Core Viewpoint - The company, Pop Mart, has announced a significant increase in its performance for the first half of the year, with expected revenue growth of no less than 200% and a profit increase of no less than 350% compared to the same period last year [1][3]. Group 1: Performance Highlights - For the first half of the year, Pop Mart's revenue is expected to grow by at least 200% year-on-year, while group profit (excluding unrealized gains from financial instruments) is projected to increase by at least 350% [1][3]. - The company attributes this substantial growth to the enhanced global recognition of the Pop Mart brand and its IP, as well as a diversified product range that has driven revenue growth across all regional markets [3]. - The overseas revenue share has been continuously increasing, positively impacting both gross margin and profit, alongside scale effects contributing to significant profit growth [3]. Group 2: Regional Performance - In Q1 of this year, Pop Mart's overall revenue grew by 165%-170%, with domestic revenue increasing by 95%-100% and overseas revenue soaring by 475%-480% [3]. - Revenue growth in overseas regions includes a 345%-350% increase in the Asia-Pacific region, an 895%-900% increase in the Americas, and a 600%-605% increase in Europe [3]. Group 3: Product Success and Market Impact - The LABUBU series has become a phenomenon, with sales in the U.S. and European markets increasing by 800% and 500% year-on-year, respectively, leading to long queues at stores [4]. - The popularity of LABUBU has expanded Pop Mart's business footprint to nearly 100 countries and regions globally [5]. - A unique LABUBU figure was auctioned for 1.08 million RMB, highlighting the brand's premium market position [5]. Group 4: Stock Performance and Market Position - Following the success of its IP, Pop Mart's stock price surged, reaching a historical high of 283.4 HKD per share on June 12 [5]. - As of July 15, the stock price increased by 1.08%, closing at 263.2 HKD per share, with a total market capitalization of 353.5 billion HKD [5].

Group 1 - The "Hi Hangzhou East Station Dimension Festival" has been launched, featuring immersive scenes and diverse interactive experiences to engage consumers during the summer [1] - The event is a key practice in empowering the "business-office integration" new ecosystem at Xidi Port, connecting over 20 global leading dimension brands and offering various activities [1] - The event will run until August 6, providing surprises for local residents and tourists [1] Group 2 - Xidi Port East Yun Outlets is the first self-operated commercial practice of Hangzhou Urban Investment Group, with a total construction area of 54,853 square meters, serving a residential population within a 3-kilometer radius [1] - The project aims to create a "24-hour" vibrant space by linking dimension culture, trendy economy, and digital technology, targeting business people, young consumers, and local residents [1] - The Xidi Port Smart Industry Park is also a key project of the group, designed as a provincial micro-enterprise park with a total area of over 42,000 square meters [2] - The industry park offers customized office spaces and co-working incubation spaces to meet the needs of businesses at different development stages [2] - Hangzhou Urban Investment Group aims to establish Xidi Port as a model for "station-city integration" development, leveraging new consumer exploration and technological empowerment [2]

Core Insights - The rise of LABUBU reflects the growing popularity of trendy toys among young consumers, driven by emotional value and the healing economy [1][10] - The phenomenon has led to a surge in counterfeit products, highlighting the strong vitality of Chinese trendy toy IPs and their global influence [1][10] Group 1: Market Dynamics - LABUBU has become a top trendy toy, significantly boosting consumer enthusiasm, with high foot traffic observed in stores like the Pop Mart in Beijing [3][5] - The popularity of LABUBU has resulted in a shortage of genuine products, giving rise to counterfeit versions known as "LAFUFU," which are being actively marketed [5][6] - The market for trendy toys in China is estimated to be worth around 600 billion yuan, accounting for 20% of the global market, with a projected compound annual growth rate of 33% [13][14] Group 2: Intellectual Property Protection - The emergence of counterfeit products has prompted companies like Pop Mart to take defensive measures, such as registering trademarks for "LAFUFU" to protect their IP [6][9] - Pop Mart has registered over 1,500 copyrights and is involved in numerous legal disputes related to trademark and copyright infringements [7][9] - Customs authorities have intensified efforts to combat counterfeit LABUBU products, seizing over 38.67 million items in the first half of the year [9][10] Group 3: Consumer Behavior - LABUBU resonates with consumers aged 18 to 29, fulfilling their emotional and identity needs, as evidenced by personal stories of attachment to the product [10][12] - The design of LABUBU, characterized by its unique and imperfect features, appeals to consumers seeking authenticity and emotional connection [10][12] - The trend reflects a broader shift in consumer preferences towards emotional and spiritual fulfillment rather than mere material satisfaction [12][13] Group 4: Cultural Impact - The success of LABUBU signifies a shift in China's cultural narrative, moving from "Made in China" to "Created in China," showcasing the country's cultural and supply chain advantages [13][14] - LABUBU's global appeal has been recognized, with the character being awarded titles and gaining traction in international markets [13][14] - The growth of the trendy toy industry is indicative of China's rising cultural soft power and the increasing recognition of Chinese stories and designs worldwide [14][16]

Core Viewpoint - The Ministry of Commerce is implementing various measures to boost summer consumption in China, focusing on enhancing the supply of quality goods and services, and promoting tourism and cultural activities [3][4]. Group 1: Summer Consumption Initiatives - The Ministry of Commerce, in collaboration with relevant departments, is organizing the "Shopping in China" series of activities to stimulate consumption during the summer [3]. - Specific initiatives include the "Shanghai Summer" international consumption season, which will feature over 300 events promoting shopping and entertainment [3]. - In Guangxi, more than 2,000 cultural, dining, and sports consumption activities will be launched under the theme "Trendy Summer, Enjoy Guangxi" [3]. Group 2: Trends in Consumer Behavior - The rise of trendy toys (潮玩) reflects a shift in consumer demand, with brands leveraging emotional engagement and social co-creation to reshape consumption logic [3]. - Chinese trendy toy brands are expanding internationally, utilizing original IP, digital operations, and community marketing as their competitive advantages [3]. Group 3: Expected Outcomes - The Ministry of Commerce anticipates that ongoing consumption promotion activities and policies will further invigorate summer consumption [4]. - There is an invitation for both foreign tourists and local residents to experience the vibrant summer market in China [4].

Core Viewpoint - The popularity of Pop Mart's Starry People series collectibles has surged, leading to rapid sellouts and significant price increases in the secondary market [1][7][10]. Sales Performance - The Starry People series, following the success of Labubu and Zimomo, has seen items sold out almost immediately upon release in various stores [1]. - Consumers have reported difficulty in finding the Starry People series in Shanghai, indicating high demand and low supply [5]. Market Dynamics - Prices for the Starry People series collectibles have reportedly skyrocketed, with some items reaching levels that consumers find hard to comprehend [7][10]. - Despite the high prices, many consumers are still opting to purchase these items at a premium [8]. Theft Incident - A theft incident occurred in a Pop Mart store in Shanghai, where a customer stole two display items from the Starry People series after they sold out [11][14]. - The suspect, identified as Qi, justified her actions by stating that she believed the items were not worth much and thought she would not face consequences [16][19]. - The stolen items, valued at 178 yuan in total, led to legal repercussions for the suspect, highlighting the lengths to which consumers may go to obtain these popular collectibles [19].

Core Insights - The rise of "Su Chao" and its impact on the潮玩 (trendy toy) economy in Jiangsu highlights the potential of original IPs in the global潮玩 market, with brands like Labubu setting benchmarks for Chinese creativity [1][2] Group 1: Cultural and Economic Advantages - Jiangsu's rich cultural heritage, including world cultural heritage sites and intangible cultural assets, provides a wealth of material for IP creation [2] - 若态科技, established in 2017, aims to become a globally influential brand with a focus on Chinese design, exemplified by its successful collaboration with the China Kunqu Opera Museum, selling 1,800 themed dolls in a flash [2] - The transformation of traditional crafts, such as the 400-year-old Wuxi Huishan clay figurines, into trendy products has revitalized non-material cultural heritage, achieving monthly sales of up to 10,000 boxes [2] Group 2: Market Dynamics and Consumer Engagement - The "Su Chao" league has attracted over 10,000 spectators per match, significantly boosting cultural tourism consumption, with various promotional packages leading to increased sales of local specialties [3] - The integration of events, tourism, and cultural products has created ideal conditions for潮玩 sales, as seen in the surge of interest in local attractions and themed products [3] Group 3: Innovative Product Development - The "Su Chao" league has inspired a range of trendy products, such as the "恐龙妹妹" series from 常州中华恐龙园, which features two popular dinosaur-themed dolls, with 20,000 units in production [4] - Merchants have quickly capitalized on viral trends, launching themed products like the "叫南哥" canvas bags, reflecting the cultural zeitgeist and consumer engagement [4][5] Group 4: Strategic Growth and Global Expansion - Jiangsu's潮玩文创 industry is exploring a path that combines cultural depth with commercial innovation, emphasizing the need for a systematic IP operation model to combat homogenization and short IP lifecycles [7] - 若态科技 has achieved a compound annual growth rate of over 50% for five consecutive years and plans to expand its global operations, targeting markets in Greater China, Europe, America, Russia, and resource-rich Middle Eastern countries [7]

以下文章来源于盐财经 ，作者宝珠 陈慧 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 ---------------------------------- 作者：宝珠 陈慧 来源：盐财经 LABUBU如今已经成为了一道世界奇观。 为了买到LABUBU，韩国泡泡玛特门店前有人连夜席地而睡，只为在开门一刻破门而入；黄牛和 普通顾客挤在一起推搡、叫嚷，警察不得不出动维持秩序。在英国伦敦，泡泡玛特门店爆发了斗 殴事件，视频显示几名男子扭打在一起，朝向彼此挥起拳头。 出于对潜在安全事故的担忧，泡泡玛特宣布暂停在韩国、英国地区销售LABUBU。6月15日，杭 州一家泡泡玛特新店开业仅2小时就宣布闭店，根据媒体报道，新店一开门，就有一批疑似黄牛 的人冲进去"端盒"。 01 LAFUFU，LABABA，LAGOGO 泡泡玛特首席运营官司德曾在年报会上说："毛绒产品需求远超预期，这是我们最大的挑战。"如 他所言，正版LABUBU存在极大的供需失衡， 这道缺口背后的市场，被一条条盗版供应链支撑了 起来 。 泡泡玛特门店里的LABUBU空了，但更多"LABUBU"跃上了世界各地杂货店的货架。 但 LABUBU之火尚 ...

Core Viewpoint - The article highlights the explosive commercial potential of the Labubu IP, which has transformed from a niche product to a highly sought-after collectible, driving significant sales growth for its parent company, Pop Mart [4][34]. Group 1: Labubu's Rise and Market Dynamics - Labubu, created by Hong Kong artist Long Jiasheng, has gained immense popularity, surpassing other Pop Mart products in sales and demand [5][7]. - The sales revenue for Pop Mart's The Monsters series, which includes Labubu, is projected to increase from 368 million yuan in 2023 to 3.041 billion yuan in 2024 [7]. - Labubu's popularity has led to a secondary market where some products are reselling for over 30 times their original price, turning them into investment assets [7][34]. Group 2: Emerging Business Opportunities - The surge in Labubu's popularity has spurred various ancillary businesses, including custom clothing, rental services, and modifications, catering to the growing demand from consumers [8][19]. - A young collector in Zhengzhou has successfully monetized his Labubu collection by renting them out, with rental prices ranging from 20 to 80 yuan per day depending on the size [10][15]. - Custom clothing for Labubu has become a profitable venture, with one seller reporting monthly earnings of 2,000 to 3,000 yuan, equivalent to a local salary [21]. Group 3: Customization and Modification Trends - The trend of modifying Labubu figures, known as "改娃," reflects consumer desire for personalization, with services ranging from simple alterations to complex customizations [25][28]. - The customization market for Labubu is still developing, with some players expressing concerns about the sustainability of this trend due to the high prices and limited availability of the figures [30][39]. - The demand for modified Labubu figures is expected to grow as more players enter the market, indicating a potential for long-term business opportunities [39]. Group 4: Challenges and Future Outlook - Despite the booming market, challenges such as supply chain issues and increased competition in the custom clothing sector are emerging, impacting profitability [36][38]. - The sustainability of the ancillary businesses surrounding Labubu will largely depend on Pop Mart's ability to manage and promote the IP effectively [40].

证券研究报告 消费电子 伴随技术迭代与供应链降本，未来 3D 打印技术有望释放更大潜力 长期来看，我们认为 3D 打印技术具有良好的应用前景，有望 1）在 C 端个 性化制造、2）在 B 端加速产品研发流程，乃至 3）在工业端成为核心高端 生产工艺。长期看，3D 打印技术迭代以及从供应链到整机端的成本下降， 仍然是助力其破圈的关键。成本端，上游核心原材料/零组件国产化以及中 游 3D 打印厂商规模化，将共同促进 3D 打印机生产成本下行，进而带动销 售均价的下探。以金属 3D 打印设备为例，根据华曙高科招股书，激光器和 振镜是 3D 打印设备中最核心的零组件，成本占设备整体 30%且国产化程度 低，有望通过国产化突破实现该环节降本。 海外需求+潮玩经济加持，消费级 3D 打印应用有望加速 华泰研究 2025 年 6 月 18 日│中国内地 动态点评 在出海需求和潮玩经济双重加持下，消费级 3D 打印有望加速破圈 3D 打印作为一种增材制造技术，早期由于价格高昂、使用/调试难度过大等 原因，只在极少数创客群体中流行。近年来，受益于 1）3D 打印技术突破， 消费者使用体验提升；2）成本下探，入手门槛降到千元左右 ...

Core Viewpoint - The article discusses the overwhelming popularity of LABUBU, a plush toy from Pop Mart, leading to chaotic scenes at stores and a surge in counterfeit products, highlighting the challenges of supply and demand imbalance in the market [2][4][9]. Group 1: Market Dynamics - LABUBU has become a global phenomenon, with long queues and even violent incidents reported at stores in South Korea and the UK [2][4]. - The demand for LABUBU far exceeds supply, prompting Pop Mart to suspend sales in certain regions due to safety concerns [4][9]. - The popularity of LABUBU has led to various promotional strategies by banks and real estate developers, using it as a marketing tool to attract customers [7]. Group 2: Counterfeit Market - The rise of counterfeit LABUBU products, such as LAFUFU and LABABA, has created a significant market, with many vendors capitalizing on the high demand for the original [8][18]. - Counterfeit LABUBU products are often sold at lower prices, with some vendors reporting high sales volumes despite the obvious differences in quality [22][25]. - The production of counterfeit LABUBU is widespread, with many manufacturers capable of producing high-quality replicas that can easily confuse consumers [34][36]. Group 3: Legal and Regulatory Challenges - The proliferation of counterfeit LABUBU poses legal risks, as many infringe on copyright and trademark laws, leading to potential legal actions against sellers [41][42]. - Authorities in various regions, including Yiwu and Shenzhen, are cracking down on the sale of counterfeit LABUBU, but the demand continues to sustain the market [46][47]. - Despite efforts to combat counterfeiting, the existence of a robust demand makes it difficult to eliminate counterfeit LABUBU from the market entirely [48]. Group 4: Consumer Behavior and Market Perception - The perception of LABUBU as a luxury item has created a secondary market where prices can significantly exceed the original retail price, with some items selling for over 3000 yuan [24][22]. - The allure of LABUBU, despite its lack of a backstory, has made it a desirable item, leading to a speculative market similar to stocks [55][56]. - The presence of counterfeit products has paradoxically kept the brand in the public eye, maintaining interest in the original LABUBU [54].