Core Viewpoint - The incident during the live broadcast of Pop Mart has sparked significant public attention and controversy regarding the pricing and perceived value of its products [1][2]. Group 1: Incident Details - During a live broadcast on November 6, a staff member inadvertently questioned the pricing of a DIMOO blind box, which is set at 79 yuan, leading to a viral discussion on social media [1]. - On November 7, Pop Mart acknowledged the incident and stated that an internal investigation was underway, but no employees would be dismissed as a result [2]. Group 2: Product Information - The DIMOO blind box series, launched in November, includes 6 regular items and 1 hidden item, with a purchase probability of 1:6 for regular items and 1:72 for the hidden item [2]. - Each blind box is priced at 79 yuan, while a full box costs 474 yuan [2]. Group 3: Product Quality Concerns - The DIMOO blind box contains various materials, including zinc alloy, polyester, resin, and glass/acrylic, but has been criticized for frequent paint peeling issues, raising questions about its true value compared to its price [5]. Group 4: Financial Performance - Pop Mart reported a strong performance, with a 245% year-on-year revenue increase in Q3 2025, including a 185% increase in China and a 365% increase overseas [6]. - The DIMOO IP generated 1.105 billion yuan in revenue in the first half of the year, accounting for 8% of the company's total revenue [6]. Group 5: Stock Market Reaction - Following the live broadcast incident, Pop Mart's stock price fell nearly 5% on November 7, dropping from a high of 339.8 HKD per share on August 29 to around 208 HKD, marking a significant decline over two months [6].

11月7日，话题"泡泡玛特直播事故"登上微博热搜第一。 此外，网传消息称，涉事的两位工作人员已经被开除，连带相关部门也被追责。有媒体从泡泡玛特内部 人士处获悉，确实发生了直播事故，公司正在紧急调查，但不会开除直播事故中相关员工。 据悉，该产品挂链含锌合金挂件、聚酯纤维挂绳、树脂公仔及玻璃/亚克力等配件，但仿品成本低至4 元，正品频现掉漆问题。其真实价值与定价差距引发争议。 DIMOO是由中国设计师Ayan Deng（邓瞻）创作的IP，目前该IP已被泡泡玛特收购成为其自有IP。2019 年DIMOO推出首个盲盒系列"宠物度假"。目前，DIMOO是泡泡玛特旗下第五大艺术家IP，上半年收入 为11.05亿元，收入占比为8%。 值得关注的是，近期，泡泡玛特业绩表现强劲。10月21日，泡泡玛特发布公告，2025年第三季度整体收 入同比增长245%至250%。其中，中国收入同比增长185%至190%；海外收入同比增长365%至370%。 来源：红星新闻、九派新闻、智通财经 图片：网络截图 编辑：暴梦川 ...

Core Insights - The eighth China International Import Expo (CIIE) is being held from November 5 to 10 in Shanghai, showcasing various brands including Pop Mart, which emphasizes its theme of "Creating Trends, Boundless Play" [1][4] - Pop Mart prominently features its popular IPs, SKULLPANDA and CRYBABY, creating an immersive experience for attendees [4] Group 1: Event Highlights - Pop Mart's exhibition design is inspired by a "birthday celebration," creating a warm and festive atmosphere with a giant birthday cake adorned with various IP characters [1] - The SKULLPANDA character, created by artist 熊喵, embodies the aesthetic concept of "boundless imagery," while CRYBABY, designed by Thai artist Molly, focuses on emotional expression and resonates globally [4] Group 2: Product and Market Expansion - Pop Mart showcases a diverse range of products including figurines and plush toys, enhancing the customer experience with smooth offline services and unique brand culture [4] - The company is expanding its product matrix to include new categories such as building blocks, desserts, and jewelry, breathing new life into its IPs and enriching consumer experiences [4] - By 2025, Pop Mart aims for triple-digit growth across four major regions, with the Americas experiencing over tenfold growth, marking a significant milestone in its international strategy [4] Group 3: Global Presence - Pop Mart continues to establish its presence in iconic global locations, opening its first store in landmark areas such as Cambridge, UK, and Bali, Indonesia, with a total of over 570 stores worldwide [5] - The company has also opened its first store in the Middle East at Hamad International Airport in Doha, becoming the first Chinese brand to enter this airport [5]

Core Insights - The eighth China International Import Expo (CIIE) is being held in Shanghai, with Pop Mart showcasing its popular IPs SKULLPANDA and CRYBABY under the theme "Creating Trends, Boundless Play" [1][4] - Pop Mart's booth features a giant brown cake, but the anticipated Labubu character is not present, as the company aims to highlight its diverse range of IPs beyond Labubu [1][4] - The exhibition is for display purposes only, and no products are for sale at the Pop Mart booth [3] Company Highlights - SKULLPANDA, created by artist Xiong Miao, features a design that includes an astronaut helmet and promotes the aesthetic concept of "boundless imagery," encouraging exploration and self-discovery [4] - CRYBABY, designed by Thai artist Molly, focuses on emotional expression and advocates for facing emotions and moving forward bravely [4] - Pop Mart aims to leverage the international platform of CIIE to showcase its diverse IPs and the limitless possibilities of trendy toys to a global audience [4] Performance Metrics - In the first half of 2025, Pop Mart's performance across four major regions achieved over 300% growth, with the Americas experiencing a growth rate exceeding tenfold [4] - The total number of Pop Mart stores worldwide has surpassed 570 [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the next six months [6]. Core Insights - The company has demonstrated stable revenue and profit growth, with a revenue of 2.438 billion yuan in Q3 2025, representing a 7.03% increase year-on-year, and a net profit of 66 million yuan, up 28.13% [1]. - For the first three quarters of 2025, the company achieved a total revenue of 7.349 billion yuan, an 8.10% increase, and a net profit of 209 million yuan, reflecting a significant 59.29% growth [1]. - The company is actively expanding its franchise business, adding over 200 new franchise stores and achieving a 62% increase in daily sales for selected stores [2]. - The company is innovating its business model by integrating new consumption trends and digital initiatives, such as local live streaming, which has attracted 390,000 new customers [2]. - The company has completed the consolidation of its beauty business, which is expected to provide stable profits and support international expansion [3]. - The company plans to issue H shares to further its international strategy, which could enhance its overseas business growth [3]. Financial Summary - The company forecasts revenue growth from 10.35 billion yuan in 2025 to 14.45 billion yuan in 2027, with corresponding net profits expected to rise from 320 million yuan to 708 million yuan during the same period [4]. - The projected P/E ratios are 42.53 for 2025, decreasing to 19.21 by 2027, indicating improving valuation metrics over time [4]. - The net profit margin is expected to increase from 3.1% in 2024 to 4.9% in 2027, reflecting enhanced profitability [4].

Core Viewpoint - The stock price of Pop Mart (09992.HK) experienced a significant drop, falling nearly 10% in intraday trading on October 23, closing at 232 HKD per share, a decrease of 9.44%. Since September, the stock has seen a cumulative decline of nearly 30% [3] Group 1: Analyst Opinions - Morningstar analyst Jeff Zhang expressed concerns that investors fear Pop Mart's revenue growth may peak this year, with a potential slowdown in growth momentum starting next year [3] - In contrast, several foreign investment banks, including Nomura, Goldman Sachs, Citigroup, and HSBC, remain optimistic about Pop Mart, raising their target prices and maintaining "buy" ratings after the Q3 report. They believe the company's diversified IP matrix, global channel expansion, and capacity enhancement will support growth for the coming years [3] - JPMorgan recently upgraded Pop Mart's rating from "neutral" to "overweight," increasing the target price from 300 HKD to 320 HKD. The bank noted that despite market concerns about the lifecycle of its popular IPs, core products like Labubu are still sold out globally, indicating strong demand [3] Group 2: Financial Performance - On October 21, Pop Mart announced that its overall revenue for Q3 2025 is expected to grow by 245% to 250% year-on-year, with China revenue increasing by 185% to 190% and overseas revenue rising by 365% to 370% [4] - In terms of revenue performance across channels in China, offline channels are expected to grow by 130% to 135% year-on-year, while online channels are projected to increase by 300% to 305% [4] - Revenue growth in overseas regions is also notable, with the Asia-Pacific region expected to grow by 170% to 175%, the Americas by 1265% to 1270%, and Europe and other regions by 735% to 740% [4] Group 3: Product Performance - Pop Mart has launched several new products this year that have become bestsellers. For instance, the "WHY SO SERIOUS" Halloween series blind boxes sold out within minutes online [4] - Data from the Dewu App indicates that the price of the LABUBU-themed hidden "Moon Shadow Mask" surged from 159 RMB to a peak transaction price of 2289 RMB, reflecting a premium of 13.4 times. Other regular items like the LABUBU-themed "Throwing Ball Clown," DIMOO-themed "Blazing Clown," and the star-themed "Rainbow Bean" also saw significant premiums of 7.2 times, 3.8 times, and 2.8 times, respectively [4]

Core Insights - Pop Mart announced a significant revenue growth for Q3 2025, with overall revenue increasing by 245%-250% year-on-year, driven by strong performance in both domestic and international markets [2] Revenue Performance - Domestic revenue in China grew by 185%-190% year-on-year, while overseas revenue surged by 365%-370% [2] - Offline channels, including retail stores and robot stores, saw a year-on-year increase of 130%-135%, whereas online channels, including Pop Mart's box machines and flagship stores on platforms like Tmall and Douyin, experienced a growth of 300%-305% [2] International Market Growth - The Asia-Pacific market reported a revenue increase of 170%-175% year-on-year, while the Americas market saw an extraordinary growth of 1265%-1270% [2] - Europe and other regions experienced a revenue growth of 735%-740% year-on-year [2] IP Performance - The IP LABUBU under Pop Mart achieved explosive growth, with revenue from THE MONSTERS reaching 4.81 billion yuan, accounting for 34.7% of total revenue, compared to 626 million yuan in the same period last year, marking a year-on-year increase of approximately 668.4% [2] Anniversary and Events - This year marks the tenth anniversary of LABUBU, and Pop Mart is hosting a year-long global tour exhibition for THE MONSTERS, with the first stop in Shanghai [3] - Apple CEO Tim Cook attended the Shanghai exhibition alongside Pop Mart's founder Wang Ning and artist Long Jiasheng, showcasing original manuscripts and diverse products from the LABUBU series [3] - The exhibition will continue to various cities, including Beijing, Taipei, Hong Kong, Tokyo, Paris, and New York [3] Product Development - LABUBU, inspired by Nordic mythology, has launched several products over the years, including the "THE MONSTERS Forest Concert Series" in collaboration with Long Jiasheng in April 2019 [3] - In 2025, the third generation of LABUBU's plush keychains, "High Energy Ahead," was released, leading to Pop Mart's app reaching the top of the US App Store shopping chart for the first time [3]

Core Viewpoint - The article highlights the successful launch of the global tour exhibition for THE MONSTERS, celebrating the 10th anniversary of LABUBU, which has significantly attracted consumer interest and boosted the performance of Pop Mart [1][5]. Group 1: Exhibition Details - The exhibition for THE MONSTERS is part of a year-long global tour organized by Pop Mart, showcasing the largest collection of LABUBU manuscripts and figures to date [1][5]. - Despite rainy weather, many visitors queued for entry, with the earliest available appointment being on October 21 [5]. - The exhibition features original LABUBU sketches by the creator, along with a wall displaying around 2000 LABUBU figures, drawing significant attention from attendees [5]. Group 2: Product and Market Performance - LABUBU's products have seen high demand, leading to a tenfold increase in production capacity compared to the previous year, reaching approximately 30 million plush toys per month [6]. - In the first half of the year, Pop Mart reported a revenue of 13.88 billion yuan, a year-on-year increase of 204.4%, and an adjusted net profit of 4.71 billion yuan, up 362.8% [7]. - The revenue from THE MONSTERS, which includes LABUBU, reached 4.81 billion yuan, accounting for 34.7% of total revenue, while other IPs also surpassed 1 billion yuan in revenue [7].

Core Insights - LABUBU has evolved from a canvas-based creation to a three-dimensional world, becoming a cultural symbol that combines trendiness and emotional resonance [8] Group 1: LABUBU's Development and Milestones - This year marks the tenth anniversary of LABUBU, with a global tour exhibition called THE MONSTERS, which started in Shanghai and will visit cities like Beijing, Taipei, Hong Kong, Tokyo, Paris, and New York [6] - The exhibition features a large number of original sketches and products from THE MONSTERS, showcasing the brand's growth and popularity [6] - LABUBU's journey began in 2015 with the release of illustrated books inspired by Nordic mythology, leading to the creation of the THE MONSTERS character series [8] Group 2: Market Impact and Recognition - The launch of the "THE MONSTERS Forest Music Festival Series" in April 2019 marked LABUBU's entry into the trendy toy market, quickly gaining traction [8] - The release of the third-generation plush keychain "High Energy Ahead" in 2025 caused a global buying frenzy, propelling the Bubble Mart app to the top of the US App Store shopping chart [8] - LABUBU has garnered attention from international celebrities such as Brad Pitt, Lady Gaga, David Beckham, and Madonna, establishing itself as a world-class IP that transcends cultural and geographical boundaries [8]

Core Insights - Apple CEO Tim Cook visited Shanghai for the first stop of the THE MONSTERS ten-year anniversary exhibition, interacting with key figures in the art and toy industry [1][3]. Group 1: Event Overview - THE MONSTERS exhibition is a year-long global tour celebrating its ten-year anniversary, with the first stop in Shanghai showcasing original manuscripts and diverse products from artist Long Jiasheng [3]. - The exhibition will also be held in major cities including Beijing, Taipei, Hong Kong, Tokyo, Paris, and New York in the future [5]. Group 2: Company Performance - In the first half of 2025, Pop Mart reported revenue of 13.88 billion yuan, a year-on-year increase of 204.4%, and an adjusted net profit of 4.71 billion yuan, up 362.8% [7]. - The revenue from THE MONSTERS, including LABUBU, reached 4.81 billion yuan in the first half of 2025, marking a significant year-on-year growth of 668.0% and accounting for 34.7% of total revenue [7]. - The gross margin for Pop Mart in the first half of 2025 was 70.3%, an increase of 6.3 percentage points year-on-year, achieving a historical high [8].