Summary of Conference Call Records Industry and Companies Involved - **Companies**: Pop Mart (泡泡玛特) and Blokus (布鲁可) - **Industry**: Toy and IP-related products Key Points and Arguments Pop Mart (泡泡玛特) 1. **Category Expansion**: Pop Mart is expanding its product categories (Mega, sugar gel, plush toys) to enhance consumer engagement and is actively exploring small appliances and other derivatives to strengthen its consumer base [1][2][3] 2. **IP Matrix Health**: Monitoring the sales proportion of the LaBuBu IP is crucial; if it remains around 30%, it indicates a healthy IP matrix with growth in other IPs [1][3] 3. **Classic IP Performance**: Classic IPs like Molly, Dimo, and Skull Panda are expected to maintain growth in the first half of the year, with new forms and collaborations broadening consumer appeal [1][4] 4. **Emerging IP Success**: New IPs such as Crybaby, Gorilla Man, and Zizika are performing well, enriching the product line and attracting new fans [1][5] 5. **Overseas Market Potential**: The performance of stores in overseas markets, particularly in Southeast Asia and the US, is significantly higher than in the domestic market, indicating strong long-term expansion potential [1][2][21] 6. **Sales Growth Expectations**: For the first half of 2025, Pop Mart anticipates revenue growth of no less than 200% and profit growth of no less than 350%, leading to an upward adjustment in market expectations for the full year [2] Blokus (布鲁可) 1. **Performance Below Expectations**: Blokus's performance in the first half of the year was below expectations due to inventory pressure from distributors and the timing of new product launches [1][9] 2. **Future Product Expansion**: Plans to expand into adult and female-oriented products, deepen market penetration in lower-tier cities, and accelerate overseas expansion are in place, with expectations for significant growth in the second half of the year [1][10][11] 3. **Market Penetration**: The company is gradually expanding its domestic network and utilizing major channels like Walmart and Costco in North America, with the second half expected to be a peak sales season [1][11] 4. **New Product Launches**: Blokus plans to release 800 SKUs this year, doubling last year's offerings, with a focus on new IPs and optimizing existing ones to drive sales [9][10][16] 5. **Competitive Positioning**: Blokus holds a competitive advantage in the building block sector against competitors like LEGO and Bandai, primarily due to its pricing strategy and channel penetration [1][14] 6. **Valuation Insights**: The estimated valuation for Blokus is projected to be between 20 to 25 times earnings, reflecting its growth potential and brand premium [15] Additional Insights 1. **Second-Hand Market Impact**: The second-hand market's pricing dynamics are being monitored, with a focus on maintaining a healthy price range to avoid market risks associated with excessive speculation [8] 2. **Seasonality of Revenue**: Blokus's revenue exhibits seasonality, with historical data indicating stronger performance in the second half of the year due to several sales peaks [17] 3. **IP Development and Market Trends**: The overall toy industry is experiencing growth driven by demand for IP-related products, while traditional toy segments remain relatively flat [23] 4. **Future Growth Potential**: Both companies are positioned for future growth, with Pop Mart focusing on IP expansion and Blokus on market penetration and product diversification [28][25] This summary encapsulates the key insights from the conference call records, highlighting the strategic directions and performance expectations of Pop Mart and Blokus within the toy industry.

传闻纷飞，严谨求证， 掌握权威、真实的声音。 随着风靡全球的玩偶labubu身价水涨船高，其生产商泡泡玛特（09992.HK）股价从一月份的最低点一路 飙升至6月12日的最高点，累计涨幅达到260%，最新收盘价为266.8港元，总市值超过3600亿，泡泡玛 特创始人王宁近期也成为河南新首富。 即便如此，德意志银行、建银国际、摩根士丹利、招商证券国际等多家投行仍继续看多泡泡玛特的目标 价，近日给出的价位最高看至303港元（德意志银行）。在A股市场上，相关概念股近期仍有强劲表 现，青木科技、德艺文创6月12日录得20cm涨停，元隆雅图10cm涨停。 投资者近期在互动平台上纷纷向上市公司询问与泡泡玛特的合作情况，部分公司对近况进行了披露，也 有部分公司对市场传言进行辟谣，全景为您精选来自上市公司最真实的声音。 （以下内容均摘自深交所 互动易、上证 e 互动、上市公司公告等） 泡泡玛特.jpg 贵公司有没有为泡泡玛特海外运营？ 青木科技 [301110] ：目前公司是泡泡玛特天猫旗舰店的代运营服务商。 请问贵公司进军c端与泡泡玛特有合作吗？ 元隆雅图 [002878] ：目前公司与泡泡玛特在一些品牌营销推广项目上开展 ...

《中华人民共和国商标法》第六十条第二款：工商行政管理部门处理时，认定侵权行为成立的，责令立 即停止侵权行为，没收、销毁侵权商品和主要用于制造侵权商品、伪造注册商标标识的工具，违法经营 额五万元以上的，可以处违法经营额五倍以下的罚款，没有违法经营额或者违法经营额不足五万元的， 可以处二十五万元以下的罚款。对五年内实施两次以上商标侵权行为或者有其他严重情节的，应当从重 处罚。销售不知道是侵犯注册商标专用权的商品，能证明该商品是自己合法取得并说明提供者的，由工 商行政管理部门责令停止销售。 消费者在选购商品时要认准官方渠道关注商家的资质与品牌授权信息，仔细辨别商品标识，核对防伪信 息，盲盒消费留存小票，扫码验证防伪标签，警惕"盲盒外衣"下的假冒商品。（来源：延庆市场监管） 中国质量新闻网讯 盲盒凭借"未知性""收藏性"正在成为消费市场新宠。"泡泡玛特"作为盲盒行业头部品 牌，其IP形象和产品设计却被仿冒，北京市延庆区市场监管局通过消费者投诉 【下载黑猫投诉客户 端】举报，顺藤摸瓜查处了这类借助盲盒隐蔽销售假冒商品的案件。 2025年6月，延庆区市场监管局接到市民投诉，称自己在某商家购买的"泡泡马特"盲盒是假货，要求 ...

特别声明：以上文章内容仅代表作者本人观点，不代表新浪网观点或立场。如有关于作品内容、版权或其它问 题请于作品发表后的30日内与新浪网联系。 潮玩巨头商战：泡泡玛特回应 潮玩巨头商战：泡泡玛特回应 潮玩巨头商战：#名创优品被曝300元每条雇水军炒作#，泡泡玛特回应。 ...

Core Viewpoint - The article emphasizes the significant impact of Pop Mart on the domestic IP industry, suggesting that the company has validated the potential for domestic IP enterprises to leverage strong supply chains and quality operations to access global markets [1] Group 1: Commercial Value of IP - The market has underestimated the commercial value of character-based IP and the long-term operational capabilities of companies [2] - The lifecycle of high-quality character-based IP is longer than the market perceives, with examples like MOLLY showing a revenue CAGR of 22% from 2019 to 2023 [2] - Successful IP can achieve high commercial value through a combination of mass appeal and artistic quality, as seen with projected revenues of 2.1 billion RMB for MOLLY and 3 billion RMB for LABUBU in 2024 [2] Group 2: Business Challenges and Resilience - From December 2020 to June 2022, the company experienced a decline in stock price due to systemic adjustments in growth stock valuations and deteriorating profit indicators [3] - The period from July to October 2022 saw the company’s performance under pressure, with the blind box trend becoming mainstream, leading to a significant underperformance compared to the Hong Kong stock market [3] - The company demonstrated strong organizational resilience and execution capabilities during this challenging phase, which laid the groundwork for accelerated internationalization post-2024 [3] Group 3: Recovery and Long-term Value Reassessment - From November 2022 to June 2023, the company’s EPS gradually recovered, with positive guidance for 2023, although the market attributed this mainly to macroeconomic factors [3] - Since July 2023, the company’s performance has shown signs of alpha, driven by organizational optimization and accelerated international expansion, particularly with LABUBU gaining unexpected popularity [3] - The rise of LABUBU is supported by trends in personalized consumption and social media influence, which have contributed to its revenue exceeding expectations [3] Group 4: Profit Forecast and Investment Rating - The company remains optimistic about LABUBU and its diverse IP matrix driving rapid revenue growth across all channels, with adjusted net profit forecasts for 2025-2027 raised to 10.03 billion, 14.49 billion, and 18.29 billion RMB respectively [4] - A valuation of 30 times PE for 2026 is suggested, corresponding to a market value of 434.6 billion RMB, indicating a potential 28% upside from the market value as of August 8, 2025 [4]

Summary of the Conference Call for Pop Mart Company Overview - **Company**: Pop Mart - **Industry**: Toy and IP (Intellectual Property) Retail Key Points and Arguments Industry Positioning and Strategy - Pop Mart has transformed its market positioning from a leading blind box and trendy toy company to a full-chain IP operation company, establishing a strong IP operation platform that addresses market skepticism regarding weak content IP longevity and user stickiness [2][3] - The company has enhanced its position in upstream IP resource signing and downstream channel negotiations, confirming the scarcity of trendy toys and quality IP derivative retail formats [2][3] Growth Drivers - Short-term growth drivers include diversified IP monetization and expansion into overseas markets. The projected revenue for 2024 is 13 billion yuan, a 107% year-on-year increase, with profits expected to reach 3.4 billion yuan, a 186% increase [2][4] - Overseas revenue is projected to account for 39% of total revenue in 2024, reflecting a 375% year-on-year growth [2][5] Business Model and Competitive Advantage - Pop Mart employs a direct sales and free IP business model, with core competencies in IP selection, incubation, and operation systems. Exclusive artist IPs like Molly and Demo are expected to contribute 85% of revenue in 2024 [2][6] - The company has a robust membership system, with over 46 million members contributing more than 90% of sales and an average repurchase rate of 49.4% [2][7] Product Line Expansion - The company has successfully expanded its product categories beyond blind boxes to include plush toys, building blocks, and Mega accessories, significantly enriching its product line and monetization channels [2][8] - Plush toy revenue is projected to reach 2.8 billion yuan in 2024, indicating substantial growth potential [9] Market Trends - From 2023 to 2024, the market share of figurines decreased from 76% to 53%, while plush toys and other derivatives saw significant increases, with plush toys rising from 3% to 22% [9] - The Mega series is expected to grow by 146% in 2024, nearing 1.7 billion yuan in revenue, driven by new market scenarios and enhanced value [10] Comparison with Global Competitors - Compared to global players like Sanrio, Bandai, and Disney, Pop Mart is still in the early stages of diversified monetization, indicating significant growth potential in this area [11] International Expansion Strategy - The company has adopted a gradual global expansion strategy, with 120 overseas stores expected by the end of 2024, primarily through direct sales [12][15] - The Southeast Asian market is in a growth phase, while the North American market is still in its early stages, with expectations for rapid growth in the next 1 to 3 years [16] Online Business Development - Pop Mart is innovating in its online business to accelerate user acquisition and repurchase rates, showing a trend of rapid growth in online operations [17] Impact of Tariffs - Tariffs have a limited impact on the company's business, as the majority of trendy toy products have low value, making them less sensitive to tariff increases [18] Future Revenue and Profit Projections - Revenue projections for 2025 to 2027 are 22.1 billion yuan, 29.9 billion yuan, and 38.7 billion yuan, with expected year-on-year growth rates of 69%, 35%, and 30% respectively [19] Industry Position and Future Outlook - Pop Mart is recognized as a leading player in China's trendy toy industry, with strong barriers in IP incubation, supply chain management, and product innovation. The growth path for the next three to five years is clear, with a target price of 185.6 HKD based on a 40x PE valuation [20]

Core Insights - Pop Mart is experiencing significant momentum, with its stock reaching a historical high of 293.40 HKD and a market capitalization of 373.3 billion RMB as of August 8 [1] - The company has successfully created a unique emotional consumption model that drives consumer enthusiasm for collectibles, particularly through its popular IPs like Labubu, Crybaby, and Twinkle Twinkle [3][4] Group 1: IP Development and Sales Performance - Labubu's contribution to the company's sales has increased from 6% two years ago to becoming a global phenomenon, while Crybaby has achieved a remarkable revenue growth of 1537.2%, generating 1.1649 billion RMB [4][11] - The Twinkle Twinkle series has also gained popularity, with products selling out quickly at events, indicating strong market demand [4][10] Group 2: Platform Capability and Industrialization - Pop Mart's IP incubation strategy differs from traditional models like Disney, focusing on emotional projection without a narrative background, which enhances its platform value [7][8] - The company has established a systematic approach to IP industrialization, integrating global artist resources and developing a replicable IP production line [8][10] Group 3: Global Market Strategy - Pop Mart's localized IP development has proven effective, with significant contributions from regions like Thailand, where local IPs accounted for 8.9% of revenue [10] - The company has built regional centers to support local artist discovery and market validation, facilitating a closed-loop system for global expansion [10][15] Group 4: Consumer Engagement and Market Trends - The rise of emotional consumption is evident, as consumers seek cultural identity and emotional connection through products, leading to increased demand for Pop Mart's offerings [12][13] - The company's success reflects a broader transformation in the consumer market, moving from mere product exports to cultural symbol outputs [12][15]

Overall Performance - The average net value growth rate of equity public funds in the past six months is 10.96%, with all equity public funds achieving positive returns [2] - Among the products, Huaxia Wealth has four industry index theme products in the top ten, with two products focusing on micro-cap growth and precious metals ranking first and second, both with growth rates exceeding 20% [2] - The product "Bai Bao Xiang Stock Preferred Weekly Open 1" from Xinyin Wealth ranks third with a net value growth rate of 17.73% over the past six months [2] Highlighted Product Analysis - The product "Bai Bao Xiang Stock Preferred Weekly Open 1" is a medium-high risk open-ended net value product with a 7-day investment cycle, showing a net value increase of 6.7% in the second quarter and a year-to-date growth rate of 15.78% [2][3] - The product increased its holdings in stocks such as Pop Mart and Giant Network in the second quarter, with Pop Mart becoming the largest holding at 5.11% of the total assets, contributing significantly to the product's returns [3][4] - The product's performance has been affected by market conditions since its inception in early 2021, with a net value decline of 16.13% since establishment, and it remains below par with a latest disclosed net value of 0.8387 as of August 4, 2025 [4]

Group 1 - The core concept of the article revolves around the idea of a "speed society," which is reshaping China's consumption market, driven by the demand for faster consumption experiences [3][14][33] - The term "speed" is illustrated through three significant consumption events: the breakout of Pop Mart, the fierce competition in instant retail, and Xiaomi's YU7 changing the automotive industry dynamics [2][20] - The evolution of technology has enabled the "speed" phenomenon, with the introduction of features like playback speed on video platforms, which began in 2015 and has since expanded globally [10][11][12] Group 2 - Instant retail exemplifies the transformation of the e-commerce landscape, with significant improvements in internet penetration and logistics efficiency, leading to faster delivery times [17][18][19] - Xiaomi's product strategy focuses on reducing friction in consumer decision-making, which aligns with the "speed" concept by simplifying choices and enhancing user experience [23][24][25] - The sales model of companies like Pop Mart is adapting to the "speed" culture, emphasizing immediate gratification through innovative sales strategies like blind box sales [29][31][32] Group 3 - The article discusses the broader implications of "speed" on consumer behavior, suggesting that the future of consumption will increasingly rely on speed and efficiency to achieve superior returns [33][43] - The narrative also touches on the controversy surrounding "accelerationism," questioning whether the push for speed in consumption and production is beneficial or detrimental [34][36][40] - Ultimately, the article posits that businesses must embrace the "speed" narrative to align with evolving consumer expectations and market dynamics [44][45]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The report emphasizes the underestimated commercial value of character-based IP and the company's long-term operational capabilities, suggesting that the market has not fully recognized the potential of these IPs [8][9] - The company has demonstrated resilience and adaptability in its business model, particularly during challenging market conditions, and is now positioned for international expansion and value reassessment [9][17] - The report forecasts significant revenue growth driven by the success of key IPs like Labubu and Molly, with adjusted net profit estimates for 2025-2027 raised to 100.3 billion, 144.9 billion, and 182.9 billion RMB respectively [9][15] Summary by Sections 1. Character-based IP Commercial Value Exploration - The report discusses the commercial value and lifecycle of character-based IP, highlighting that its value is not strictly tied to content depth, and that successful IPs can achieve high audience engagement and longevity [21][22] - It notes that the lifecycle of quality character-based IPs is often longer than market expectations, with examples like Molly showing a compound annual growth rate (CAGR) of 22% from 2019 to 2023 [21][22] 2. Business Model Challenges and Company Resilience - The report outlines the company's stock price trajectory since its IPO, detailing phases of growth and decline, and emphasizes the company's strong organizational resilience during market downturns [16][17] - It identifies the challenges faced by character-based IP businesses, including demand fluctuations and the need for effective inventory management [9][17] 3. Internationalization and Long-term Value Reassessment - The report highlights the company's recovery and growth in domestic operations post-pandemic, as well as the emerging potential in international markets [9][17] - It points out that the recent success of Labubu as a global phenomenon has significantly contributed to the company's revenue and valuation recovery [9][17] 4. Profit Forecast and Investment Recommendations - The report provides detailed profit forecasts, projecting substantial revenue growth driven by the company's diverse IP portfolio and effective operational strategies [9][15] - It suggests that the company is well-positioned to leverage its IP matrix for sustained financial performance, with a target market capitalization reflecting a 28% upside potential based on projected earnings [9][15]