Core Viewpoint - Morgan Stanley believes that Pop Mart's fundamentals have not changed but have become stronger, and the market's panic presents an excellent allocation opportunity [1] Group 1: Rating and Price Target Adjustment - On October 15, Morgan Stanley upgraded Pop Mart's rating from "Neutral" to "Overweight" and raised the target price from HKD 300 to HKD 320 [1] - The adjustment is based on two key factors: the sustained popularity of Labubu and the success of the new IP "Twinkle Twinkle" [1] Group 2: Labubu's Performance - Labubu's production capacity has increased tenfold compared to Q1 2025, yet the Labubu 3.0 and Mini Labubu series remain sold out at all sales points, dispelling market concerns about demand sustainability [2] - The resale price of the Halloween "Why So Serious" plush series featuring Labubu reached a premium of 290% in the secondary market [3] Group 3: New IP Development - The new IP "Twinkle Twinkle" is rapidly becoming a new growth driver, with products from a recent Halloween series selling out within minutes on major online platforms [4] - The secondary market premium for "Twinkle Twinkle" reached 130%, indicating strong demand and a real fan base [5] Group 4: Market Sentiment and Valuation - Pop Mart's stock price has dropped 24% from a recent high of HKD 335.40 to HKD 254, while the Hang Seng Index has risen by 7% during the same period [6][7] - Morgan Stanley predicts that Pop Mart's sales and adjusted profits will grow by 165% and 276% year-on-year in 2025, respectively, with continued growth in 2026 [10] Group 5: Global Supply Chain Strategy - Morgan Stanley believes that the financial impact of global trade tensions on Pop Mart will be limited, as the company has prepared inventory for the 2025 holiday season [11] - The company has the ability to raise prices to offset rising costs, having successfully increased blind box prices by 12% and plush toy prices by 27% in April 2025 [11] - Pop Mart is planning six global manufacturing centers to support long-term global expansion, with sales contribution from the Americas expected to rise from 21% in 2025 to 28% in 2027 [13]

Core Insights - David Beckham's recent visit to a Pop Mart store in Shanghai and his social media posts featuring the LABUBU Manchester United special edition have amplified the emotional value of LABUBU, contributing to its global popularity [2][2][2] Company Performance - Pop Mart's 2025 semi-annual report indicates a revenue of 13.88 billion yuan, representing a year-on-year growth of 204.4%, and an adjusted net profit of 4.71 billion yuan, up 362.8% year-on-year [2][2][2] - The revenue from LABUBU's category, THE MONSTERS, reached 4.81 billion yuan, accounting for 34.7% of total revenue [2][2][2] - Other product lines such as MOLLY, SKULLPANDA, CRYBABY, and DIMOO each surpassed 1 billion yuan in revenue [2][2][2] - The plush toy category generated 6.14 billion yuan in revenue, marking its first time exceeding the revenue from figurines [2][2][2]

Core Insights - David Beckham's recent visit to a Pop Mart store in Shanghai and his social media posts featuring the LABUBU Manchester United special edition have amplified the brand's visibility and emotional value among fans [2] - The global popularity of LABUBU, driven by celebrity endorsements, has significantly boosted Pop Mart's financial performance [2] Company Performance - Pop Mart's 2025 semi-annual report indicates a revenue of 13.88 billion yuan, representing a year-on-year growth of 204.4% [2] - The adjusted net profit for the same period reached 4.71 billion yuan, showing a remarkable year-on-year increase of 362.8% [2] - LABUBU's segment, THE MONSTERS, generated revenue of 4.81 billion yuan, accounting for 34.7% of total revenue [2] - Other product lines such as MOLLY, SKULLPANDA, CRYBABY, and DIMOO each surpassed 1 billion yuan in revenue [2] - The plush toy category achieved revenue of 6.14 billion yuan, marking its first time surpassing the sales of figurines [2]

Core Insights - The rise of LABUBU has been significantly influenced by celebrity endorsements, particularly from international stars like David Beckham, which has amplified its emotional value [1] - LABUBU's popularity has contributed to a substantial increase in the performance of Pop Mart, with a reported revenue of 13.88 billion yuan in the first half of 2025, marking a year-on-year growth of 204.4% [1] - The adjusted net profit for Pop Mart in the same period reached 4.71 billion yuan, reflecting a remarkable year-on-year increase of 362.8% [1] Company Performance - In the first half of 2025, LABUBU's segment, THE MONSTERS, generated revenue of 4.81 billion yuan, accounting for 34.7% of Pop Mart's total revenue [1] - Other product lines such as MOLLY, SKULLPANDA, CRYBABY, and DIMOO also performed well, each surpassing 1 billion yuan in revenue [1] - The plush toy category achieved revenue of 6.14 billion yuan, marking its first time exceeding the revenue of figurines [1]

Core Insights - Southbound capital transactions amounted to approximately 143.645 billion HKD, a decrease of about 38.5 billion HKD compared to the previous day, representing 45.49% of the total turnover of the Hang Seng Index, marking the third consecutive day below 50% [2] - Despite a short-term rebound in the Hang Seng Index, southbound capital saw a net sell-off of approximately 5.443 billion HKD, with the Shanghai-Hong Kong Stock Connect experiencing a net outflow of about 6.31 billion HKD and the Shenzhen-Hong Kong Stock Connect a net inflow of approximately 867 million HKD [2] - Significant sell-offs were noted in the Hang Seng China Enterprises Index and the Tracker Fund of Hong Kong, with net sales of 3.338 billion HKD and 8.575 billion HKD respectively [2] Individual Stock Performance - Alibaba-W saw a net buy of 857 million HKD, with a price increase of 3.86% and a total of 25.92 million shares added over the past five days [3] - Hua Hong Semiconductor experienced a net buy of 446 million HKD, with a price increase of 5.34% and a reduction of 1.78 million shares over the past five days [3] - Xiaomi Group-W had a net buy of 296 million HKD, with a price increase of 1.77% and an addition of 6.008 million shares over the past five days [3] - Pop Mart saw a net buy of 204 million HKD, with a price increase of 3.80% and an addition of 724,000 shares over the past five days [3] - Sanhua Intelligent Control had a net buy of 164 million HKD, with a significant price increase of 12.92% but a reduction of 58,000 shares over the past five days [3] - Semiconductor Manufacturing International Corporation (SMIC) faced a net sell of 642 million HKD, with a price increase of 3.61% and a reduction of 4.987 million shares over the past five days [3] Trading Activity Summary - The net flow of southbound capital for the day was -6.31 billion HKD for Shanghai-Hong Kong and +867 million HKD for Shenzhen-Hong Kong, resulting in a total net outflow of approximately -5.443 billion HKD [5] - Over the past month, the total net inflow for southbound capital was 623.29 billion HKD for Shanghai-Hong Kong and 918.02 billion HKD for Shenzhen-Hong Kong, leading to a cumulative inflow of 1,541.31 billion HKD [5] - The top active stocks in the Shanghai-Hong Kong Stock Connect included Alibaba-W, SMIC, and Hua Hong Semiconductor, with notable net flows and price changes [5]

格隆汇10月15日丨泡泡玛特(09992.HK)宣布，于2025年10月15日，公司根据首次公开发售后股份奖励计 划的条款向承授人授出代表相同数量相关股份的3.8万份奖励，惟须待接纳后方可作实。 ...

Core Points - Pop Mart (09992) announced that on October 15, 2025, the company will grant 38,300 share awards to grantees according to the terms of its post-IPO share award plan, pending acceptance for validity [1]

泡泡玛特(09992)发布公告，于2025年10月15日，公司根据首次公开发售后股份奖励计划的条款向承授 人授出代表相同数量相关股份的3.83万份奖励，但须待接纳后方可作实。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 POP MART INTERNATIONAL GROUP LIMITED 泡泡瑪特國際集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9992） 根據首次公開發售後股份獎勵計劃授出獎勵 本公告由本公司根據上市規則第17.06A、17.06B及17.06C條作出。董事會宣佈， 於2025年10月15日，本公司根據首次公開發售後股份獎勵計劃的條款向承授人授 出代表相同數量相關股份的38,289份獎勵，惟須待接納後方可作實。 授出獎勵之詳情 1 授出日期： 2025年10月15日 授出獎勵數目： 向本集團僱員合共授出代表相同數量相關股份的38,289 份獎勵。 授出獎勵之購買價： 無 獎勵之歸屬期： 38,289份獎勵將於授出日期第二個週年至第四個週年期 間分批歸屬。 表現目標： 就各承授人而言，於各個歸屬日期歸屬的獎勵取決於承 授人於相關歸屬日期前的績效評估中是否達到規定的閾 值。 回撥機制： ...

Group 1 - Apple's CEO Tim Cook was seen in Beijing's Gongfu Park engaging with developers [1] - On October 13, Cook attended the 10th anniversary event of THE MONSTERS in Shanghai, interacting with Pop Mart's founder Wang Ning and LABUBU series creator Long Jiasheng [1] - Cook announced that the iPhone Air will be available for pre-order in China starting at 9 AM on October 17, with official offline sales beginning on October 22 [1]