Core Viewpoint - The incident involving Pop Mart's live streaming has sparked significant discussion online, particularly regarding the pricing of their IP-related products and the company's response to the situation [1] Group 1: Incident Details - During a live stream promoting a specific IP product, two staff members were recorded discussing the high price of the product, with one stating, "It's okay, someone will pay for it" [1] - The incident quickly gained traction on social media, leading to the hashtag PopMartLiveIncident trending at the top [1] Group 2: Company Response - Reports indicate that the two staff members involved in the incident have been dismissed, and related departments are facing accountability [1] - However, an internal source from Pop Mart clarified that while the incident did occur, the company is conducting an urgent investigation and will not be terminating the employees involved in the live streaming incident [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月6日，泡泡玛特DIMOO全新系列"新生日记"发售。当晚，泡泡玛特直播间员工展示"DIMOO新生日 记系列挂链盲盒"（原价79元）时，一名工作人员脱口而出："哎嘛，这东西卖79确实有点……"；另一 员工随即回应："没事，会有人买单的"。此番对话被直播收录传播。 图片来 源于网络截图 在社交媒体上，消费者对该产品的口碑也是很明显的两极分化。喜欢DIMOO的消费者认为，这是 DIMOO最好看的一款搪胶产品，也是目前第一款DIMOO非联名的盲盒；另外一部分消费者则认为，该 产品坐姿和Labubu 2.0 "坐坐派对"系列一致，配色和Labubu 3.0 "前方高能"系列相似，甚至有消费者认 为就是DIMOO版"坐坐派对"。 得物App数据显示，泡泡玛特DIMOO全新系列"新生日记"开售后秒售罄。本次发售的DIMOO全新系 列"新生日记"是DIMOO第二款搪胶盲盒挂件，也是首款非联名的搪胶盲盒产品，包括6个基本款和1个 隐藏款，分别对应"陌生"、"依赖"等7种感情。 在得物App平台上，DIMOO黑色的隐藏款"安全感"发售后溢价最高，价格上 ...

11月6日，泡泡玛特DIMOO全新系列"新生日记"发售。当晚，泡泡玛特直播间员工展示"DIMOO新生日 记系列挂链盲盒"（原价79元）时，一名工作人员脱口而出："哎嘛，这东西卖79确实有点……"；另一 员工随即回应："没事，会有人买单的"。此番对话被直播收录传播。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 事情发生后，在社交平台引发大量对"情绪溢价"的讨论。大量网友对此解读为"内部吐槽公司定价高， 暗讽消费者是韭菜"。一些网友质疑产品材质材质成本与售价不匹配，其主要材质为锌合金、树脂、聚 酯纤维，尺寸约19cm（挂绳）及3×3.6cm（合金片）。但也有一些泡泡玛特爱好者则认为这是为情绪买 单。 据悉，DIMOO是由中国设计师Ayan Deng（邓瞻）创作的IP，目前该IP已被泡泡玛特收购成为其自有 IP。 在社交媒体上，消费者对该产品的口碑也是很明显的两极分化。喜欢DIMOO的消费者认为，这是 DIMOO最好看的一款搪胶产品，也是目前第一款DIMOO非联名的盲盒；另外一部分消费者则认为，该 产品坐姿和Labubu 2.0 "坐坐派对"系列一致，配色和Labubu 3.0 "前方 ...

Core Viewpoint - The incident involving a live broadcast by Pop Mart has sparked significant public backlash due to comments made about the pricing of a new product, the DIMOO blind box, which retails for 79 yuan, raising concerns about its perceived value and quality [3][7]. Group 1: Incident Details - On November 7, during a live stream, a staff member commented that the price of the DIMOO blind box was "a bit expensive," which was met with a dismissive response, leading to public outrage [3]. - The live stream team acknowledged the feedback and stated they are investigating the matter internally [3]. - Pop Mart's customer service confirmed that they are addressing the incident and have not yet decided on any price adjustments for the product [3]. Group 2: Product Information - The DIMOO blind box series includes 6 regular items and 1 hidden item, with a purchase probability of 1:6 for regular items and 1:72 for the hidden item [4]. - The blind box is priced at 79 yuan individually and 474 yuan for a full box [4]. Group 3: Financial Performance - Pop Mart reported a strong financial performance, with a 245% year-on-year increase in overall revenue for Q3 2025, including a 185% increase in China and a 365% increase overseas [7]. - The DIMOO brand is identified as Pop Mart's fifth-largest artist IP, generating 1.105 billion yuan in revenue, accounting for 8% of total revenue in the first half of the year [7]. Group 4: Executive Actions - The founder and CEO of Pop Mart, Wang Ning, recently sold 21.7 million shares at an average price of 71.98 HKD, totaling 1.562 billion HKD [7].

Core Viewpoint - The incident during a live broadcast by Pop Mart has sparked discussions about consumer perceptions and the value of IP, highlighting the potential for IP to enhance product value beyond traditional limits [1] Group 1: Incident Overview - A live broadcast by Pop Mart on Douyin faced criticism when a staff member questioned the pricing of a product, suggesting that consumers might be taken advantage of [1] - Following the incident, Pop Mart's customer service stated that internal measures would be taken regarding the staff involved and confirmed no current plans to adjust the product pricing [1] Group 2: IP Value Proposition - Pop Mart's founder, Wang Ning, emphasized the limitless potential of IP, stating that it can be applied to various products, enhancing their perceived value [1] - An example provided was that a transparent cup priced at 5 yuan could be sold for 10 yuan simply by adding a MOLLY design, illustrating the significant impact of IP on product pricing [1] - Wang Ning argued that while there may be a ceiling for collectible toys, the potential for IP and the company itself does not have a defined limit, suggesting ongoing opportunities for growth and diversification [1]

Core Viewpoint - The article discusses a recent incident involving Pop Mart's live streaming event, where a staff member's comment about the pricing of a product sparked public outrage, highlighting potential issues with product pricing and consumer perception [6][11]. Group 1: Incident Overview - On November 7, during a live stream, a staff member commented that a DIMOO blind box priced at 79 yuan was "a bit expensive," which led to significant backlash from viewers [6]. - The live stream team acknowledged the feedback and stated they were investigating the incident internally [6][12]. Group 2: Product Details - The DIMOO blind box series includes 6 regular items and 1 hidden item, with a purchase probability of 1:6 for regular items and 1:72 for the hidden item. The price for a single blind box is 79 yuan, while a full box costs 474 yuan [7][8]. - The product is made from materials such as zinc alloy, polyester, resin, and glass/acrylic, but there are concerns about its perceived value compared to lower-cost imitations [11]. Group 3: Company Performance - Pop Mart reported a strong performance in Q3 2025, with overall revenue increasing by 245% year-on-year, driven by a 185% increase in domestic revenue and a 365% increase in overseas revenue [11]. - The DIMOO brand, which is part of Pop Mart's portfolio, generated 1.105 billion yuan in revenue during the first half of 2025, accounting for 8% of the company's total revenue [12].

Group 1: Market Overview - The consumer service, retail, and media sectors in Hong Kong have shown significant performance, with the consumer service sector down by 17.34%, retail up by 94.61%, and media up by 50.98% as of October 24, 2025 [13][10][12] - The strong valuation recovery in Hong Kong stocks is attributed to a combination of global interest rate cuts, inflows of foreign and southbound capital, and the revaluation of core internet assets like Tencent and Alibaba [13][10] - The new consumption leaders in IP toys, tea drinks, and beauty sectors are showing positive fundamentals, leading to structural market trends [13][10] Group 2: IP Economy - The global licensed consumer goods market is projected to reach $307.9 billion in 2024, with a year-on-year growth of 10% [28] - Fashion apparel is identified as the category with the highest growth potential at 70%, followed by toys at 54% and food and beverages at 52% [31] - Disney, Pokémon, and Sanrio are leading in licensed retail sales, with Disney achieving $62 billion in 2024 [29][31] Group 3: Health and Wellness - The ready-to-drink beverage segment is expected to see significant penetration growth globally, with companies like Mixue Group and Guming benefiting from a positive operational cycle [4] - The return of home-cooked meals and increased health awareness are driving demand for traditional and healthy food options [4] Group 4: Beauty Sector - The cosmetics sector in China is experiencing slower growth compared to overall retail, with Douyin (TikTok) emerging as a key player in marketing and sales [4] - New ingredients and concepts are gaining traction, with a rise in oral beauty and health products [4] Group 5: Globalization Trends - The demand for spiritual entertainment in the Middle East is surging, with companies like Red Child City Technology seeing over 60% of their revenue from this region [4] - The cross-border e-commerce landscape is expanding, with companies like J&T Express capitalizing on the growth in Southeast Asia, where parcel volumes increased by 79% year-on-year [4] Group 6: Consumer Behavior Changes - The shift in consumer behavior towards more personalized and experiential consumption is evident, with a focus on self-fulfillment and value realization [4] - The education sector is adapting to changing perceptions, with new products targeting high school and college graduates to address employment challenges [4] Group 7: Entertainment and Leisure - The live music and sports sectors are expected to outperform the broader service consumption market, with companies like Ctrip and Damai Entertainment positioned to benefit [4] - The domestic concert market is maintaining high growth, with ticket sales and attendance showing significant year-on-year increases [73]

Group 1: Core Insights - The China International Import Expo (CIIE) showcases innovative products and reflects new consumer trends, serving as a key window to understand the evolving Chinese consumer market [1] - Exhibitors express confidence in the Chinese market due to a transparent and stable policy environment, as well as a fair and inclusive market landscape [1] Group 2: Health and Wellness Consumption - Lululemon highlights the growing health consciousness among Chinese consumers, positioning China as its second-largest global market, driven by an improved business environment and rising consumer confidence [2] - The demand for high-quality, eco-friendly health products is increasing, indicating a higher consumer awareness regarding health products [3] Group 3: Interest-Based Consumption - PEZ candy, known for its collaboration with popular IPs, attracts significant consumer interest at the expo, showcasing the emotional connection consumers have with brands [4] - Pop Mart leverages its popular IPs to create immersive experiences, enhancing consumer engagement and interaction at the event [5] Group 4: Smart Technology Trends - Companies like Samsung are focusing on AI integration in consumer products, enhancing user experience through smart technology [6] - SYR Hansgrohe introduces AI-driven products that adapt to user habits, targeting emerging markets such as the silver economy and pet care [7]

Group 1: Market Trends - The China International Import Expo showcases a variety of intelligent products and trendy items, reflecting new consumer themes, scenarios, and trends in the market [1] - Exhibitors express confidence in the Chinese market due to a transparent and stable policy environment, as well as a fair and inclusive market atmosphere [1][2] - The demand for health-related products is on the rise, with companies like lululemon noting that the Chinese market has become one of their fastest-growing regions [2] Group 2: Consumer Behavior - There is a noticeable increase in consumer awareness regarding health products, with a growing demand for high-quality, environmentally friendly, and natural health products [2] - Interest consumption is expanding, as seen with brands like PEZ and Pop Mart, which leverage emotional connections through popular IPs to attract consumers [3] Group 3: Technological Advancements - The trend of intelligent upgrades is evident, with companies like Samsung integrating AI into their products to enhance consumer experiences [4] - SYR Hansgrohe showcases AI applications in their products, such as a dual-tank soft water system that learns user habits and predicts water usage trends [4]

Core Viewpoint - The article discusses the significant decline in the stock price of Pop Mart, highlighting a clash between Eastern and Western perceptions of consumer culture and investment strategies, suggesting that foreign investors fail to understand the unique emotional connections that Chinese consumers have with products like Labubu [1][3][4]. Group 1: Market Dynamics - Pop Mart's stock price drop is perceived as a typical market fluctuation, but it represents a deeper cultural conflict and a challenge to traditional investment narratives [1]. - The article draws parallels between Pop Mart's situation and the historical example of Beanie Babies, indicating that Western investors view Pop Mart as another fleeting trend rather than a sustainable business model [1][3]. - The emotional economy surrounding products like Labubu is rooted in cultural nuances that Western investors struggle to grasp, leading to a misinterpretation of the brand's value [4][6]. Group 2: Cultural Perspectives - The entrenched biases of Western capital markets stem from a "narrative hegemony" that dictates what constitutes a successful intellectual property (IP), often overlooking the unique emotional connections in Eastern cultures [3][4]. - Pop Mart's business model, which integrates IP incubation, design, supply chain management, and direct retail, contrasts sharply with the licensing-dependent models of Western IP giants, showcasing a new commercial paradigm [4][6]. - The willingness of domestic investors to buy into Pop Mart despite market pressures reflects a deeper understanding of local consumer behavior and the emotional value of products in modern society [6][7]. Group 3: Future Implications - The ongoing short-selling battle transcends mere stock price fluctuations, evolving into a struggle for defining consumer narratives and market authority [6]. - The challenges faced by Pop Mart are indicative of the broader journey of Chinese innovative companies as they seek to ascend the value chain and redefine market standards [6][7]. - The article posits that the rise of new business models in China, such as those exemplified by Pop Mart, poses a threat to established Western paradigms, leading to defensive reactions from traditional investors [7][9].