"英国首相八年来首次访华，圆满结束访问，"声明提到，斯塔默此次中国之行，"达成22亿英镑的出口 协议，获得约23亿英镑的市场准入，并锁定数亿英镑的投资"。 声明举例提到，英国威士忌对华出口关税从10%降至5%，以及泡泡玛特、奇瑞、海能技术、阿斯利康 等多个投资案例。声明称，这表明，与中国建立务实、清醒的关系具有明显的经济效益。 根据声明公布消息，泡泡玛特已确认将伦敦设立为欧洲区域中心。该公司计划在未来一年内开设27家欧 洲新店，其中包括至多7家英国门店，预计将为英国创造超过150个就业岗位。 此外，奇瑞确认将在英国城市利物浦设立欧洲总部。 【文/观察者网 齐倩】 中国潮玩品牌泡泡玛特决定将欧洲区域总部设在英国伦敦。 1月31日，英国首相斯塔默办公室唐宁街10号发布声明，宣布了这一消息。 30日，斯塔默在上海接 受采访 视频截图 彭博社提到，在英国设立区域总部，体现了泡泡玛特在欧洲市场的雄心壮志。 泡泡玛特公司预计，2025年上半年，欧洲市场的收入占比不到3.4%，而美洲市场则高达16.3%。但去年 起，随着玩偶"拉布布"风靡全球，该公司在欧洲市场实现了快速增长。 近来，泡泡玛特一直在欧洲各地招募艺术家，根据当 ...

Group 1 - The core message of the news is that Pop Mart has announced London as its European headquarters and plans to open seven new physical stores in the UK, creating over 150 jobs [1] - Pop Mart aims to integrate global creative resources and collaborate with talented artists in Europe to enhance the value of its IP and promote cultural exchange between China and foreign markets [1] - The company has reported significant growth in its European operations, with revenue reaching 480 million yuan, a year-on-year increase of 729.2% [3] Group 2 - Pop Mart operates over 570 stores across 18 countries globally, with ongoing expansion in the Middle East and other emerging markets [3] - The European market for Pop Mart is evolving, with consumers showing a broader interest in various products beyond just new store openings and the Labubu IP [3] - Lifestyle-related merchandise, such as T-shirts, blankets, cushions, and jewelry, is becoming increasingly popular in the European market [3]

会上，泡泡玛特宣布将伦敦定为欧洲总部所在地，未来将在英国新增伯明翰、卡迪夫及伦敦牛津街旗舰 店等7家线下门店，同时计划在欧洲各地拓展20家门店，相关投资将为英国创造超150个就业岗位。 1月30日，在中英商务论坛上，包括泡泡玛特创始人、CEO王宁在内的多位企业家受邀参与"CEO圆桌 会"闭门会谈，与英国首相基尔·斯塔默进行会面。 ...

格隆汇1月31日｜据一财，在中英商务论坛上，包括泡泡玛特创始人、CEO王宁在内的多位企业家与英 国首相基尔·斯塔默进行会面。会上，泡泡玛特宣布将伦敦定为欧洲总部所在地，未来将在英国新增伯 明翰、卡迪夫及伦敦牛津街旗舰店等7家线下门店，同时计划在欧洲各地拓展20家门店，相关投资将为 英国创造超150个就业岗位。 ...

Group 1 - The company, Pop Mart, announced London as its European headquarters and plans to open 27 new stores in Europe, including 7 in the UK [1][3] - The investment in the UK is expected to create over 150 jobs [1] - The CEO emphasized London's role as a global creative hub, which is crucial for the brand's expansion in Europe and global markets [3] Group 2 - The establishment of the European headquarters will allow Pop Mart to integrate global creative resources and collaborate with outstanding artists in Europe [3] - The company aims to continuously explore the creative value of its IP and promote cultural exchange between China and foreign trends [3]

1月30日，在中英商务论坛上，包括泡泡玛特创始人、CEO王宁在内的多位企业家受邀参与"CEO圆桌 会"闭门会谈，与英国首相基尔·斯塔默进行会面。 会上，泡泡玛特宣布将伦敦定为欧洲总部所在地，未来将在英国新增伯明翰、卡迪夫及伦敦牛津街旗舰 店等7家线下门店，同时计划在欧洲各地拓展20家门店，相关投资将为英国创造超150个就业岗位。（智 通财经记者 吴雨欣） ...

Core Viewpoint - Pop Mart has announced London as its European headquarters, aiming to expand its presence in the UK and Europe while fostering cultural exchange between China and the West [3][5]. Group 1: Company Expansion - Pop Mart plans to open 7 new physical stores in the UK, including flagship locations in Birmingham, Cardiff, and Oxford Street in London [3][5]. - The company aims to expand by opening 20 additional stores across Europe [3][5]. Group 2: Job Creation - The investment related to this expansion is expected to create over 150 jobs in the UK [3][5]. Group 3: Strategic Importance - The CEO of Pop Mart, Wang Ning, emphasized that London is a crucial hub for global creative ecosystems, making it an important choice for establishing a brand presence in Europe and deepening its global market engagement [3][5]. - The establishment of the European headquarters will enable Pop Mart to integrate global creative resources and collaborate with outstanding artists in Europe, enhancing the value of its intellectual property (IP) [3][5].

Core Viewpoint - Pop Mart is experiencing a significant rebound in its stock price, with a 23% increase in a single week and a market capitalization returning to the 300 billion HKD range, driven by a large share buyback and successful new product launches [1][2] Group 1: Stock Performance and Market Reactions - The stock price of Pop Mart has shown extreme volatility, characterized by sharp rises and falls, with a 40% drop in the second half of the previous year despite strong performance [2][5] - The recent surge in stock price is attributed to a 3.5 billion HKD share buyback and the popularity of new products like the "PUCKY" electronic wooden fish [1][3] - Pop Mart's stock price reached a historical peak of 339.8 HKD per share in August, with a market capitalization exceeding 450 billion HKD, before experiencing a significant decline [8][10] Group 2: Market Position and Competitive Landscape - Pop Mart operates in a unique market space with no direct competitors globally, allowing it to easily attract market attention and capital with minimal actions [3][21] - The company has defined and cultivated the domestic trend toy market, maintaining a strong market position despite the lack of a mature valuation system for its products [3][26] - Competitors in the domestic and international markets lack the ability to create original IPs and are not positioned to challenge Pop Mart's dominance [17][19] Group 3: Emotional Value and Business Model - Pop Mart's business model is centered around emotional value rather than practical utility, making it difficult to establish a stable valuation [22][23] - The company's products cater to emotional needs, which are inherently unpredictable, leading to significant fluctuations in stock price based on market sentiment [25][26] - The market's response to Pop Mart's stock is driven by belief in the emotional resonance of its products, resulting in a binary reaction: rise when confidence is high, fall when doubts arise [4][26] Group 4: Future Outlook and Challenges - Despite the recent rebound, concerns remain about the sustainability of its product scarcity and the emergence of new phenomenon-level IPs [10][20] - The lack of a clear replacement for Pop Mart in the market raises questions about the long-term viability of its business model [20][21] - The company's ability to continue resonating with younger consumers will be crucial for maintaining investor confidence and market performance [27]

Core Viewpoint - The case involves a legal dispute between Pop Mart and Qianhai Huan Technology over alleged copyright infringement and unfair competition regarding similar toy designs, highlighting the challenges of intellectual property protection in the creative industry [1][3]. Group 1: Company Overview - Pop Mart's "Night City" blind box series gained popularity due to its unique design and artistic style, leading to the emergence of a similar product, "Friend Island," produced by Qianhai Huan Technology [1]. - The legal team at Pop Mart identified that multiple designs in "Friend Island" closely resembled those in "Night City," with only minor modifications in features and attire [1]. Group 2: Legal Proceedings - In October 2022, Pop Mart filed a lawsuit against Qianhai Huan Technology for copyright infringement and unfair competition in the Shenzhen Qianhai Cooperation Zone People's Court [3]. - A survey conducted by the court revealed that 61.8% of respondents mistakenly believed "Friend Island" was associated with Pop Mart, indicating consumer confusion [3]. - In December 2023, the court ruled that while there was no copyright infringement, Qianhai's product constituted unfair competition, resulting in a compensation order of over 250,000 yuan [3]. - Qianhai Huan Technology appealed the decision, arguing that "Friend Island" was an independent creation and that the court's survey was a legal error, but the Shenzhen Intermediate People's Court upheld the original ruling in July 2025 [3].

Summary of the Conference Call for Pop Mart Company Overview - **Company**: Pop Mart - **Industry**: Toy and Entertainment Key Points and Arguments Competitive Advantages - Pop Mart has established a unique dynamic barrier through aesthetic culture and top-tier artist resources, which are difficult to replicate [2][3] - The founder's aesthetic vision and deep connections with top artists are crucial to the company's success [2] - The company has successfully extended its reach into various top-tier circles across industries, occupying a significant position in the minds of key consumers, creating a competitive edge that is hard for other brands to match [2] Operational Mechanisms - Pop Mart has institutionalized its operational mechanisms across various aspects, including IP and brand management, product and content development, marketing and operations, store and amusement park management, and new product launches, forming deep operational barriers [2][3] Market Demand and Trends - Demand for trendy toys is driven by demographic changes, shifts in mass media, and consumer psychological needs, with the Kidult subculture becoming particularly prominent during economic downturns [2][6] - Current global systemic anxiety has extended the demand stickiness and lifecycle of trendy toys [2][6] Growth Strategy - The company plans to expand its retail footprint with approximately 600 new stores domestically and over 400 internationally, supported by IP licensing and cross-industry collaborations [2][10] - Product diversification and premiumization strategies are in place to increase average transaction value, with some products priced close to 20,000 RMB [2][13] Future Revenue Projections - For 2026, Pop Mart expects to achieve revenues between 37.5 billion to 68 billion RMB, with adjusted net profits projected between 12.3 billion to 22.6 billion RMB [7][8] Investment Value - The current stock price is considered to have a high safety margin compared to international giants, with a PE ratio significantly above 10, indicating attractive investment potential [5][8] International Market Development - As of mid-2025, overseas revenue was approximately 5.593 billion RMB, with an estimated overseas membership of about 44 million [12] - The company aims to replicate its domestic success in international markets, leveraging its established operational strategies [12] Product Innovation and Customer Engagement - Pop Mart is innovating through diverse product offerings, including figures, plush toys, and movable dolls, enhancing customer engagement and brand loyalty [13][19] - The company has seen significant growth in its membership base, with over 59 million members in mainland China by mid-2025 [11] Expansion into New Business Areas - The company is diversifying into amusement parks, gaming, and film, with notable collaborations such as the development of a movie with Sony Pictures [2][15][16] Artist Collaboration and Marketing - Pop Mart leverages collaborations with renowned artists and brands to enhance its market presence and consumer recognition [17][20] - The company has established a strong operational mechanism that allows for timely market responses and efficient product launches [19] Valuation Assessment - Based on historical valuation metrics of similar companies, Pop Mart is projected to achieve a market valuation of approximately 500 billion HKD by 2026, maintaining a buy rating [22]