Group 1 - The core point of the article is that Pop Mart has been included in the Hang Seng Index's China Enterprises Index, effective September 8, 2025, marking its first inclusion in the index [1] - The capital market's recognition is closely tied to Pop Mart's performance and product offerings, as evidenced by the launch of several new product series [1] - Pop Mart's revenue for the first half of 2025 reached 13.88 billion yuan, representing a year-on-year growth of 204.4%, while the adjusted net profit was 4.71 billion yuan, up 362.8% year-on-year [1] Group 2 - New products from Pop Mart, such as the "Starry People Good Dream Meteorological Bureau" series and "MOKOKO Sunbathing Summer" series, have seen high demand, with some items being resold at significantly higher prices on secondary markets [1] - For instance, a plush pendant from the "Starry People Good Dream Meteorological Bureau" series originally priced at 79 yuan is being sold for 170 yuan on second-hand platforms, while a MOKOKO plush pendant originally priced at 199 yuan is listed for as high as 1,314 yuan [1] - The high resale prices indicate strong market demand and consumer interest in Pop Mart's products, contributing to the company's financial success [1]

Core Viewpoint - Pop Mart has been recognized by the capital market as it is included in the Hang Seng Index's China Enterprises Index, effective September 8, 2025, marking its first inclusion in the index [1] Group 1: Company Performance - For the first half of 2025, Pop Mart reported revenue of 13.88 billion yuan, representing a year-on-year growth of 204.4% [1] - The adjusted net profit for the same period was 4.71 billion yuan, showing a year-on-year increase of 362.8% [1] Group 2: Product Launch and Market Response - On August 21, Pop Mart launched several new product series, including "Starry People Good Dream Meteorological Bureau" and "MOKOKO Sunbathing Summer" [1] - Some new products were sold at high prices on second-hand platforms before their official release, indicating strong market demand [1] - A plush accessory from the "Starry People Good Dream Meteorological Bureau" series, originally priced at 79 yuan, was resold for 170 yuan on second-hand platforms, while a MOKOKO plush accessory originally priced at 199 yuan reached a resale price of 1,314 yuan [1]

8月21日晚，泡泡玛特将推出星星人好梦气象局系列和MOKOKO晒晒夏日系列新品。然而，在正式发售之前，消费市场已经为这些新品而疯狂。 在某电商二手平台，尚未正式上市的MOKOKO搪胶毛绒挂件已标预售价格799至1500元不等的价格，超过官方定价199元约4至8倍。 ▲泡泡玛特将推出星星人好梦气象局系列。官网截图 新京报贝壳财经记者 俞金旻 编辑 陈莉 校对 杨利 在某电商二手平台上，贝壳财经记者以一名普通消费者的身份咨询"黄牛"商家，"搪胶799元包抢到，已经订出了十多个，毛绒挂1200端盒走。"当记者问 其是什么渠道时，该商家表示保密。 ▲某二手电商平台对尚未正式上市的MOKOKO搪胶毛绒挂件已标预售价格799至1500元不等。 最新财报显示，泡泡玛特2025年上半年业绩经调整净利润为47.1亿元，同比增长362.8%，其盈利能力显著增强，甚至堪比一些奢侈品公司。LABUBU所在 的THEMONSTERS系列实现营收48.1亿元，占总营收34.7%，成为公司最重要的IP系列之一。而星星人作为泡泡玛特旗下成长最快的新锐IP之一，上半年 已实现营收3.9亿元。泡泡玛特的成功不仅限于国内市场，公司海外业务也表现亮 ...

消息面上，泡泡玛特发布中期业绩，上半年营收138.8亿元，同比增长204.4%；经调整净利润47.1亿 元，同比增长362.8%；毛利率为70.3%，同比提升6.3个百分点，创下历史新高。此外。泡泡玛特董事长 兼CEO王宁在中期业绩发布会表示，今年是希望能够做到200亿元营收，同时坦言，"感觉今年应该300 亿元也很轻松。" 摩根士丹利发布研报称，泡泡玛特上半年纯利高该行预期5%，公司具良好IP的平台组合，大中华区销 售增长135%；亚太区增长258%；美洲增长1142%；欧洲及其他地区增长729%，海外销售占比提升至 40%。上半年毛利率提升主要受海外价格调整和规模经济推动，增长主要由IP和产品驱动，而非过度依 赖行销或渠道扩展，该行认为其高营业利润率将成为新常态，随著海外市场营运杠杆效应逐步显现，盈 利能力有望进一步提升。 本文源自：智通财经网 智通财经获悉，泡泡玛特(09992)午后涨幅扩大逾13%，高见318.4港元再创历史新高。截至发稿，涨 12.04%，报314.6港元，成交额82.07亿港元。 ...

消息面上，8月20日，泡泡玛特2025年中期业绩发布会在香港举行。泡泡玛特创始人、董事长兼CEO王 宁表示，今年本希望公司营收能够做到200亿，但是感觉今年应该300亿也很轻松。 王宁在发布会上还宣布："这周将发布mini版LABUBU。"针对这款产品，王宁表示，现在大家把 LABUBU挂在包上，以后说不定会挂在手机上，"我相信这应该是非常受欢迎的超级爆款。" 8月20日，泡泡玛特(9992.HK)盘中拉升涨超8%，股价触及305港元，再创历史新高，市值突破4000亿港 元。 | 泡泡玛特 v | | | | | | | --- | --- | --- | --- | --- | --- | | HK9992 港股通 空 L2 | | | | | | | 304.800 市值 4069.1亿 量比 | 6.83 | | | | | | 303.000 5 | 267.600 | 1.45% | 流通 4069.1亿 | 换 | | | 22.200 7.91% 开 | 市图 54.64 | 56.54亿 | 275.000 | 额 | | | 恒生消费 ETF 0.10% 含泡泡玛特 11.5% > | 相关 ...

8月19日，泡泡玛特发布今年上半年中期业绩报告。期内，该公司收益138.76亿元，同比增长204.4%； 拥有人应占溢利45.74亿元，同比增长396.5%。 今年上半年，泡泡玛特在中国的收入达到82.83亿元，同比增速135.2%；亚太收入达28.51亿元，同比增 长257.8%；美洲收入22.65亿元，同比增长1142.3%；欧洲及其他地区实现收入4.78亿元，同比增长 729.2%。 8月20日，在泡泡玛特中期业绩发布会，泡泡玛特董事会主席及行政总裁公司王宁表示，海外市场表现 超出预期。今年上半年，美洲市场收入占比已经超过16%，而北美门店目前仅40家左右，下半年会继续 开店，到年底计划超60家。公司对北美、亚太、欧洲市场未来增长非常有信心。 另外据财报，2025年上半年，泡泡玛特共有13个艺术家IP收入过亿，其中包含LABUBU在内的THE MONSTERS、MOLLY、SKULLPANDA、CRYBABY和DIMOO在报告期内分别实现收入48.14亿元、 13.57亿元、12.21亿元、12.18亿元和11.05亿元。 本文源自：金融界 王宁还在今日举行的业绩说明会上展示了泡泡玛特即将发布的新品Mi ...

Core Insights - The Chinese潮玩 industry has experienced rapid growth, becoming a new growth point in cultural consumption, driven by the popularity of blind box toys and plush figures that provide emotional value to young consumers [1][3] - A潮玩 store on Nanjing Road in Shanghai has seen significant foot traffic, with a reported revenue of 13.04 billion yuan in 2024, marking a year-on-year increase of 106.9%, indicating a strong consumer interest in original潮流 IPs [3] - The Chinese潮玩 industry is gaining global attention, with a focus on潮流 culture and IP creativity, successfully attracting a fan base both domestically and internationally [3][7] Industry Developments - The Chinese government has initiated measures to further cultivate new growth points in cultural and tourism consumption, emphasizing the development of fashionable domestic潮流 products and brands [7] - Domestic潮玩 companies are continuously innovating their product lines and consumption scenarios to strengthen connections with both domestic and international consumers [7] - The vibrant潮玩 consumption market also faces risks of overheating, prompting industry experts to call for stricter enforcement of regulations and collaborative efforts from families, schools, and platforms to guide rational consumption among minors [11]

Core Insights - The Chinese潮玩 (trendy toy) industry has experienced rapid growth, becoming a new growth point in cultural consumption, driven by the emotional value these toys provide to young consumers [1][3] - A潮玩 store on Nanjing Road in Shanghai reported a revenue of 13.04 billion yuan in 2024, marking a year-on-year increase of 106.9%, indicating a strong consumer interest in original潮流 IPs [3] - The Chinese潮玩 industry is gaining global popularity, leveraging trendy culture and IP creativity to attract consumers both domestically and internationally [3][5] Industry Developments - The Chinese government has initiated measures to cultivate new growth points in cultural and tourism consumption, emphasizing the development of fashionable domestic潮牌 (trendy brands) and潮品 (trendy products) [5] - Domestic潮玩 companies are continuously innovating their product lines and consumption scenarios to strengthen connections with both domestic and international consumers [5] Market Dynamics - The潮玩 consumption market is vibrant, but there are concerns about potential overheating, prompting industry insiders to call for stricter enforcement of regulations and collaborative efforts from families, schools, and platforms to guide rational consumption among minors [11]

Group 1 - The Chinese潮玩 industry is experiencing rapid growth and has become a new growth point for cultural consumption, driven by the popularity of blind box toys and other collectibles [1][5] - A潮玩 store on Nanjing Road in Shanghai reported a revenue of 13.04 billion yuan in 2024, reflecting a year-on-year growth of 106.9%, indicating strong consumer interest among young people [1] - The industry is leveraging潮流 culture and IP creativity to attract a global audience, enhancing its market presence [1] Group 2 - The Chinese government has initiated measures to further cultivate new growth points in cultural and tourism consumption, emphasizing the development of fashionable domestic潮牌 and潮品 [5] -潮玩 companies are continuously innovating their product lines and consumption scenarios to strengthen connections with both domestic and international consumers [5] - The vibrant潮玩 consumption market also faces risks of overheating, necessitating collaborative efforts from families, schools, and platforms to guide rational consumption among minors [9]

Core Viewpoint - Dongguan's toy industry is transitioning from OEM to ODM and now to OBM, seizing new opportunities in the潮玩 (trendy toys) sector, supported by government initiatives and industry events like the China International Animation and Comic Copyright Protection and Trade Expo [3][4][6]. Group 1: Industry Development - Dongguan was awarded the title of "China's Trendy Toy Capital" in 2023, with 112 large-scale enterprises in the trendy toy sector generating nearly 23.8 billion yuan in revenue, a year-on-year increase of approximately 19% [4]. - The city is home to the largest toy export base in China, producing 25% of global animation derivatives and 85% of the country's trendy toys, with the core area being Shipa Town [4][5]. - The local government plans to allocate 120 million yuan to support the development of the trendy toy and animation industry across four key areas: industrial ecology, market expansion, content creation, and cluster development [3][7]. Group 2: Market Trends and Challenges - The trend of self-owned IP commercialization in the trendy toy sector faces challenges, including the need for a strong fan base and effective market promotion capabilities [8]. - The competition for original IP is intensifying, requiring companies to have robust marketing, channel resources, and capital support for successful IP incubation [8][12]. - Dongguan's toy industry is evolving from OEM to ODM and now to OBM, indicating a shift towards self-owned brands and greater control over product design and pricing [7][12]. Group 3: Government Support and Initiatives - The Dongguan government has integrated the trendy toy economy into its modern industrial system, emphasizing the importance of original design and brand building [6][7]. - A special fund for the trendy toy and animation industry is planned to connect investments across the supply chain and guide financial resources to relevant enterprises [6][7]. - The local government is also providing subsidies for participation in key domestic and international exhibitions and supporting cross-border e-commerce initiatives [7][12]. Group 4: Talent and Infrastructure - Dongguan is enhancing its talent pool by collaborating with educational institutions to train skilled workers in toy design and production [13]. - The city is implementing measures to streamline export processes, reducing customs clearance times and improving efficiency for toy manufacturers [13]. - Companies like Weishi Culture Technology are leveraging these advantages to expand their international sales networks and enhance their global brand presence [13].