网友催更的"海关大战假LABUBU"更新。7月30日，南都记者了解到，中国海关查假LABUBU（下 称"拉布布"）近三个月后，近期收到泡泡玛特赠送的锦旗。"海关发布"微信公号显示，北京海关、泡泡 玛特国际集团联合开展"知识产权海关保护为国潮出海保驾护航"主题活动，泡泡玛特送上两面锦旗。 泡泡玛特提醒消费者识别假拉布布："一眼假"做工粗糙，嘴歪眼斜、手感很差，没有饱满的填充 感；"精致假"更像正品，但防伪码、唛标、logo及材质手感与正品有一定区别。 北京海关一次性查获7850件假拉布布 一眼假的拉布布容易识别，1:1复刻的"精致假"拉布布不仅自带"防伪标识"，部分热门款售价也并不 低。对此，泡泡玛特国际集团副总裁陈晓芸称，有些"一眼假"，不具备审美特质，嘴歪眼斜、手感很 差，没有饱满的填充感，跟正品差距非常大；还有一些是"精致假"，更精致、更像正品，但其实从防伪 码、唛标、logo及材质手感来综合辨别，与正品还是有一定区别的。最重要的还是鼓励和建议大家从正 规渠道购买，不要在其他的非官方渠道购买。 上海市公安局近期侦破的一起案件显示，网店实际经营人汪某以电扇、音响、游戏机等日常销售活动为 掩护，暗中从事定制、 ...

作者 | 范亮 编辑 | 丁卯 7月15日，泡泡玛特发布了一份表现强劲的业绩预告。 业绩预告指出，泡泡玛特2025年上半年营收增速同比增长不低于200%，净利润（不含未完成统计的金融工具的公允价值变动损益）同比增长可能不低于 350%，按此测算公司上半年营收将超136亿元，净利润超40亿元，走出了公司2020年上市以来的最强业绩。 尽管业绩预告表现亮眼，但这次港股市场却一反常态，泡泡玛特股价并未因此继续上行，反而在预告发布次日下跌4%，并在随后多个交易日出现小幅回 调。 那么，市场为何不买账？公司未来是否还有机会？ 业绩爆发但仍需长期检验 港股与A股在整体的投资风格上有一个较为明显的区别：港股市场主要围绕具体的业绩展开交易，财报/业绩预告的发布往往是一轮行情的起点；而反观A 股，市场则主要围绕预期展开交易，财报/业绩预告的发布往往是一轮行情的终点。 复盘泡泡玛特2024年以来的行情，其股价暴涨的月份往往在财报发布的当月，如2024年3月和8月，2025年3月等，符合业绩—股价的传导趋势。但是，本 次泡泡玛特发布了上市以来的最强业绩，公司股价反而开始回调，颇像A股市场"利好出尽"的风格。 出现这种走势的不外乎两 ...

Group 1 - The event "Intellectual Property Customs Protection for National Trends Going Global" was co-hosted by Pop Mart and Beijing Customs, highlighting the importance of IP protection for brands [1] - In the first half of this year, Beijing Customs seized 53 batches of suspected infringing goods, totaling 175,000 items, with 13 batches and over 30,000 items specifically related to Pop Mart [1] - Pop Mart's Vice President Chen Xiaoyun emphasized the importance of purchasing through official channels to avoid counterfeit products and expressed gratitude to customs authorities for their support in protecting brand rights [1][2] Group 2 - A significant seizure occurred on May 22, where Beijing Customs confiscated 7,850 infringing LABUBU dolls and 955 items bearing the Pop Mart brand, marking the largest single seizure of LABUBU products this year [1] - Subsequent seizures included 324 infringing LABUBU dolls, 18,200 LABUBU stickers, 53 LABUBU phone cases, and 843 packaging boxes [1]

近日，泡泡玛特联合北京海关举办了"知识产权海关保护为国潮出海保驾护航"活动。 据悉，今年上半年，北京海关查获涉嫌侵权货物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。去年以来，北京海关与上海、广州、深圳等海关通报趋势线索，联合各地海关拦截 大量假冒Labubu侵权泡泡玛特货物。 活动现场，泡泡玛特国际集团副总裁陈晓芸还分别向海关发布公众号和北京海关赠送锦旗，感谢其对泡 泡玛特一直以来的支持。 责任编辑：王翔 ...

Summary of Pop Mart - H Conference Call Company Overview - **Company**: Pop Mart International Group Limited - **Industry**: Toy and IP Merchandise Key Points and Arguments 1. **Supply Chain Dynamics**: Current OEM supply is in shortage as more IP brands are moving sourcing out of China, leading to stock issues for popular products like Labubu and Crybaby. This shift is expected to enhance the bargaining power of super IPs in the future, potentially improving margins [1][4][33] 2. **Sales Performance**: For 1H25, sales and profit after tax (PAT) increased by over 200% and 350% respectively, but results were at the lower end of market expectations. The share price fell by 7% following the profit alert, contrasting with a 3% rise in the Hang Seng Index [1][28][33] 3. **Search Interest Trends**: Labubu's search interest declined by 5%, raising concerns about sales sustainability. However, its current search index remains significantly higher than other IPs, indicating strong brand awareness [1][6][8][20] 4. **Lifecycle of IPs**: Super IPs have a lifecycle lasting decades, while average IPs last 6-24 months. A successful launch can lead to a longer lifecycle for super IPs [4][33] 5. **Tariff Implications**: IP brands are currently absorbing most of the tariff costs, with strong IPs able to pass these costs onto consumers [4][33] 6. **Future Catalysts**: Upcoming catalysts include the 1H25 earnings report, new product launches, and collaborations, such as a potential movie deal with Hollywood [4][27][33] Additional Important Insights 1. **Production Capacity**: Pop Mart's production is expected to double in July compared to June, with significant growth anticipated in August [27] 2. **Member Base Growth**: From 2019 to 2024, Pop Mart's member base grew 20 times from 2.2 million to 46.1 million, with a projected increase to 70 million by 2027 [27][33] 3. **Average Revenue Per Member (ARPU)**: The ARPU has normalized from RMB 900 to RMB 184, indicating a shift in purchasing behavior [27] 4. **Market Positioning**: Pop Mart leads China's fast-growing IP merchandise market with over 100 owned/licensed IPs and a strong retail presence [33] 5. **Valuation and Risks**: The price target is set at HK$340.00, with key risks including delays in new IP launches, competition, and potential tariff hikes [34][35] This summary encapsulates the critical insights from the conference call, highlighting the company's current position, market dynamics, and future outlook.

Core Insights - The surge in overseas sales of LABUBU has spotlighted Dongguan's Shipaizhen, attracting both domestic and international businesses to the area [1] - Shipaizhen boasts a top-tier toy manufacturing industry chain in China, which supports the growth of brands like Pop Mart [1] - The rise of "trendy toys" is reshaping Dongguan's toy industry, with businesses eager to capitalize on this trend [1] Industry Overview - Shipaizhen is recognized as "China's Trendy Toy Capital," with over 400 toy and trendy toy production enterprises [11] - The total output value of the trendy toy industry cluster in Shipaizhen is projected to reach 13.218 billion yuan in 2024, reflecting a year-on-year growth of 12.3% [11] - The town accounts for approximately 30% of Dongguan's total trendy toy industry output value [11] Company Developments - Dongguan Yanchuang Cultural Development Co., Ltd. was established in 2024, focusing on creating original IPs in the trendy toy sector [2] - The company has successfully launched its own trendy toy brand, EMMA, which has gained popularity since its introduction [3] - Dapiaoqiang Toy Co., Ltd. has seen significant sales growth due to the popularity of plush toys, leveraging the demand created by LABUBU's success [4][5] Market Dynamics - The demand for trendy toys is driven by their higher profit margins compared to traditional toys, prompting businesses to invest in this sector [9] - Unlike traditional toys, trendy toys often rely on aesthetic appeal rather than established character narratives, leading to a different consumer purchasing motivation [10] - The competitive landscape for trendy toys is intensifying as more players enter the market, driven by lower production costs and easier access to manufacturing resources [10] Technological and Operational Advancements - Companies like Wenbo Craft have upgraded their production capabilities by introducing advanced machinery and establishing a professional product laboratory [7][8] - The shift towards self-owned IPs is becoming a trend among companies, as seen with Dapiaoqiang's transition from e-commerce live streaming to designing proprietary products [5][6]

Core Insights - The surge in overseas sales of LABUBU has spotlighted Dongguan's Shipaizhen, attracting both domestic and international businesses to the area [1] - Shipaizhen boasts a top-tier toy manufacturing industry chain in China, which supports the growth of brands like Pop Mart [1] - The rise of "trendy toys" is reshaping Dongguan's toy industry, with businesses pursuing opportunities in this sector [1] Industry Overview - Shipaizhen is recognized as the "Trendy Toy Capital of China," with over 400 toy and trendy toy production enterprises [11] - The total output value of the trendy toy industry cluster in Shipaizhen is projected to reach 13.218 billion yuan in 2024, reflecting a year-on-year growth of 12.3% [11] - The town accounts for approximately 30% of Dongguan's trendy toy industry output value, making it the largest in the city [11] Company Developments - Dongguan Yanchuang Cultural Development Co., Ltd. was established in 2024 and has developed its own trendy toy brand, EMMA, which has gained popularity [2][3] - The company transitioned from producing complex figurines to focusing on trendy toys due to market demand and operational challenges with previous partners [3] - Dapiaoqiang Toy Co., Ltd. has capitalized on the popularity of plush toys, achieving significant sales growth due to the demand for alternatives to high-priced limited-edition products from LABUBU [4][5] Market Dynamics - The trend of live-streaming sales has significantly influenced the growth of companies like Dapiaoqiang, which has amassed a large following and expanded its product offerings [5][6] - The competitive landscape is shifting as traditional toy manufacturers face pressure to adapt to the higher profit margins associated with trendy toys [9][10] - The entry of non-industry players into the trendy toy market has led to increased competition, with many struggling to sell their products [10] Technological and Operational Advancements - Companies like Wenbo Craft have upgraded their production capabilities by introducing advanced machinery and establishing a professional product laboratory [7][8] - The local industry benefits from a well-established supply chain, allowing for quick assembly and production of trendy toys [6] Consumer Behavior - Trendy toys differ from traditional toys in that they often rely on aesthetic appeal rather than established character narratives, leading to a stronger emotional connection with consumers [10] - The lower production costs associated with plush and rubber toys have made them more accessible for manufacturers, although this has also intensified competition [10]

Group 1 - The company expects a revenue growth of no less than 200% year-on-year for H1 2025, with a profit increase of no less than 350% during the same period [1] - The board attributes the performance fluctuations to increased global brand recognition, diverse product categories, and continuous high growth in all regional markets [1] - The overseas business revenue proportion is continuously increasing, positively impacting profit margins and enhancing operational efficiency through capacity optimization and cost control [1] Group 2 - The company's successful overseas strategy is supported by globalized product design, multi-location supply chain collaboration, and the advertising effect from fashion influencers in Europe and America [2] - The company collaborates with global artists to ensure its IP images meet both global aesthetics and local characteristics, while maintaining strict quality control in the supply chain [2] - The collectible toy market is still in a rapid growth phase, with leading brands expected to continue gaining market share [2] Group 3 - The concentration of the collectible toy market in China has slightly increased, with the top five companies' market share rising from 22.8% in 2019 to 26.4% in 2021 [3] - The company’s market share in the collectible toy industry increased from 8.5% in 2019 to 13.6% in 2021, supported by its own IP and strong sales network [3] - The company is expected to achieve net profits of 10.546 billion, 16.244 billion, and 19.769 billion yuan from 2025 to 2027, with year-on-year growth rates of 237.44%, 54.02%, and 21.70% respectively [3]

Core Viewpoint - The article highlights the crackdown on a criminal gang selling counterfeit collectible toys, revealing the challenges faced by legitimate companies in combating counterfeit products in a rapidly growing market [1][2]. Group 1: Criminal Activities - A criminal gang was dismantled by Shanghai police, leading to the seizure of over 5,000 counterfeit collectible toys with a sales value exceeding 12 million yuan [1]. - The gang operated by creating 1:1 replicas of popular toys without authorization, using deceptive marketing tactics to sell these counterfeit products [2]. - The gang's leader, Wang, was arrested along with seven others, and further investigations into upstream manufacturers and other selling platforms are ongoing [2]. Group 2: Company Response - The company, Pop Mart, encourages consumers to purchase toys only through official channels to avoid counterfeit products, acknowledging the high risk of encountering fakes in third-party sales [3]. - Pop Mart has significantly increased its plush toy production capacity, with monthly output now being several times higher than the previous year, in response to rising demand [3]. - The company is actively working to combat counterfeit sales and has implemented measures to improve product availability in the market [3].

Core Insights - LABUBU's global popularity has positioned PopMart in the spotlight, with the IP expected to reach phenomenal popularity by 2025, becoming a sought-after collectible among fans [1] - The founder of PopMart, Wang Ning, shared insights on the core themes of the trendy toy industry during a deep interview with CCTV News, highlighting the transformation of Chinese cultural consumer brands in the global market [2][4] Company Development - Wang Ning's journey reflects the spirit of PopMart, showcasing his dual role as an industry observer and pioneer, revealing the challenges and opportunities faced by Chinese brands in the global landscape [4][5] - Wang Ning's early experiences in his family's small business laid the foundation for his understanding of commerce, which he later applied to his entrepreneurial ventures [8][9] - After facing initial struggles with PopMart's concept of trendy toys, Wang Ning pivoted to create a platform called Taohuo.com to connect manufacturers and retailers, which eventually led to securing angel investment [13][14] IP Strategy - In 2014, Wang Ning recognized the importance of exclusive IP and successfully acquired the rights to the popular Sonny Angel toy in China, which significantly contributed to PopMart's revenue [16][20] - The introduction of the Molly IP marked a turning point for PopMart, allowing the company to transition from a simple retailer to a brand operator with core IP assets [20][21] Market Expansion - PopMart's successful launch of the Molly zodiac series blind boxes in 2016 attracted a female consumer base, leading to rapid growth in the trendy toy market [21][24] - The company went public on the Hong Kong Stock Exchange in December 2020, achieving a market valuation exceeding HKD 100 billion on its first trading day [24] Globalization Efforts - PopMart has expanded its presence in Southeast Asia, with significant revenue growth of 375.2% year-on-year in 2024, driven by localized marketing strategies and collaborations with local artists [28] - In the European and American markets, PopMart has successfully opened pop-up stores and collaborated with local influencers to enhance brand visibility and consumer engagement [29] Challenges and Future Outlook - Despite rapid growth, PopMart faces supply chain challenges and market saturation, with Wang Ning emphasizing the need for strict quality control and supply chain optimization [32][34] - The company is navigating the complexities of the blind box model, which has raised concerns about consumer trust and market speculation [34][35] - Wang Ning's vision for PopMart is to create a lasting emotional connection with consumers while addressing the challenges of maintaining brand value and cultural depth [35][36]