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]

China Consumer Pop Mart International Limited Rating Underperform Price Target 9992.HK 181.00 HKD (225.00 OLD) 26 January 2026 Melinda Hu +852 2123 2643 melinda.hu@bernsteinsg.com Kai Zhang +852 2123 2665 kai.zhang@bernsteinsg.com Frankie Fong +852 2123 2637 frankie.fong@bernsteinsg.com Pop Mart: 23% Rally on Tactical Catalysts; Downgrade Risk Remains - Social Media Tracking Indicating One-Off Impact Pop Mart shares rose by 22.96% over the past week in Hong Kong, with a sharp intraday spike around 20–23 Jan ...

Summary of the Conference Call for Pop Mart Company Overview - **Company**: Pop Mart - **Industry**: Consumer Goods, specifically in the collectibles and toys sector Key Points and Arguments Stock Performance and Valuation - The stock price has rebounded following a significant buyback, similar to actions taken in early 2022 and 2023, providing support for future performance. The current valuation is approximately 16 times earnings, which is lower than other consumer stocks, maintaining a recommendation rating [2][4] North American Market Concerns - The North American market is a critical factor influencing Pop Mart's stock price. Despite the maturity of the Chinese and Asian markets, growth concerns remain in North America. The company did not release any related products in Q4 to test the performance of other IPs and build foundational capabilities in the U.S. [2][5] Long-term Strategy for IPs - For 2026, Pop Mart plans to enhance the long-term operation of its main IP, Labubu, through more collaborations and new product launches. The introduction of a 10th-anniversary blind box card aims to increase IP diversity, with expectations of a partnership with Sony for a major film to boost brand value [2][5] Emerging IP Performance - The performance of emerging IPs has been strong, utilizing an industrialized system for new IP launches, focusing on high exposure, content creation, and multi-category operations. Data from TikTok live commerce indicates a significant increase in the share of emerging IPs, suggesting a robust product innovation mechanism [2][6] Growth Projections in China and Asia - The Chinese market is expected to see a natural growth rate of approximately 15% in 2026, with stable and healthy demand. Sales of blockbuster products are performing well. The Southeast Asian market is developing steadily, with notable improvements in East Asia, particularly in Japan and South Korea, where demand is strong and prices have increased [2][7] Store Expansion Plans - By the end of 2025, Pop Mart anticipates having 12 stores in the U.S., with plans to add 40 to 50 more in 2026, aiming for a doubling of store count. In Europe, Australia, and other regions, around 15 new stores are expected. Overall revenue is projected to reach 50 billion, corresponding to a profit of 17.5 billion [2][7] Market Sentiment on Future Performance - There are concerns regarding the sustainability of Pop Mart's performance in 2026. However, the strategy of delaying new product launches is seen as beneficial for building foundational capabilities. The company is optimistic about the long-term operation of its main IPs and the performance of its mid-tier IPs, such as DIMO and Scoop Panda, which have shown good results [3][8]

Core Viewpoint - The company is actively expanding its international production capacity and enhancing its IP platform capabilities to meet market demand, particularly in North America, while maintaining a solid domestic base. Group 1: Company Actions - The company has conducted two share buybacks, spending 2.51 million and 0.96 million HKD to repurchase 140,000 and 50,000 shares at average prices of 179.60 and 192.98 HKD per share respectively [1] - The company is accelerating the establishment of international production capacity, with a quick response from its Mexico base to address operational challenges and supply chain pressures [1] Group 2: IP Development - The company has successfully launched collaborations with popular IPs, such as SKULLPANDA's partnership with the hit series "Wednesday," receiving positive market feedback [1] - The company is expanding its IP matrix, with products like SKULLPANDA, DIMOO, and Crybaby entering the billion-yuan revenue tier, indicating a clear platform characteristic [1] Group 3: Market Performance - The company has seen strong sales of new products, with a series of launches in January leading to rapid sell-outs and significant resale premiums in the secondary market [1] - The domestic market remains solid, with a mature brand perception and balanced IP lineup, contributing to increased store efficiency and sales growth [1] Group 4: Financial Projections - The company has adjusted its profit forecasts, expecting net profits of 12.235 billion, 17.475 billion, and 21.734 billion CNY for 2025-2027, with corresponding PE ratios of 21, 15, and 12 [2] - A target price of 319.85 HKD has been set based on a 22X PE for 2026, maintaining a "strong buy" rating [2]

Core Viewpoint - Pop Mart is planning to expand its physical presence in North America by entering outlet malls and large shopping centers, which deviates from its previously disclosed expansion strategy and market expectations [1][2]. Group 1: Expansion Strategy - Pop Mart is engaging with Simon Property Group to establish new stores in over 20 shopping centers across the U.S., including Simon Malls and The Mills [2][3]. - The new stores will not be discount outlets but standard retail formats, indicating a strategic approach to enhance brand presence rather than merely clearing inventory [2]. Group 2: Market Performance - Pop Mart's stock price has dropped over 40% from its peak in August 2025, leading to mixed market sentiments regarding the sustainability of its growth trajectory [1]. - Despite the stock decline, the company has maintained strong revenue growth, with significant increases in various regions, including a 1142.3% increase in the Americas [5]. Group 3: Competitive Landscape - The collectible toy industry is experiencing intensified competition, with other brands like Miniso's Top Toy and 52Toys rapidly expanding their physical presence, increasing rental and customer acquisition costs [4]. - Pop Mart's market performance in North America has shown signs of slowing growth, with a notable decrease in sales growth rates for its LABUBU products [4]. Group 4: Financial Actions - On January 19, Pop Mart announced a share buyback of approximately HKD 251 million, which led to a 20% increase in stock price over the following week [1][5]. - The company has a history of share buybacks during market downturns, indicating management's confidence in its intrinsic value [5].

Core Viewpoint - The Hong Kong stock market experienced a net sell-off of 34.27 billion HKD from northbound trading, with significant movements in individual stocks, indicating investor sentiment and market dynamics. Group 1: Northbound Trading Summary - Northbound trading saw a net sell of 34.27 billion HKD, with the Shanghai Stock Connect contributing a net sell of 47.72 billion HKD and the Shenzhen Stock Connect a net buy of 13.45 billion HKD [1] - The most bought stocks included Tencent (00700), Pop Mart (09992), and Yangtze Optical Fibre and Cable (06869) [1] - The most sold stocks included the Tracker Fund of Hong Kong (02800), Alibaba-W (09988), and Zijin Mining (02899) [1] Group 2: Individual Stock Performance - Alibaba-W (09988) had a buy amount of 20.87 billion HKD and a sell amount of 29.31 billion HKD, resulting in a net outflow of 8.44 billion HKD [2] - Tencent (00700) recorded a net buy of 12.09 billion HKD, supported by the announcement of a cash red envelope event worth up to 1 billion HKD [4] - Pop Mart (09992) saw a net buy of 7.33 billion HKD, with plans for expansion into North American shopping centers [5] - Yangtze Optical Fibre and Cable (06869) had a net buy of 2.97 billion HKD, benefiting from a long-term supply agreement with Meta for fiber optic cables [5] - The Tracker Fund of Hong Kong (02800) faced a net sell of 23.16 billion HKD, influenced by market sentiment regarding the US dollar [7] - Other notable net sells included China Mobile (00941) with 7.48 billion HKD, Zijin Mining (02899) with 8.54 billion HKD, and Alibaba-W (09988) with 9.44 billion HKD [8]

Core Insights - The consumer base of Pop Mart continues to expand, with 76% of respondents having purchased Pop Mart products for the first time in the past year, and 45% being new buyers in the last three months [2][3] - The survey indicates strong future purchasing intent, with 87% of respondents likely to buy Pop Mart products in the next three months, driven by new series, limited editions, and seasonal releases [2] - Despite a previous decline in the popularity of the LABUBU IP, user growth, repurchase loyalty, and IP appeal remain resilient, supporting a target price of HKD 415 and a buy rating for Pop Mart [3] Consumer Behavior - Approximately 90% of respondents purchased at least two Pop Mart items, with 42% owning between 2 to 5 items, and only 9% indicating they would buy from second-hand platforms [2] - The primary motivations for purchasing include emotional satisfaction, trend-following, gifting, collecting, and personal interest [2] IP Popularity - LABUBU is the most attractive core IP, with 47% of respondents owning LABUBU products, and nearly half of the respondents were introduced to Pop Mart through LABUBU [3] - Other IPs like Twinkle Twinkle, Skullpanda, and Crybaby show higher-than-expected appeal in overseas markets, particularly Twinkle Twinkle leading in ownership in the U.S. [3] Demographics and Spending - 41% of Pop Mart users are aged 18-34, with a balanced gender distribution in the U.S., U.K., and Australia [3] - Average spending varies by country, with Australian respondents spending approximately USD 132 (about RMB 916), followed by China at USD 130, the U.S. at USD 110, the U.K. at USD 108, and Japan at USD 95 (about RMB 659) [3] Recent Developments - Pop Mart's stock price increased by 7.03% to HKD 231.4 following two share buybacks totaling nearly HKD 350 million, aimed at addressing investor concerns about sustainable growth [3][4] - The launch of the new PUCKY series, featuring a sound device that resonates with young consumers' needs for stress relief and blessings, has led to rapid sell-outs and high resale prices on second-hand platforms [4]

Core Insights - The consumer base of Pop Mart continues to expand, with 76% of respondents having made their first purchase in the past year, and 45% being new buyers in the last three months [1][4][5] - The survey indicates strong future purchasing intent, with 87% of respondents likely to buy Pop Mart products in the next three months, driven by new series, limited editions, and seasonal releases [1][4] - LABUBU remains the most attractive core IP, with 47% of respondents owning LABUBU products, and nearly half of the respondents first encountered Pop Mart through LABUBU [2][5] Consumer Behavior - Approximately 90% of respondents purchased at least two Pop Mart items, with 42% owning between 2 to 5 items, and only 9% indicating they would buy from second-hand platforms [1][4] - The primary reasons for purchasing Pop Mart products include emotional satisfaction, trend-following, gifting, collecting, and personal interest [1][5] Demographics and Spending - 41% of Pop Mart users are aged 18-34, with a balanced gender distribution in the US, UK, and Australia [2][5] - Average spending varies by country, with Australian respondents spending approximately $132 (about 916 RMB), followed by China at $130, the US at $110, the UK at $108, and Japan at $95 (about 659 RMB) [2][5] Market Performance and Future Outlook - Despite a decline in LABUBU's popularity and secondary market prices, user growth, repurchase loyalty, and IP appeal show strong resilience [2][5] - Citi Research projects that Pop Mart's breakthroughs in IP diversification, product innovation, and multi-field monetization will support continued growth through 2026, setting a target price of HKD 415 and a buy rating [2][5] - On January 28, Pop Mart's stock rose by 7.03% to HKD 231.4, following two share buybacks totaling nearly HKD 350 million [6]

"四大创新创想"指面向产业边界拓展，天府长岛规划了一系列创新创想：拟筹办"数字文创国际动画 周"，对标国际产业论坛与电影市场模式，链接全球资源与华语市场，打造中国动画产业的对接枢纽； 携手泡泡玛特等头部IP推出常态化"数字文创慢闪市集"，激活夜间经济与消费活力，为企业提供面向C 端的展示与转化平台；建设"产业人才培育实训基地"，贯通教育链、人才链与产业链，通过定制培训与 企业直聘缓解人才缺口；同步计划建设数字文创产业共性技术服务平台，针对西南地区数字文创产业在 高端制作环节存在的共性技术缺口，包括但不限于动作捕捉、录音制作、后期调色与音效处理等多项专 业基础设施，弥补西南地区在高标准后期制作与专业动捕服务方面的空白，切实解决企业创作落地难 题。 （文章来源：每日经济新闻） 日前，诞生了"哪吒"等著名IP的成都高新区天府长岛数字文创园（以下简称"天府长岛"）发布了"2026 十件事"，包括筹办"数字文创国际动画周"，携手泡泡玛特等头部IP推出常态化"数字文创慢闪市 集"等，将为成都高新区数字文创产业注入开放协同、共创共享的持久动能。 "六大核心计划"具体指：园区将推动品牌形象焕新升级，以数字"像素"为灵感设计全 ...