泡泡玛特在美国起诉便利店7-Eleven售卖假LABUBU 金十数据7月23日讯，泡泡玛特正在美国对便利店连锁品牌7-Eleven提起诉讼，指控其销售LABUBU玩 偶的假冒版本。泡泡玛特公司证实了此事。 （界面） ...

Core Insights - The 15th China International Animation Expo will be held from August 8 to 11, 2025, in Dongguan, focusing on the theme "Tide Dream Starts" and integrating professional exhibitions with industrial towns [1][3] Exhibition Overview - The total exhibition area will be 26,400 square meters, featuring five major exhibition halls including a global film and animation creation hall and an IP licensing exchange [3][5] - Over 600 enterprises from more than 40 countries and regions will participate, showcasing more than 2,000 IPs, the highest number in the event's history [3][4] Industry Impact - Dongguan is recognized as the largest production base for trendy toys in China, producing approximately 85% of the country's trendy toys and 25% of global animation derivatives [4][5] - The expo aims to enhance the integration of the animation and trendy toy industries, promoting deep collaboration between exhibition and production [4][5] Strategic Initiatives - The event will introduce a "three centers and one platform" model, including a brand operation center, IP rapid transformation center, and a new product launch center, facilitating a seamless connection between upstream IP and downstream channels [5][6] - Dongguan will release the "Dongguan Trendy Toy Industry Development Plan (2025-2030)" during the expo, aiming to attract domestic and international enterprises and transform Dongguan into a global source of animation and trendy toy IP [5][6] Cultural and Economic Integration - The expo will serve as a significant engine for cultural tourism consumption, featuring immersive and experiential activities to stimulate visitor engagement [5][6] - Various activities will be organized, including a national style Hanfu parade, script games, esports events, and product launches, with free admission for attendees [6]

Core Insights - The female-oriented gaming market, particularly with nurturing and otome games, is experiencing significant growth, evidenced by titles like "Shining Nikki" and "Love and Deep Space" surpassing established games like "Honor of Kings" in sales rankings [1][2] - The launch of the new brand DearNikki by the game company Paper Games, along with the successful release of the "Dream Weaving Prologue" blind boxes, indicates a strong market potential for female-oriented games in the collectible toy sector [1][2] - The collaboration with X11 for offline distribution has proven effective, with rapid sellouts and high consumer demand for the blind boxes, showcasing the popularity of the "Nikki" series [2][3] Market Performance - The initial online release of the "Nikki" blind boxes sold over 60,000 units within hours, with total sales exceeding 80,000 units shortly after [2] - The blind boxes are priced at 79 yuan each, with a height of approximately 13 cm, which is competitive compared to similar products in the market [2] - Offline sales through X11 stores have also been strong, with rapid sellouts and frequent restocking, indicating sustained consumer interest [3][5] Consumer Behavior - The blind boxes initially faced slow sales but quickly gained popularity, leading to frequent restocking due to high demand [5][6] - Players express a preference for purchasing blind boxes in-store, where they have a chance to find hidden variants, enhancing the shopping experience [5][10] - The quality of the blind boxes has received mixed reviews, with some consumers demanding refunds due to quality issues, while others are more forgiving given the price point [11] Industry Trends - The female gaming demographic is growing rapidly, with female players in Asia accounting for 37% of the total gaming population and showing an annual growth rate of 11% [12] - The market for female-oriented games in China reached 16.62 billion yuan in 2022, reflecting a year-on-year growth of 12.8% [12][14] - The success of the "Nikki" blind boxes suggests a potential for further expansion into the collectible toy market, which could provide additional revenue streams for female-oriented games [16]

Core Viewpoint - The company has significantly exceeded market expectations in its first half performance, with projected revenue growth of no less than 200% and net profit growth of no less than 350% compared to the previous year [1] Group 1: Financial Performance - The company expects revenue for the first half to be no less than 136.7 billion, with Q1 and Q2 growth rates of approximately 170% and 230% respectively, indicating an acceleration in growth from Q1 to Q2 [1] - Projected net profit for the first half is no less than 43.4 billion, reflecting a substantial increase driven by brand recognition and diverse product offerings [1] - The net profit margin is estimated to be around 32%, a significant increase of approximately 10 percentage points year-on-year, marking a historical high [3] Group 2: Product and IP Development - The company has launched several popular products since Q2, with the LABUBU 3.0 series achieving over one million sales shortly after its release, contributing positively to the second half performance [2] - Multiple IPs such as CRYBABY, MOLLY, and DIMOO are showing strong market potential, with some products already sold out in official channels [2] - The company is expanding its product categories and has opened POPOP accessory stores in major cities, while also venturing into film production with the establishment of a movie studio [2] Group 3: Market Expansion and Strategy - The company is experiencing a continuous increase in overseas revenue, positively impacting both gross and net profit margins, particularly in the North American market [3] - Price adjustments in the U.S. market have led to a significant premium on products, enhancing the company's gross margin structure [3] - The company aims to further expand its business boundaries by recruiting talent from the home appliance sector, indicating a potential entry into that market [2] Group 4: Future Outlook - The target price for the company's stock is set at 354.8 HKD, reflecting a potential upside of 44.3% from the current price, supported by strong projected net profits for the years 2025 to 2027 [4] - The company's leadership in the Chinese toy industry and its strong IP incubation capabilities position it well for future growth, particularly as it continues to enhance its global strategy [4]

Group 1 - The company is expected to achieve a revenue growth rate of at least 200% in H1 2025, with corresponding revenue of approximately 13.67 billion yuan and a profit growth rate of at least 350%, leading to a profit of around 4.34 billion yuan, resulting in a profit margin of about 31.7%, an increase of 10.6 percentage points year-on-year [1] - The IP ecosystem is undergoing a comprehensive upgrade, with the Labubu 3.0 second-hand market prices stabilizing. The popularity of top IPs is driving sales for other IPs, such as Xingxingren and Crybaby, indicating potential for replicating Labubu's success [1] - The company has launched new products in the soft rubber category, with positive market feedback, including the HACIPUPU gummy bear and SP light-weaving plush accessories [1] Group 2 - The domestic market is expected to continue its strong performance, while the overseas market is expanding with new store openings. The company has received good sales feedback for new product lines, including Labubu, DIMOO, and PINOJELLY [2] - The brand's influence in the North American market is growing, aided by celebrity endorsements, and the sales momentum is still on the rise, with the Crybaby IP expected to replicate Labubu's overseas success [2] - The company has diversified its business model with various formats such as parks, jewelry, and pop-up stores, indicating significant potential for IP derivatives and a strong operational capability across the entire IP value chain [2]

Core Viewpoint - The article discusses the significant portfolio adjustments made by Liu Gesong, a well-known fund manager at GF Fund Management, during the second quarter of 2025, shifting focus from renewable energy to new consumption and internet sectors, raising questions about the timing and implications of these changes [1][17]. Group 1: Portfolio Adjustments - Liu Gesong executed a "clearance-style" reduction in holdings within the photovoltaic sector, completely removing leading companies like JA Solar, Trina Solar, and Fuyao Glass from the top ten holdings of multiple funds [2][14]. - Concurrently, there was a substantial reduction in holdings of other companies in the new energy supply chain, with a notable decrease of nearly 25% in the position of Seres [2]. - The shift away from renewable energy coincided with a strong rebound in the photovoltaic sector following the announcement of the "anti-involution" policy on July 1, leading to speculation that the fund manager may have missed a recovery opportunity [2][14]. Group 2: New Investment Focus - Liu Gesong significantly increased investments in Hong Kong's internet and new consumption sectors, with the "GF Industry Selection Mixed A" fund leading this strategic pivot, acquiring a maximum holding of 10.19% in Xiaomi Group-W and 9.02% in Pop Mart [2][4]. - Other notable new investments included Hong Kong Stock Exchange, New China Life Insurance, and China Ping An, marking a first-time heavy investment in new consumption stocks [2][4]. - The "GF Small Cap Growth Mixed A" fund saw nearly half of its top ten holdings replaced by military stocks, indicating a strategic shift towards defense-related investments [4]. Group 3: Performance and Market Reaction - Liu Gesong's funds have faced performance challenges, with a total managed fund size of 31.295 billion yuan, down approximately 900 million yuan from the previous quarter, and most funds showing negative returns over the past two years [15]. - The market reacted strongly to the large-scale portfolio adjustments, with some investors expressing concerns over high-level purchases of stocks like Pop Mart and Xiaomi at relatively elevated prices [14]. - Liu Gesong's rationale for the adjustments included a positive outlook on the domestic economy and a focus on long-term investments in AI technology and new consumption, despite the mixed short-term performance of the newly favored sectors [17].

Core Viewpoint - Nomura's report highlights that the recent interview of Pop Mart's chairman Wang Ning adds a favorable factor for the company, indicating potential recognition from regulatory bodies regarding its high-value IP and cultural export model [1] Group 1: Company Insights - The interview suggests that Pop Mart's high-end pricing capability driven by IP aligns with China's shift from low-value manufacturing to high-end and cultural exports, positioning the company as a flagship for overseas growth [1] - Wang Ning anticipates that Labubu's monthly sales will stabilize at 10 million units starting September this year, which could significantly boost revenue from "THE MONSTERS" to between 7 billion and 8.1 billion RMB in the second half of the year [1] Group 2: Market Outlook - Nomura maintains a "Buy" rating and a target price of 330 HKD for Pop Mart, reflecting confidence in the company's growth trajectory and profitability visibility for the second half of 2025 [1]

野村证券：维持泡泡玛特(09992.HK)买入评级，目标价330港元。 ...

Core Viewpoint - The collaboration between Sanya and Pop Mart aims to promote sustainable tourism through the DIMOO brand, enhancing the city's cultural and artistic appeal while addressing environmental concerns [1][3]. Group 1: Event Overview - The "DIMOO Sanya Nature Journey" themed city marketing event was launched on July 20 at the CDF Sanya International Duty-Free City [1]. - The event features the DIMOO character in various scenic spots, including Wuzhizhou Island, Tianya Haijiao, and Sanya Bay, creating an artistic map that merges nature with trendy elements [2]. Group 2: Artistic Installations - DIMOO's artistic installations will be displayed at key locations, such as "Listening" at Wuzhizhou Island, "Weathering" at Tianya Haijiao, and "Wind" at Sanya Bay, each reflecting local culture and natural beauty [2]. - A nationwide first exhibition titled "Natural Shapes" will take place from late September to November, promoting the idea of sustainable growth and integrating art with environmental awareness [2]. Group 3: Tourism Development Strategy - The Sanya Tourism Development Bureau views this initiative as an innovative attempt to blend tourism with other sectors, leveraging the city's natural resources to create a diverse product system [3]. - This collaboration is expected to attract younger tourists, enhance the tourism experience, and potentially increase visitor stay duration and spending during the summer tourism peak [3].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of HKD 321.9 [2][8]. Core Insights - The company's H1 2025 performance exceeded expectations, with revenue growth projected to be at least 200%, corresponding to revenue of at least HKD 13.67 billion. The group's profit growth is expected to be at least 350%, corresponding to a profit of at least HKD 4.34 billion, with a profit margin of approximately 31.7%, an increase of 10.6 percentage points year-on-year [2][8]. - The report highlights the ongoing enhancement of brand momentum and the successful expansion of the IP ecosystem, with new product launches receiving positive market feedback [2][8]. - The company is expected to continue its impressive performance in the domestic market while expanding its presence in overseas markets, supported by the influence of celebrity endorsements [2][8]. Financial Summary - Projected total revenue for 2024 is HKD 13.04 billion, with a year-on-year growth rate of 105.5%. By 2025, revenue is expected to reach HKD 30.05 billion, reflecting a growth rate of 130.5% [4][9]. - The projected net profit for 2024 is HKD 3.13 billion, with a year-on-year growth rate of 188.8%. By 2025, net profit is expected to increase to HKD 9.38 billion, with a growth rate of 200.1% [4][9]. - The report anticipates a steady increase in earnings per share (EPS), projected at HKD 2.33 for 2024, rising to HKD 6.98 in 2025 [4][9].