Core Viewpoint - The report by CICC indicates that China's trendy toy industry is thriving, driven by the "self-satisfaction economy," and is entering a phase of elevated development [1] Industry Summary - The overall trend in the Chinese trendy toy industry is shifting from a manufacturing-based model to a content-driven model, reflecting a growing consumer willingness to pay for spiritual satisfaction [1] - The transformation of the Dongguan trendy toy industry chain towards OBM (Original Brand Manufacturer) is highlighted as a significant development [1] Company Recommendations - CICC expresses optimism about the growth potential in the Chinese trendy toy and IP industry, recommending companies such as Pop Mart, Miniso, China Literature, and Damai Entertainment [1]

Summary of Conference Call Notes on China IP Retailers and Toy Tracker Industry Overview - The report focuses on the Chinese IP retail and toy industry, specifically analyzing companies like Pop Mart and Miniso, along with their sales performance and product launches in February 2026. Key Points on Pop Mart - **Sales Growth**: Pop Mart's online sales growth in China slowed in February, attributed to reduced supply and a high base from January when NeZha was popular. The growth rate was reported at 31% year-over-year, down from over 300% in January [7][9]. - **Product Launches**: New plush toy series under Crybaby and Angry Molly were launched, but their sales volume was lower than previous successful series. For instance, Angry Molly series had over 10,000 sales on Douyin and Tmall, while Crybaby's series had over 20,000 [9]. - **Secondary Market Performance**: The secondary market prices for most IPs remained stable, with Labubu's prices showing a sequential improvement, currently at a discount of approximately 20% [9][17]. - **New Collaborations**: A new plush toy series in collaboration with Sanrio is set to launch, which could attract new customers, although sustainability of sales is a concern [9][17]. - **Sales Performance**: Overall, Pop Mart's sales performance during the Chinese New Year (CNY) was strong, with high single-digit same-store sales growth (SSSG) [9]. Key Points on Miniso - **Sales Growth**: Miniso reported a high single-digit SSSG in the Chinese market during CNY, with credit card sales growth in the US at 50% in February, down from 65% in January [9][28]. - **Margin Focus**: Margin performance is highlighted as a key area of focus for investors, indicating potential concerns about profitability amidst sales growth [9]. - **Product Launches**: Miniso's new product launches were relatively slow, consistent with historical seasonality, focusing on existing IPs [9]. Other Important Insights - **US Market Trends**: In the US, credit card sales growth for Pop Mart decelerated to 65% in February from 150% in January. The pricing for new plush toy series was set lower than previous launches, indicating a strategic shift [27][33]. - **Consumer Sentiment**: The consumer sentiment in various regions showed mixed trends, with improvements in the US and Singapore, while sentiment in Indonesia deteriorated [49]. - **Market Competition**: The report notes that the upcoming film slate for 2026/27 could serve as a catalyst for US toy companies, suggesting a competitive landscape that needs monitoring [26]. Conclusion - The Chinese IP retail and toy industry is experiencing a mix of growth and challenges, with companies like Pop Mart and Miniso navigating supply constraints and changing consumer preferences. The focus on product launches, secondary market performance, and margin sustainability will be critical for future performance.

Summary of the Conference Call on Pop Mart Company and Industry Overview - The conference focused on **Pop Mart**, a company in the **IP (Intellectual Property)** and **entertainment** industry, drawing comparisons with major players like **Disney** and **Netflix** [1][2]. Key Points and Arguments Disney's Business Model and Evolution - **Disney's Development**: Established in 1923, Disney has evolved from creating iconic characters like Mickey Mouse to becoming a global entertainment giant through strategic acquisitions (Pixar, Marvel, Lucasfilm, 21st Century Fox) and a diversified business model [2][3][4][6][10]. - **Revenue Breakdown**: As of the fiscal year 2025, Disney's total revenue reached **$94.4 billion**, with a net profit of **$12.4 billion**. The entertainment segment generated **$42.47 billion**, while the experience segment (theme parks) contributed **$36.16 billion** [10][14]. - **IP Strategy**: Disney's IP acquisition strategy includes original creations, copyright purchases, and strategic acquisitions, resulting in a robust portfolio of valuable IPs, including **Mickey Mouse**, **Star Wars**, and **Marvel** franchises [13][19]. Netflix's Business Model and Evolution - **Netflix's Transformation**: Founded in 1997, Netflix transitioned from DVD rentals to a leading global streaming platform, emphasizing original content creation since 2013 with hits like "House of Cards" [19][20][21]. - **Revenue Growth**: Netflix's revenue has shown significant growth, with a projected **60.8%** increase in net profit for 2024 and **26%** growth in 2025, driven by advertising and subscription strategies [21][22]. - **User Base and Market Position**: As of 2025, Netflix boasts **325 million** global subscribers, maintaining a **23%** market share in the streaming video on demand (SVOD) sector, significantly ahead of competitors like Amazon and Disney [22][23][24]. Comparative Analysis of Disney and Netflix - **Content Strategy**: Both companies leverage their IPs to create a diverse content library. Disney focuses on family-friendly content and experiences, while Netflix emphasizes a wide range of genres to cater to various demographics [19][30]. - **User Engagement**: Netflix's user retention rate is notably low at **2%**, attributed to its extensive content library and personalized viewing experience, while Disney's experience segment provides significant cash flow to support its streaming ambitions [30][36]. Financial Performance Insights - **Disney's Financials**: Disney's entertainment segment saw a **3%** revenue growth, while its linear networks faced a **12%** decline due to competitive pressures [10][11]. - **Netflix's Financials**: Netflix's average revenue per member (ARM) increased from **$9.43** in 2017 to **$11.7** in 2024, showcasing its effective monetization strategies [24][35]. Other Important Insights - **Market Trends**: The conference highlighted the increasing competition in the streaming market, with both companies adapting their strategies to maintain and grow their user bases [21][22]. - **Future Outlook**: The discussion emphasized the importance of continuous innovation in content creation and distribution to sustain growth in the rapidly evolving entertainment landscape [19][30]. This summary encapsulates the key insights from the conference call regarding Pop Mart's positioning within the broader context of the entertainment industry, particularly in relation to Disney and Netflix.

Group 1 - CATL expects a net profit of 72.201 billion yuan in 2025, a year-on-year increase of 42.28%, with revenue of 423.702 billion yuan, up 17.04%. The company plans to distribute a cash dividend of 69.57 yuan per 10 shares (tax included) [2] - CATL achieved lithium-ion battery sales of 661 GWh, a year-on-year increase of 39.16%, and power battery sales of 541 GWh, up 41.85%, with a global market share reaching a historical high [2] - Tencent's AI agent OpenClaw has gained global attention, with the launch of its full-scenario AI agent WorkBuddy, which is compatible with OpenClaw's features [2] Group 2 - Apple plans to release its first foldable iPhone, the iPhone Fold, in the second half of the year, increasing supply chain stock levels by 20% compared to initial targets [3] - Anthropic has filed a lawsuit against the U.S. Department of Defense over concerns that its AI technology poses risks to the U.S. supply chain [3] Group 3 - Pop Mart confirmed the establishment of a regional headquarters in California, marking a significant step in its internationalization strategy [5] - Alibaba has made new management arrangements following the sudden departure of Lin Junyang, with key personnel taking over the Qwen model's development [5] - Tianqi Lithium expects a revenue of 16.65 billion yuan in 2025, a year-on-year increase of 33.0%, and a net profit of 1.362 billion yuan, up 181.43% [6] Group 4 - NVIDIA's CEO expressed confidence in memory supply, stating that the company will utilize as much as the suppliers can produce [8] - Microsoft launched the Copilot Wave 3 update and AI software suite, including features developed in collaboration with Anthropic [8] - Tesla plans to expand its supercharging stations globally to 400 stalls, despite facing sales declines in the European market [8] Group 5 - Samsung Electronics faces potential strikes due to failed salary negotiations, which may impact HBM and memory chip supplies [11] - SK Hynix has been selected as a supplier for NVIDIA's Rubin HBM4, with shipments expected to start in March [11] - Toyota has launched the 2026 Corolla Altis in Thailand, introducing a hybrid version [11] Group 6 - ASML announced the appointment of former ASM International CEO Benjamin Lee to its supervisory board at the 2026 annual shareholder meeting [14] - BMW launched the limited edition Alpina XB7 Manufaktur, marking the end of its collaboration with Alpina [14] - Porsche plans to merge the Taycan and Panamera series, offering three powertrain options to reduce R&D costs [14]

Core Viewpoint - The legal dispute between Pop Mart and Tuo Zhu Technology is centered around copyright infringement related to 3D printing models, with a court hearing scheduled for April 2, 2023 [1][2]. Group 1: Legal Proceedings - Pop Mart's legal team communicated with Tuo Zhu Technology regarding platform infringement issues in May and October 2025 before formally filing a lawsuit [2]. - Tuo Zhu Technology received legal documents regarding the lawsuit in late February 2023, without prior communication from Pop Mart [2]. - The lawsuit involves Pop Mart suing Tuo Zhu Technology and its subsidiaries for copyright ownership and infringement [2]. Group 2: Company Background - Tuo Zhu Technology, established in 2020 and based in Shenzhen, focuses on consumer-grade 3D printing equipment and has become a leading company in the domestic 3D printing industry [5]. - In 2025, Tuo Zhu Technology is projected to be the first company in China's 3D printing sector to achieve annual revenue exceeding 10 billion yuan, with a shipment volume surpassing one million units [5]. Group 3: Community and Model Availability - Tuo Zhu Technology operates a free open-source model community called MakerWorld, which claims to have a million high-quality 3D printing and laser cutting models [6]. - Currently, the MakerWorld community is unable to provide access to models related to Pop Mart's Labubu [6]. Group 4: Industry Insights - The consumer-grade 3D printing sector is experiencing rapid growth, with the global market expected to reach $4.1 billion by 2024 [9]. - According to Guojin Securities, the consumer-grade 3D printing industry is entering a phase of rapid technological iteration similar to that of the mobile phone industry from 2022 to 2025 [9].

Core Viewpoint - The article discusses the legal dispute between Pop Mart and Tuo Zhu Technology regarding copyright infringement, highlighting the implications for users and the 3D printing community [1][3][11]. Group 1: Legal Dispute Overview - On February 28, Pop Mart filed a lawsuit against Tuo Zhu Technology for copyright infringement, leading to significant disruptions for Tuo Zhu users who rely on 3D printing models [2][3]. - Tuo Zhu's founder, Tao Ye, is in discussions with Pop Mart's founder, Wang Ning, to explore potential resolutions and collaborations regarding the infringement issues [1][3][4]. - The lawsuit involves multiple entities under Tuo Zhu Technology and is set to be heard in court on April 2 [3]. Group 2: User Reactions and Community Impact - Users of Tuo Zhu's MakerWorld community faced chaos as many Pop Mart-related models were taken down, prompting users to seek alternative sources for 3D printing files [2][6]. - A significant influx of users into 3D printing groups was noted, with many referring to these groups as "refugee camps" due to the sudden need for model files [6]. - The community has seen a rise in the sharing of popular IP models, with users uploading files to platforms like Quark and Baidu Netdisk for free distribution [2][6]. Group 3: Market Dynamics and User Sentiment - The article notes that 3D printing "farms" are emerging, where users produce and sell models like Labubu at competitive prices, impacting the market for Pop Mart's official products [7][11]. - Users expressed concerns about the quality of 3D printed models compared to official products, indicating a preference for the latter despite the lower price of 3D printed versions [7]. - Some users believe Tuo Zhu should negotiate with IP holders like Pop Mart to avoid infringing on copyrights and to foster a more sustainable ecosystem [8][11]. Group 4: Copyright and Legal Implications - The article outlines the legal challenges posed by 3D printing technology in relation to copyright, emphasizing that unauthorized uploads of 3D models can lead to infringement claims [13][14]. - Tuo Zhu may invoke the "safe harbor" principle to defend against liability for user-uploaded content, provided they act promptly to remove infringing material upon notification [14]. - The article highlights a precedent case where a defendant was ordered to pay damages for selling 3D printed infringing products, indicating the seriousness of copyright enforcement in the 3D printing sector [13].

Investment Rating - The report maintains a "Buy" rating for the durable consumer goods industry [1] Core Insights - The report highlights the impact of rising cost factors on profits, the commencement of Xiaomi Miclaw's testing, and the importance of AI in the consumer chain [1] Segment Summaries Trend Tracking in Sub-sectors - **Trendy Toys**: Pop Mart is focusing on overseas market brand image building through collaborations with well-known IPs like Sanrio to enhance brand recognition among overseas consumers [9] - **New Tobacco**: There are concerns about air freight capacity for electronic cigarettes from China to Europe, and new product launches in Japan indicate a growing market [12] - **Home Furnishings**: The domestic real estate market shows a significant year-on-year decline in transaction volumes, while exports of furniture from China have decreased [13][14] - **Paper and Packaging**: Prices for various paper products have increased, and inventory levels are rising due to low operating rates in downstream paper mills [15][16] - **Personal Care + AI Glasses**: Rising raw material costs are expected to impact the personal care sector, while Huawei's AI glasses are set to launch soon [17][18] - **Pet Food**: The industry is seeing innovation in product formulations, with a focus on nutritional science, and there are calls for better regulation in the pet economy [23][24] - **AI + 3D Printing**: The industry is moving towards compliance and education, with significant investments in AI 3D technology [33][34] - **Two-Wheelers**: The industry is shifting towards a "product-oriented" strategy due to subsidy reductions, with new opportunities in high-end and electric motorcycle segments [6] Industry Sentiment Assessment - **Home Furnishings**: Stabilizing at the bottom - **New Tobacco**: Steady upward trend - **Paper**: Stabilizing at the bottom - **Packaging**: Steady upward trend - **Trendy Toys**: Turning point upwards - **Personal Care**: Slightly under pressure - **AI Glasses**: Steady upward trend - **Pet Food**: Slightly under pressure - **Pet Medical**: Turning point upwards - **AI + 3D Printing**: Turning point upwards - **Two-Wheelers**: Slightly under pressure [6]

Core Insights - The article emphasizes the importance of uncovering hidden details in financial reports and data that are often overlooked in mainstream media, aiming to provide a clearer understanding of significant companies and their market dynamics [5][9][20]. Group 1: Key Highlights of the Report - The seventh edition of "The Secrets of Companies" has gained popularity since its pre-sale in January, with a reprint now available for readers who missed the initial release [3]. - The report focuses on 12 companies that have been central to business discussions in 2025, highlighting their financial performance and the underlying stories that are not typically covered in conventional news [7][8]. - Notable companies featured include Cambrian, which briefly surpassed Moutai to become the top market cap in China's A-shares, and Pop Mart, which saw over 400% growth in overseas performance [7]. Group 2: Analytical Approach - The report breaks away from previous editions by focusing on popular companies not just for their media presence but for their significance and intrigue in the market [9]. - The editorial team aims to extract valuable insights from financial statements, interviews, and public data, rather than merely amplifying news and emotions [9][20]. - The analysis includes cash flow, revenue, and market share, while also considering the broader context of how these companies have evolved and their responses to competition and global trends [15][20]. Group 3: Themes and Trends - The report discusses the intersection of content and technology in companies like Nintendo, and the long-term implications of creating hit products as seen with Pop Mart and Bawang Tea [12]. - It highlights the challenges faced by companies like Cambrian and Horizon, which are often compared to their counterparts but may face unique commercialization challenges [12]. - The overarching theme is to provide a deeper understanding of business dynamics, emphasizing that true insights often lie beneath the surface of popular narratives [21].

Core Viewpoint - The recent performance of new IPs from Pop Mart, including Supertutu and Merodi, has been underwhelming, with sales significantly lower than other popular IPs released during the same period. However, insiders suggest that the sales performance aligns with expectations, indicating a long-term cultivation approach is necessary for IP success rather than short-term hype [1][8]. Group 1: New IP Performance - The new IP Merodi, launched on February 26, had a lackluster market response, with only over 2,000 sales in its first week, and its secondary market prices showed depreciation [3][6]. - Supertutu, released on January 1, also experienced poor sales, with its secondary market prices nearly halving [6][8]. - The contrasting success of another new product, Angry Molly, which sold out quickly and saw some secondary prices soar above 2,000 yuan, highlights the variability in IP performance [6]. Group 2: Long-term IP Strategy - Industry experts emphasize that true super IPs require long-term development and cannot be judged solely on initial sales figures. Successful IPs are built on quality design, efficient operations, and sustained investment [4][8]. - Pop Mart is transitioning from a reliance on single IPs to a multi-IP ecosystem, which is seen as a necessary evolution for the company [1][8]. Group 3: Future Outlook and Expansion - Pop Mart is accelerating its new IP launches, with the announcement of a new IP "Key A" set for March 13, indicating a rapid increase in new product introductions [9]. - The company is also focusing on international expansion, with plans to establish a European headquarters in London and open multiple stores across the UK, aiming for significant overseas revenue growth by 2026 [10][11][13].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 POP MART INTERNATIONAL GROUP LIMITED 董事會會議通告 泡泡瑪特國際集團有限公司（「本公司」，連同其附屬公司及併表聯屬實體統稱「本 集團」）董事會（「董事會」）謹此宣佈，本公司將於2026年3月25日（星期三）舉行董 事會會議，藉以（其中包括）考慮及批准本集團截至2025年12月31日止年度之經 審核全年業績及其發佈，以及考慮派付末期股息（如有）。 承董事會命 泡泡瑪特國際集團有限公司 執行董事、董事會主席及行政總裁 王寧 香港，2026年3月4日 泡泡瑪特國際集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9992） 於本公告日期，執行董事為王寧先生、劉冉女士、司德先生及文德一先生，非執 行董事為屠錚先生及吳越先生，以及獨立非執行董事為張建君先生、吳聯生先生 及顏勁良先生。 ...