Core Viewpoint - The Chuanghua Trading Service Hong Kong Stock Connect Selected 100 Index (CES100) experienced a decline of 0.7%, closing at 5189.9 points, with a trading volume of 87.31 billion yuan. However, the index has shown positive performance over the past month, three months, and year-to-date, with increases of 3.73%, 2.81%, and 23.16% respectively [1][2]. Group 1 - The CES100 index is compiled by China Securities Index Co., Ltd. under the commission of Chuanghua Trading Service Co., Ltd., reflecting the overall performance of eligible securities under the "Shanghai-Hong Kong Stock Connect" and "Shenzhen-Hong Kong Stock Connect" [1]. - The index was established on December 31, 2008, with a base point of 2000.0 [1]. Group 2 - The top ten holdings of the CES100 index include HSBC Holdings (10.19%), Tencent Holdings (9.78%), Alibaba-W (9.42%), Xiaomi Group-W (8.54%), Meituan-W (6.01%), AIA Group (5.87%), Hong Kong Exchanges and Clearing (4.17%), Standard Chartered Group (2.41%), Prudential (1.99%), and Pop Mart (1.69%) [2]. - The index's holdings are entirely composed of securities from the Hong Kong Stock Exchange, with the financial sector representing 28.31%, consumer discretionary 26.90%, communication services 13.53%, information technology 10.59%, real estate 5.49%, healthcare 4.32%, utilities 3.98%, consumer staples 3.19%, industrials 3.17%, and materials 0.52% [2]. Group 3 - Public funds tracking the CES100 index include Huaan CES Hong Kong Stock Connect Selected 100 ETF Link A, Huaan CES Hong Kong Stock Connect Selected 100 ETF Link C, and Huaan CES Hong Kong Stock Connect Selected 100 ETF [2].

Core Insights - The article highlights the shift in consumer preferences from traditional luxury brands like Moutai to new-age brands such as LABUBU, which resonate more with the younger generation [3][5][12] - It emphasizes the success of new consumer brands in capturing the market, showcasing their ability to adapt to changing consumer demands and preferences [9][28] Group 1: Market Trends - Moutai's stock price has declined, and its market perception is fading among younger consumers, while brands like LABUBU are gaining popularity [5][11] - The overseas revenue for Moutai remains stagnant at around 4-5 billion yuan, accounting for only about 3% of its main business [7] - In contrast, LABUBU's overseas revenue reached 38.9% in 2024, with stores expanding globally [7][9] Group 2: Brand Performance - Bubble Mart's LABUBU plush toy has become a status symbol among celebrities, with auction prices reaching over 1 million yuan for limited editions [3][9] - Honey Snow Ice City has successfully listed with a market value exceeding 100 billion yuan and has over 5,000 overseas stores [9] - Old Puhuang's sales reached 9.8 billion yuan in 2024, a 166% increase year-on-year, showcasing its appeal to younger consumers [9][24] Group 3: Consumer Behavior - The traditional consumer base for liquor is aging, while younger consumers are changing their drinking habits and preferences [11][12] - The younger generation values emotional connections and experiences over traditional symbols of status, leading to a decline in the appeal of high-priced liquor [12][15] - The rise of "new consumption" brands reflects a shift towards products that offer emotional value, affordability, and cultural relevance [15][28] Group 4: Strategic Insights - The success of new brands is attributed to their ability to engage with younger consumers through emotional value, affordability, and cultural narratives [15][28] - Brands like Bubble Mart and Honey Snow Ice City are expanding globally, tapping into the demand for relatable and accessible products [30] - The article suggests that traditional brands need to adapt to the changing definitions of luxury and status as defined by the younger generation [30][32]

Group 1: Market Trends - The price of Moutai has recently dropped below 2000 yuan, with its stock price falling from 1600 yuan to around 1200 yuan, indicating a significant decline in the high-end liquor market [3][4] - The decline in Moutai's market is attributed to a series of alcohol bans, which have severely impacted the consumption patterns in formal dining settings [3][4] Group 2: Consumer Behavior - Moutai serves as a status symbol in high-end dining, while Pop Mart has gained popularity among younger consumers as a collectible toy, reflecting a shift in consumer preferences [4][5] - Pop Mart's market value has surged to 350 billion HKD, driven by its appeal as a trendy collectible among young people [4] Group 3: Cultural Insights - The article suggests that despite the rise of Pop Mart, it cannot replace Moutai, as their target demographics and cultural significance differ greatly [5][6] - The enduring cultural importance of alcohol consumption is highlighted, suggesting that even with current bans, the demand for Moutai may rebound in the future [5][7]

Core Viewpoint - Recent complaints regarding delayed shipments from Pop Mart have exceeded 1,000, affecting multiple product lines and raising concerns about customer service and fulfillment commitments [1][3]. Group 1: Customer Complaints - Consumers have reported that products purchased through official channels did not ship by the promised deadlines, leading to over 1,000 complaints related to "delayed shipment," "non-shipment," and "false shipment" [1]. - Specific complaints include promises of 72-hour and 48-hour shipping that extended to 6 and 7 days, respectively, with inadequate responses from customer service [1][3]. - A user indicated intentions to sue over perceived unreasonable terms after experiencing a 13-day delay in shipment [3]. Group 2: Company Response - Pop Mart has issued an apology and attributed the delays to a surge in order volume, stating that they are working to expedite shipments, with an expectation to fulfill orders within approximately 7 days [3]. - The company has not provided a clear response regarding whether the delays are due to increased promotional orders or production capacity issues [3][4]. Group 3: Production Capacity - Reports suggest that Pop Mart's factory in Dongguan, Guangdong, is under pressure due to rapidly increasing demand, prompting the company to hire more workers since the Spring Festival to expand production capacity [4]. - There are concerns about whether the production capacity for popular pre-sale products, such as the Labubu series, can meet the expected shipping timelines [4]. Group 4: Refund Issues - Complaints have also arisen regarding delayed refunds for returned products, with the platform indicating that they will penalize the merchant if a breach of contract is confirmed [4].

Group 1 - The "2025 China Enterprises Going Global Summit" was held in Shenzhen, focusing on providing a high-end platform for Chinese companies to tackle challenges in globalization and explore win-win transformation paths [1] - The logic of Chinese enterprises going global has significantly changed, shifting from simple exportation to a comprehensive reconstruction of brand, technology, and supply chain [3] - The core driving forces behind the global industrial chain reconstruction are brand and technology, with a notable example being Pop Mart, which achieved a market value of 300 billion due to its success in Western and East Asian markets [3] Group 2 - High-tech companies, particularly in AI, are finding significant opportunities in regions like the Middle East, where local enterprises are increasingly interested in purchasing Chinese AI products [4]

泡泡玛特今年在北美/欧洲的指数级增长很可能远远超出公司自身的预期。数百人在泡泡玛特店外排队 或明星携带泡泡玛特包包挂件的视频在网上疯传，而泡泡玛特的核心消费群体正是通过社交媒体与全世 界联系最紧密的一代，所以这些视频在各地区引起了很强的跟风效应。谷歌趋势（Google Trends）的统 计显示Labubu正在引起全世界的关注，其流行程度不亚于哈利波特、星球大战和迪士尼等著名IP。该行 认为长期来看泡泡玛特仍然拥有巨大的增长空间。该行预计泡泡玛特的五家最可比公司在2024年的IP产 品零售额达到770亿美元，同比增长7%。如果该行把无法追踪数据的其他知名IP产品的销售额也计算在 内，总市场规模可能会大得多。随着"童心未泯的大人"的需求日益增长，该行预计泡泡玛特的销售额将 从2025年的36亿美元增长到2027年的60亿美元，成为全球规模增长最快的消费品牌。 市场反映了哪些因素 智通财经APP获悉，摩根士丹利发布研报称，将泡泡玛特(09992)2025、2026和2027年每股盈利预测分别 上调6%、15%和21%，以反映公司在北美和欧洲更清晰的增长路径。对于2025年而言，行业中最乐观的 盈利预期仍然显著高于 ...

新华财经上海6月27日电（李一帆、周西仑）6月26日晚，小米汽车首款纯电SUV——YU7正式上市，共推出标准版、Pro版及Max版三款车型，官方指导价 25.35万至32.99万元。 新车上市后，小米迅速交出了一份疯狂的"战报"——3分钟大定订单突破20万台，一小时大定订单28.9万台，创下新能源汽车史上最快订单纪录。这一数据 远超小米SU7上市时27分钟大定超5万台、24小时88898台的成绩。 大定数量接近上限，小米产能决定销量？ SUV一直是国内竞争最激烈的汽车细分市场。此次进军SUV市场，小米汽车面临的挑战不言而喻。小米集团创始人、董事长兼CEO雷军表示："小米YU7是 小米首款SUV，也是小米首次真正走向汽车行业主战场。我们将直面最强大的对手，也将直面最残酷的竞争。" 一小时大定订单28.9万台的成绩，虽不能说明小米汽车已经在SUV市场站稳了脚跟，但无疑代表着小米汽车如今的感召力和影响力。 甚至有用户连3999元的小米汽车Ultra俱乐部会员都没有抢到，称"填个发票的工夫出来没货了"。 由于订单量过为火爆，不少网友已经开始期待小米YU7的24小时大定数据。但业内人士告诉新华财经，"现在的大定订单其实 ...

工作日晚7点，北京国贸商城，人流不算多。拐进B1层中岛，一抹青柠白闯入视线。 这是泡泡玛特旗下独立珠宝品牌POPOP在北京的首家实体店。 开业的第二周，客流不似想象中火爆， LABUBU 相关款式也未出现缺货现象。店员表示，这是由于刚开业，备货充足。 19:38，一位顾客最终带走一条TWINKLE TWINKLE 系列镀金项链和FRUITION系列一条水晶手链。 POPOP北京国贸店 图/王涵艺 摄 六月中旬，泡泡玛特在京沪两天连开两家POPOP。潮玩跨界珠宝，不靠材质靠IP，泡泡玛特能成吗？ 谁在买？ 如果把时间拨回到开业的第一周，POPOP还需要排队才能进店。 上海白领默默是泡泡玛特盲盒的爱好者，在POPOP上海首店开业的第四天，她去现场看了实物。 当天她排队20分钟，花费1956元，买下MOLLY 系列的项链和戒指，还有一对SKULLPANDA的耳钉。 MOLLY系列项链 图/王涵艺 摄 现场令默默印象深刻的有三点：一是排队的多是情侣档、夫妻档组合；二是进店大都会消费，还有全身奢侈品 LOGO 的"富哥富姐"也在买几百元的首 饰；三是晚上9点，店内所有包装盒告罄，顾客均拎着塑料袋离开——里面装着单价百元 ...

Core Viewpoint - Pop Mart has successfully signed designer Da Xin and the IP "Star People," which has gained significant popularity and is now a key part of Pop Mart's product offerings, showcasing the company's ability to transform unique artistic concepts into commercially viable products [5][6][9]. Group 1: IP Development and Popularity - The IP "Star People" started from a small exhibition space and has grown to become a beloved character among global consumers, demonstrating the potential for niche IPs to achieve widespread appeal [5][6]. - Star People's initial popularity was bolstered by a series of illustrated books, which helped establish a loyal fan base prior to its acquisition by Pop Mart [5][7]. - The character's sales exceeded 100 million within six months of Pop Mart's launch, marking it as one of the thirteen IPs that have achieved over 100 million in sales [5][9]. Group 2: Artistic Collaboration and Product Development - Da Xin, the creator of Star People, expressed surprise at the collaboration with Pop Mart, highlighting the company's strong recognition within the designer community [9]. - The transition from 2D illustrations to 3D products required extensive adjustments in design, showcasing the collaborative effort between Da Xin and Pop Mart's team [9][10]. - The new product line for Star People will feature simplified designs to emphasize the character's original qualities, with a focus on materials that enhance tactile experience [10]. Group 3: Broader Industry Trends - Pop Mart is recognized as a leading player in the capital market, aiming to create an "artist platform" that promotes artistic expression and cultural ideas globally [6][12]. - The company emphasizes the uniqueness of each IP, with a strategy that includes developing diverse product lines and exploring the underlying narratives of each character [12]. - Future plans for Star People include the launch of a "noodle anime," expanding the character's presence beyond physical products into animated content [13].

Core Insights - The article highlights the transformation of Pop Mart from a toy company to a cultural brand, emphasizing its ability to create and operate intellectual properties (IPs) that resonate globally [5][6][16] - In 2024, Pop Mart achieved a revenue of 13.04 billion yuan, marking a year-on-year growth of 106.9%, with adjusted net profit reaching 3.4 billion yuan, up 185.9% [5][7] - The success of the LABUBU character has significantly contributed to Pop Mart's revenue, generating over 3 billion yuan in the past year, surpassing previous popular IPs [6][7] Financial Performance - Pop Mart's revenue for 2024 was 13.04 billion yuan, a 106.9% increase compared to the previous year [5][7] - The adjusted net profit for the same period was 3.4 billion yuan, reflecting a growth of 185.9% [5][7] - Multiple overseas markets experienced growth exceeding six times year-on-year, significantly surpassing market expectations [5][7] Market Positioning - Pop Mart's executives express a desire to position the company as "the world's Pop Mart," moving beyond comparisons to "China's Disney" [5][16] - The company has restructured its business model to focus on IP incubation and operation, separating retail into four categories: figures, plush toys, MEGA (high-end products), and derivatives [8][10] Cultural Impact - The rise of LABUBU has made Pop Mart a focal point in social discussions, showcasing the potential of Chinese cultural products on a global stage [6][7] - The company aims to continue exploring and nurturing potential artists globally, establishing itself as a platform for artistic expression [15][16] Industry Trends - The collectible toy industry has seen nearly a tenfold growth in scale over the past eight years, with China becoming the fourth-largest IP retail market in 2023, nearing 100 billion yuan in retail sales [15][16] - The increasing interest in domestic collectible toy companies has led to a surge in IPO applications, indicating a robust market environment [15][16]