Zheng Quan Shi Bao·2025-06-13 18:15Core Viewpoint - The surge in Bubble Mart's stock price, driven by the popularity of its IP LABUBU, has significantly boosted the Hong Kong IP concept sector, with various related companies experiencing notable stock price increases [1][2][4]. Group 1: Bubble Mart Performance - Bubble Mart's stock has seen a cumulative increase of over 2.05 times since the beginning of the year, reaching a market value of 366.1 billion HKD [2]. - The sales of LABUBU's THE MONSTERS series toys skyrocketed from 368 million CNY in 2023 to 3 billion CNY in 2024, indicating strong consumer demand [2]. - The company has adopted a limited sales strategy, leading to long queues outside its stores, further enhancing its market presence [2]. Group 2: Analyst Ratings - Major investment banks have maintained positive ratings for Bubble Mart, with Citigroup raising its target price from 162 HKD to 308 HKD, reflecting confidence in the company's growth potential [3]. - Morgan Stanley and Credit Lyonnais have also increased their target prices for Bubble Mart, indicating a bullish outlook on its IP strategy and product launches [3]. Group 3: Related Companies - Derlin International, rumored to be a manufacturer for Bubble Mart, has seen its stock price rise by over 1.22 times this year, driven by market speculation about its association with Bubble Mart [3]. - Other companies in the IP concept sector, such as Blokku and Alibaba Pictures, have also experienced significant stock price movements, with Blokku's stock rising by 22.34% after being included in the Hong Kong Stock Connect [4][5]. Group 4: Market Expansion - New entrants like Lezi Tiancheng are expected to join the IP concept sector, having submitted their IPO application to the Hong Kong Stock Exchange, which could further invigorate the market [6]. - Miniso is evaluating a potential spin-off of its toy brand TOP TOY, which has secured licenses for popular IPs like Ultraman and My Little Pony, potentially enhancing its market position [6]. - Card Game Company, focusing on card games and anime IP derivatives, reported a revenue of 10.057 billion CNY in 2024, marking a 277.78% year-on-year increase, showcasing strong growth in the sector [7].