Core Insights - The company reported better-than-expected profits for H1 2025, with optimistic full-year guidance and a "buy" rating maintained due to successful overseas expansion and the rise of new IPs [1][2] Financial Performance - In H1 2025, the company achieved revenue of 13.88 billion yuan, a year-on-year increase of 204.4% - Net profit reached 4.68 billion yuan, up 385.6%, exceeding the previous profit forecast of 350% - Adjusted net profit was 4.71 billion yuan, reflecting a year-on-year growth of 362.8% - Gross margin stood at 70.3%, an increase of 6.3 percentage points year-on-year - Adjusted net profit margin was 33.9%, up 11.6 percentage points year-on-year [1] Market Expansion - The global market saw explosive growth, with the Americas experiencing over 11-fold growth year-on-year - Revenue from different regions in H1 2025 was as follows: China 8.28 billion yuan (up 135%), Asia-Pacific 2.85 billion yuan (up 258%), Americas 2.26 billion yuan (up 1142%), and Europe & others 480 million yuan (up 729%) - The Americas accounted for 16.3% of total revenue, with offline and online revenues of 840 million yuan and 1.33 billion yuan respectively, indicating strong popularity of the company's IP on social media [2] IP Development - The company has established a strong IP matrix with five major IPs generating over 1 billion yuan in revenue - The top-performing IPs include THE MONSTERS (4.81 billion yuan, up 668%), MOLLY (1.36 billion yuan, up 74%), SKULLPANDA (1.22 billion yuan, up 113%), CRYBABY (1.22 billion yuan, up 249%), and DIMOO (1.11 billion yuan, up 193%) - Among 13 IPs generating over 100 million yuan, the fastest-growing IP is 星星人, contributing 390 million yuan [2]

机构：中信建投证券 研究员：杨艾莉/杨晓玮 核心观点 亮点4：高margin 能力显现，供应链与运营效率持续提升。上半年公司毛利率70%创新高，同比/环比增 加6pct/2pct；经调整净利率为34%创新高，同比/环比增加12pct/6pct。全年净利率指引35%，下半年净利 率有望环比进一步提升。从产能上看，目前毛绒月产能3000 万，预估12 月接近5000 万，结合3D 打印 等新技术，毛利率还有望提升。从运营效率看，上半年存货周转天数8 3天，同比去年的100 天明显下降 （同时公司收入同增200%）。 投资建议：公司上半年收入利润均超预期，增长驱动力并不局限于海外，国内单店收入、除LABUBU 以外的其他IP、供应链能力均有亮眼表现。业绩会也反映公司延续业绩高增长的同时，更注重经营质量 和中长期的健康增长。我们认为下半年核心看点包括产能爬坡与生产效率再提升、mini Labubu 等新产 品打开产品使用场景、海外更多首城首店开业。我们预计公司2025-2027 年经调整净利润为 106.26/152.74/196.75 亿元，同比增长212.2%/43.7%/28.8%，2025 年8 月22 日收 ...

Core Viewpoint - The Hang Seng Index Company announced its semi-annual index adjustment results, including the addition of China Telecom, JD Logistics, and Pop Mart to the Hang Seng Index, with Pop Mart also being included in the Hang Seng China Enterprises Index. The Hang Seng Technology Index remained unchanged [1][2]. Group 1: Index Adjustments - The Hang Seng Index will include China Telecom, JD Logistics, and Pop Mart with respective weights of 1.44%, 0.51%, and 0.22%, increasing the total number of constituent stocks to 88 [2]. - Pop Mart will be included in the Hang Seng China Enterprises Index with a weight of 2.10%, maintaining the total number of constituent stocks at 50 [2]. - The Hang Seng Technology Index will not have any additions or removals, keeping its total at 30 constituent stocks [2]. Group 2: Fund Flows - The expected fund inflows from the additions are approximately $160 million for China Telecom, $68.74 million for JD Logistics, and $45 million for Pop Mart, with respective inflow durations of 4.4 days, 3.5 days, and 1.0 day [2]. - For the Hang Seng China Enterprises Index, Pop Mart is expected to bring in $150 million with an inflow duration of about 0.3 days [3]. - The Hang Seng Technology Index is projected to see significant inflows for Horizon Robotics and BYD, estimated at $560 million and $500 million, with inflow durations of 3.4 days and 0.9 days respectively [3]. Group 3: Stock Connect Adjustments - A total of 20 stocks are expected to be added to the Stock Connect, with 19 stocks being removed, aligning closely with previous predictions [4]. - The potential new additions to the Stock Connect include companies such as China Foods, Cao Cao Travel, and others [4]. - Companies like CATL, Heng Rui Medicine, and Sanhua Intelligent Control, which are already listed in both A and H shares, will enter the Stock Connect after their price stabilization period ends [4]. Group 4: Implementation Timeline - The index adjustments will be implemented on September 5 and will officially take effect on September 8 [5]. - The official announcement regarding the Stock Connect adjustments will be published on September 5, with trading commencing on September 8 [5]. Group 5: Market Reactions - Active funds may engage in preemptive buying or selling for arbitrage, while passive funds will adjust their holdings at the end of the trading day on September 5, leading to significant trading volume for related stocks [6].

Core Viewpoint - The Hang Seng Index Company announced the quarterly review results of the Hang Seng Index series as of June 30, with adjustments to various indices set to take effect on September 8 [1] Group 1: Index Adjustments - The Hang Seng Index and the Hang Seng China Enterprises Index will include Pop Mart [1] - The Hang Seng Index will also add China Telecom and JD Logistics [1] - The Hang Seng Biotechnology Index will undergo significant changes, adding InnoCare Pharma-B and removing 21 stocks, reducing the total number of constituent stocks from 50 to 30, focusing more on innovative drugs [1] - The Hang Seng Internet Technology Index will include New Oriental Education, SUTENG, and Yunzhisheng [1]

Group 1 - Miniso's stock increased by nearly 5% [1] - Lao Pu Gold and Xiaomi Group both rose by 2% [1] - Li Auto, Cha Bai Dao, and Guo Quan saw increases of over 1.5% [1] Group 2 - Bruker experienced a decline of over 13.5% [1] - Hou Shang A Yi fell by nearly 6% [1] - Leap Motor dropped by nearly 3.5% [1] - Pop Mart decreased by nearly 1% [1]

（文章来源：每日经济新闻） 泡泡玛特于2020年在港交所上市，截至8月22日收盘，泡泡玛特每股报价320.4港元，总市值超过4300亿 港元，今年以来，泡泡玛特股价涨幅超过258%。根据其8月19日发布的2025年上半年财报显示，实现营 收138.8亿元，同比增长204.4%，经调整净利润47.1亿元，同比增长362.8%。半年营收突破百亿，净利 润超2024全年，集团业绩再创新高，各项经营指标表现优异。在业绩说明会上，泡泡玛特董事长兼CEO 王宁曾表示集团全年营收预计不低于300亿元。 港股消费ETF（513230）跟踪中证港股通消费主题指数，一键打包互联网电商龙头+新消费，成分股近 乎囊括港股消费的各个领域，包括泡泡玛特、老铺黄金、蜜雪集团等新消费龙头，又包含小米、阿里巴 巴、腾讯、美团等互联网电商龙头，科技+消费属性突出。 8月22日，恒生指数公司公布最新季度检讨结果，决定将中国电信、京东物流、泡泡玛特纳入恒生指 数，成分股数目由85只增至88只，调整将于9月8日生效。这是泡泡玛特首次被纳入恒生指数，体现了资 本市场对于泡泡玛特综合实力的高度认可。此前，泡泡玛特曾多次被列入恒生指数潜在候选股。 就在纳入 ...

星星人随心配系列、MOLLY面包脑袋系列、CRYBABY飞天小女警系列……在近日于台北举行的2025 台湾旅游展秋季展（简称"秋季旅展"）现场，多款风靡两岸的大陆潮玩IP吸引了台湾民众的关注，大家 纷纷前往对应展区打卡参观。 这一亮相于秋季旅展的热门展区由海峡两岸旅游交流协会台北办事处（简称"海旅会台北办"）携手潮玩 品牌泡泡玛特共同推出，主题为"跟着潮玩去旅行"，共设8个展位，以泡泡玛特旗下的"星星人"为主视 觉，集中展示多款颇受欢迎的潮玩商品。 在"星星人"展台前，来自台北的邱小姐捧起一只"星星人"玩偶，向记者介绍起它的特点和自己收藏泡泡 玛特手办的经历。邱小姐说，自己和朋友都特别喜欢泡泡玛特，她已经"入坑"一年多，先后买了十几个 产品。"每个系列的设计特点都不一样，背后都有故事。特别是忙碌一天后，我下班回家看到它们就会 很高兴。希望有一天能去北京的泡泡玛特城市乐园游玩，和LABUBU来一场亲密互动。" "年轻人对潮玩IP有着极大的消费热情。希望让年轻人与潮玩IP之间有着更深入的情感连接，丰富自己 的精神世界，感受到更多生活中的美好。"泡泡玛特国际集团副总裁陈晓芸说，泡泡玛特城市乐园已成 为消费者线下沉浸 ...

Core Viewpoint - The popularity of the new "Starry People Dream Meteorological Bureau Series" IP from Pop Mart has led to a significant increase in secondary market prices, with some items being resold at three times their original price [1][11]. Group 1: Market Demand and Sales - The new products from Pop Mart sold out within seconds on official and major e-commerce platforms, indicating high demand [3][9]. - Consumers are actively trying to purchase these limited items, with some setting alarms to ensure they can buy them as soon as they are available [4][10]. - The overwhelming traffic on sales platforms has caused some to experience lag and temporary crashes, further complicating the purchasing process [9]. Group 2: Pricing and Resale Market - The latest complete box of the "Starry People" series has reached a resale price of 1350 yuan, representing a threefold increase, while individual items average around 150 yuan, also showing a twofold increase [11]. - Hidden variants of the series are being sold for as high as 478 yuan, with a premium exceeding six times the original price [11]. - Some resellers believe that the "Starry People" series could become the next big hit following the LABUBU series, with expectations of continued price increases in the future [13][15]. Group 3: Consumer Sentiment - There is a mix of disbelief and excitement among consumers regarding the high prices, with some questioning who is buying these expensive items [11]. - The current order volume for the "Starry People" series has exceeded expectations, mirroring the initial frenzy seen with the LABUBU series two months prior [15].

Core Viewpoint - The article discusses the recent adjustments to the Hang Seng Index and its implications for investors, highlighting the inclusion and exclusion of specific stocks and the expected capital flows resulting from these changes [2][3][5]. Group 1: Hang Seng Index Adjustments - The Hang Seng Index has included China Telecom, JD Logistics, and Pop Mart, with respective weights of 1.44%, 0.51%, and 0.22%, increasing the total number of constituent stocks to 88 [3]. - The Hang Seng China Enterprises Index has added Pop Mart with a weight of 2.10%, while Jitu Express has been removed, maintaining the total number of constituent stocks at 50 [3]. - The Hang Seng Technology Index saw no changes, keeping its 30 constituent stocks unchanged [3]. Group 2: Capital Flow Implications - For the Hang Seng Index, the expected capital inflows from the newly included stocks are approximately $160 million for China Telecom, $68.74 million for JD Logistics, and $45 million for Pop Mart, with respective inflow durations of 4.4 days, 3.5 days, and 1.0 day [3]. - The potential capital outflow from China Bank due to weight changes could reach $12 million, with an outflow duration of about 0.6 days [3]. - In the Hang Seng China Enterprises Index, Pop Mart is expected to bring in $15 million, with an inflow duration of approximately 0.3 days, while Jitu Express may see an outflow of about $4.993 million over 1.2 days [4]. Group 3: Hong Kong Stock Connect Adjustments - The article anticipates 20 new stocks to be included in the Hong Kong Stock Connect, with 19 stocks likely to be removed, aligning closely with previous predictions [5]. - The potential new additions include companies such as China Foods, Caocao Travel, and Nanshan Aluminum International, while removals include companies like Xirui and Youkang Vision [5]. Group 4: Implementation Timeline - The adjustments will be implemented on September 5 and will officially take effect on September 8, with passive funds expected to rebalance their portfolios on the implementation date, leading to significant trading volume increases [7].

Group 1 - The core product launch includes the "Starry People Dream Meteorological Bureau Series" plush blind box priced at 79 yuan each and 474 yuan for a full box, along with the "Light Up Series" scene figurine blind box at the same individual price and 711 yuan for a full box [2] - The MOKOKO rubber plush blind box is priced at 199 yuan each, indicating a diverse product offering [2] - The "Starry People" IP has generated significant market interest, leading to rapid price increases in the secondary market, with full boxes selling for up to 1350 yuan, representing a 300% premium [3][5] Group 2 - The overwhelming demand for the "Starry People" series has resulted in stock shortages, with reports of orders exceeding expectations, similar to the previous success of the LABUBU3.0 series [7] - The company reported impressive financial results for the first half of the year, with revenue of 45.58 billion yuan, a 62% year-on-year increase, and a profit of 10.18 billion yuan, up 90.1% [8] - The CEO forecasts annual revenue to exceed 10 billion yuan, with a growth rate of at least 60%, and international revenue growth expected to be around 200% [8]