Group 1 - The 2025 China International Service Trade Fair will be held from September 10 to 14 at Shougang Park, featuring 129 forums and promotional activities [1] - Key forums include topics on service trade development, digital trade trends, world tourism cooperation, and e-commerce [1] - 58 promotional activities will facilitate international service trade cooperation, including events like "Beijing Day" and cross-border service promotion [1] Group 2 - Anhui Province will set up a 252 square meter comprehensive exhibition hall to showcase its service trade development and competitive advantages [2] - The province will also host a promotional event to highlight its business environment and service industry expansion initiatives [2]

Core Insights - The collaboration between Zhou Shen and Pop Mart for the "Anti-Deep Pronouns" series of vinyl toys was launched on August 21, with a retail price of 129 yuan each, leading to over 140,000 pre-orders on Taobao before the official sale [1] - The toys sold out quickly, with fans reporting difficulties in accessing the purchase page, likening the experience to securing concert tickets [1] - Secondary market activity surged, with some sellers listing the toys for as high as 1,800 yuan before the official release, indicating a speculative trading environment [3] Group 1 - The "Anti-Deep Pronouns" series includes a total of 7 designs, with each blind box corresponding to a song from Zhou Shen's album, and the hidden variant having a rarity of 1 in 72 [8] - After the launch, the average transaction price for the series on secondary markets was reported at 1,018 yuan, with standard versions selling between 170 to 200 yuan, and hidden variants averaging around 970 yuan, with peak prices reaching 1,200 yuan [8] - Pop Mart has not implemented specific policies to manage the high-priced speculation prior to the official release, advising consumers to purchase through official channels [3] Group 2 - Zhou Shen has urged fans to practice rational consumption and be cautious of potential scams related to the resale of the toys, highlighting concerns over counterfeit products and fraudulent listings [10] - Fans have expressed concerns about the secondary market, warning each other to be vigilant against scams and to avoid giving scalpers opportunities to profit [10]

编辑 | 甄芹 本文自南都N视频APP·政商数据。 采写 | 南都N视频APP记者 黄培 "谁抢到了MOKOKO？1200元收！"8月21日晚，泡泡玛特旗下MOKOKO、星星人等多个热门IP发售新品，上架后 秒空。 泡泡玛特顶流新品秒空，二手溢价数倍199被炒至1200元 泡泡玛特此前发布新品预告后，大批网友梳理出必抢的新品清单，一直大热的MOKOKO位列第一。MOKOKO与 LABUBU同属THE MONSTERS中的精灵，有着粉红色毛发和爱心鼻子，耳朵戴花，是家族中的"颜值担当"。 不过，此次发售新品中，遭疯抢的不只顶流MOKOKO，还有今年上半年才推出毛绒玩具和手办的星星人。南都记 者留意到，此次的新品"好梦气象局"毛绒盲盒未发售已火，尤其是非隐藏款的"大风中凌乱"，以炸毛形象吸引不 少人，同样未发售已溢价。 未发售已溢价 发售后二级市场再涨价 该系列官方单个盲盒价格为79元，整端474元。目前，二手市场中，每个款式均溢价，隐藏款涨至599元，"大风中 凌乱"已超200元。 此外，泡泡玛特当晚发售的新品还有周深联名款《反深代词》搪胶毛绒，上架后也快速售罄，二手市场小幅溢 价。 毛绒品类一个月产能是去年同 ...

Investment Rating - The report maintains a "Buy" rating for Pop Mart International Group Limited [2][11] Core Views - The company demonstrated rapid growth in H1 2025, with revenue reaching 138.8 billion RMB, a year-on-year increase of 204.5%, and net profit attributable to shareholders at 45.7 billion RMB, up 396.5% [3][10] - The domestic market continues to show strong growth potential, with H1 2025 domestic revenue at 82.8 billion RMB, a 135.2% increase year-on-year [4] - The overseas market also experienced explosive growth, with H1 2025 overseas revenue at 55.9 billion RMB, a staggering 314% increase year-on-year [5] - The company's IP matrix is expanding, with significant revenue contributions from various IPs, particularly THE MONSTERS, which generated 48.1 billion RMB, a 668% increase [6] - The company is expected to maintain strong growth momentum, with projected net profits of 110.7 billion RMB, 155.4 billion RMB, and 203.2 billion RMB for 2025, 2026, and 2027 respectively [11] Domestic Market Summary - Domestic revenue for H1 2025 reached 82.8 billion RMB, with offline sales at 50.8 billion RMB (up 117.1%) and online sales at 29.4 billion RMB (up 212.2%) [4] - The company opened 12 new retail stores, bringing the total to 443, with average store efficiency reaching a historical high [4] - Membership numbers increased by 28% to 59.12 million, indicating a growing consumer base [4] Overseas Market Summary - Overseas revenue for H1 2025 was 55.9 billion RMB, with significant growth in the Americas (1142% increase) and Europe (729% increase) [5] - The company opened 30 new stores in the Asia-Pacific region and 31 in the Americas, indicating a strong expansion strategy [5] - The report highlights that the overseas market still has substantial untapped potential, particularly in high-consumption areas like Europe and the Americas [5] Product Perspective Summary - The IP matrix is showing comprehensive growth, with THE MONSTERS leading at 48.1 billion RMB, followed by CRYBABY at 12.2 billion RMB [6] - Plush toys have become the largest product category, with revenues of 61.4 billion RMB, reflecting a 1276% increase [6] - The company is enhancing its supply chain capabilities, which is expected to support future growth [6] Financial Performance Summary - The gross margin for H1 2025 was 70.3%, a 6.3 percentage point increase year-on-year, with a net profit margin of 33.0%, the highest in history [10] - The report forecasts continued improvement in profitability due to strong sales and the increasing share of high-margin overseas business [10] - The company is expected to launch new products and expand into new markets, which will further drive revenue growth [10]

Core Viewpoint - The report from Jianyin International indicates that Pop Mart (09992) is expected to maintain a strong revenue growth of 1.14 times in the second half of the year, driven by robust global demand, with an anticipated annual compound growth rate of 28% in profits from 2026 to 2027 [1] Group 1 - Pop Mart's adjusted net profit for the first half of the year increased by 372% year-on-year to 4.602 billion RMB, slightly exceeding the previously forecasted growth of 350% [1] - Revenue for the same period rose by 204% year-on-year to 13.876 billion RMB, aligning closely with expectations [1] - The strong profit growth is attributed to economies of scale and improved operational leverage, with business growth driven by comprehensive expansion across core IP, product categories, and regional markets [1] Group 2 - The target price for Pop Mart has been raised from 288 HKD to 374 HKD, maintaining an "outperform" rating and continuing to be listed as an industry favorite [1] - The upcoming launch of the "Mini Labubu" is anticipated to act as a catalyst for recent stock price movements [1] - The company is progressing towards its goal of becoming a global enterprise [1]

Core Viewpoint - Jianyin International's report indicates that Pop Mart (09992) is expected to maintain strong revenue growth of 1.14 times in the second half of the year, driven by robust global demand, with an anticipated annual compound growth rate of 28% in profits from 2026 to 2027 [1] Financial Performance - For the first half of the year, Pop Mart's adjusted net profit increased by 3.72 times to 4.602 billion RMB, slightly exceeding the previously forecasted growth of 3.5 times [1] - Revenue rose by 2.04 times to 13.876 billion RMB, aligning closely with expectations [1] Growth Drivers - The strong profit growth is attributed to economies of scale and improved operational leverage [1] - Business growth is driven by comprehensive expansion across core IP, product categories, and regional markets, indicating the company's progress towards its goal of becoming a global enterprise [1] Target Price and Rating - The target price for Pop Mart has been raised from 288 HKD to 374 HKD, maintaining a "outperform the market" rating and continuing to be listed as an industry favorite [1] - The upcoming launch of "Mini Labubu" is expected to act as a catalyst for recent stock price movements [1]

天眼查工商信息显示，8月19日，北京泡泡玛特文化创意有限公司发生工商变更，经营范围新增日用家 电零售、家用电器销售、日用百货销售、纸制品销售。北京泡泡玛特文化创意有限公司成立于2010年10 月，法定代表人、董事长为王宁，注册资本2亿人民币。股东信息显示，该公司由POP MART（HONG KONG）HOLDING LIMITED全资持股。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Insights - The company has demonstrated significant growth in revenue and profit in the first half of 2025, with revenue reaching 13.88 billion (up 204.4% year-on-year) and net profit of 4.57 billion (up 396.5%) [5] - The company expects full-year revenue for 2025 to be no less than 30 billion, with plans to increase its overseas store count to 200 and domestic store count by approximately 10 [5] - The report highlights the company's strong performance in both domestic and international markets, with a notable increase in the contribution from overseas operations [6][7] Financial Performance - In H1 2025, the company achieved a gross margin of 70.3% (up 6.3%), driven by a higher proportion of overseas business and improved supply chain efficiency [6] - The net profit margin reached 33.0% (up 12.8 percentage points), indicating significant improvement in profitability [6] - The company has 13 IPs generating over 100 million in revenue, with five IPs exceeding 1 billion, showcasing the effectiveness of its diversified IP strategy [6] Revenue Breakdown - Domestic revenue (including mainland China and Hong Kong, Macau, and Taiwan) was 82.8 billion (up 135%), with retail store revenue at 44.1 billion (up 120%) [7] - Overseas revenue reached 55.9 billion (up 440%), accounting for 40.3% of total revenue, with significant growth in the Americas [7] - The company plans to expand into South America and the Middle East in 2025, anticipating further revenue growth in these regions [7] Valuation Metrics - The projected net profit for 2025-2027 is estimated at 10.79 billion, 15.03 billion, and 20.21 billion respectively, with corresponding EPS of 8.0, 11.2, and 15.1 [5][9] - The current P/E ratios for 2025, 2026, and 2027 are 32.2, 23.1, and 17.2 respectively, indicating a favorable valuation outlook [5][9]

Group 1 - The core viewpoint of the report is that Pop Mart (09992) has achieved strong performance in the first half of the year and is accelerating its global expansion by planning to open 200 new stores, up from the previous target of 100 stores [1] - By the end of 2025, overseas sales are expected to surpass domestic sales, indicating a significant shift in the company's market strategy [1] - Due to an increase in profit margins, the company has raised its earnings forecast for the fiscal years 2025 and 2026 by 20% and 18% respectively [1] Group 2 - The revenue target for the year has been revised from 20 billion RMB to over 30 billion RMB, with a projected net profit margin of approximately 35% [1] - The target price for the stock has been increased from 312 HKD to 368 HKD, maintaining a "buy" rating based on robust business prospects and ample revenue diversification opportunities [1] - The report highlights that growth will be driven by scale, regional optimization, and cost efficiency [1]

Core Viewpoint - Macquarie's report projects Pop Mart's revenue to reach approximately 33 billion yuan in the fiscal year 2025, with a non-IFRS net profit margin of 35% [1] Group 1: Revenue and Profitability - The company is expected to see a year-on-year revenue growth of 1142% in the Americas market, indicating significant upside potential [1] - Net profit forecasts for fiscal years 2025 and 2026 have been raised by 17% and 16% respectively, reflecting a more favorable outlook due to product launches and ongoing expansion in overseas markets [1] - Revenue forecasts for fiscal years 2025 and 2026 have been increased by 7% and 8% respectively [1] Group 2: Market Strategy - The current 59% contribution from online sales suggests that the company has ample room to open more physical stores [1] - The focus on store quality and productivity indicates that the company is maintaining discipline in its operations [1] - Opening stores in prime locations is expected to enhance brand awareness among celebrities and opinion leaders, thereby expanding the potential customer base [1] Group 3: Product Development - The company has been investing in IPs beyond The Monsters, aiming for a more balanced IP portfolio [1] - The upcoming Mini Labubu series demonstrates the company's ability to monetize through expansion into new scenarios and categories [1] - Gross profit margin forecasts have been adjusted upwards by 0.6 percentage points and 0.2 percentage points for fiscal years 2025 and 2026 respectively [1] Group 4: Rating and Target Price - Macquarie maintains an "Outperform" rating for Pop Mart, with the target price raised by 11% to 400 HKD [1]