Nan Fang Du Shi Bao·2026-01-13 09:43Group 1 - The core point of the article is that Pop Mart is collaborating with a well-known smartphone brand, Honor, to launch a co-branded "trendy toy phone" featuring its IP "Molly," rather than developing its own smartphone [2][3] - The collaboration will involve deep co-creation in product definition, with the phone based on Honor's mid-range 500 series, which has a starting price of 2,699 yuan [2] - The co-branded phone will include full-chain customization from ID design to packaging, and will come with a gift box featuring a Molly figurine and a custom phone case [2] Group 2 - Pop Mart's latest financial data shows a revenue growth of 245%-250% year-on-year for Q3 2025, with overseas market growth reaching 365%-370% [3] - Despite strong financial performance, Pop Mart faces challenges in the secondary market, where some new blind boxes have seen price drops, indicating a compression of premium space [3] - The collaboration with Honor is seen as a potential strategy for Pop Mart to find a second growth curve beyond blind boxes, with the success of this partnership to be evaluated after the product launch on January 19 [3]