Core Insights - Chinese trendy toys have become a new highlight in foreign trade exports, with over 50 billion yuan in exports of holiday goods, dolls, and animal-shaped toys in the first three quarters of 2025, reaching over 200 countries and regions [1][2] - The transformation from "OEM workshop" to "IP source" has been rapid, with companies leveraging unique product designs and international strategies to break cultural and geographical barriers [2][3] - The global trendy toy market is projected to grow from 8.7 billion yuan in 2015 to 44.8 billion yuan in 2024, with a compound annual growth rate of nearly 23% [4] Industry Trends - The core competitiveness of trendy toys lies in IP, which has evolved beyond mere symbols to create emotional connections and drive consumer demand [3][6] - Companies like Pop Mart have successfully expanded internationally, with 571 stores in 18 countries by mid-2025, and overseas revenue reaching 5.59 billion yuan, accounting for 40.3% of total revenue [4][5] - The trend of "going global" is seen as essential for Chinese trendy toy companies, with many planning to open stores in multiple countries [5] Challenges and Considerations - Intellectual property protection remains a significant concern, with customs intercepting 1.83 million suspected infringing LABUBU products this year [6] - The need for a systematic approach to IP protection is emphasized, advocating for the registration of original narratives as global languages and continuous innovation to raise imitation costs [6]

从"代工车间"到"IP策源地"，从"贴牌利润"到"品牌溢价"，中国潮玩仅用几年时间就完成身份跃迁。 IP成核心竞争力 潮玩出口的爆发并非偶然。有业内人士对《证券日报》记者表示："中国潮玩通过独特的产品设计、全 渠道销售网络和国际化战略，突破了文化与地理界限。" 以泡泡玛特国际集团有限公司（以下简称"泡泡玛特"）为例，其与卢浮宫联名推出LABUBU冰箱贴，游 客为购买限量款产品甚至需要提前数小时排队；此外，新加坡鱼尾狮版LABUBU也"一娃难求"，印证 了"文化+创意"的市场穿透力。 近年来，不少国货潮品成为全球爆款，受到海外消费者的青睐，成为我国外贸出口新亮点。10月13日， 海关总署在国新办新闻发布会上公布的数据显示，2025年前三季度，我国出口节日用品、玩偶、动物造 型玩具超过500亿元，销往全球200多个国家和地区，其中许多都属于国货潮品。 海关总署副署长王军表示，这些产品火遍全球，体现的是中国传统文化的影响力，彰显的是外贸企业的 创造力，依托的是中国制造的硬实力。 王军介绍，中秋期间，国潮花灯和竹编小玉兔在海外圈粉无数。大家熟知的盲盒公仔、模型手办等，融 合了文化内涵和品牌价值，都是中国原创IP潮玩。 ...

Group 1 - Southbound funds net bought Hong Kong stocks worth 9.838 billion HKD on September 19 [1] - Notable net purchases included 2.24 billion HKD in Shankou Holdings, 1.727 billion HKD in Alibaba-W, and 1.07 billion HKD in the Tracker Fund [1] - Southbound funds have continuously net bought Alibaba for 21 days, totaling 57.82789 billion HKD, and have net sold Tencent for 5 days, totaling 1.62824 billion HKD [1] Group 2 - Shankou Holdings announced a share buyback plan of up to 100 million USD, with a maximum buyback price of 17 HKD per share [3] - Citigroup reported that the recent price drop of Pop Mart (9992.HK) is due to concerns over LABUBU resale prices, but does not indicate a decline in IP popularity [3] - Meituan will provide larger subsidies for the "Bright Kitchen" initiative, increasing the subsidy amount to 500 million HKD to enhance kitchen transparency for merchants [3]

Core Viewpoint - Citi's report indicates that the recent stock price correction of Pop Mart (9992.HK) is primarily due to market concerns over the declining resale prices of LABUBU, but does not reflect a decrease in IP popularity [1] Group 1: Market Concerns - The decline in LABUBU resale prices has raised concerns in the market [1] - Citi does not view this as a sign of diminishing IP heat [1] Group 2: Strategic Initiatives - The company is taking measures to replenish stock based on real demand, which is expected to enhance IP competitiveness in the long run [1] - Improvements in customer experience and efforts to curb resale activities are part of the company's strategy [1] Group 3: Investment Recommendation - Investors are encouraged to focus on sales trends, particularly the ongoing rapid sell-out phenomenon in the company's own channels [1] - Citi reaffirms a "Buy" rating and maintains a target price of HKD 398 [1]

Core Viewpoint - The article discusses the recent surge in popularity of the Labubu toy, highlighting its rental market on platforms like Xianyu and the broader implications for the collectible toy industry, particularly for Pop Mart. Group 1: Labubu's Popularity and Market Trends - Labubu-related product searches on Xianyu increased tenfold from May to June, with rental transaction volumes doubling in the same period [2] - The rental prices for Labubu figures range from 30 yuan for "Labubu time to chill" to 50-80 yuan for ZIMOMO figures, indicating a growing market for rental services [1] - The popularity of Labubu has also spurred related services such as custom clothing and repairs, showcasing a trend towards a more extensive ecosystem around the IP [2] Group 2: Pop Mart's Business Dynamics - Pop Mart's founder, Wang Ning, has become the richest person in Henan with a net worth of $20.3 billion, reflecting the company's significant growth from a small shop to a market capitalization exceeding 300 billion HKD [4] - The collectible toy market, particularly for Labubu, has seen extreme price fluctuations, with some items being resold at prices up to 46 times their original value, indicating a volatile market [4] - There is uncertainty regarding the longevity of Labubu's popularity, as the collectible toy industry often experiences trends that can be unpredictable and fleeting [5][6] Group 3: Industry Challenges and Future Outlook - The collectible toy market faces challenges as the lifespan of popular IPs can be limited, leading to concerns about the sustainability of Pop Mart's business model [6] - Investors express skepticism about the long-term viability of Pop Mart's reliance on IPs, questioning what will happen if consumer interest wanes [7] - The blind box model, while initially seen as a key driver of sales, is now viewed as secondary to the appeal of the IPs themselves, raising questions about future competitiveness [7]