Core Insights - The 2025 PTS Beijing International Trend Toy Exhibition, hosted by Pop Mart, is themed "Return to Playfulness, Seek the Wilderness of the Heart," showcasing global popular IPs and featuring numerous artists and designers [1] - A strategic cooperation framework agreement was signed between Pop Mart and the Beijing Cultural and Tourism Bureau to explore the modern integration of intangible cultural heritage and trendy toys, aiming to enhance cultural innovation and economic benefits in Beijing [1] - Since its inception in 2017, PTS has evolved into a globally recognized platform for creators to showcase their creativity and the unique charm of trendy toy IPs [1] Exhibition Experience - The exhibition has upgraded its interactive experiences, moving beyond a simple buying and selling logic to provide a more immersive experience for attendees [2] - The "Bubble Street" concept has been enhanced with interactive installations, allowing fans to deepen their understanding of IPs while shopping [2] - Various engaging activities, such as DIY workshops and creative competitions, have been introduced to enrich the visitor experience [2][3] Global IP Collaboration - This year's exhibition features numerous international IP giants like Disney and Universal, alongside emerging artists and designers, promoting a diverse range of IPs [3] - The event aims to facilitate global IP interactions and exchanges, allowing fans to immerse themselves in the unique worlds of various IPs [3] Artist Engagement - Pop Mart's well-known IPs and emerging artists participated in signing events, enhancing fan engagement and awareness of new IPs [4] - New artists shared their creative inspirations and processes, stimulating audience curiosity about the artistic core of trendy toys [5] Industry Impact - PTS has established itself as a top-tier global IP event, promoting deep exchanges and innovations within the trendy toy culture [6] - Since its rebranding in 2021, PTS has attracted over 300,000 visitors and featured over 500 top artists from various countries [6] - Pop Mart aims to continuously discover and nurture talented artists, creating products that resonate emotionally with consumers [6] Future Outlook - With the ongoing internationalization strategy, PTS is expected to attract more global artists and designers, further deepening the emotional connection between fans and IP artists [7]

Core Insights - The 2025 Beijing International Trendy Toy Expo (PTS) is themed "Return to Play, Seek the Wild Heart," showcasing numerous global designers and serving as a platform for domestic IPs to expand internationally [1] - Peter Shipman, head of Pop Mart's European division, noted significant success for the Labubu IP in Europe, alongside strong growth for other popular IPs like SKULLPANDA and Hirono [1] - The European trendy toy market is evolving, with consumers showing a broader interest and more mature purchasing behavior compared to six months ago, moving beyond reliance on new store openings and hit products [1] - Lifestyle-related products are emerging as new bestsellers in the European market, with a recent successful pop-up gallery for Hirono in Covent Garden, London, demonstrating strong demand for lifestyle items such as T-shirts, blankets, and jewelry [1] - The company plans to expand its lifestyle product line in Europe and will host several SKULLPANDA-themed exhibitions in major cities like Rome, Berlin, London, and Paris later this year [3] - The core task in the European market remains the popularization of trendy toy culture, focusing on providing immersive brand experiences rather than just in-store transactions [3]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09992 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.0001 | USD | | 500,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 5,000,000,000 | USD | | 0.0001 | USD | | 500,000 | 本月底法定/註冊股本總額： USD 500,000 FF301 第 1 頁 共 10 頁 v 1.1.1 致：香 ...

Core Viewpoint - The rise of cultural consumption trends is exemplified by the success of Pop Mart, which reflects a shift towards emotional consumption, cultural identity, and the integration of traditional culture with modern consumerism [2][9]. Group 1: Cultural Consumption Trends - Pop Mart has transformed from a small toy retailer to a global cultural brand, highlighting the shift from functional to emotional consumption through its blind box mechanism [2][3]. - The company constructs a diverse IP matrix by collaborating with global artists, creating unique narratives that resonate with consumers, particularly the youth [2][3]. - The Z generation, making up 70% of Pop Mart's core consumer base, builds subcultural communities through collecting specific IPs, enhancing social belonging [3][4]. Group 2: Integration of Traditional Culture - Pop Mart integrates traditional cultural elements into its products, such as the collaboration with Dunhuang Academy to create the "Flying Apsaras" series, merging ancient aesthetics with modern design [3][4]. - The rise of "new national tide" culture is driven by the blending of traditional culture with modern technology, creating products that reflect cultural confidence [3][4]. Group 3: Omnichannel Consumption Experience - Pop Mart has established an omnichannel consumption model, combining online and offline strategies to broaden its audience beyond niche markets [4][5]. - The company utilizes e-commerce platforms and social media marketing to stimulate consumer interest and engagement [4][5]. Group 4: Advantages of Henan Province - Henan possesses unique cultural resources, including world-class heritage sites and a rich history, which can attract cultural consumption [5][6]. - The province is leveraging policy support and technological innovation to enhance cultural consumption, such as issuing consumption vouchers and developing smart tourism platforms [6][7]. Group 5: Youth and Digital Marketing - The cultural consumption landscape in Henan is evolving towards youth-oriented, digital, and trendy experiences, with new business models like immersive experiences and themed events [7][8]. - Social media platforms are being utilized for precise marketing, promoting cultural content and expanding the reach of Henan's cultural products [7][8]. Group 6: Brand and Industry Collaboration - Henan is optimizing cultural product supply through brand building and industry collaboration, creating a matrix of cultural brands that enhance market competitiveness [8][9]. - The integration of cultural tourism with other industries, such as dining and retail, is driving significant revenue growth [8][9]. Group 7: Cultural IP Development - The development of cultural IP is essential for modernizing traditional expressions, with a focus on creating interactive products that engage consumers [10][11]. - The establishment of community-driven value creation enhances emotional connections among consumers, fostering loyalty and engagement [11][12]. Group 8: Digital Empowerment - Digital technology is being harnessed to reconstruct cultural experiences, making historical narratives more interactive and accessible [13][14]. - The integration of digital tools in cultural production is attracting younger audiences and fostering new creative industries [13][14].

Core Insights - Labubu dolls, a product of Pop Mart, are rapidly gaining popularity in the U.S. as a fashionable accessory and collectible, following years of brand awareness growth in China [2][3] - The sales of Pop Mart's plush toys, including Labubu, have seen astronomical growth, with a 1,200% increase from 2023 to 2024, making plush toys account for over 20% of total revenue in 2024 [4] - Pop Mart's revenue in North America surged by over 550% from 2023 to 2024, with a remarkable 900% increase in Q1 2025 compared to the same period in 2024 [5][6] Sales and Market Dynamics - The shift in Pop Mart's consumer base is significant, with nearly half of its revenue expected to come from outside China in 2025, compared to virtually all revenue coming from mainland China in 2021 [6] - Foot traffic to Pop Mart's stores has increased significantly, and searches for Labubu in the U.S. are at an all-time high, indicating strong consumer interest [7] - Labubu dolls have become a gateway for consumers to explore other Pop Mart products, with some customers allocating a significant portion of their discretionary spending to the brand [8][9] Cultural Impact and Brand Engagement - The popularity of Labubu has been bolstered by celebrity endorsements and social media engagement, with notable figures showcasing the dolls [11][12] - Labubu's status as a fashion accessory rather than just a toy has been emphasized, with analysts noting its appeal as a collectible item that is more accessible than luxury alternatives [14] - The exclusivity and limited availability of Labubu dolls have contributed to their desirability, creating a status symbol among consumers [14][16] Financial Performance - Pop Mart's stock has increased over 500% in the past year, reflecting investor confidence despite recent concerns about the sustainability of growth [9] - Labubu accounted for approximately $423 million of Pop Mart's global revenue in 2024, highlighting its significant contribution to the company's financial performance [10] Consumer Behavior - The trend of purchasing Labubu dolls aligns with consumer behavior during economic uncertainty, where shoppers gravitate towards collectible items [15] - The perception of Labubu dolls as "ugly-cute" has also played a role in their appeal, with consumers finding charm in their unconventional appearance [16][19]

Core Viewpoint - The growth of Pop Mart has been accompanied by skepticism, particularly regarding the breakout of LABUBU and its lifecycle, with the company focusing on seeking "certainty" in uncertain consumer interests [1] Group 1: Company Development - Over the past fifteen years, Pop Mart has evolved from its inception to a diversified entity, now aiming for global expansion [2] - The company has established an IP matrix, with the leading IP THE MONSTERS projected to generate over 3 billion yuan in revenue by 2024, alongside four IPs generating over 1 billion yuan each and thirteen IPs generating over 100 million yuan each [2] - The revenue contribution from various product categories has shifted, with figurines now accounting for 53%, plush toys at 22%, and MEGA and derivative products contributing 13% and 12% respectively [2] - Overseas revenue has surpassed 5 billion yuan, with contributions from Southeast Asia (47%), East Asia (27%), Greater China (14%), and North America and Europe (11%) [2] Group 2: Operational Strategy - The company has built a comprehensive operational system, focusing on IP discovery through systematic mechanisms, product-driven IP operations, a direct sales system for better market control, and a centralized supply chain for quality assurance [3] - The company is exploring opportunities in international markets, with North America entering a rapid growth phase, Europe poised for expansion, and Southeast Asia expected to maintain strong performance [3] - LABUBU has the potential to become a global super IP, with the company leveraging its platform-based IP operation system to scale its second and third-tier IPs [3] - The company is also looking to diversify its business, with figurines and plush toys still in the growth phase, while other categories like building blocks, accessories, and content ecosystems are expected to enhance overall business limits [3] Group 3: Financial Outlook - The company maintains its profit forecast, with the current stock price corresponding to 32/25 times adjusted P/E for 2025/2026 [4] - The company continues to hold an outperform rating with a target price of 330 HKD, reflecting a potential upside of 33% based on 43/33 times adjusted P/E for 2025/2026 [4]

北京商报讯(记者赵述评)今年以来，潮玩LABUBU吸引了众多海外粉丝，但部分假冒伪劣产品接连出 现。近日，在知识产权海关保护为国潮出海保驾护航活动上，北京海关二级巡视员、综合业务处处长曹 永斌表示："今年上半年，北京海关共查获涉嫌侵权货物53批次、17.5万件。其中，侵犯泡泡玛特知识 产权货物13批次、3万余件。" 首都机场海关旅检一处旅检八科副科长李思捷在现场表示，5月22日，北京海关通过旅检渠道一次性查 获了7850件LABUBU侵权玩偶以及955件印有泡泡玛特品牌标识的卡片和包装盒，是今年来一次性查获 侵权LABUBU商品数量最大的一起案件。后续，北京海关又接连查获侵权的LABUBU玩偶324件， LABUBU贴纸18200件，LABUBU手机壳53件，包装盒843件。 曹永斌强调："去年以来，北京海关借助跨关区协作平台，与上海、广州、深圳等海关通报趋势线索， 联合各地海关拦截大量侵权'泡泡玛特'货物。" "消费者可通过查验防伪标识等辅助手段鉴别LABUBU产品真伪，但核心建议始终是选择官方授权渠道 购买，坚决避免通过任何非正规途径交易"，泡泡玛特国际集团副总裁陈晓芸强调，未来，泡泡玛特也 将通过提升防 ...

Core Viewpoint - The report from CICC maintains the profit forecast for Pop Mart (09992), with the current stock price corresponding to 33/26 times adjusted P/E for 2025/2026, and a target price of 330 HKD, indicating a 35% upside potential [1] Group 1: Company Evolution - Over the past fifteen years, Pop Mart has evolved from its inception to a diversified entity and now aims for global presence, establishing an IP matrix with the largest IP, THE MONSTERS, projected to generate over 3 billion CNY in revenue by 2024, alongside four IPs generating over 1 billion CNY and thirteen IPs generating over 100 million CNY [2] - The revenue contribution from different product categories has shifted, with figurines now accounting for 53%, plush toys at 22%, and MEGA and derivative products contributing 13% and 12% respectively [2] - Overseas revenue has surpassed 5 billion CNY, with Southeast Asia contributing 47%, East Asia 27%, Hong Kong, Macau, and Taiwan 14%, and North America and Europe 11% [2] Group 2: Operational Strategy - The company has established a comprehensive operational system, focusing on IP discovery through systematic mechanisms like exhibitions and internal incubation, enhancing the success rate [3] - Product-driven IP operation helps extend categories and styles, with recent new product launches showing increased speed and higher success rates, validating the platform advantage [3] - A direct sales system strengthens control over inventory and pricing, allowing the company to respond to terminal demand and inform product development [3] Group 3: Future Prospects - The overseas market presents significant growth opportunities, with North America entering a rapid growth phase, Europe preparing for expansion, and Southeast Asia expected to maintain strong performance [4] - Compared to world-class IPs like Hello Kitty, LABUBU has substantial room for growth and aims to become a global super IP, supported by a platform-based IP operation system [4] - Diverse business lines, including figurines and plush toys, are still in the growth phase, with potential for expansion into building blocks, accessories, theme parks, and content ecosystems [4]

Core Viewpoint - The report maintains the profit forecast for Pop Mart (09992), with the current stock price corresponding to 33/26 times adjusted P/E for 2025/2026, and a target price of 330 HKD, indicating a 35% upside potential [1] Group 1: Company Evolution - Over the past fifteen years, Pop Mart has evolved from its inception to a diversified entity and now aims for global presence, establishing an IP matrix with the top IP, THE MONSTERS, expected to generate over 3 billion CNY in revenue by 2024, alongside four IPs generating over 1 billion CNY and thirteen IPs generating over 100 million CNY [2] - The revenue contribution from various product categories has shifted, with figurines now accounting for 53%, plush toys at 22%, and MEGA and derivative products contributing 13% and 12% respectively [2] - Overseas revenue has surpassed 5 billion CNY, with Southeast Asia, East Asia, and regions like Hong Kong, Macau, Taiwan, North America, and Europe contributing 47%, 27%, 14%, and 11% respectively [2] Group 2: Operational Strategy - The company has established a comprehensive operational system, focusing on IP discovery through systematic mechanisms like exhibitions and internal incubation, enhancing the success rate [3] - IP operation is product-driven, leveraging IP characteristics to extend categories and styles, with recent new product launches showing increased speed and higher success rates, validating the platform advantage [3] - A direct sales system strengthens control over inventory and pricing, allowing the company to respond to terminal demand and inform product development [3] - A centralized supplier strategy aids in quality control, while a flexible supply chain and rapid reorder capabilities balance customer experience with inventory efficiency [3] Group 3: Future Prospects - The overseas market presents significant growth opportunities, with North America entering a rapid growth phase, Europe preparing for expansion, and Southeast Asia expected to maintain strong performance, indicating potential for "multiple Pop Marts" [4] - Compared to world-class IPs like Hello Kitty, LABUBU has not yet reached its ceiling and has the potential to become a global super IP, supported by a platform-based IP operation system [4] - Diverse business lines such as figurines and plush toys are still in the growth phase, while categories like building blocks, accessories, theme parks, and content ecosystems are expected to unlock further business potential for the group [4]

Group 1 - The core conclusion from Morgan Stanley's report indicates that the supply chain for toy OEM production is currently facing shortages due to more IP brands moving their production out of China, which explains the ongoing supply issues for products like Labubu and Crybaby from Pop Mart [1] - Morgan Stanley anticipates that once the supply shortage normalizes, major IPs will gain stronger bargaining power, leading to improved profit margins in the future [1] - Pop Mart is viewed positively due to its strong IP product supply, ambitious global expansion plans, and execution capabilities, with overseas sales expected to grow by 234% year-on-year by 2025, contributing 67% of total sales by 2027 [1] Group 2 - Morgan Stanley forecasts a compound annual growth rate (CAGR) of 52% for Pop Mart's sales and 66% for its profits from 2024 to 2027, with a net profit margin reaching 32% and return on equity (ROE) hitting 45% by 2027 [1] - The target price for Pop Mart is set at HKD 340, which corresponds to a projected price-to-earnings ratio of 34 times for 2026, with a rating of "overweight" maintained [1]