Core Points - The incident involving Pop Mart's live streaming has become a trending topic, reaching the top of social media discussions on November 7 [2] - During the live stream, a staff member commented that the price of a DIMOO blind box chain, priced at 79 yuan, was "a bit expensive," to which another staff member responded that "someone will buy it anyway" [2] - Pop Mart has stated that they are investigating the incident and will not dismiss the employees involved [2]

Group 1 - The core incident involved a live streaming accident on Douyin where a staff member commented on the price of a DIMOO blind box, which is priced at ¥79, leading to public discussion [1] - Following the incident, the company announced that it is conducting internal handling of the involved staff and will verify the situation [1] - The official customer service stated that there has been no notification regarding any price adjustments for the mentioned product [1]

Core Viewpoint - The incident involving Pop Mart's live streaming has sparked significant discussion online, particularly regarding the pricing of their IP-related products and the company's response to the situation [1] Group 1: Incident Details - During a live stream promoting a specific IP product, two staff members were recorded discussing the high price of the product, with one stating, "It's okay, someone will pay for it" [1] - The incident quickly gained traction on social media, leading to the hashtag PopMartLiveIncident trending at the top [1] Group 2: Company Response - Reports indicate that the two staff members involved in the incident have been dismissed, and related departments are facing accountability [1] - However, an internal source from Pop Mart clarified that while the incident did occur, the company is conducting an urgent investigation and will not be terminating the employees involved in the live streaming incident [1]

Core Viewpoint - The recent launch of the new DIMOO series "New Diary" by Pop Mart has sparked discussions about pricing and consumer sentiment, highlighting a divide in consumer perception regarding the product's value and pricing strategy [1][4]. Group 1: Product Launch and Consumer Reaction - The DIMOO "New Diary" series was released on November 6, featuring a blind box product priced at 79 yuan, which led to internal comments during a live stream questioning the pricing strategy [1][4]. - Social media discussions have emerged, with some consumers interpreting the comments as a critique of the company's pricing, while others defend the emotional value associated with the product [4]. - The DIMOO brand, created by designer Ayan Deng, has been acquired by Pop Mart and is recognized as a top-selling IP within the company [4][5]. Group 2: Sales Performance and Market Response - The DIMOO "New Diary" series sold out immediately upon release, indicating strong demand for the product [5]. - The highest premium for the black hidden variant "Sense of Security" reached 819 yuan, reflecting a 7.3 times increase from the original price, while the top three regular variants also saw significant price increases [5]. - Pop Mart reported robust financial performance, with a 245% year-on-year revenue growth expected by Q3 2025, driven by substantial increases in both domestic and international sales [5].

11月6日，泡泡玛特DIMOO全新系列"新生日记"发售。当晚，泡泡玛特直播间员工展示"DIMOO新生日 记系列挂链盲盒"（原价79元）时，一名工作人员脱口而出："哎嘛，这东西卖79确实有点……"；另一 员工随即回应："没事，会有人买单的"。此番对话被直播收录传播。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 事情发生后，在社交平台引发大量对"情绪溢价"的讨论。大量网友对此解读为"内部吐槽公司定价高， 暗讽消费者是韭菜"。一些网友质疑产品材质材质成本与售价不匹配，其主要材质为锌合金、树脂、聚 酯纤维，尺寸约19cm（挂绳）及3×3.6cm（合金片）。但也有一些泡泡玛特爱好者则认为这是为情绪买 单。 据悉，DIMOO是由中国设计师Ayan Deng（邓瞻）创作的IP，目前该IP已被泡泡玛特收购成为其自有 IP。 在社交媒体上，消费者对该产品的口碑也是很明显的两极分化。喜欢DIMOO的消费者认为，这是 DIMOO最好看的一款搪胶产品，也是目前第一款DIMOO非联名的盲盒；另外一部分消费者则认为，该 产品坐姿和Labubu 2.0 "坐坐派对"系列一致，配色和Labubu 3.0 "前方 ...

Core Viewpoint - The incident involving a live broadcast by Pop Mart has sparked significant public backlash due to comments made about the pricing of a new product, the DIMOO blind box, which retails for 79 yuan, raising concerns about its perceived value and quality [3][7]. Group 1: Incident Details - On November 7, during a live stream, a staff member commented that the price of the DIMOO blind box was "a bit expensive," which was met with a dismissive response, leading to public outrage [3]. - The live stream team acknowledged the feedback and stated they are investigating the matter internally [3]. - Pop Mart's customer service confirmed that they are addressing the incident and have not yet decided on any price adjustments for the product [3]. Group 2: Product Information - The DIMOO blind box series includes 6 regular items and 1 hidden item, with a purchase probability of 1:6 for regular items and 1:72 for the hidden item [4]. - The blind box is priced at 79 yuan individually and 474 yuan for a full box [4]. Group 3: Financial Performance - Pop Mart reported a strong financial performance, with a 245% year-on-year increase in overall revenue for Q3 2025, including a 185% increase in China and a 365% increase overseas [7]. - The DIMOO brand is identified as Pop Mart's fifth-largest artist IP, generating 1.105 billion yuan in revenue, accounting for 8% of total revenue in the first half of the year [7]. Group 4: Executive Actions - The founder and CEO of Pop Mart, Wang Ning, recently sold 21.7 million shares at an average price of 71.98 HKD, totaling 1.562 billion HKD [7].

Core Viewpoint - The incident during a live broadcast by Pop Mart has sparked discussions about consumer perceptions and the value of IP, highlighting the potential for IP to enhance product value beyond traditional limits [1] Group 1: Incident Overview - A live broadcast by Pop Mart on Douyin faced criticism when a staff member questioned the pricing of a product, suggesting that consumers might be taken advantage of [1] - Following the incident, Pop Mart's customer service stated that internal measures would be taken regarding the staff involved and confirmed no current plans to adjust the product pricing [1] Group 2: IP Value Proposition - Pop Mart's founder, Wang Ning, emphasized the limitless potential of IP, stating that it can be applied to various products, enhancing their perceived value [1] - An example provided was that a transparent cup priced at 5 yuan could be sold for 10 yuan simply by adding a MOLLY design, illustrating the significant impact of IP on product pricing [1] - Wang Ning argued that while there may be a ceiling for collectible toys, the potential for IP and the company itself does not have a defined limit, suggesting ongoing opportunities for growth and diversification [1]

Core Insights - The eighth China International Import Expo (CIIE) is being held from November 5 to 10 in Shanghai, showcasing various brands including Pop Mart, which emphasizes its theme of "Creating Trends, Boundless Play" [1][4] - Pop Mart prominently features its popular IPs, SKULLPANDA and CRYBABY, creating an immersive experience for attendees [4] Group 1: Event Highlights - Pop Mart's exhibition design is inspired by a "birthday celebration," creating a warm and festive atmosphere with a giant birthday cake adorned with various IP characters [1] - The SKULLPANDA character, created by artist 熊喵, embodies the aesthetic concept of "boundless imagery," while CRYBABY, designed by Thai artist Molly, focuses on emotional expression and resonates globally [4] Group 2: Product and Market Expansion - Pop Mart showcases a diverse range of products including figurines and plush toys, enhancing the customer experience with smooth offline services and unique brand culture [4] - The company is expanding its product matrix to include new categories such as building blocks, desserts, and jewelry, breathing new life into its IPs and enriching consumer experiences [4] - By 2025, Pop Mart aims for triple-digit growth across four major regions, with the Americas experiencing over tenfold growth, marking a significant milestone in its international strategy [4] Group 3: Global Presence - Pop Mart continues to establish its presence in iconic global locations, opening its first store in landmark areas such as Cambridge, UK, and Bali, Indonesia, with a total of over 570 stores worldwide [5] - The company has also opened its first store in the Middle East at Hamad International Airport in Doha, becoming the first Chinese brand to enter this airport [5]

Core Insights - The eighth China International Import Expo (CIIE) is being held in Shanghai, with Pop Mart showcasing its popular IPs SKULLPANDA and CRYBABY under the theme "Creating Trends, Boundless Play" [1][4] - Pop Mart's booth features a giant brown cake, but the anticipated Labubu character is not present, as the company aims to highlight its diverse range of IPs beyond Labubu [1][4] - The exhibition is for display purposes only, and no products are for sale at the Pop Mart booth [3] Company Highlights - SKULLPANDA, created by artist Xiong Miao, features a design that includes an astronaut helmet and promotes the aesthetic concept of "boundless imagery," encouraging exploration and self-discovery [4] - CRYBABY, designed by Thai artist Molly, focuses on emotional expression and advocates for facing emotions and moving forward bravely [4] - Pop Mart aims to leverage the international platform of CIIE to showcase its diverse IPs and the limitless possibilities of trendy toys to a global audience [4] Performance Metrics - In the first half of 2025, Pop Mart's performance across four major regions achieved over 300% growth, with the Americas experiencing a growth rate exceeding tenfold [4] - The total number of Pop Mart stores worldwide has surpassed 570 [4]

Core Points - Bubble Mart is facing consumer backlash due to misprinted branding on the "SKULLPANDA Dining Table Series" blind boxes, with the brand name incorrectly printed as "POP MAET" instead of "POP MART" [1] - The company has acknowledged the issue and is currently registering complaints from affected consumers but has not yet established a specific after-sales handling plan [1] - The affected blind boxes have been removed from major e-commerce platforms, and the company has not provided detailed reasons for the removal [3] Product Details - The "SKULLPANDA Dining Table Series" was launched in October 2025 and features 12 unique characters inspired by tableware, each with distinct materials and designs [3] - The blind boxes were priced at 69 yuan each, and the company has indicated that they are currently out of stock [3] Previous Issues - Bubble Mart has a history of product misprints, including a previous incident in August 2024 involving a blind box night light that had a character with a typo, leading to its removal from both online and offline sales channels [4] Financial Performance - Despite the recent issues, Bubble Mart reported strong financial performance, with a 245% year-on-year increase in overall revenue for Q3 2025, including a 185% increase in domestic revenue and a 365% increase in overseas revenue [6]