Core Viewpoint - The Hang Seng Index Company announced the quarterly review results, including Pop Mart International Group Co., Ltd. in the Hang Seng Index, marking its first inclusion, alongside China Telecom Co., Ltd. - H shares and JD Logistics Co., Ltd. [3][4] Group 1: Company Inclusion in Index - Pop Mart International Group Co., Ltd. has been included in the Hang Seng Index's China Enterprises Index, increasing the number of constituent stocks from 85 to 88, effective September 8, 2025 [3]. - This marks the first time Pop Mart has been included in the Hang Seng Index, having previously been listed as a potential candidate multiple times [4]. Group 2: Financial Performance and Market Position - As of August 22, Pop Mart's stock price was HKD 320.4, with a total market capitalization exceeding HKD 430 billion [4]. - The company has seen a stock price increase of over 258% year-to-date [4]. - In the first half of 2025, Pop Mart's IP LABUBU and other major IPs generated over HKD 1 billion in revenue, with five major IPs exceeding HKD 1 billion in total revenue [4].

Group 1 - The core product launch is the mini version of LABUBU, which includes two variants (A/B), each containing 14 regular items and 1 hidden item [1] - The probability of obtaining a regular item is 1 in 14, while the probability for the hidden item is 1 in 168 [1] - The price for a single blind box is set at 79 yuan, and the complete set is priced at 1106 yuan [1] Group 2 - The release date for online sales is scheduled for August 28, 2025, at 22:00, with offline sales starting on August 29, 2025 [3] - The product series is titled "THE MONSTERS 心底密码系列" and includes similar pricing and probability structures as the LABUBU series [3] - A note indicates that in-store order fulfillment may lead to inventory shortages, suggesting customers prioritize online purchases [3]

本报讯(记者袁传玺)天眼查工商信息显示，近日，云南葩趣贸易有限公司发生工商变更，周巍卸任法定 代表人、执行董事、总经理，刘舒霜接任法定代表人并担任董事、经理。此外，上海葩趣文化创意有限 公司、甘肃葩趣贸易有限公司均发生高管变更。 云南葩趣贸易有限公司、上海葩趣文化创意有限公司、甘肃葩趣贸易有限公司分别成立于2020年9月 份、2021年5月份、2021年5月份，股东信息显示，上述三家企业均由北京泡泡玛特文化创意有限公司全 资持股。 ...

Group 1 - The core point of the article is that Beijing Pop Mart Cultural Creative Co., Ltd. is expanding its business scope to include retail of daily household appliances, home appliances, daily necessities, and paper products [1][2] - The company was established in October 2010 with a registered capital of 200 million RMB and is wholly owned by POP MART (HONG KONG) HOLDING LIMITED [1] - The company is actively recruiting talent for its new home appliance sector, indicating a strategic move into this market with positions such as small appliance procurement supervisor and quality experts [1] Group 2 - The recruitment efforts align with the recent changes in the company's business scope, suggesting a rapid expansion into the home appliance and daily necessities sectors [2] - The salary range for the new positions is between 12,000 to 45,000 RMB, indicating competitive market positioning [1] - Specific experience in products like refrigerators, coffee machines, and electric kettles is required for some roles, highlighting the company's commitment to significant investment in this new project [1]

Core Viewpoint - Macquarie forecasts that Pop Mart (09992) will achieve approximately 33 billion RMB in revenue for the fiscal year 2025, with a non-IFRS net profit margin of 35% [1] Group 1: Financial Projections - The target price for Pop Mart has been raised by 11% to 400 HKD, while the target price-to-earnings ratio has been adjusted from 34.5 times to 33 times due to anticipated growth slowdown starting in 2026 [1] - Net profit forecasts for fiscal years 2025 and 2026 have been increased by 17% and 16% respectively, reflecting higher expectations for revenue and profit margins [2] - Revenue forecasts for 2025 and 2026 have been raised by 7% and 8% respectively, driven by better outlooks for product launches and ongoing expansion in overseas markets [2] Group 2: Market Expansion and Strategy - Pop Mart's revenue in the Americas has increased by 1,142% year-on-year, indicating significant growth potential [1] - The company currently derives 59% of its sales from online channels, suggesting ample opportunity for physical store openings [1] - Macquarie believes that Pop Mart's focus on store quality and productivity will maintain discipline, while opening stores in prime locations will enhance brand awareness among celebrities and opinion leaders [1] - Expansion in Europe and other regions is just beginning, with long-term potential for localization [1] Group 3: Product Development - Pop Mart is investing in IPs beyond The Monsters, aiming for a more balanced IP portfolio [1] - The upcoming Mini Labubu series demonstrates the company's ability to monetize through expansion into new scenarios and categories [1]

Core Viewpoint - Macquarie forecasts that Pop Mart (09992) will achieve approximately 33 billion RMB in revenue for the fiscal year 2025, with a non-IFRS net profit margin of 35% [1] - The firm maintains an "outperform" rating but has adjusted the target price upward by 11% to 400 HKD, while lowering the target price-to-earnings ratio from 34.5x to 33x due to anticipated growth slowdown starting in 2026 [1] Group 1 - The company experienced a remarkable 1,142% year-on-year revenue growth in the Americas market, indicating significant upside potential [1] - Currently, 59% of sales are generated online, suggesting ample opportunity for physical store expansion [1] - Macquarie believes that focusing on store quality and productivity will help the company maintain discipline while enhancing brand awareness among celebrities and opinion leaders through strategic store locations [1] Group 2 - Macquarie anticipates that the expansion in Europe and other regions is just beginning, with long-term potential for localization [1] - The company has been investing in IPs beyond The Monsters, aiming for a more balanced IP portfolio [2] - The upcoming Mini Labubu series demonstrates the company's ability to monetize through category expansion and new scenarios [2] Group 3 - The firm has raised its net profit forecasts for Pop Mart for the fiscal years 2025 and 2026 by 17% and 16%, respectively, reflecting higher revenue and profit margin expectations [2] - Revenue forecasts have been increased by 7% and 8%, attributed to better prospects from product launches and ongoing overseas store expansions in the second half of 2025 [2] - Gross profit margin forecasts have been adjusted upward by 0.6 percentage points and 0.2 percentage points for the respective fiscal years [2]

Core Insights - The collaboration between Zhou Shen and Pop Mart for the "Anti-Deep Pronouns" series of vinyl toys was launched on August 21, with a retail price of 129 yuan each, leading to over 140,000 pre-orders on Taobao before the official sale [1] - The toys sold out quickly, with fans reporting difficulties in accessing the purchase page, likening the experience to securing concert tickets [1] - Secondary market activity surged, with some sellers listing the toys for as high as 1,800 yuan before the official release, indicating a speculative trading environment [3] Group 1 - The "Anti-Deep Pronouns" series includes a total of 7 designs, with each blind box corresponding to a song from Zhou Shen's album, and the hidden variant having a rarity of 1 in 72 [8] - After the launch, the average transaction price for the series on secondary markets was reported at 1,018 yuan, with standard versions selling between 170 to 200 yuan, and hidden variants averaging around 970 yuan, with peak prices reaching 1,200 yuan [8] - Pop Mart has not implemented specific policies to manage the high-priced speculation prior to the official release, advising consumers to purchase through official channels [3] Group 2 - Zhou Shen has urged fans to practice rational consumption and be cautious of potential scams related to the resale of the toys, highlighting concerns over counterfeit products and fraudulent listings [10] - Fans have expressed concerns about the secondary market, warning each other to be vigilant against scams and to avoid giving scalpers opportunities to profit [10]

Investment Rating - The report maintains a "Buy" rating for Pop Mart International Group Limited [2][11] Core Views - The company demonstrated rapid growth in H1 2025, with revenue reaching 138.8 billion RMB, a year-on-year increase of 204.5%, and net profit attributable to shareholders at 45.7 billion RMB, up 396.5% [3][10] - The domestic market continues to show strong growth potential, with H1 2025 domestic revenue at 82.8 billion RMB, a 135.2% increase year-on-year [4] - The overseas market also experienced explosive growth, with H1 2025 overseas revenue at 55.9 billion RMB, a staggering 314% increase year-on-year [5] - The company's IP matrix is expanding, with significant revenue contributions from various IPs, particularly THE MONSTERS, which generated 48.1 billion RMB, a 668% increase [6] - The company is expected to maintain strong growth momentum, with projected net profits of 110.7 billion RMB, 155.4 billion RMB, and 203.2 billion RMB for 2025, 2026, and 2027 respectively [11] Domestic Market Summary - Domestic revenue for H1 2025 reached 82.8 billion RMB, with offline sales at 50.8 billion RMB (up 117.1%) and online sales at 29.4 billion RMB (up 212.2%) [4] - The company opened 12 new retail stores, bringing the total to 443, with average store efficiency reaching a historical high [4] - Membership numbers increased by 28% to 59.12 million, indicating a growing consumer base [4] Overseas Market Summary - Overseas revenue for H1 2025 was 55.9 billion RMB, with significant growth in the Americas (1142% increase) and Europe (729% increase) [5] - The company opened 30 new stores in the Asia-Pacific region and 31 in the Americas, indicating a strong expansion strategy [5] - The report highlights that the overseas market still has substantial untapped potential, particularly in high-consumption areas like Europe and the Americas [5] Product Perspective Summary - The IP matrix is showing comprehensive growth, with THE MONSTERS leading at 48.1 billion RMB, followed by CRYBABY at 12.2 billion RMB [6] - Plush toys have become the largest product category, with revenues of 61.4 billion RMB, reflecting a 1276% increase [6] - The company is enhancing its supply chain capabilities, which is expected to support future growth [6] Financial Performance Summary - The gross margin for H1 2025 was 70.3%, a 6.3 percentage point increase year-on-year, with a net profit margin of 33.0%, the highest in history [10] - The report forecasts continued improvement in profitability due to strong sales and the increasing share of high-margin overseas business [10] - The company is expected to launch new products and expand into new markets, which will further drive revenue growth [10]

Core Viewpoint - The report from Jianyin International indicates that Pop Mart (09992) is expected to maintain a strong revenue growth of 1.14 times in the second half of the year, driven by robust global demand, with an anticipated annual compound growth rate of 28% in profits from 2026 to 2027 [1] Group 1 - Pop Mart's adjusted net profit for the first half of the year increased by 372% year-on-year to 4.602 billion RMB, slightly exceeding the previously forecasted growth of 350% [1] - Revenue for the same period rose by 204% year-on-year to 13.876 billion RMB, aligning closely with expectations [1] - The strong profit growth is attributed to economies of scale and improved operational leverage, with business growth driven by comprehensive expansion across core IP, product categories, and regional markets [1] Group 2 - The target price for Pop Mart has been raised from 288 HKD to 374 HKD, maintaining an "outperform" rating and continuing to be listed as an industry favorite [1] - The upcoming launch of the "Mini Labubu" is anticipated to act as a catalyst for recent stock price movements [1] - The company is progressing towards its goal of becoming a global enterprise [1]

Core Viewpoint - Jianyin International's report indicates that Pop Mart (09992) is expected to maintain strong revenue growth of 1.14 times in the second half of the year, driven by robust global demand, with an anticipated annual compound growth rate of 28% in profits from 2026 to 2027 [1] Financial Performance - For the first half of the year, Pop Mart's adjusted net profit increased by 3.72 times to 4.602 billion RMB, slightly exceeding the previously forecasted growth of 3.5 times [1] - Revenue rose by 2.04 times to 13.876 billion RMB, aligning closely with expectations [1] Growth Drivers - The strong profit growth is attributed to economies of scale and improved operational leverage [1] - Business growth is driven by comprehensive expansion across core IP, product categories, and regional markets, indicating the company's progress towards its goal of becoming a global enterprise [1] Target Price and Rating - The target price for Pop Mart has been raised from 288 HKD to 374 HKD, maintaining a "outperform the market" rating and continuing to be listed as an industry favorite [1] - The upcoming launch of "Mini Labubu" is expected to act as a catalyst for recent stock price movements [1]