POP MART(HK:09992) Zhong Guo Ji Jin Bao·2025-06-13 12:44Core Viewpoint - Hars has denied its collaboration with Pop Mart, stating that previous cooperation did not involve the Labubu IP [1] Company Developments - Hars successfully launched the "Star Flash Global First Cup" smart tea cup in November 2024 and the pure titanium version in March 2025, available on Tmall and JD [2] - The company is conducting key technology research based on the HarmonyOS protocol for interactive smart cup data [3] R&D Projects - The company is working on membrane materials for water quality purification and health monitoring, aiming to enhance efficiency and meet consumer health demands [4] - Research on smart cup data interaction based on HarmonyOS is ongoing, with goals to improve user experience and expand market reach [4] - Development of waterproof monitoring technology for smart cups is in progress, enhancing product functionality and competitiveness [4] Market Trends - The domestic cup and kettle market is undergoing significant transformation, with products evolving from traditional durable goods to fast-moving consumer goods, fashion items, and lifestyle symbols [5] - Trends such as aesthetic appeal, product explosion, scenario-based marketing, IP integration, smart technology, health consciousness, and personalization are driving the industry [5] Financial Performance - In 2024, Hars achieved revenue of 3.332 billion yuan, a year-on-year increase of 38.4%, and a net profit of 287 million yuan, up 14.7% [6] - In Q1 2025, the company reported revenue of 704 million yuan, a 22.5% increase, and a net profit of 41 million yuan, growing by 31.64% [6] - As of June 13, 2023, Hars' stock price reached 10.25 yuan per share, with a market capitalization of 4.78 billion yuan [6]