Core Viewpoint - The article highlights the booming popularity of Pop Mart's products, particularly the LABUBU series, amidst challenges related to supply capacity and the rise of counterfeit goods in the market [1][9]. Group 1: Market Demand and Sales Dynamics - The summer season has seen a surge in customer traffic at Pop Mart stores, particularly among students, leading to increased spending by parents [2]. - LABUBU products are not available for direct purchase in stores; instead, customers must participate in online flash sales, which have proven to be highly competitive and difficult to navigate [2][3]. - The combination of high market demand and limited online purchasing opportunities has led to the emergence of scalpers, who quickly buy up stock and resell it at a premium [3][4]. Group 2: Counterfeit Goods and Market Challenges - The proliferation of counterfeit products has become a significant issue, with some sellers openly advertising fake items, while others create convincing replicas that are sold at high prices [6][8]. - Pop Mart has faced challenges in combating counterfeit goods due to the vast number of third-party sales channels and the rapid emergence of unauthorized sellers [8]. - The company has issued warnings about the risks associated with purchasing from unofficial channels, emphasizing the difficulty in verifying product authenticity [8]. Group 3: Financial Performance and Market Outlook - Pop Mart's strong sales performance has led to a dramatic increase in revenue and profit forecasts, with expected revenue growth of at least 200% and net profit growth of at least 350% for the first half of 2025 [9]. - The company's stock price has seen significant appreciation, reaching a historical high of 283.4 HKD, with a market capitalization that briefly surpassed 380 billion HKD [9]. - Analysts remain optimistic about Pop Mart's long-term growth potential, citing its robust retail business model and competitive advantages in the market [9][11].

Core Viewpoint - The article highlights the booming popularity of Pop Mart's products, particularly the LABUBU series, which has led to significant supply challenges and the emergence of a secondary market driven by scalpers and counterfeit goods [2][3][4][5]. Group 1: Market Demand and Sales Dynamics - The summer season has seen a surge in foot traffic at Pop Mart stores, particularly among students, with parents willing to spend significantly on trendy toys [3]. - LABUBU products are not directly available for purchase in stores; instead, customers must participate in online flash sales, which have proven extremely competitive, often selling out in seconds [3][4]. - The combination of high demand and limited online availability has facilitated the rise of scalpers, who quickly buy up stock and resell it at a premium [4][5]. Group 2: Scalper and Counterfeit Issues - The scalper market has become a significant issue, with dedicated groups on social media facilitating the rapid resale of Pop Mart products, often within minutes of restocking [4][5]. - A new gray market has emerged, where individuals charge fees for real-time restock notifications, exploiting the high demand for limited-edition items [4]. - Counterfeit products have proliferated, with some sellers openly advertising fake items at lower prices, while others misrepresent counterfeit goods as authentic [6][8]. Group 3: Company Performance and Valuation - Pop Mart's strong sales performance has led to explosive growth in revenue and profit, with a projected revenue increase of at least 200% and net profit growth of at least 350% for the first half of 2025 [10]. - The company's stock price has seen significant appreciation, reaching a historical high of 283.4 HKD, with a market capitalization exceeding 380 billion HKD [10]. - Analysts remain optimistic about Pop Mart's long-term prospects, citing its robust retail business model and competitive advantages in the market [10][12]. Group 4: Future Challenges and Opportunities - Despite the positive outlook, the volatility of Pop Mart's stock price is a concern, driven by the unpredictable nature of popular IP products and their limited lifecycles [11]. - The company is seen as a potential leader in the global IP market, with opportunities to enhance its content production capabilities and expand its brand internationally [11]. - Ongoing efforts to combat counterfeit goods and improve consumer trust are critical for maintaining brand integrity and market position [6][8].

Core Insights - The 2025 PTS Beijing International Trend Toy Exhibition, hosted by Pop Mart, took place from August 1 to August 3, with the theme "Return of Playfulness, Seeking the Wilderness of the Heart" [1] - Pop Mart's founder and CEO, Wang Ning, made a surprise appearance at the exhibition, engaging with fans and showcasing a friendly demeanor [1] Group 1 - The exhibition was held at the National Convention Center, emphasizing the growing trend in the toy industry [1] - Wang Ning was seen wearing a simple white T-shirt and jeans, indicating a casual and approachable image [1] - The CEO actively interacted with fans, demonstrating the company's commitment to customer engagement and community building [1]

Core Insights - The 2025 PTS Beijing International Trendy Toy Exhibition, hosted by Pop Mart, took place from August 1 to 3, with the theme "Return to Playfulness, Seek the Wild Heart" [1] - Pop Mart signed a strategic cooperation framework agreement with the Beijing Cultural and Tourism Bureau to explore the integration of intangible cultural heritage and trendy toys [1] - The PTS has evolved into a globally recognized trendy toy exhibition since its inception in 2017, with the upcoming Singapore International Trendy Toy Exhibition scheduled for August 22-24 [1] Company Highlights - Pop Mart's "Bubble Street" received an upgrade this year, featuring interactive experience installations for popular IPs [1] - The event showcased various activities, including artist dialogues, live performances by trendy musicians, and creative competitions [1] - Numerous international IP giants, such as Disney and Universal, participated in this year's exhibition, highlighting the growing influence of Pop Mart in the industry [1] Artist Engagement - Several well-known IPs under Pop Mart, including THE MONSTERS, MOLLY, and DIMOO, were present for signings at the event [2] - Emerging artists like SUPERTUTU and KeyA also showcased their creations, indicating a diverse representation of talent [2] Industry Impact - Since its establishment, PTS has attracted over 300,000 visitors and featured more than 500 top artists from various countries, solidifying its status as a premier international trendy toy event [5]

Core Viewpoint - Morgan Stanley suggests that the recent stock price pullback of Pop Mart presents a valuable buying opportunity, emphasizing the company's strong performance in new IP product lines and its significant growth potential in the global IP market [1][11]. Group 1: Product Performance - Despite investor concerns about a slowdown after the Labubu craze, Pop Mart continues to launch popular new products, indicating strong demand rather than supply issues [3]. - New IPs like Crybaby and Twinkle Twinkle are performing well, alongside traditional favorites such as Molly and Skullpanda, with many products frequently sold out [3]. - The supply-demand imbalance reflects the attractiveness of the company's products, not a lack of demand [3]. Group 2: Brand Collaborations and Global Expansion - Recent innovative collaborations include partnerships with renowned brands like Godiva and Chopard, as well as the opening of new stores in key cities like Berlin and Melbourne [4]. - These initiatives demonstrate the global appeal of Pop Mart's IP and products, positioning the company to capture consumer demand across various markets [4]. Group 3: Financial Performance and Valuation - Morgan Stanley forecasts Pop Mart's revenue to reach RMB 31.046 billion in 2025, a 138% increase year-on-year, and RMB 42.994 billion in 2026, a 38% increase [5]. - The gross margin is expected to improve from 66.8% in 2024 to 71.5% in 2025, with operating profit margin rising from 31.5% to 42.0% in the same period [6]. - The estimated P/E ratio for 2025 is 31x, dropping to 22x in 2026, highlighting Pop Mart's valuation advantage compared to other high-growth stocks [7]. Group 4: Market Potential - The global IP product market is estimated to be around USD 800 billion, with Pop Mart's current market share at only 2.3%, indicating substantial growth potential [9]. - Pop Mart aims to evolve into a combination of Bandai Namco, LEGO, and Disney, suggesting that its growth story is still in the early stages [10]. Group 5: Investment Recommendation - Morgan Stanley maintains an "Overweight" rating with a target price of HKD 365, indicating over 48% upside potential from the current stock price of HKD 246 [1][14]. - The firm has outlined three scenarios for target prices based on different market conditions, reinforcing the investment opportunity presented by the current pullback [11].

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]