Summary of Pop Mart International Group Conference Call Company Overview - **Company**: Pop Mart International Group (Ticker: 9992.HK) - **Industry**: China/Hong Kong Consumer - **Market Cap**: US$42,943 million - **Current Stock Price**: HK$251.00 (as of August 4, 2025) - **Price Target**: HK$365.00, implying a 45% upside potential Key Insights Platform Value and IP Development - Pop Mart's platform value is considered underappreciated, with a focus on proprietary IPs primarily sourced from Greater China, with exceptions like Crybaby (Thailand) and Peach Riot (US) [2][3] - The company has potential to leverage artistic resources in the US, Europe, Japan, and Southeast Asia, aiming for a more culturally diverse IP portfolio in the next 3-5 years [2] Investment Thesis - The intrinsic value of Pop Mart extends beyond its IPs, emphasizing the company's platform capabilities as a key long-term investment thesis [3] - Historical performance shows significant growth in IP recognition, with Labubu growing from 6% of group sales to global renown, while new IPs like Crybaby and Twinkle Twinkle are gaining traction [3] Recent Product Success - Observations from the Pop Toy Show indicated strong sales for Twinkle Twinkle products, which sold out rapidly, suggesting a promising contribution to sales in 2025 [7] - Crybaby's lifestyle products, including apparel and home goods, are also showing strong demand, indicating potential for increased sales [7] Financial Projections - **Revenue Growth**: Projected revenues are expected to grow from Rmb 13,038 million in 2024 to Rmb 53,216 million by 2027 [5] - **Earnings Per Share (EPS)**: Expected to increase from Rmb 2.43 in 2024 to Rmb 13.19 by 2027 [5] - **P/E Ratio**: Current P/E is 94.6, expected to decrease to 17.6 by 2027, indicating potential for re-rating as growth continues [5] Risks and Opportunities Upside Risks - Faster overseas growth and successful flagship store openings could enhance sales momentum [10] - Continued rollout of popular products and successful new business ventures, including toy bricks and theme parks, could drive growth [10] Downside Risks - Weak macroeconomic conditions and uncertainties related to new products and IPs pose risks [10] - Challenges in maintaining product appeal and successful overseas expansion could hinder growth [10] Conclusion - Pop Mart International Group is positioned for significant growth with a strong focus on IP development and cultural diversification. The company's platform capabilities and recent product successes suggest a robust investment opportunity, despite potential macroeconomic and operational risks.

Summary of Pop Mart Conference Call Company Overview - **Company**: Pop Mart International Group (9992.HK) - **Industry**: Consumer Products, specifically in the IP (Intellectual Property) sector - **Market Cap**: Approximately US$42.089 billion - **Stock Rating**: Overweight - **Price Target**: HK$365.00, representing a 48% upside from the current price of HK$246.00 [6][40] Key Points and Arguments 1. Earnings Growth and Valuation - Pop Mart has shown substantial earnings growth, with estimates of approximately 210% for 2025 and 45% for 2026 [2] - Current P/E ratios are 31x for 2025 and 22x for 2026, indicating compelling risk/reward dynamics [2] - The company is expected to see overseas operating profit (OP) rise to 55-60% of the group's total by 2026, positioning it as a global consumer play [2] 2. Product Launches and Demand - Despite perceptions of stalled momentum, Pop Mart continues to launch popular new products, with significant sales drivers from IPs like Crybaby and Twinkle Twinkle [3][9] - The company has a strong track record of product launches, with many items selling out quickly, indicating robust demand [3][9] 3. Demand Metrics - 90-95% of sales are direct to consumers, providing clear visibility on demand and allowing for effective supply management [4] - Store queues and resale prices are not the sole indicators of popularity; the company aims to balance supply to meet consumer demand sustainably [4] 4. Market Potential - The global market for IP products is estimated to exceed US$80 billion, with Pop Mart's sales projected to grow to US$4.3 billion in 2025 and US$6 billion in 2026 [5] - The company is well-positioned to capture consumer demand across global markets, with low current penetration [5] 5. Strategic Initiatives - Pop Mart is expanding its business through collaborations with brands like Godiva and Uniqlo, and opening new stores in key international markets [16][19] - The company has opened its first store in Germany, which received significant media attention due to long queues [19] 6. Financial Performance - Revenue is expected to grow from RMB 13,038 million in 2024 to RMB 42,994 million in 2026, with net income projected to increase from RMB 9,722 million to RMB 13,965 million in the same period [27] - The gross margin is expected to improve, reflecting better regional and product mixes [45] 7. Risk and Reward Analysis - The stock is considered to have a favorable risk/reward profile, with potential for further re-rating as sales momentum continues [40] - The company is compared to established brands like Bandai Namco, LEGO, and Disney, indicating high growth potential [42] 8. Sales Growth Breakdown - Significant year-over-year sales growth is noted, particularly in overseas markets, with some regions experiencing growth rates exceeding 500% [29] 9. Revenue Mix and Product Breakdown - The revenue mix is diversified across various IPs, with Molly, Dimoo, and Skullpanda being key contributors [34][35] - The company is focusing on expanding its product offerings and IP versatility to drive future growth [42] Additional Important Insights - Pop Mart's IP-product flywheel and efficient direct-to-consumer model are seen as critical to its global expansion and earnings growth [42] - The company is actively pursuing new business initiatives, including theme parks and trading cards, which could contribute to long-term revenue streams [52][53] This summary encapsulates the key insights from the Pop Mart conference call, highlighting the company's growth trajectory, strategic initiatives, and market potential.

Core Viewpoint - The 2025 PTS Beijing International Trendy Toy Exhibition, hosted by Pop Mart, emphasizes the theme "Return to Playfulness, Seek the Wilderness of the Heart," showcasing popular global trendy IPs and featuring numerous prominent artists and designers [1][2]. Group 1: Event Highlights - The event took place from August 1 to 3 at the National Convention Center, gathering a wide array of trendy IPs and artists [1]. - Pop Mart signed a strategic cooperation framework agreement with the Beijing Cultural and Tourism Bureau to leverage Pop Mart's innovative advantages in trendy cultural IP operations and the Bureau's rich intangible cultural heritage resources [1]. - The upgraded "Pop Mart Street" introduced interactive experience installations, enhancing fans' understanding of IPs while shopping [1]. Group 2: Industry Impact - Since its inception in 2017, PTS has evolved into a globally recognized trendy toy exhibition and a significant platform for creators to showcase their creativity [2]. - The PTS has successfully held over ten international trendy toy exhibitions, attracting more than 300,000 visitors and featuring over 500 top artists from various countries [2]. - The upcoming Singapore International Trendy Toy Exhibition is scheduled for August 22-24, further expanding the reach of the PTS brand [2].

格隆汇8月4日丨泡泡玛特(09992.HK)宣布，公司将于2025年8月19日（星期二）举行董事会会议，藉以 （其中包括）考虑及批准集团截至2025年6月30日止六个月的中期业绩及其发布。 ...

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分內容而產生或因倚 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 承董事會命 （股份代號：9992） 董事會會議通告 泡泡瑪特國際集團有限公司（「本公司」，連同其附屬公司及併表聯屬實體統稱「本 集團」）董事會（「董事會」）謹此宣佈，本公司將於2025年8月19日（星期二）舉行董 事會會議，藉以（其中包括）考慮及批准本集團截至2025年6月30日止六個月之中 期業績及其發佈。 泡泡瑪特國際集團有限公司 執行董事、董事會主席及行政總裁 王寧 香港，2025年8月4日 於本公告日期，執行董事為王寧先生、劉冉女士、司德先生及文德一先生，非執 行董事為屠錚先生及何愚先生，以及獨立非執行董事為張建君先生、吳聯生先生 及顏勁良先生。 （於開曼群島註冊成立的有限公司） ...

Core Viewpoint - Pop Mart (09992) has seen a significant increase in stock price, rising over 3% amid reports of its popular collectible figure Labubu rapidly gaining traction in the Middle East market, transforming from a niche collectible to a cultural and commercial phenomenon [1] Group 1: Market Performance - Pop Mart's stock rose by 3.21%, reaching 251 HKD, with a trading volume of 1.345 billion HKD [1] - The collectible figure Labubu is priced between 99 to 399 Saudi Riyals (approximately 26 to 107 USD) on Saudi e-commerce platforms [1] Group 2: Industry Insights - Vijay Valecha, Chief Investment Officer at Century Financial, noted that consumer behavior is becoming increasingly emotional amid global uncertainties [1] - DBS Bank's report highlights Pop Mart's robust mid-term outlook due to its diversified product portfolio, scalability, and innovative business model, projecting revenue and profit growth of over 140% and 180% respectively for the year [1] Group 3: Growth Projections - Notable IPs like Pokemon and Hello Kitty have achieved cumulative global sales between 50 billion to 150 billion USD, with continued growth [1] - The bank anticipates that by 2025, overseas sales will account for over 50% of Pop Mart's total sales, driven by the increasing influence of pop culture [1] - Revenue and profit compound annual growth rates are expected to reach 81% and 99% respectively from 2024 to 2026 [1]

Core Viewpoint - Bubble Mart (09992) is experiencing a significant increase in stock price, attributed to the rapid growth of its collectible toy Labubu in the Middle East market, particularly Saudi Arabia, where it is transforming from a niche collectible to a cultural and commercial phenomenon [1] Group 1: Market Performance - Bubble Mart's stock rose over 3%, specifically 3.21%, reaching 251 HKD with a trading volume of 1.345 billion HKD [1] - The collectible toy Labubu is sold through blind boxes on Saudi e-commerce platforms, priced between 99 to 399 Saudi Riyals (approximately 26 to 107 USD) [1] Group 2: Financial Projections - DBS Bank's report anticipates Bubble Mart's revenue and profit to grow by over 140% and 180% respectively this year, driven by a diversified product portfolio and innovative business model [1] - The cumulative global sales of well-known IPs like Pokemon and Hello Kitty have surpassed 50 billion to 150 billion USD, indicating a strong market for collectibles [1] - The bank projects that by 2025, overseas sales will account for over 50% of Bubble Mart's total sales, with a compound annual growth rate (CAGR) of 81% for revenue and 99% for profit from 2024 to 2026 [1]

Group 1 - The core viewpoint of the article highlights the rapid growth of the Labubu collectible figures from China in the Saudi and Middle Eastern markets, transforming from niche collectibles to commercially valuable cultural symbols [1] - Bubble Mart's stock rose over 3%, reaching 251 HKD with a trading volume of 1.345 billion HKD, indicating strong market interest [1] - The pricing of Labubu figures on Saudi e-commerce platforms ranges from 99 to 399 Saudi Riyals (approximately 26 to 107 USD), showcasing their accessibility and appeal [1] Group 2 - According to DBS Bank's report, Bubble Mart is expected to see revenue and profit growth of over 140% and 180% respectively this year, driven by a diversified product portfolio and innovative business models [1] - Notable intellectual properties like Pokemon and Hello Kitty have achieved cumulative global sales between 50 billion to 150 billion USD, indicating a strong market for collectible figures [1] - The bank anticipates that by 2025, overseas sales will account for over 50% of Bubble Mart's revenue, reflecting its rapid international expansion and multi-channel development [1] - The expected compound annual growth rates for revenue and profit from 2024 to 2026 are projected at 81% and 99% respectively, fueled by the growing influence of pop culture [1]

Core Viewpoint - The report from DBS indicates that Pop Mart (09992) is expected to see revenue and profit growth of over 140% and 180% respectively this year, driven by strong demand for its proprietary IPs like Labubu and Molly [1] Group 1: Financial Projections - The company is projected to achieve a compound annual growth rate (CAGR) of 81% in revenue and 99% in profit from 2024 to 2026 [1] - The target price set by DBS for Pop Mart is HKD 312, reflecting a bullish outlook based on the company's cultural influence and stable mid-term prospects [1] Group 2: Market Position and Strategy - The stock price trajectory of Pop Mart may depend on its ability to transform core IPs into sustainable cultural icons [1] - The company is expected to mitigate short-term risks through a diversified product portfolio, scaling, and innovative business models [1] Group 3: Industry Context - Notable IPs like Pokemon and Hello Kitty have achieved cumulative global sales exceeding USD 50 billion to 150 billion, indicating a growing market for cultural products [1] - Pop Mart's rapid expansion into international markets and omnichannel development is anticipated to push overseas sales to over 50% by 2025 [1]

Core Viewpoint - DBS has released a report indicating that Pop Mart (09992) is driven by strong demand for its proprietary IPs such as Labubu and Molly, with expected revenue and profit growth of over 140% and 180% respectively this year [1] Group 1: Financial Projections - The company is projected to achieve a compound annual growth rate (CAGR) of 81% in revenue and 99% in profit from 2024 to 2026 [1] - The target price set by DBS for Pop Mart is HKD 312 [1] Group 2: Market Position and Strategy - The stock price trajectory of Pop Mart may depend on its ability to transform core IPs into sustainable cultural icons [1] - The company is expected to build a robust mid-term outlook through a diversified product portfolio, scaling, and innovative business models to offset short-term risks [1] Group 3: Industry Context - Notable IPs like Pokemon and Hello Kitty have achieved cumulative global sales exceeding USD 50 billion to USD 150 billion, with continued growth [1] - Pop Mart's rapid expansion into international markets and omnichannel development is anticipated to push overseas sales to account for over 50% by 2025 [1]