Group 1 - The company has established a good partnership with Pop Mart, with successful product interactions showcased at the "Xiaomang 2024 Etiquette" gala [1] - Xiaomang e-commerce platform currently sells products related to Pop Mart [1] - The company maintains an open cooperation attitude in IP collaboration and product development, having developed various unique co-branded products with well-known artists and designers [1] Group 2 - The company plans to continue seeking collaborations with trendy toy brands, designers, and popular artists to develop creative and marketable co-branded products [1] - The focus will be on market trends and user demands to enrich the product matrix on the platform [1]

Core Viewpoint - Pop Mart (09992.HK) announced that on August 29, 2025, the company will grant 58,362 share awards to the grantees under the terms of its share award plan following its initial public offering, pending acceptance for validity [1] Group 1 - The company will issue a total of 58,362 share awards [1] - The share awards are contingent upon acceptance by the grantees [1] - This action is part of the company's strategy following its initial public offering [1]

Group 1 - The company, Pop Mart (09992), announced the granting of 58,400 share awards to grantees under the terms of its post-IPO share incentive plan [1]

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8月29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58,362份獎勵，惟須待接納後方可作實。 授出獎勵之詳情 股份於授出日期之 每股股份322.40港元。 收市價： 獎勵之歸屬期： (i)50,344份獎勵應於授出日期首個週年日歸屬；及(ii) 8,018份獎勵將於2027年4月1日、2028年4月1日及2029 年4月1日分批歸屬。 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是否達到為其設定的特定表現目 標。 1 授出日期： 2 ...

Core Viewpoint - The launch of the "Mini Labubu" series by Pop Mart has generated significant consumer interest, leading to rapid sellouts across various platforms, indicating strong demand for the Labubu brand [1][3][4]. Sales Performance - The "Mini Labubu" series sold out within 10 seconds of its release, with over 58,000 consumers adding the product to their shopping carts prior to the launch [4][6]. - The sales figures from Tmall alone exceeded 23.7 million yuan, based on the unit price of 79 yuan [6]. - The series includes 14 regular items and 1 hidden item, with a total set price of 1,106 yuan [4]. Market Demand and Resale Value - The high demand has led to a surge in secondary market trading, with resale prices for the complete set reaching up to 2,699 yuan, more than double the original price [7][10]. - The average transaction price for the complete set on a trading platform reached 1,920.77 yuan, with some individual hidden items selling for as much as 1,188 yuan, representing a significant markup from the original price [10]. Financial Performance - Pop Mart reported a revenue of 138.8 billion yuan for the first half of 2025, a year-on-year increase of 204.4%, with a net profit of 47.1 billion yuan, up 362.8% [14]. - The Labubu series contributed 48.1 billion yuan to the total revenue, marking a 668% increase year-on-year and accounting for 34.7% of total revenue [14]. - The company's gross margin reached 70.3%, surpassing that of luxury brands like LVMH [14]. Management Outlook - The CEO of Pop Mart expressed confidence in achieving a revenue target of 300 billion yuan for the year, bolstered by the successful launch of the Mini Labubu series [15].

Group 1 - The Hang Seng Consumption Index (HSCGSI) has seen a strong increase of 1.25%, with notable gains from constituent stocks such as Shenzhou International (02313) up 7.16%, Haier Smart Home (06690) up 6.38%, and Zhenjiu Lidu (06979) up 5.97% [1] - The Hang Seng Consumption ETF (513970) rose by 0.58%, with intraday gains reaching nearly 3%, indicating active market trading with a turnover of 14.68% and a transaction volume of 294 million [1] - The new consumption concept has been gaining traction this year, with a report from Huafu Securities highlighting increased consumer preference for "relatively high premium + lower unit price" products, driving the popularity of small collectible toys, pet games, and gold jewelry [1] Group 2 - The Hang Seng Consumption ETF (513970) tracks the Hang Seng Consumption Index, which shows significant structural differences from A-share consumption, encompassing both traditional and emerging consumption leaders like Pop Mart, Lao Pu Gold, Miniso, and others [2] - As of the latest data, Pop Mart (09992) is the largest constituent stock of the Hang Seng Consumption Index, accounting for 12.80% of the index weight, with the top ten stocks collectively representing 62.32% [2] - The Hang Seng Consumption ETF (513970) allows T+0 trading, providing an investment avenue for those without a Hong Kong stock account, and there are also external linked funds available to facilitate investment in the Hong Kong consumption sector [2]

Core Insights - The launch of the "Mini LABUBU" from Pop Mart's "THE MONSTERS" series took place online on August 29, with in-store pickup starting the following day [1] - The first store in Beijing's Zhongguancun saw significant customer interest, with a long queue forming for pickups shortly after the store opened [1] Summary by Category Product Launch - Pop Mart's "Mini LABUBU" was released as part of the "THE MONSTERS" series, indicating a strategic move to expand its product offerings [1] Customer Engagement - The company experienced high customer engagement, as evidenced by a long line of customers waiting for product pickup, demonstrating strong demand for the new product [1] - A dedicated pickup channel was established to facilitate the process, and additional security personnel were deployed to maintain order at the store [1]

Core Insights - The launch of the "Mini LABUBU" from Pop Mart's "THE MONSTERS" series saw significant consumer interest, with long queues forming for product pickup [1] Company Performance - Pop Mart's first store in Zhongguancun, Beijing, experienced a strong turnout, with a line of customers waiting for over ten minutes to collect their purchases [1] - The company implemented a dedicated pickup channel and deployed security personnel to manage the crowd effectively [1]

【#客服回应迷你LABUBU补货时间#】8月28日22时，泡泡玛特"迷你版LABUBU"（THE MONSTERS 心底密码系列）于线上开售，该系列单个盲盒售价为79元，整套售价为1106元。踩点进入小程序，点击 多次进入购买，显示已售罄。对于该款盲盒后续是否会补货，泡泡玛特客服表示，目前没有补货时间， 建议消费者点击补货的到货提醒，后续关注情况。#minilabubu上线卖爆了#（极目新闻） ...

Core Viewpoint - The article discusses the rapid production capacity expansion of Pop Mart, driven by the overwhelming demand for its LABUBU plush toys, highlighting the challenges and strategies in upgrading its supply chain to meet this demand [1][3][6]. Production Capacity Expansion - In mid-August, a factory in Dongguan, Guangdong, utilized a precision injection molding machine with a clamping force of 200 tons to produce LABUBU plush toys, achieving a daily production capacity of 100,000 units by mid-2025 [1]. - By August 2025, the monthly production capacity for plush products at Pop Mart is expected to exceed 30 million units, representing an increase of over 1000% compared to March 2025 [2]. Revenue Growth - The revenue for THE MONSTERS, which includes LABUBU, reached 4.81 billion yuan in the first half of 2025, marking a year-on-year growth of 668% and contributing 34.7% to the company's total revenue [3][6]. Supply Chain Challenges - The surge in demand for LABUBU has led to supply chain challenges, with many factories being redirected to produce LABUBU products, resulting in several weeks of stockouts in the market [6][7]. - The company faced difficulties in scaling production due to insufficient manpower, outdated equipment, and weak coordination between demand and production capacity [7]. Automation and Upgrades - Pop Mart is pushing for automation upgrades in its partner factories to enhance efficiency, particularly in packaging and quality control processes, aiming to increase production capacity by three to five times [8][15]. - The company has implemented a new supply chain management center to streamline operations across production, design, and logistics, improving the responsiveness to market demands [10][12]. Flexibility in Supply Chain - The return order cycle has been reduced from an average of 4-5 months in 2022 to 1-1.5 months in 2024, with some urgent cases achieving turnaround times of two to three weeks [13][15]. - Pop Mart is focusing on creating a "resilient supply chain" to better handle fluctuations in order volumes, emphasizing agility, adaptability, and alignment [15][17]. Future Production Plans - The company plans to establish six major production bases globally, with four in mainland China and two in Southeast Asia, to enhance its production capabilities [9]. - Pop Mart is actively seeking new partnerships and expanding its supply chain to ensure sufficient capacity for future hits like LABUBU [17][18].