Core Insights - The collectible card market in China is entering a monetization phase, with companies like Hitcard and the industry leader, Kayo, pursuing IPOs [1][4] - Hitcard, founded in 2021, focuses on adult collectible cards and has secured significant investments from various entities, including a 10% stake from Reading Group [1][3] - The company has seen substantial revenue growth, achieving approximately 400 million RMB in revenue last year, with a projected 100% growth this year [3][4] Company Overview - Hitcard specializes in adult collectible cards and has developed partnerships with popular IPs, including anime and film franchises [3] - The company has launched successful products, such as the "Celebration Year" card series, which generated a GMV of 20 million RMB [3] - Hitcard's flagship store on Taobao features a card from the drama "Hush, the King is Hibernating," which has sold over 7,000 units, outperforming many well-known anime IPs [3] Market Analysis - The collectible card market in China is dominated by a few major players, with Kayo holding a 71.1% market share and generating 10.057 billion RMB in revenue [4] - The market is still in need of regulatory improvements, which may delay IPOs for companies like Kayo and Hitcard [4] - Compared to developed countries, China's per capita spending on collectible cards is significantly lower, indicating substantial growth potential in the coming years [4] - The collectible card market in China is projected to reach 44.6 billion RMB by 2029, with a compound annual growth rate of 11.1% from 2024 to 2029 [4]

Core Viewpoint - The collectible card market in China is entering a monetization phase, with companies like Hitcard and established players like 卡游 (Kaworld) pushing for IPOs and significant growth in revenue and market presence [1][3]. Company Overview - Hitcard, founded in 2021, focuses on adult collectible cards and has received multiple rounds of funding from notable investors including 泡泡玛特 (Pop Mart), 红杉中国 (Sequoia China), and 阅文集团 (Yuewen Group) [1]. - After a significant investment from Yuewen Group, Hitcard has access to over 1,000 IPs and offline channel resources, enhancing its market position [1]. - In 2024, Hitcard's collaboration on the 《庆余年》 card series generated a GMV of 20 million RMB [2]. Financial Performance - Hitcard achieved approximately 400 million RMB in revenue last year, marking a year-on-year growth of over 600%, with expectations for another 100% growth this year [2]. - The company has already reached profitability, indicating a strong business model and market demand [2]. Market Comparison - Despite Hitcard's growth, it still lags behind the market leader, 卡游, which holds a 71.1% market share and reported revenues of 10.057 billion RMB in 2024 [3]. - The top five companies in the collectible card market account for 82.4% of the total market share, highlighting the competitive landscape [3]. Market Potential - Current spending on collectible cards in China is significantly lower than in developed countries, with per capita spending at 18.7 RMB compared to 119.3 RMB in Japan and 64.0 RMB in the U.S., suggesting substantial growth potential [3]. - The Chinese collectible card market is projected to reach 44.6 billion RMB by 2029, with a compound annual growth rate of 11.1% from 2024 to 2029, indicating a sustained high demand [3].

Core Points - The Beijing Haidian District Market Supervision Administration has cracked down on a retail store selling products that allegedly infringe on the registered trademark rights of "Pop Mart" [1] - The investigation was initiated based on consumer reports, leading to the discovery of multiple blind boxes and plush accessories marked with "POP MART" and "THE MONSTERS" that closely resembled genuine products [1] - The infringing products were confirmed to be unauthorized and of inferior quality, lacking proper anti-counterfeiting measures [1] Summary by Sections Trademark Infringement Case - The involved merchant purchased the infringing products from unofficial online channels and sold them at prices lower than the genuine products [1] - The Haidian District Market Supervision Administration imposed administrative penalties, including confiscation of all infringing goods and fines, and ordered the merchant to cease infringement activities [1] - Confiscated infringing products will be destroyed, and investigations will trace back to the upstream suppliers [1] Consumer Awareness and Protection - The Market Supervision Administration has reminded consumers that "Pop Mart" products have high market recognition, and infringing products often have poor material quality and craftsmanship, posing potential health risks [2] - Consumers are encouraged to report suspected infringing products by calling hotlines 12315 or 12345 to help maintain a fair market environment [2] - Retailers are advised to strictly comply with trademark laws and refrain from purchasing or selling unauthorized products [2]

Core Insights - Recent surge in gold prices, with spot gold exceeding $3720 per ounce on September 22, leading to increased interest in gold as a value preservation asset [1] - Pop Mart is entering the jewelry market, targeting a market valued at 778.8 billion yuan, with its jewelry brand Popop [1] Company Developments - Popop launched a gold jewelry collection featuring its popular IP, Baby Molly, including items like beads, pendants, and gold bars [1] - Initial sales performance is promising, with noticeable increases in foot traffic and sales at Popop's stores in Shanghai and Beijing within three days of opening [1] Market Trends - Popop's gold jewelry is priced at a premium, with a 0.7-gram heart bead selling for 1380 yuan, approximately 2000 yuan per gram, which is 25% higher than similar products from traditional gold retailers [1] - Despite the high prices, younger consumers are showing interest in "IP gold jewelry," indicating a shift in purchasing behavior from traditional gold to themed jewelry [1] Consumer Behavior - Concerns exist regarding the sustainability of interest in Popop's products, as previous releases from the LABUBU brand saw a decline in popularity after initial excitement [1] - The effectiveness of combining IP branding with gold jewelry to attract the 90s and 00s generation, who are now the main consumers of gold, remains to be seen [1]

Core Viewpoint - The recent surge in spot gold prices has led to increased consumer interest in gold investments, prompting companies like Pop Mart to enter the gold jewelry market with their Popop brand, leveraging their Baby Molly IP to attract customers [1][2]. Group 1: Market Context - Spot gold prices have reached historical highs, influencing consumer psychology towards gold as a valuable investment [1]. - The Chinese潮玩 (trendy toy) market is projected to grow from 727 billion yuan in 2024 to 911 billion yuan by 2028, while the jewelry market is significantly larger, estimated at 778.8 billion yuan in 2024 [2]. Group 2: Product Launch and Strategy - Popop's gold series includes products like gold beads and pendants, priced between 980 yuan and 6,800 yuan, catering to various consumer budgets [2]. - The pricing strategy for Popop's products is based on a "one-price" model, which may limit price-sensitive consumers' willingness to purchase [3]. Group 3: Competitive Landscape - Popop's average price per gram for gold products is approximately 25% higher than that of traditional brands like Lao Pu Gold, which may affect its market competitiveness [3]. - Industry experts express mixed opinions on Popop's pricing strategy, with some suggesting it could deter price-sensitive buyers, while others believe it could leverage the rising gold prices to gain market traction [3]. Group 4: Industry Trends and Future Outlook - The jewelry market presents significant growth potential, with a focus on cross-industry collaborations and IP partnerships to create popular products [5]. - Pop Mart's entry into the gold jewelry sector aligns with the trend of younger consumers, particularly those born in the '90s and '00s, becoming the main demographic for gold purchases [6]. - The company has been actively expanding its global presence, opening several flagship stores in 2025, indicating a commitment to enhancing customer experience [7].

[Corporate Information](index=3&type=section&id=Corporate%20Information) This section provides essential details about the company's governance structure and contact information [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) This section lists the composition of the company's Board of Directors (including executive, non-executive, and independent non-executive directors) and its Remuneration, Nomination, and Audit Committees - Executive Directors include Mr. Wang Ning (Chairman of the Board), Ms. Liu Ran, Mr. Si De, and Mr. Wen Dey[3](index=3&type=chunk) - Independent Non-Executive Directors include Mr. Zhang Jianjun, Mr. Wu Liansheng, and Mr. Yan Jinliang[3](index=3&type=chunk) - Mr. Zhang Jianjun chairs the Remuneration Committee, Mr. Wang Ning chairs the Nomination Committee, and Mr. Wu Liansheng chairs the Audit Committee[3](index=3&type=chunk)[4](index=4&type=chunk) [Company Contact Information](index=4&type=section&id=Company%20Contact%20Information) This section provides detailed contact information for the company's headquarters and principal places of business (Beijing, China; Hong Kong), share registrar, principal bankers, legal advisors, and auditors - The company's headquarters are located on the 36th and 37th floors, Tower A, POSCO Center, Hongtai East Street, Dawangjing Science and Technology Business Park, Chaoyang District, Beijing, China[5](index=5&type=chunk)[7](index=7&type=chunk) - The principal place of business in Hong Kong is on the 19th floor, Golden Centre, 188 Des Voeux Road Central[5](index=5&type=chunk)[7](index=7&type=chunk) - Principal bankers include Industrial and Commercial Bank of China, Bank of Communications, and China Minsheng Bank[6](index=6&type=chunk)[7](index=7&type=chunk) - The auditor is PricewaterhouseCoopers[8](index=8&type=chunk)[9](index=9&type=chunk) - The company's stock code is **9992**[9](index=9&type=chunk) [Financial Summary](index=6&type=section&id=Financial%20Summary) In the first half of 2025, the company achieved substantial growth in revenue, gross profit, operating profit, and profit for the period, with significant improvements in gross margin and net profit margin, alongside an increase in total assets and total equity Key Financial Data for H1 2025 (Unaudited) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 13,876,276 | 4,557,831 | 204.4% | | Gross Profit | 9,761,064 | 2,919,105 | 234.4% | | Operating Profit | 6,043,741 | 1,126,417 | 436.5% | | Profit for the Period | 4,681,713 | 964,142 | 385.6% | | Profit Attributable to Owners of the Company | 4,574,368 | 921,333 | 396.5% | | Non-IFRS Adjusted Net Profit | 4,709,630 | 1,017,625 | 362.8% | | Gross Margin | 70.3% | 64.0% | +6.3pp | | Net Profit Margin | 33.7% | 21.2% | +12.5pp | | Non-IFRS Adjusted Net Profit Margin | 33.9% | 22.3% | +11.6pp | Key Balance Sheet Data | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Non-current Assets | 3,506,097 | 2,634,591 | | Current Assets | 17,850,582 | 12,236,081 | | Total Assets | 21,356,679 | 14,870,672 | | Total Equity | 14,429,574 | 10,884,639 | | Non-current Liabilities | 1,003,907 | 616,005 | | Current Liabilities | 5,923,198 | 3,370,028 | | Total Liabilities | 6,927,105 | 3,986,033 | [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a comprehensive overview of the company's operational and financial performance, strategic initiatives, and future outlook [Business Review](index=7&type=section&id=Business%20Review) The company achieved significant revenue growth in the first half of 2025, driven by IP operations, product R&D, channel expansion, and internationalization strategies, with several core IPs performing strongly and plush products becoming a phenomenal hit - The company was named one of TIME Magazine's **2025** 'Global **100** Most Influential Companies' for the first time[12](index=12&type=chunk)[15](index=15&type=chunk) - Revenue reached **RMB 13,876.3 million** in the first half of **2025**, a **204.4%** year-on-year increase[13](index=13&type=chunk)[15](index=15&type=chunk) - China market revenue was **RMB 8,282.8 million**, growing by **135.2%** year-on-year[13](index=13&type=chunk)[15](index=15&type=chunk) - Asia-Pacific revenue was **RMB 2,850.9 million**, growing by **257.8%** year-on-year[13](index=13&type=chunk)[15](index=15&type=chunk) - Americas revenue was **RMB 2,264.9 million**, growing by **1,142.3%** year-on-year[13](index=13&type=chunk)[15](index=15&type=chunk) - Europe and other regions revenue was **RMB 477.7 million**, growing by **729.2%** year-on-year[13](index=13&type=chunk)[15](index=15&type=chunk) [IP Incubation and Operation](index=7&type=section&id=IP%20Incubation%20and%20Operation) Through differentiated operational strategies, the company continuously enhanced IP popularity and commercialization, successfully creating multiple popular trendy culture IPs, with LABUBU becoming a global hit and core IPs like MOLLY, SKULLPANDA, CRYBABY, and DIMOO also performing strongly - In the first half of **2025**, **13** artist IPs generated over **RMB 100 million** in revenue[18](index=18&type=chunk)[21](index=21&type=chunk) - **THE MONSTERS** (including **LABUBU**) generated **RMB 4,814.0 million** in revenue, **MOLLY** **RMB 1,357.2 million**, **SKULLPANDA** **RMB 1,220.5 million**, **CRYBABY** **RMB 1,218.2 million**, and **DIMOO** **RMB 1,105.1 million**[18](index=18&type=chunk)[21](index=21&type=chunk) - **LABUBU** became one of the most popular global IPs in the first half of **2025** through its 'High Energy Ahead' and 'Strange Flavor Convenience Store' figurine series[19](index=19&type=chunk)[22](index=22&type=chunk) - **MOLLY** maintained strong vitality through premiumization strategies with ANGRY **MOLLY**, BABY **MOLLY** 'Pocket Friends', and ROYAL **MOLLY** and SPACE **MOLLY**[20](index=20&type=chunk)[23](index=23&type=chunk) - Plush product revenue reached **RMB 6,139.2 million**, a **1,276.2%** year-on-year increase, accounting for **44.2%** of total revenue, becoming a phenomenal hit[33](index=33&type=chunk)[35](index=35&type=chunk) - **MEGA COLLECTION** generated **RMB 1,007.1 million** in revenue in the first half, accounting for **7.3%** of total revenue, and opened premium collection stores in Chengdu SKP and Beijing SKP-S[37](index=37&type=chunk)[40](index=40&type=chunk) [Consumer Access](index=11&type=section&id=Consumer%20Access) The company continues to expand its offline and online channels globally, increasing the number of stores and robot stores, improving online platform operational efficiency, and steadily growing its membership base and activity - As of June **30**, **2025**, the company operated **571** stores (net increase of **40**) and **2,597** robot stores (net increase of **105** units) globally[38](index=38&type=chunk)[41](index=41&type=chunk) - The number of stores in mainland China increased from **431** to **443** (net increase of **12**), and robot stores increased by **213** units[42](index=42&type=chunk)[44](index=44&type=chunk)[70](index=70&type=chunk) - The number of stores in the Americas increased from **22** to **41** (net increase of **19**)[42](index=42&type=chunk)[44](index=44&type=chunk) - Online channels (POP MART Draw Box Machine, Tmall, Douyin, JD.com) showed strong sales growth, ranking **first in industry sales** on Tmall, Douyin, and JD.com platforms during the **6.18** shopping festival[43](index=43&type=chunk)[

Core Viewpoint - The surge in spot gold prices, which recently surpassed $3720 per ounce, has prompted companies like Popop, a jewelry brand under Bubble Mart, to launch a new line of gold products, leveraging the Baby Molly IP to attract consumers and boost sales in physical stores [1][2]. Group 1: Market Trends - The Chinese潮玩 (trendy toy) market is projected to grow from 727 billion yuan in 2024 to 911 billion yuan by 2028, while the jewelry market is expected to reach approximately 778.8 billion yuan in the same year, indicating a significant opportunity for cross-industry expansion [2][11]. - Popop's entry into the gold market aligns with the trend of traditional brands collaborating with IPs to appeal to younger consumers, particularly those born in the '90s and '00s, who are becoming the main consumers of gold [13]. Group 2: Product Offering and Pricing - Popop's gold product line includes items such as gold beads, pendants, and bars, with prices ranging from 980 yuan to 68,000 yuan, catering to various consumer budgets [3][6]. - The pricing strategy for Popop's gold series is notably higher than traditional gold brands, with an average price per gram approximately 25% more than that of established competitors [6][8]. Group 3: Consumer Behavior and Market Response - The "one-price" pricing model adopted by Popop may help secure profit margins but could also deter price-sensitive consumers, raising concerns about the potential impact on sales [8]. - Despite the challenges, some industry experts remain optimistic about Popop's competitive edge in the gold market, suggesting that the combination of rising gold prices and the influence of IP could create significant market opportunities [8][12].

Core Insights - The core focus of the articles is on Pop Mart's strategy for globalizing its IP operations and enhancing cultural integration through diverse product offerings and experiences [1][2][4]. Group 1: IP Operations and Global Strategy - Pop Mart emphasizes that IP is the core driving force behind its operations, serving as an emotional connection with global consumers [1]. - The company has expanded its product categories from collectible toys to include building blocks, jewelry, desserts, and theme parks, showcasing a multidimensional approach to IP [1]. - As of June 2025, Pop Mart plans to have over 550 direct stores and 2,500 robot stores globally, with e-commerce networks covering over 30 countries, achieving over 100% growth in regions like the Americas, Asia-Pacific, Europe, and Greater China [2]. Group 2: Cultural Integration and Localized Marketing - Pop Mart actively integrates cultural elements into its products, launching region-specific items such as the UK punk-style SKULLPANDA and the Thai-dressed LABUBU, which reflect local cultural expressions [2]. - The company employs a "cultural adaptation + scene co-creation" strategy to penetrate different markets, participating in events like the 50th anniversary of China-Thailand diplomatic relations [3]. - Pop Mart's online and offline channels are continuously being enhanced to provide diverse consumer experiences, with its official online channels covering 37 countries and supporting multiple languages and currencies [3]. Group 3: Future Aspirations - The company aims to leverage IP as a core element to bring joy to global consumers through trendy toys and engaging experiences, with a vision to become a leading global cultural entertainment company [4].

Core Insights - The gold market has experienced a significant surge in 2023, with COMEX gold and SHFE gold prices increasing by 43.77% and 36.73% respectively as of September 24, 2025 [1] - Pop Mart, a leading player in the trendy toy industry, has entered the gold market by launching the "Baby Molly" gold series, which has attracted attention from young consumers [1][2] Company Overview - Pop Mart's "Baby Molly" gold series features a variety of gold products priced from 980 yuan to 56,800 yuan, appealing particularly to young female consumers who are fans of the Molly IP [1][2] - The "Baby Molly" series is the only gold product line currently offered by Pop Mart, and it has gained popularity since its launch [1] Industry Trends - The term "pain gold" refers to gold products that incorporate popular anime IPs, appealing to young consumers who value both investment and personal interest [2][3] - The strong performance of the Molly IP has contributed to Pop Mart's revenue growth, with the IP generating 1.36 billion yuan in revenue in the first half of 2025, a 73.5% increase year-on-year [2][3] - The pricing of "pain gold" products is typically 2 to 3 times the market price of regular gold, reflecting the added emotional value and brand appeal [3] Financial Performance - Pop Mart reported a revenue of 13.88 billion yuan in the first half of 2025, a 204.4% increase year-on-year, with an adjusted net profit of 4.71 billion yuan, up 362.8% [3] - The company's performance in the gold market remains to be seen, as it transitions from the trendy toy sector [3]

Core Viewpoint - Pop Mart is actively preparing for the production of movies to enhance the dimensionality and vibrancy of its IP characters, such as Molly and Labubu, which are celebrating significant anniversaries this year [1] Group 1 - Pop Mart's Vice President, Chen Xiaoyun, announced the company's plans to develop movies featuring its IP characters [1] - The characters Molly and Labubu will celebrate their 20th and 10th anniversaries respectively this year, attracting new fans [1] - This year also marks the 50th anniversary of diplomatic relations between China and Thailand, prompting Pop Mart to explore celebratory activities in a trendy manner [1]