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]

Core Insights - The eighth China International Import Expo (CIIE) is being held in Shanghai from November 5 to 10, showcasing global consumer trends and lifestyle aspirations [1] - Pop Mart, a leading cultural and entertainment group, is celebrating its 15th anniversary at the expo with a themed booth that highlights its IP-centric strategy [1][4] - The expo features over 4,108 overseas exhibitors from 155 countries and regions, marking a record high in exhibition area and number of companies [3] Company Highlights - Pop Mart's booth features popular IPs SKULLPANDA and CRYBABY, designed to create an immersive experience for attendees [2][4] - SKULLPANDA, created by artist 熊喵, embodies the aesthetic of "boundless imagery," while CRYBABY, by artist Molly, focuses on emotional expression [2] - The company has expanded its product range to include various categories such as figurines and plush toys, enhancing consumer engagement [3] International Strategy - Pop Mart's international strategy has led to significant growth, with all four major regions achieving triple-digit growth in the first half of 2025, particularly in the Americas with over tenfold growth [4] - The company has opened its first store in Qatar at Hamad International Airport, marking its entry into the Middle East [4] - By 2025, Pop Mart aims to continue expanding its global presence, having already surpassed 570 stores worldwide [4]

Core Viewpoint - Recently, there have been reports from consumers regarding a printing error on the Skullpanda dining table series toys under Pop Mart, where the brand name "POP MART" was incorrectly printed as "POP MAET" [1]. Group 1 - On November 6, a reporter visited the Pop Mart store at the Guojin Center to verify the situation, noting that the blind box samples of the series were prominently displayed with a price tag of 69 yuan each, and a sign indicating "this product is being restocked" [3]. - Upon inspection, the reporter found that the brand label on the product was indeed marked as "POP MAET" in the designated area [3]. - Store staff confirmed that they received a notification from the company the previous night stating that this series of blind boxes had been removed from sale, but they were not aware of further details regarding the situation [3]. Group 2 - This is not the first time Pop Mart has faced controversy over printing errors; in August 2024, a blind box night light from the brand was criticized for a missing stroke in the character for "wealth," which led to widespread discussion and consumer demands for refunds [6]. - The company initially claimed that the design was intended to convey the idea of "wealth without limits," but many consumers felt it misrepresented the Chinese character [6]. - Ultimately, the product was removed from both online and offline channels (300959) to quell the controversy [6].

Core Insights - The article discusses how brand stores are becoming "emotional destinations" for travelers, with a significant increase in cross-regional travel during the recent holiday period, estimated at 2.433 billion trips [1] Group 1: Brand Store Trends - More tourists are not just visiting attractions but are actively seeking unique brand stores in local areas, enhancing their cultural consumption experience [1][7] - The concept of "localized storytelling" is categorized into three types: local guide stores, collector's item stores, and exhibition stores [7] Group 2: Local Guide Stores - Local guide stores integrate into new commercial districts, creating a sense of local identity. They cater to tourists' desires for both exploration and familiarity [8] - An example is the tea brand "Cha Bai Dao," which collaborates with local culture in Chengdu, incorporating traditional elements into its store design [8][12] Group 3: Collector's Item Stores - Collector's item stores use natural or cultural landscapes as their backdrop, positioning the brand as the "best viewing platform" [17] - M Stand, a coffee chain, exemplifies this by creating a store in Urumqi that features local cultural elements, attracting travelers [18][22] Group 4: Exhibition Stores - Exhibition stores, like those of MUJI and Starbucks, focus on creating immersive experiences that blend local culture with brand identity [28] - Starbucks has opened several non-heritage concept stores that showcase local craftsmanship and art, enhancing the cultural experience for customers [29][34] Group 5: Consumer Experience - The article emphasizes that providing a multi-sensory consumer experience is crucial for offline retail, with localized store designs being a key strategy [44] - The goal is to create unique environments that resonate with consumers, transforming casual visitors into brand advocates [44]

Core Viewpoint - Huachuang Securities maintains a "strong buy" rating for Pop Mart (09992) and raises profit forecasts based on Q3 2025 performance, projecting net profits of 12.32 billion, 16.93 billion, and 21.09 billion yuan for 2025-2027, with a target price of 345.39 HKD [1] Domestic Market - In Q3, the company launched new products intensively, with online channel growth showing impressive performance. Offline revenue in China (including Hong Kong, Macau, and Taiwan) increased by 130%-135% year-on-year, while online revenue surged by 300%-305% [2] - The company’s ability to create hit products is validated by the significant market premiums for new releases like the mini LABUBU and the Starry Person plush pendant. The product lineup for Halloween is well-prepared, with new items like "Why So Serious" and "Hirono's Eerie Paradise" maintaining popularity [2] - The upcoming global tour exhibition "MONSTERS BY MONSTERS: NOW AND THEN" in Shanghai from October 12 to November 8, 2025, has attracted attention, including a visit from Apple's CEO, enhancing brand recognition [2] Overseas Market - The company continues to experience high growth in international markets, with revenue in the Asia-Pacific region increasing by 170%-175%, the Americas by 1265%-1270%, and Europe and other regions by 735%-740% [3] - The recent popularity of Netflix's "Wednesday" has led to the launch of a collaboration product featuring SKULLPANDA, generating positive feedback on TikTok, with over 1.5 million views on related videos from the official U.S. account, indicating potential for future growth [3]

Core Viewpoint - Huachuang Securities maintains a "strong buy" rating for Pop Mart (09992) and raises profit forecasts based on Q3 2025 performance, projecting net profits of 12.32 billion, 16.93 billion, and 21.09 billion yuan for 2025-2027, with a target price of 345.39 HKD [1] Domestic Market - In Q3, the company launched new products intensively, with online channel growth showing impressive performance. The company's production capacity has gradually increased, and consumer demand has been effectively met under the pre-sale model, driving sales growth [2] - Offline revenue in China (including Hong Kong, Macau, and Taiwan) increased by 130%-135% year-on-year, while online revenue surged by 300%-305% [2] - The company successfully launched mini LABUBU in August and the Starry Person plush keychain in September, both achieving significant premiums in the secondary market, validating its ability to create hit products [2] - The company has adequately prepared products for events like Halloween, with the already launched "Why So Serious" and "Hirono's Eerie Paradise" maintaining popularity [2] - The upcoming global tour exhibition "MONSTERS BY MONSTERS: NOW AND THEN" in Shanghai from October 12 to November 8, 2025, attracted the visit of Apple's CEO, enhancing brand recognition [2] Overseas Market - The company continues to experience high growth, with collaborative products expected to become important growth drivers. Revenue in the Asia-Pacific region increased by 170%-175% year-on-year, while the Americas saw a staggering increase of 1265%-1270%, and Europe and other regions grew by 735%-740% [3] - The recent popularity of Netflix's "Wednesday" Season 2 has led the company to launch a collaborative product around SKULLPANDA, receiving positive feedback on TikTok, with related videos on the official U.S. account exceeding 1.5 million views, indicating potential for future growth [3]

不在红海死磕，而是借力打力，泡泡玛特用一场"海外包围国内"的营销大戏，给中小企业上了一堂精彩的实战课。 作为一家从北京30平米小店起步的企业，泡泡玛特在2024年创造了130多亿元的营收，其市值一度突破2000亿元，成为潮玩领域的现象级企业。 图片来自 AI生成 更值得关注的是，其海外市场收入同比暴涨475%-480%，成为增长的绝对主力。而其核心IP之一Labubu所在的The Monsters系列，在2024年营收同比大涨 726.6%。 泡泡玛特成功的核心，不在于财大气粗的广告投放，而在于一套精准打击的营销策略。 01 选对战场：避开红海，开辟蓝海 泡泡玛特最初出海时，并未盲目进军日韩等成熟市场，而是巧妙选择了泰国作为突破口。 泰国是东南亚少有的同时具备高消费力、充足闲暇时间、线下购物习惯和强大社媒传播力的国家。泰国人均GDP超过印尼2倍，社媒渗透率高达80%，线下 零售占比超过80%。 这一选择体现了泡泡玛特精准的市场洞察——中小企业资源有限，必须集中火力，选择最容易引爆的市场。 2023年10月，泡泡玛特在泰国推出Labubu产品，随后在2024年4月借助泰国明星Lisa的自发分享，迅速引爆市场，实 ...

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: 2025年10月31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: 2025年11月3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, ...

Core Insights - The opening of the first store in the Middle East at Hamad International Airport in Doha marks a significant step for Pop Mart, emphasizing its commitment to tourism-oriented retail as a core direction for global expansion [2] - The overseas market is becoming increasingly important for Pop Mart, with expectations that by mid-2025, overseas revenue will account for over 40% of total income [2] - In Q3, Pop Mart's overseas revenue saw a remarkable year-on-year growth of 365% to 370%, significantly outpacing overall revenue and domestic market performance [2][4] Company Performance - In Q3, Pop Mart reported an overall revenue increase of 245% to 250%, with domestic revenue growing by 185% to 190% and overseas revenue growing by 365% to 370% [4] - As of October, Pop Mart has opened over 570 physical stores globally, indicating a strong expansion strategy [2] - The company has experienced a significant net inflow of capital, amounting to 4.182 billion HKD since October [4] Strategic Directions - Pop Mart is focusing on three main strategies: international expansion, developing new IPs, and creating an ecosystem [3] - The company aims for "cultural export" rather than merely "product export," recognizing the challenges of establishing cultural identity in international markets [3] - Analysts suggest that balancing the goals of "creating scarcity" and "expanding scale" is crucial for the company's future success [4]