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: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 泡泡瑪特國際集團有限公司 呈交日期: 2026年3月2日 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 500,00 ...

Group 1 - The company announced a new IP "Key A," described as "a girl who is always 'generating herself'" and will launch the "Key A Dream Series" on March 13 [1][2] - The announcement of "Key A" comes just one week after the launch of another new IP "After School Merodi," indicating an accelerated frequency of new releases [1][2] - The annual number of new IP releases by the company has surged from 29 in 2024 to 57 in 2025, nearly doubling [4] Group 2 - In the first half of 2025, the company had 13 IPs generating over 100 million yuan in revenue, with "THEMONSTERS" achieving 4.81 billion yuan, becoming a new top performer [4] - The IP "Star People," which joined just a year ago, has already generated 390 million yuan, marking it as one of the fastest-growing new IPs [4]

Core Viewpoint - The ongoing battle between bulls and bears has led to significant challenges for Pop Mart, prompting founder Wang Ning to reconsider the company's identity and future direction [1][3][25] Group 1: Market Performance - After the release of its semi-annual report in August 2025, Pop Mart's stock price fell over 40% by January 2026, while the premium of its core IP LABUBU in the secondary market dropped from thousands of yuan to original prices [1][3][25] - From January 9 to February 10, 2026, Pop Mart's stock rebounded over 50%, restoring its market capitalization to 300 billion HKD, with Morgan Stanley changing its rating from "reduce" to "increase" [3][25] - By August 2025, Pop Mart's market capitalization reached a historical high of 435.9 billion HKD, following a surge in stock price after positive earnings forecasts [5][27] Group 2: Product Strategy - In early 2026, Pop Mart launched three new products, including the PUCKY plush toy, which sold out quickly, and the "怦然星动" blind box, which achieved sales of over 500,000 units in its first week [1][3][25] - By the end of 2025, Pop Mart planned to increase LABUBU's monthly production capacity from 10 million to 50 million units, despite facing short-selling pressures from foreign institutions [3][25] - The company aims to reduce speculative behavior and return to the essence of collectible toys by stabilizing prices through increased supply [4][25] Group 3: Supply Chain and Quality Control - Pop Mart is facing challenges in its supply chain, particularly with the production of plush toys, which requires complex quality control due to different manufacturing processes [4][25][30] - The company has begun to self-build its supply chain factories to regain control over the production of its core IPs, reflecting Wang Ning's commitment to product quality [10][30] Group 4: IP Expansion and Market Diversification - Pop Mart is actively expanding its IP matrix, with a focus on creating a synergistic effect where the popularity of LABUBU can elevate other IPs [11][32] - The sales of other IPs, such as Molly and CRYBABY, have significantly increased, indicating that LABUBU's success has positively impacted the overall brand [34][35] - The company is also exploring lower-priced product lines, such as the Mini LABUBU and the "萌粒" series, to attract a broader customer base [14][35] Group 5: International Market Challenges - Despite strong growth in international markets, including a 1270% increase in the U.S. market and a 740% increase in Europe, Pop Mart has not met market expectations [38][41] - The company faces challenges in changing the perception that it is solely associated with LABUBU in overseas markets, necessitating a longer-term cultural penetration strategy [21][38] - Pop Mart is adapting its approach to international markets, recognizing the need for localized strategies that resonate with different consumer behaviors [43][38]

Group 1 - The stock price of Pop Mart (09992.HK) closed at HKD 233.8, reflecting a decline of 5.88% [1] - On February 10, Pop Mart's stock was priced at HKD 269.80, indicating a significant drop over the past week [1] - The company's market value has decreased by HKD 48.294 billion in the last seven trading days [1]

Group 1 - The core viewpoint of the articles highlights the increasing focus on intellectual property (IP) protection in the cultural and creative industries, particularly in response to the rise of copyright infringement cases [1][2] - In 2025, from January to November, a total of 1,434 copyright cases were handled by national prosecutorial authorities, with 915 cases leading to the prosecution of 1,795 individuals for copyright infringement [1] - The prosecutorial authorities are particularly targeting well-known intellectual properties, historical artifacts, and intangible cultural heritage, with 64 cases related to cultural products being prosecuted, including 20 cases involving "Nezha" and 13 cases involving "Pop Mart" [1] Group 2 - The rapid development of information network technology, especially artificial intelligence and big data models, is creating new challenges for existing intellectual property laws [2] - The prosecutorial authorities are conducting research on emerging issues related to IP protection, such as the copyrightability and patentability of AI-generated works and the rights allocation of data elements [2] - In a recent case involving AI technology, the authorities successfully prosecuted three individuals for copyright infringement by establishing that the infringing works were substantially similar to the original works, leading to criminal penalties [2]

Group 1 - The core announcement is about the launch of a new IP called "After School Merodi" by Pop Mart, which includes a series of collectible figures [1] - The series consists of 12 regular figures and 1 hidden figure, with the probability of obtaining a regular figure being 1 in 12 and a hidden figure being 1 in 144 [1] - The price for a single blind box is set at 69 yuan, while a complete box is priced at 828 yuan [1] - The online release is scheduled for February 26, 2026, at 10 PM, and the offline release will take place on February 27, 2026 [1]

Core Viewpoint - Pop Mart has announced a new IP "After School Merodi," featuring a series of collectible figures with specific probabilities for regular and hidden variants [1][4]. Group 1: Product Details - The new series includes 12 regular figures and 1 hidden figure, with a probability of 1:12 for regular figures and 1:144 for the hidden figure [1][4]. - The price for a single blind box is set at 69 yuan, while a complete box is priced at 828 yuan [1][4]. - Online sales are scheduled to start on February 26, 2026, at 22:00, with offline sales beginning on February 27, 2026 [1][4]. Group 2: Artist Background - The artist behind the series, Willstudio, was founded in 2012 and began full-time operations in 2020, creating the Merodi character [1][4]. - Willstudio specializes in crafting hardcore realistic toys and cute oversized figures, utilizing various materials for handmade creations [1][4]. - The artist is known for sculpting directly with clay and hand-painting, resulting in unique textures and vibrant details in the figures [1][4].

Core Viewpoint - Pop Mart announced a new IP called "Merodi" featuring a series of collectible figures, indicating a continued expansion of its product offerings in the collectible toy market [1] Product Details - The "Merodi" series includes 12 regular figures and 1 hidden figure, with the probability of obtaining a regular figure set at 1:12 and the hidden figure at 1:144 [1] - The price for a single blind box is set at 69 yuan, while a complete box is priced at 828 yuan [1] Sales Information - Online sales for the new series will commence on February 26, 2026, at 22:00, with offline sales starting on February 27, 2026 [1]

Group 1 - The core announcement is about the new IP "After School Merodi" by Pop Mart, which includes 12 regular figures and 1 hidden figure [1] - The probability of obtaining a regular figure is 1 in 12, while the hidden figure has a probability of 1 in 144 [1] - The price for a single blind box is set at 69 yuan, and a complete box is priced at 828 yuan [1] - Online sales are scheduled to start on February 26, 2026, at 22:00, with offline sales beginning on February 27, 2026 [1]

Group 1 - The core sales data for 2025 from Pop Mart indicates that global sales of all IP and product categories have exceeded 400 million units, with THEMONSTERS category alone surpassing 100 million units [1] - Pop Mart's founder Wang Ning announced that by 2025, the company will have over 10,000 global employees, more than 100 million registered members, and LABUBU's annual sales will exceed 100 million units [1] - The company operates in over 100 countries and regions, with more than 700 global stores and six major supply chain bases [1] Group 2 - Huaxi Securities predicts that the high prosperity of emotional consumption will continue into 2026, with the Z generation gradually shifting from product consumption to a combination of product and emotional consumption [2] - The report highlights that service consumption is becoming a crucial driver for domestic demand, with policies emphasizing the potential of service consumption in areas like elderly care, childcare, tourism, and duty-free shopping [2] - The commercial application of AI is expected to accelerate, as evidenced by Meta's acquisition of the Chinese AI company Manus for billions, indicating a potential new wave of development in AI and consumer services [2] Group 3 - The Hong Kong Stock Connect Consumption ETF from Huaxia tracks the CSI Hong Kong Stock Connect Consumption Theme Index, which includes leading companies in traditional service industries as well as high-elasticity assets like Pop Mart and others [2]