Group 1: Core Insights - Pop Mart's rise exemplifies a phenomenon in China's new consumption sector, evolving from a niche toy store to a global IP operation giant with a market value exceeding 100 billion [2] - The company's success is attributed to precise insights into Generation Z, the construction of an IP ecosystem, and continuous innovation in its business model [2] Group 2: IP Strategy - The head IP incubation strategy includes successful IPs like Molly, which generated 2.09 billion in revenue in 2024, accounting for 16% of total revenue of 13.04 billion [2] - Collaborations with over 100 global designers and high-frequency iterations of limited and co-branded products keep the IP fresh, leading to a 1289% increase in plush product revenue to 2.83 billion in 2024 [2][6] Group 3: Business Model - The addictive design of blind boxes, priced at 99 yuan with a hidden variant probability of 1/144, stimulates collector interest, with significant premiums in the secondary market [2] - The membership system, with 46.08 million members contributing 92.7% of sales and a repurchase rate of 49.4%, acts as a key driver for repeat purchases [2] Group 4: Global Expansion - Overseas revenue surged by 480% year-on-year in Q1 2025, with growth rates of 895%-900% in the Americas and over 600% in Europe [2] - Innovative channel strategies include 130 overseas stores, such as the Louvre store in Paris, achieving a 160% increase in single-store efficiency, and a 5779.8% growth in TikTok e-commerce revenue [2] Group 5: Underlying Logic - The concept of "existential economy" reflects a shift in consumer behavior, where 78% of users share purchases on social media, positioning trendy toys as social currency and emotional anchors [4] Group 6: Future Boundaries - Pop Mart has transcended its toy company identity to become a global IP ecosystem platform, marking the arrival of the "spiritual consumption" era through emotional connections and gamified designs [5] Group 7: Technological Empowerment - The integration of AR for user interaction with virtual IP characters and blockchain applications for limited edition digital collectibles expands IP value [6] - Despite the popularity of IPs like Labubu, quality control issues pose challenges, reflecting management pressures amid rapid expansion [6] Group 8: Financial Performance - In 2024, the company reported revenues of 13.04 billion, a year-on-year increase of 106.9%, and a net profit of 3.4 billion, up 185.9% [6]

2024 年，公司研发费用2.15 亿元，与2023 年相比保持稳定，费用管控稳健，2024 年整体发展符合预 期。同时公司现金及等价物在手约人民币8 亿元，充足现金流可保障未来运营。公司核心产品LAE102 的I 期SAD 试验结果可观，为I 期MAD 试验做良好铺垫，同时与礼来开展合作进一步提升国际影响力； LAE002 临床试验持续推进，针对乳腺癌的III 期临床试验值得关注。我们认为，公司研发布局全球一体 化，管线结构均衡，未来可期。 事件 2024 年11 月20 日，公司发布公告，与礼来就LAE102 针对肥胖症治疗在美国开展临床合作。 2025 年3 月26 日，公司发布公告，LAE102 肥胖症的I 期临床完成MAD 研究首例受试者访视。 2025 年3 月24 日，公司发布2024 年业绩公告。 简评 全年经营符合预期，费用管控稳健 机构：中信建投证券 研究员：贺菊颖/袁清慧 核心观点 2024 年11 月，公司与礼来签订临床合作协议，礼来将负责在美国执行一项I 期研究并承担相关费用， 美国I 期临床试验预计于2025 年第二季度开始。2025 年3 月，公司计划在中国启动I 期MAD 研究 ...

本周关注点 公司公告汇总 公司于2025年4月11日召开会议，审议通过了终止发行股份购买资产并募集配套资金、撤回申请文件并 拟对原重大资产重组方案进行重大调整的议案。具体内容详见公司于2025年4月12日在巨潮资讯网披露 的公告。公司撤销退市风险警示需满足《深圳证券交易所上市规则（2025修订）》有关规定。 机构调研要点 5月28日业绩说明会投资者提出的问题及公司回复情况如下： 公司就投资者在本次说明会中提出的问题进行了回复：公司正在积极推进当前生产和销售工作，提高经 营质量，同时也在积极推进重大资产重组工作，旨在提高公司资产质量和盈利能力。 本次《上市公司重大资产重组管理办法》的修订，对公司正在推进的重大资产重组项目具有积极意义。 宝塔石化正在积极推进重整计划执行工作，后续根据法院裁定批准的《宝塔石化集团有限公司等 167 家 公司实质合并重整计划》及质权人诉求，不排除持有公司的部分股票可能在重整计划执行期间择机通过 司法拍卖等形式进行处置以偿还债权人债务。宝塔石化未来可能对所持部分公司股票进行处置不会导致 公司实际控制人发生变更。 截至2025年5月30日收盘，*ST宝实（000595）报收于4.97元， ...

Core Business Model: IP-Driven Closed Loop - The core business model of Pop Mart revolves around IP, creating an efficient closed-loop system through IP incubation, commercialization, and operation, driving sustainable growth [3] - Pop Mart actively signs contracts with global artists and acquires promising IPs, achieving significant revenue from IP commercialization, exemplified by Molly contributing 2.09 billion yuan, accounting for 16.1% of total revenue in 2024 [3] - The blind box model stimulates consumer purchasing desire, enhancing emotional resonance with IPs, leading to increased consumer loyalty and engagement [3] Sales Network and Product Diversification - Pop Mart has established a comprehensive sales network with 114 direct stores and 825 robot stores, covering major urban areas, complemented by a rapidly growing online presence [4] - The company boasts a membership base of 38.93 million with a 45% repurchase rate, creating a high-engagement user pool for long-term development [4] - In 2024, the plush toy category saw a revenue surge of 13 times, highlighting Pop Mart's innovative capabilities and market responsiveness [4] Competitive Advantages: Moat - Pop Mart's first-mover advantage and IP ecosystem are key competitive strengths, having successfully captured consumer attention through the blind box model [6] - As of 2024, Pop Mart owns 93 IPs, with 6 generating over 100 million yuan in sales, maintaining market appeal through limited edition products and collaborations [7] - The company achieved a 38.9% overseas revenue share in 2024, with over 500% growth in North America and Southeast Asia, employing localized strategies to cater to diverse consumer needs [7] Supply Chain and Innovation Mechanisms - An efficient supply chain and flexible production system enable Pop Mart to quickly respond to market changes, optimizing order turnaround times [8] - The company implements an IP grading management strategy, dynamically evaluating and reallocating resources based on market feedback to ensure the growth of top-performing IPs [8] - Cultural output is emphasized through exhibitions and collaborations with renowned brands, enhancing the narrative and cultural value of its IPs [8] Future Development Direction: Towards a Diverse IP Ecosystem - Pop Mart aims to build a multi-dimensional commercial empire centered on IP, expanding into new product categories such as building blocks, games, and theme parks [9] - The company plans to open stores in 23 countries, focusing on the U.S. and Europe while exploring emerging markets in Southeast Asia and the Middle East [9] - Investment in technology and innovation will be prioritized, utilizing AI and big data to enhance supply chain efficiency and user loyalty through an upgraded membership system [10] Conclusion - Pop Mart's success stems from its deep understanding of IP value, forward-looking global strategies, and robust multi-channel operations [11] - The company is well-positioned to transition from a toy giant to a leader in the global cultural and entertainment industry through IP ecosystem expansion and continuous technological innovation [11]

在六一儿童节来临之际,5月29日,"健康童行·育见未来"2025儿童健康科普行动启动会在京举行。本次科 普行动由京东健康发起、人民健康支持,国内儿科领域权威专家、医疗机构代表,以及来自哈药集团、葵 花药业、双鲸药业、江中药业、罗氏制药、泽德曼等药企负责人参加了此次启动会。 据了解,在今年儿童节期间,京东健康将联合上海交通大学医学院附属上海儿童医学中心、广州医科大学 附属妇女儿童医疗中心等权威机构专家,通过京东互联网医院开启系列科普直播,用通俗易懂的语言普及 儿童流感防治、营养补充、心理成长等方面的知识,更好地为广大家庭提供科学育儿支持。 今年六一儿童节期间,京东健康将启动"中国儿童关爱计划",家长通过京东APP搜索"中国儿童关爱计划", 添加企业微信进入私域后,即可免费享受7*24小时咨询服务,与更多家长交流育儿经验。 作为积极践行中国儿童用药安全的品牌,葵花药业精品儿药事业群总经理魏胜利表示,不为利来,不为利往, 小葵花要做有责任的品牌,而非只赚钱的品牌。 泽德曼董事长陈庚辉博士讲述了21年科研探索和12年临床实践的"破茧之路",以及用原创科研力量,守护 湿疹患儿健康的故事。他表示,希望打造更多创新成果,让 ...

Core Insights - The company is cautiously expanding its franchise model, having received over 20,000 applications since opening franchise opportunities in March 2024, but only three new franchise stores have been opened by the end of 2024 [2][20] - The franchise model is seen as a key solution for the company to penetrate lower-tier cities, where 70% of the franchise applications come from [23][31] - The company emphasizes a strong management control system for franchisees to maintain service quality consistent with its direct-operated stores [11][19] Group 1 - The company requires franchisees to have over 10 million yuan in capital, but having only this amount may not guarantee approval [9][20] - Franchisees must first "purchase" an existing store, which includes all previous operational costs, to ensure they understand the business model and market dynamics [4][5][7] - The franchise model is designed to leverage local franchisees' resources and connections to enhance store performance and customer acquisition [7][25] Group 2 - The company has implemented a strong management system where franchisees do not have direct control over store operations, ensuring consistency in service and product standards [11][12][19] - Franchisees can suggest locations for new stores, but the final decision remains with the company [13][14] - The company does not guarantee profits or fixed returns for franchisees, but it does provide operational support in case of difficulties [15][19] Group 3 - The company has faced challenges in expanding its franchise model, with a significant contrast between its slow growth and the rapid expansion of competitors [21][22] - The company’s cautious approach stems from past experiences of aggressive expansion leading to significant losses, prompting a more measured strategy [20][22] - The company is exploring new brands and concepts to diversify its offerings and find new growth avenues, with a focus on lower-tier cities [22][23]

Core Viewpoint - Miniso's stock price plummeted over 18% on May 26, primarily due to concerns raised by its Q1 2025 financial report, which showed revenue growth but a significant decline in net profit [2] Financial Performance - For Q1 2025, Miniso reported revenue of 4.43 billion RMB, an 18.9% year-on-year increase, while net profit fell by 28.92% to 417 million RMB [2][3] - The increase in revenue was overshadowed by a sharp rise in sales and distribution expenses, which reached 1.02 billion RMB, a 46.7% increase year-on-year [3][4] - General and administrative expenses also rose by 26.6% to 242 million RMB, further squeezing profit margins [3][4] Cost Structure - The rise in sales and distribution expenses was attributed to direct investments in new stores and interest expenses from loans related to the acquisition of Yonghui Superstores [4] - High operational costs associated with overseas expansion, including rent, depreciation, and wages, increased by 71.4%, leading to low profit contributions from new stores [5] Market Expansion and Competition - As of March 31, 2025, Miniso had expanded its overseas store count to 3,213, a net increase of 617 stores year-on-year [5][6] - The company faces challenges in the domestic market due to increased competition and changing consumer preferences, which have diminished the effectiveness of its low-price strategy [6] - Same-store sales have shown a mid-single-digit decline, indicating reduced operational efficiency and growth potential in the domestic market [6] Debt and Financial Health - Miniso's total liabilities nearly doubled from 7.77 billion RMB to 15.51 billion RMB, with the debt-to-asset ratio rising from 42.85% to 59.22% [7][8] - Despite revenue growth, the significant drop in net profit, risks from overseas expansion, and intense market competition raise concerns about the company's future profitability and ability to manage costs effectively [8]

机构：中金公司 近期，阿里影业公告，董事会建议将公司名称由阿里影业更改为大麦娱乐。 公司FY25 业绩公告亦提出内容领先、用户增长、强化商业衍生能力及积极布局海外四个未来重要战略 方向。投资人对阿里影业关注度有所提升，结合近期公司交流及我们的路演，我们梳理了市场核心关注 的问题及反馈。 评论 近期更新：打造综合娱乐平台，关注暑期演出票房增速和Chiikawa授权表现。我们认为公司希望打造综 合娱乐平台，发展多元化业务方向。大麦：从季节性来看，5 月~10 月为行业旺季，根据中国演出行业 协会，2025 年五一假期5,000 人以上大型营业性演出票房同增5.1%，表现稳健。我们建议重点关注暑期 旺季演出行业票房增速。IP衍生：公司2024 年新签Chiikawa和蜡笔小新等，不断丰富IP矩阵。5 月28 日 公司披露，6 月与百联ZX造趣场进行Chiikawa快闪店活动，建议关注Chiikawa授权合作潜力。 当前我们的观点：聚焦大麦和IP衍生业务，关注"体验+内容消费"属性。 研究员：张雪晴/焦杉 我们认为，市场看重大麦在演出行业领先地位基础上，基于To C业务属性的长期现金流稳健性，叠加IP 衍生业务（B ...

青学协表示，近几年以来，增城在持续推进高质量发展中不断开拓高地，把握"开拓增城""打造广州东 部枢纽"等重大历史机遇，因地制宜培育新质生产力。因此，特意将考察地点选在广州市增城区，让学 生从工业、农业和电商三个范畴了解增城的产业发展。 30日，香港学生参观桃花岛电商产业基地，并跟随专业的电商导师学习理论和技巧，了解直播带货背后 所需要的前期准备和临场应变，还体验了电商直播。参加者均表示，这次学习和实践机会十分难得，让 他们有机会接触电商的最新发展，让他们对自己的职业生涯规划有更深入的思考。 青学协表示，希望香港青年能够以这次考察为契机，日后进一步到增城或者其他大湾区城市学习、实 习、就业、创业，积极投身到大湾区发展建设当中。(完) 中新网香港5月31日电 "百万青年看祖国·产业发展看增城-香港十大杰出大专学生选举-增城学习调研之 旅"29日至30日在广东省广州市增城区举办。香港大专学生从工业、农业和电商三个范畴了解增城的产 业发展，增强对粤港澳大湾区的认识，提早规划职业生涯。 5月30日，香港大专学生参观位于广东省广州市增城区的桃花岛电商产业基地。 (主办方供图) 此次活动由香港青年大专学生协会(简称"青学协 ...

Core Insights - The article discusses the growth and strategic positioning of the company "Blokus," which is leveraging the legacy of LEGO to establish a strong market presence through innovative product offerings and IP collaborations [1][2]. Group 1: Market Positioning and Strategy - Blokus has successfully utilized the Ultraman IP to elevate its business, achieving a revenue of 1.096 billion yuan from Ultraman products in 2024, alongside 454 million yuan from Transformers [1]. - The company has signed contracts with 50 IPs, aiming to cover mainstream global IPs, and has developed a product portfolio of 682 SKUs, targeting various age groups [1]. - The "good but not expensive" product strategy differentiates Blokus in the market, focusing on a "three-full strategy" (full demographics, full price range, globalization) [1]. Group 2: Product Development and Sales Performance - Blokus's sales of role-playing toys are projected to increase from 36.5 million units in 2023 to 135 million units in 2024, with a strong pipeline of new products expected post-2026 [2]. - The company launched the second batch of the Noah Ultraman building blocks, selling 40,000 units at a price of 169 yuan, indicating strong demand for new products [2]. - In 2025, Blokus plans to introduce 800 new SKUs, focusing on role-playing toys and expanding its offerings for female consumers, which is expected to drive continued growth [2]. Group 3: Financial Projections - Revenue forecasts for Blokus are 3.96 billion yuan in 2025, 5.59 billion yuan in 2026, and 7.28 billion yuan in 2027, with net profits of 1.101 billion yuan, 1.508 billion yuan, and 2.041 billion yuan respectively [2]. - The earnings per share (EPS) are projected to be 4.42 yuan, 6.05 yuan, and 8.19 yuan for the years 2025, 2026, and 2027, with corresponding price-to-earnings (PE) ratios of 28.34, 20.69, and 15.28 [2]. - The global and Chinese role-playing toy market is expected to reach 540.7 billion yuan and 91.1 billion yuan by 2028, indicating significant growth potential for Blokus as a leading player in the building block sector [2].