Core Insights - Pop Mart has reported a significant increase in overall revenue for Q3 2025, with growth rates of 245%-250% compared to Q3 2024, driven by strong performance in both domestic and international markets [1][3] Revenue Growth - Domestic revenue in China grew by 185%-190% year-on-year, while overseas revenue surged by 365%-370% [1] - In the Chinese market, offline channel revenue increased by 130%-135%, and online channel revenue saw a remarkable growth of 300%-305% [3] Regional Performance - The Americas market experienced the highest growth, with revenue increasing by 1265%-1270% year-on-year, followed by Europe and other regions at 735%-740%, and the Asia-Pacific market at 170%-175% [3] Expansion Strategy - Pop Mart has accelerated its overseas market expansion, operating in 18 countries with 571 stores and 2597 robotic stores as of mid-2025, marking a net increase of 40 and 105 respectively in the first half of the year [4] - In the Asia-Pacific region, the company opened 5 new stores, bringing the total to 69, while in the Americas, it added 19 stores, increasing the total to 41 [4] Market Challenges - Despite strong performance, Pop Mart's stock has faced challenges, with a notable decline of over 26% since reaching a peak of 339.80 HKD per share in late August [5] - Analysts attribute the stock price drop to declining second-hand market prices for its popular IP LABUBU products, raising concerns about the sustainability of future earnings [7]

Major Events - Guanghe Tong (00638) has set the offer price at HKD 21.5 per share, with the public offering receiving a subscription rate of 550.99 times [1] - China Biologic Products (01177) announced the Phase III study data of Kymriah combined with Fluvestrant for the first-line treatment of advanced breast cancer will be presented at ESMO 2025 [1] - Derun Holdings (01709) plans to conduct a placement of new shares at a discount of approximately 11.34%, aiming to raise about HKD 761 million [1] - New World Development (00017) clarified media reports, stating that it has not undertaken any debt management projects regarding perpetual and other debt securities [1] - China Shenhua (01088) reported that Unit 4 of the Jiujiang Phase II project has successfully completed a 168-hour trial run [1] - Jingwei TianDi (02477) has acquired a TCSP licensed company and launched a new feature called FOPAY [1] - Rongzun International Holdings (01780) announced that its controlling shareholder intends to place up to 60% of the company's shares, reducing their stake to 15% [1] Financial Performance - Pop Mart (09992) reported a year-on-year revenue growth of 245%-250% for the third quarter [2] - China Telecom (00728) recorded a profit attributable to shareholders of RMB 30.8 billion for the first three quarters, reflecting a year-on-year increase of 5.0% [2] - Luk Fook Holdings (00590) reported that its overall retail value, retail income, and same-store sales for the second quarter exceeded the first quarter, increasing by 18%, 15%, and 10% respectively [2] - Minmetals Resources (01208) produced a total of 127,000 tons of copper in the third quarter, marking an 11% year-on-year increase [2] - Datang Power (00991) achieved a total electricity generation of approximately 2,062.41 billion kilowatt-hours in the first three quarters, up about 2.02% year-on-year [2] - Far East Horizon (03360) reported an increase in profit attributable to ordinary shareholders for the first three quarters [2] - China General Nuclear Power Corporation (01164) produced a total of 644.3 tons of natural uranium in the third quarter [2]

Core Insights - The influx of international tourists to Beijing's attractions has increased, with popular sites like the Forbidden City and the Great Wall remaining top destinations during the recent holiday period [1][3] - The Beijing Universal Resort has gained popularity due to its international IPs and local features, while the Pop Mart City Park has emerged as a surprising favorite among young international visitors [1][10] Group 1: Popular Attractions - The Forbidden City, Mutianyu Great Wall, and Badaling Great Wall are consistently ranked among the top attractions for inbound tourists, showcasing their enduring appeal as world cultural heritage sites [3][5] - The Mutianyu Great Wall received approximately 580,000 inbound visitors by September this year, marking a 55% increase compared to the same period last year [3][4] Group 2: Changing Tourist Preferences - Inbound tourists are increasingly interested in deep cultural experiences rather than just sightseeing, seeking to understand the historical and cultural significance of attractions like the Great Wall [4][5] - Cultural activities such as intangible cultural heritage performances and traditional tea breaks are being organized to meet tourists' demands for immersive experiences [5] Group 3: Emerging Attractions - The Beijing Universal Resort has re-entered the list of top inbound tourist attractions, attracting a diverse range of international visitors, including those from Southeast Asia [7][8] - Pop Mart City Park has risen to the sixth position in the ranking of popular attractions for inbound tourists, up from ninth place the previous year, highlighting its growing appeal [10][11]

10月21日恒生指数上涨0.65%，南向资金全天合计成交金额为1264.89亿港元，其中，买入成交638.30亿 港元，卖出成交626.59亿港元，合计净买入金额11.71亿港元。具体来看，港股通（深）累计成交金额 458.43亿港元，买入成交222.45亿港元，卖出成交235.98亿港元，合计净卖出金额13.53亿港元；港股通 （沪）累计成交金额806.47亿港元，买入成交415.85亿港元，卖出成交390.61亿港元，合计净买入金额 25.24亿港元。 成交活跃股方面，今日上榜个股中，南向资金成交金额最多的是阿里巴巴-W，合计成交额103.30亿港 元，中芯国际、泡泡玛特成交额紧随其后，分别成交78.05亿港元、58.97亿港元。以净买卖金额统计， 净买入的个股共有8只，泡泡玛特净买入额为11.21亿港元，净买入金额居首，该股收盘股价下跌 8.08%，小米集团-W净买入额为4.81亿港元，华虹半导体净买入额为4.41亿港元。净卖出金额最多的是 盈富基金，净卖出11.02亿港元，该股收盘股价上涨0.68%，阿里巴巴-W、信达生物遭净卖出4.30亿港 元、7764.05万港元。 | 代码 | 简称 | 成交金 ...

Group 1 - Net inflows for Pop Mart reached 11.21 billion, Xiaomi Group at 4.81 billion, Hua Hong Semiconductor at 4.41 billion, China Mobile at 1.77 billion, and SMIC at 1.28 billion, ending a consecutive 8-day net selling trend [1] - Southbound funds have recorded net selling of Alibaba for three consecutive days, totaling 4.33685 billion HKD [3] Group 2 - Pop Mart announced a projected revenue growth of 245% to 250% year-on-year for Q3 2025, with China revenue expected to grow by 185% to 190%, offline channels by 130% to 135%, and online channels by 300% to 305% [4] - Xiaomi Group's chairman Lei Jun announced that singer Eason Chan will serve as the acoustic ambassador for the REDMI brand, which will introduce independent bass units for 2.1 stereo sound, aimed at enhancing brand influence among young consumers [4] - China Mobile reported Q3 revenue of 250.9 billion, a year-on-year increase of 2.5%, with net profit margin rising to 14.5%, up 0.5 percentage points year-on-year, and strong growth in DICT and AI revenue [4] Group 3 - Alibaba's CEO Wu Yongming expressed the company's commitment to technological transformation, planning to recruit top talent in cutting-edge technology starting July 2025 [5]

Core Viewpoint - The company, Guangdong Jintian Animation Co., Ltd., is preparing for an IPO on the Hong Kong Stock Exchange, aiming to become a significant player in the IP food market, similar to brands like Pop Mart and Miniso [1][12]. Company Overview - Jintian Animation specializes in children's snacks that incorporate popular IP elements, such as toys and badges, targeting a young audience [3][6]. - The company's revenue heavily relies on key IPs like Ultraman, My Little Pony, and Crayon Shin-chan, with the top five IPs contributing 90% of total revenue in 2022 [5][12]. Market Position - By 2024, Jintian Animation is projected to be the largest IP fun food company in China, holding a market share of 7.6% [13]. - The overall IP food market in China is expected to grow from RMB 354 billion in 2024 to RMB 849 billion by 2029, with a compound annual growth rate of 18.5% [12]. Financial Performance - The company has shown consistent revenue growth, with revenues of RMB 5.96 billion in 2022, RMB 6.64 billion in 2023, and projected RMB 8.77 billion in 2024 [14]. - Jintian Animation's gross margin is notably higher than other snack brands, reaching 33.7% in 2024, compared to 24.3% for Three Squirrels and 26.1% for Bestore [14][15]. Strategic Initiatives - The company plans to diversify its IP portfolio and enhance its product development capabilities through the IPO proceeds, which will also be used to expand sales networks and improve supply chain infrastructure [17]. - Jintian Animation aims to mitigate risks associated with reliance on external IPs by developing its own IPs and enhancing its design capabilities [9][8]. Sales Channels - The company has established a strong sales network, particularly in lower-tier cities, collaborating with various retail outlets, including supermarkets and convenience stores [10].

在渠道和产品的营销打法上，褚音表示，品类会根据不同的价位和空间属性，以及不同营销节点灵活进 行线上线下的调配。公司会根据不同类型的IP，规划生命周期和投资深度，匹配不同的渠道特性，推动 配货和计划留存一体化动态管理。 今年泡泡玛特海外市场增速亮眼。拉长时间线看，一方面，今年4月，泡泡玛特进行了五年来最大规模 的组织架构调整，包括增加新的大区，强化中台等举措，推动公司全球化布局。另一方面，今年 LABUBU等IP的火爆，是推动业绩增长的重要驱动因素。 对于组织架构调整及相关成效，泡泡玛特董事长兼CEO王宁表示，组织架构调整的核心逻辑是希望推动 整个集团的全球化，也希望管理会更加扁平，决策更加灵活。 "我们希望随着组织的调整，决策更加高效，能够及时解决本土化的一些问题，然后推动集团的国际 化。这是调整的一个方向，未来我们会对组织架构持续优化。"王宁说。 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！ 10月21日，泡泡玛特公告称，2025年第三季度整体收益（未经审核）同比增长245%至250%，其中中国 市场收益同比增长185%至190%，海外市场收益同比增长365%至370%。 今年第 ...

21世纪经济报道记者 刘婧汐 零食界的"泡泡玛特"也要上市了。 据港交所10月20日披露，广东金添动漫股份有限公司向港交所主板提交上市申请书，招商证券国际、中 国银河国际为联席保荐人。 据招股书，金添动漫是中国IP趣玩食品行业的开创者及领导者，目前主要业务为生产和销售IP趣玩食 品。截至2025年6月30日，公司在全国建有5大生产基地、拥有26个授权IP及超过600个活跃SKU，包括 糖果、饼干、膨化、巧克力、海苔零食五大产品类别。 儿童零食+IP 据招股书，公司合作的IP授权方来自日本、欧美、中国等不同国家和地区，已与授权IP建立长期稳定的 伙伴关系，最长合作年限超过15年。 但过度依赖外部IP授权存在一定风险。 在招股书中，金添动漫指出，目前公司全部产品都依托授权IP进行开发，其与IP所有者或者授权方的合 作通常并非独家的，这也使得其他公司也可以通过获得授权生产或者销售相似的IP趣玩产品。如果竞争 对手以更具竞争力的价格销售类似产品，会对其形成定价压力，损害其盈利能力和竞争优势。而如果竞 争对手推出更受青睐的产品，将对其业务、财务状况及经营业绩造成重大不利影响。 因此，在IP运营上，金添动漫计划进一步丰富 ...

10月21日盘后，泡泡玛特（09992.HK）在港交所公告，2025年第三季度整体收益(未经审核，指营收)同 比增长245%～250%。 不过，泡泡玛特今日收跌8.08%，报250.4港元/股。 今年以来，泡泡玛特旗下以Labubu为代表的一系列毛绒玩具掀起一阵热潮，推动泡泡玛特2025年上半 年营收实现了204%的同比增长。泡泡玛特的股价更是在2025年上半年持续上涨。 不过，自8月下旬触及高点以来，泡泡玛特股价已累计回调超20%。 具体来看，中国收益同比增长185%～190%。其中，线下渠道同比增长130%～135%，在线渠道同比增 长300%～305%。海外收益同比增长365%～370%。其中，亚太同比增长170%～175%，美洲同比增长 1265%～1270%；欧洲及其他地区同比增长735%～740%。 海外市场表现较好的泡泡玛特准备进一步拓宽海外市场。今年8月，第一财经记者曾在泡泡玛特2025年 中报业绩会上了解到，公司上半年海外市场增长比预期的更快，今年下半年公司预计在海外开设200家 门店。 ...

Group 1 - Southbound funds recorded a net purchase of 1.171 billion yuan today [1] - In the Hong Kong Stock Connect (Shanghai), Pop Mart and Xiaomi Group-W received net purchases of 683 million HKD and 652 million HKD respectively [1] - Alibaba-W had the highest net sell amount, totaling 133 million HKD [1] Group 2 - In the Hong Kong Stock Connect (Shenzhen), Pop Mart and SMIC received net purchases of 438 million HKD and 180 million HKD respectively [1] - The Yingfu Fund had the highest net sell amount, reaching 1.102 billion HKD [1]