users in China expected to reach 503 million by 2024 [5] - The rise of domestic IPs, such as "Genshin Impact," is reshaping the industry ecosystem, with domestic IP figurines' market share increasing from less than 30% in 2020 to 45% in 2024 [7][18] - Technological innovations, including 3D printing and automation, are enhancing production efficiency and consumer experience [8] Market Trends - The figurine market is expected to see a shift towards IP globalization, technological innovation driving experience upgrades, and market segmentation with sustainable development [25] - The market is projected to grow at a CAGR of 24.8%, with the average price per product increasing from the 300 yuan range to over 600 yuan [18][28] - The trend of "cultural value extraction + supply chain efficiency" is becoming a competitive focus among leading companies [22] Competitive Landscape - The global figurine market is dominated by Bandai, Good Smile Company, and Pop Mart, with Bandai holding a 25% market share [20][22] - The competition is characterized by a focus on cultural innovation and supply chain efficiency, with leading companies accelerating their globalization strategies [22] Future Development Directions - The industry will increasingly focus on cultural output and the integration of traditional elements with modern design [25][26] - The application of eco-friendly materials and the development of a circular economy will become industry norms [28]

大型蓝筹股绝大多数下跌，汇丰控股收报101.904港元，较香港收市涨0.40%；腾讯控股收报610.534港元，较香港收市跌0.65%。 | 序号 | 名称 | 港股代码 | 涨跌额 | 涨跌幅 | ADRACT | ADR换算价(HKD) | 较港股升跌 | 较港股升跌% ADRE | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | ○ 00700 | +14.500 | 2.42% | TCEHY | 610.534 | -3.966 | -0.65% | | 2 | 阿里巴巴-W | 09988 | +6.500 | 5.51% | BABA | 121.433 | -3.067 | -2.46% | | 3 | 建设银行 | 00939 | -0.020 | -0.26% | CICHY | 7.683 | -0.047 | -0.60% | | 4 | 汇丰控股 | 00005 | +0.200 | 0.20% | HSBC | 101.904 | +0.404 | 0.40% | | 5 | 小米集团-W | ...

8月22日，恒生指数有限公司公布了最新季度检讨结果。恒生指数成分股数目将从85只增加至88只，新 纳入中国电信股份有限公司、京东物流股份有限公司和泡泡玛特国际集团有限公司。所有变动将于2025 年9月8日正式生效。 此次调整结果基本符合市场预期，三只新纳入的股票分别来自不同行业，体现了恒指行业代表性和多样 性的考量。 泡泡玛特作为中国文化产品最流行的IP，产品风靡全球；中国电信实力雄厚，代表了国央企的稳健发 展；京东物流作为中国物流行业的创新者和领军者，以科技驱动，助力行业降低物流成本备受关注。 恒指调整带来的资金流动不容小觑。追踪恒生指数的ETF规模约为303.5亿美元，这些被动资金需要调 整投资组合以跟踪指数变化。行业人士分析，新纳入的三只个股有望获得增量资金青睐，港股作为"全 球价值洼地"，其中长期投资价值仍受认可，南向资金持续流入便是证明。 （文章来源：证券日报） ...

Group 1 - Louis Vuitton opened its first independent perfume and beauty boutique in Nanjing, China, with a new lipstick series priced at 1200 yuan and a replacement core at 510 yuan, launching on August 25 [2] - Sporty & Rich launched a limited-time pop-up space "WELLNESS CLUB" in Shanghai, inspired by California's native ecology, promoting a lifestyle of health and self-care [4] - Pas Normal Studios opened its flagship store in Shanghai, focusing on community interaction and cycling culture, following its first store in Beijing [6] Group 2 - TWOI Design Lab opened its first store in Shanghai, targeting young women with a "cream style" aesthetic, offering clothing, shoes, and accessories [7] - TravelDepot plans to open its first global flagship store in Hangzhou, covering 300-500 square meters, focusing on travel-related products and services [10] - ONE MOMENT opened its first store in Chengdu, featuring a modern retro style aimed at young women [14] Group 3 - Anta's first "Rizhao Jinshan" themed store opened in Shenyang, showcasing outdoor and all-weather apparel across three floors [18] - Decathlon responded to rumors of selling 30% of its Chinese subsidiary, emphasizing its commitment to long-term development in China [20] - Pandora announced plans to close 100 stores in China, expanding its initial plan to close 50 stores due to declining sales [22] Group 4 - Xianyu opened its first circular store in Shenzhen, integrating resale and recycling into its business model [21] - Hema Fresh opened four new stores in China, with plans to open nearly 100 more this fiscal year [23] - Aldi is entering the Nanjing market with its first store [24] Group 5 - JD's discount supermarket opened its first store in Zhuozhou, featuring over 5000 high-quality products and plans for rapid expansion [27] - JD's Seven Fresh Food MALL plans to expand nationwide after successful operations in Harbin [28] - TOP TOY completed a new round of financing led by Temasek, achieving a valuation of 10 billion HKD [29] Group 6 - Lao Pu Gold reported a 249.4% increase in sales revenue for the first half of 2025, with an average sales performance of approximately 4.59 billion yuan per store [32] - Pop Mart's revenue for the first half of 2025 reached 138.8 billion yuan, exceeding the total revenue for 2024 [33] - Miniso's revenue for the first half of 2025 was 93.93 billion yuan, with a net profit increase of 11% [34] Group 7 - Amer Sports reported a 42% revenue increase in the Greater China region for Q2 2025 [35] - Li Ning's revenue for the first half of 2025 grew by 3.3% to 148.2 billion yuan [37] - Xtep Group's revenue for the first half of 2025 increased by 7.1% to 68.38 billion yuan [38] Group 8 - Estée Lauder's net sales for the 2025 fiscal year declined by 8%, marking the third consecutive year of decline [39] - Walmart China reported a 30.1% increase in net sales for Q2 2026, with e-commerce sales growing by 39% [41] - Authentic Brands Group announced the acquisition of Guess for 1.4 billion USD, including debt [42]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][6]. Core Views - The company achieved a revenue of 13.876 billion yuan in the first half of 2025, representing a year-on-year growth of 204.4% [6]. - Adjusted net profit reached 4.710 billion yuan, with a year-on-year increase of 362.8%, and an adjusted net profit margin of 33.94%, up by 11.6 percentage points [6]. - The company’s IP matrix continues to grow, with significant contributions from top IPs and a rapid increase in new IP cultivation [6]. Financial Performance - Revenue breakdown shows that the top IPs generated significant income, with "The monsters" contributing 4.81 billion yuan, "Molly" 1.36 billion yuan, and "Skullpanda" 1.22 billion yuan, among others [6]. - The plush category saw a staggering growth of 1276.2% to 6.139 billion yuan, becoming the highest revenue-generating category [6]. - The company’s gross margin improved to 70.3%, a year-on-year increase of 6.3 percentage points, driven by better cost control and a higher proportion of overseas high-margin business [6]. Revenue and Profit Forecast - The company forecasts total revenue of 30.05 billion yuan for 2025, with a year-on-year growth of 130% [7]. - Adjusted net profit is projected to reach 10.368 billion yuan in 2025, reflecting a growth of 205% [7]. - The adjusted PE ratios for 2025, 2026, and 2027 are estimated at 37.4x, 27.3x, and 22.4x respectively [7]. Market Expansion - The company reported a revenue of 8.28 billion yuan from the China region, a year-on-year increase of 135.2%, with significant growth in offline channels [6]. - Overseas revenue reached 5.59 billion yuan, marking a remarkable growth of 439.6%, with the Americas showing a particularly high growth rate of 1142.3% [6]. - The company plans to expand its overseas store count to 200 by the end of the year, with a focus on emerging markets such as the Middle East and South Asia [6].

Core Insights - The rise of emotional consumption and the "millet economy" are key drivers, with the Gen Z demographic leading to over 500 million participants in the pan-second dimension market by 2024, and a market size of approximately 600 billion yuan, including a millet economy worth over 150 billion yuan [1] - The trend in the collectible toy market is expected to reach 110 billion yuan by 2027, with a competitive landscape characterized by "one strong and many strong" players, where Pop Mart leads the industry, while foreign brands like Lego and Bandai hold significant market shares [1] Market Segmentation - In the toy segment, blind boxes, building toys, and card games are leading the growth of the collectible toy industry, with blind boxes driven by unknown stimuli and IP value, targeting a consumer base that is 75% female and primarily Gen Z, with a projected market size of 58 billion yuan by 2025 [1][2] - Building toys are designed for all age groups, activating both parent-child and adult scenarios, with a market size expected to reach 64 billion yuan by 2028, led by domestic brand Blokus [1][2] - Card games focus on a younger demographic (ages 8-15) and are dependent on parental spending, with a projected market size of 44.6 billion yuan by 2029, where Card Game occupies a leading position [1][2] Competitive Landscape - Leading companies such as Pop Mart, Blokus, and Card Game are driving industry development through differentiated competition, with Pop Mart focusing on IP incubation and blind box mechanisms, Blokus targeting children's educational scenarios, and Card Game emphasizing children's social interaction [3] - Pop Mart maintains strong channel control primarily through direct sales, while Blokus is shifting from online direct sales to a dealer-centric model, and Card Game is also focusing on a dealer model but is experiencing channel contraction [3] - Financially, Pop Mart is enhancing its brand premium with a projected gross margin of 66.8% and an adjusted net profit margin of 26.1% in 2024, while Blokus has improved its inventory turnover days from 137 to 46, achieving a turnaround in adjusted net profit margin from -107.9% to 26.1% [3] International Insights - Successful overseas companies demonstrate that a multi-faceted business ecosystem centered around IP is crucial, with Disney leveraging its IP across films, parks, and merchandise, Bandai focusing on vertical IP and high-precision models, and Sanrio expanding its "cute economy" through light asset character licensing [4]

王军提到，"十四五"期间，中国海关聚焦侵权多发领域，连续开展知识产权保护的"龙腾行动"、寄递渠 道的"蓝网行动"、出口转运货物的"净网行动"，一系列专项行动形成打击侵权的高压态势，累计查扣侵 权嫌疑货物26万批、接近4亿件。 王军强调，中国海关既保护自主知识产权，也保护国外企业在中国的合法权益，既阻止境外侵权产品流 入国内，也打击国内侵权产品流向境外。 谈及走私行为，中国海关总署署长孙梅君称，"十四五"以来，海关会同公安等相关部门，累计侦办走私 犯罪案件2.3万起，案值近4800亿元(人民币，下同)，涉税600多亿元。在查缉毒品走私方面，"十四 五"以来，中国海关立案侦办走私入境毒品犯罪案件3032起，缴获冰毒、可卡因等各类毒品15.7吨。 "套代购"是利用免税资格和额度、购买免税品、进行二次销售牟利的违法行为。据孙梅君介绍，"十四 五"以来，海关查办"套代购"案件案值59亿元。 她还提到，"十四五"以来，"湄龙"行动参与国家(地区)已发展到20多个，根据各方通报，共查获各类毒 品和易制毒化学品60多吨、濒危野生动植物制品479吨。"大地女神"行动参与国家(地区)共通报查获的 走私废物3.5万吨。 "湄龙"行 ...

Core Viewpoint - The recent launch of the "Starry People Dream Meteorological Bureau Series" blind box by Pop Mart has generated significant consumer interest and sales, indicating a strong market demand for new IPs in the collectible toy sector [1][2]. Product Launch and Sales - Pop Mart has introduced multiple new products, including the "Starry People" blind box, which is part of its newly signed IP for 2024 and has already achieved a revenue of 390 million yuan in the first half of the year [2]. - The pricing for the blind boxes is set at 79 yuan each and 474 yuan for a full box, while the "MOKOKO" plush toys are priced at 199 yuan each. The products sold out almost instantly upon release, with inventory disappearing within seconds on various platforms [3]. Market Demand and Resale Prices - The shortage of available stock has led to a surge in resale prices on secondary markets, with the full box of "Starry People" selling for as much as 1,350 yuan, representing a nearly threefold increase in price. Individual pieces are averaging 150 yuan, nearly double the original price, while hidden variants have reached 478 yuan, over six times the original price [8][12]. - The excitement surrounding the "Starry People" series has drawn comparisons to the previous popular series, LABUBU 3.0, which has seen its prices drop to 780 yuan, indicating a shift in consumer interest and potential for "Starry People" to become the next big hit [15][16]. Production Capacity and Challenges - Pop Mart's supply chain president revealed that the production capacity for plush toys has increased significantly, with August's output reaching approximately 30 million units, a tenfold increase compared to previous levels. However, there are concerns about meeting the high demand, as the company is still in the process of ramping up production [18].

Group 1 - Traditional retail giants are facing significant performance challenges, with major players like Baisheng Group reporting an 18.4% drop in same-store sales and announcing the closure of its Beijing store by year-end [3][4] - Other retailers such as Xinhua Department Store and Tianhong reported revenue declines of 0.99% and 1.79% respectively, while Nanning Department Store experienced a net loss of 13.38 million yuan, a 653.3% increase in loss [3][4] Group 2 - The outlet mall sector is experiencing a growth spurt, with multiple new projects announced, including the opening of Wuhan Shanshan Outlet on September 25, which will be the first "Lakeside Outlet" in Central China [5][6] - The emergence of differentiated concepts like "Lakeside Outlet" and "Warehouse-style Outlet" indicates that this sector is effectively targeting various consumer needs amid a backdrop of consumption downgrade [6] Group 3 - A wave of renaming among shopping centers reflects strategic shifts and the need for brand upgrades, with examples including the rebranding of "Changsha Beichen Triangular Deyue City" to "Changsha Beichen Hui" [7][8] - The rebranding of "Shenyang Vanke Plaza" to "Wan Qian Hui" resulted in a 15% increase in foot traffic and a 26% rise in sales, demonstrating the effectiveness of targeted brand revitalization [8] Group 4 - China is becoming a testing ground for global brand innovations, with notable first stores like LV Beauty opening in Nanjing and Haidilao launching an innovative concept store in Beijing [10][11] - This trend indicates a shift in China's market position from a follower to a leader in global brand innovation, as brands increasingly prioritize launching new products in China [11] Group 5 - There is a dual acceleration in the internationalization of brands in China and the globalization of local brands, with companies like Anta and Li Ning deepening market penetration through themed stores [12][13] - The significant growth of brands like Pop Mart, which reported a 204.4% increase in revenue, highlights China's market as a critical battleground for both international and domestic brands [13]