Group 1 - The core point of the news is that despite a significant drop in the stock price of Pop Mart by 16.34%, southbound funds are actively buying the stock, indicating a potential opportunity for investors [1][5]. - Southbound funds have recorded a net inflow of 172.77 billion HKD this week, marking a decrease of 61.68% compared to the previous week, and have seen continuous inflows for 23 weeks [2]. - Pop Mart's market capitalization has fallen below 310 billion HKD, yet it attracted a net purchase of 15.25 billion HKD from southbound funds [5]. Group 2 - In the latest quarterly report, Pop Mart's overall revenue is expected to grow by 245%-250% compared to the same quarter in 2024, with domestic revenue increasing by 185%-190% and overseas revenue by 365%-370% [5]. - The semiconductor sector has shown strong performance, with notable increases in stock prices for companies like SMIC and Hua Hong Semiconductor, while Pop Mart and other stocks have experienced declines [4]. - China National Offshore Oil Corporation (CNOOC) has seen a significant increase in holdings from southbound funds, with a net purchase of 31.38 billion HKD this week, reflecting a positive sentiment towards the company [2].

Core Viewpoint - China's economic foundation remains stable, with multiple advantages, strong resilience, and significant potential, supporting the long-term positive trend and conditions for achieving high-quality foreign trade goals for the year [1][4]. Trade Performance - In the first three quarters of this year, China's total goods trade import and export value reached 33.61 trillion yuan, a year-on-year increase of 4%. The growth rate has accelerated each quarter, from 1.3% in Q1 and 4.5% in Q2 to 6% in Q3, marking eight consecutive quarters of year-on-year growth [1][2]. - In September, foreign trade achieved a monthly growth rate of 8%, the highest monthly increase of the year, demonstrating strong resilience in external trade [2]. Business Dynamics - The number of foreign trade entities with import and export performance reached 700,000 for the first time in the first three quarters, surpassing the total for the previous year. Among these, 613,000 are private enterprises, which have become a significant force in China's foreign trade [2]. - Continuous optimization of trade layout and diversification strategies have effectively mitigated external market risks, injecting new momentum into China's foreign trade exports [2]. Product and Market Trends - The export scale of industrial robots grew by 54.9% in the first three quarters, while the export of wind turbine generators and parts increased by 23.9%. Domestic products like blind box figurines have become global bestsellers, indicating a shift towards high-quality supply that meets international market demands [2]. - The proportion of exports from independent brand products is increasing year by year, reflecting a continuous optimization of the export product structure [2]. Trade Events and Future Outlook - The upcoming Autumn Canton Fair showcases a variety of smart products, highlighting the transition from single products to comprehensive solutions in Chinese manufacturing. This event emphasizes the global appeal of China's industrial and supply chain systems [3]. - The 8th China International Import Expo will feature six major exhibition areas, focusing on cutting-edge achievements in low-altitude economy, new materials, and smart healthcare, aligning with the structural changes observed in foreign trade [3]. - Despite the positive trends, challenges such as weak global economic recovery, shrinking market demand, and existing trade barriers remain as pressures to be addressed in the fourth quarter [3].

Core Insights - Recent surge in companies from the New Third Board, such as Jintian Animation, Bama Tea, and Shenghuo Technology, seeking to list in Hong Kong, indicating a trend towards international capital markets [1][2] - Successful transitions of companies like Pop Mart and Smoore International to Hong Kong have set benchmarks for others, showcasing the potential value of such moves [4] Company Developments - Jintian Animation has submitted its IPO application to the Hong Kong Stock Exchange, focusing on IP-based fun food products, with projected revenues of 596 million RMB in 2022, increasing to 877 million RMB by 2024 [2] - Bama Tea is set to list at a maximum price of 50 HKD, with a strong market position in the Chinese tea industry, particularly in oolong and black tea, and has received backing from major investment firms [3] - Pop Mart has demonstrated significant growth since its Hong Kong listing, with a revenue increase of 245%-250% year-on-year, and a market capitalization reaching 309.4 billion HKD [4] Market Trends - The "New Third Board + H-share" model is gaining traction, allowing companies to leverage both domestic and international capital markets simultaneously [6][7] - Companies like Tian Tu Investment have successfully utilized this model, maintaining flexibility in financing while gaining international recognition [7] Expert Opinions - Experts suggest that while listing in Hong Kong can enhance brand visibility and resource integration, some companies may resort to this option due to challenges in listing on domestic exchanges [8]

明明是新消费龙头，业绩也不错，怎么就暴跌了呢？ "今日收到大量咨询，均聚焦泡泡玛特股价大幅下跌的驱动因素。" 10月23日，小摩发布回应泡泡玛特股价大跌的研究报告，但几乎没有什么有效结论。 泡泡玛特当天股价下跌10.6%，成交量达3倍日均成交量，连破250/230港元心理关口，创 4 个月新低。 尽管公司在周二盘后发布的2025年三季度销售额数据远超市场预期，股价仍出现上述跌幅。此次下跌始 于隔夜交易时段，泡泡玛特美国存托凭证下跌 10%，成交量达6倍日均成交量。受此影响，日本三丽鸥 股价也下跌 3.1%；同时，其他 "新消费" 板块个股同步承压：布鲁可（Bloks）下跌 5%、蜜雪冰城 （Mixue）下跌 6%、古茗（Guming）下跌 7%、老铺黄金（Laopu）下跌 2.5%。 小摩称，目前尚无单一明确的下跌驱动因素，以下分享几点观察与市场反馈： 动量交易平仓 + 大规模做空泡泡玛特 泡泡玛特23日成交额已超95亿港元，成为港股当日成交额最高的个股（阿里巴巴成交额为 78 亿港 元）。其做空成交额也创下上市以来新高，达约19.9亿港元；仅早盘时段，泡泡玛特的做空成交额就占 港股市场总做空成交额的10.8 ...

Core Insights - The market is closely watching which company will become the "first stock of card games" as Hitcard accelerates its listing process while the leading company, KAYOU, has not made significant progress since filing its prospectus [1] Company Overview - Hitcard, established only four years ago, has differentiated itself by accurately capturing the increasing commercialization demands of IP copyright holders [2] - The company focuses on adult collectible cards and has launched products based on popular IPs such as "Full-Time Master" and "Battle Through the Heavens" [2] - Hitcard has attracted investments from notable firms including Pop Mart, Sequoia China, and Tencent Literature, highlighting its strong industry and capital backing [2] Financial Performance - In 2024, Hitcard achieved approximately 400 million yuan in revenue, representing a year-on-year increase of over 600% [5] - The company anticipates continued revenue growth in 2025, although current production capacity may not fully meet next year's targets [5] Market Trends - The trend of "no cards, no drama" is emerging in the film and television industry, indicating that most new IP card authorizations are quickly absorbed by card companies [6] - Hitcard has established a significant market presence, covering about 70% to 80% of the film and television card market share [7] Competitive Landscape - Compared to KAYOU, which operates around 70 IPs and has a revenue concentration where the top five IPs contribute 86% of total income, Hitcard's model of "multi-IP, limited edition, high-frequency new releases" enhances its market competitiveness [8] - Hitcard's strategy involves frequent product redesigns and a focus on environmentally friendly materials, which increases production costs but also drives innovation [8] Strategic Partnerships - To strengthen its core competitiveness, Hitcard is pursuing equity partnerships with industry players, including Japanese game company Cygames and Goodsmile, to enhance its overseas IP acquisition and operational capabilities [9] - The collaboration with Tencent Literature is particularly valuable, providing access to a resource pool of over 1,000 IPs and shared offline channel networks [2][9] Industry Dynamics - The rapid commercialization of IPs is becoming a key driver for the growth of derivative products, with Tencent Literature aiming to enhance its IP commercialization strategy at the group level [11] - The success of Hitcard and similar companies is contingent on their ability to refine product design, user operations, and channel management while leveraging upstream IPs [21]

| 代码 | 简称 | 收盘价 | 涨跌幅 | 净买入金额 | | | --- | --- | --- | --- | --- | --- | | | | (港元) | (%) | (亿港元) | | | 3690.HK | 美团-W | 100.6 | 0.60 | 6.55 | - | | 0981.HK | 中芯国际 | 80.0 | 8.04 | 6.02 | = | | 0883.HK | 中国海洋石油 | 20.02 | 0.50 | 5.71 | . | | 0700.HK | 腾讯控股 | 637.5 | 0.71 | 3.75 | . | | 1810.HK | 小米集团-W | 45.92 | -1.75 | 2.99 | | | 9988.HK | 阿里巴巴-W | 168.3 | 2.25 | 1.71 | . | | 1347.HK | 华虹半导体 | 82.4 | 13.73 | 0.70 | . | | 2015.HK | 理想汽车-W | 85.1 | -2.07 | -1.14 | . | | 0763.HK | 中兴通讯 | 40.38 | 5.32 | -1.30 | . ...

Core Viewpoint - The article discusses the recent performance of Pop Mart (09992.HK), highlighting the launch of new collectible figures and the subsequent decline in stock price, raising concerns about future revenue growth [3][5][6]. Product Launch and Sales Performance - On October 23, Pop Mart launched a new series of collectible figures to celebrate its 15th anniversary, featuring a lineup of popular characters [3]. - The hidden variant "Sweetheart Party" based on MOLLY saw a price increase from 69 yuan to 519 yuan, reflecting a premium of 6.5 times, while other regular variants had premiums ranging from 1.3 to 1.9 times [3]. - The new series did not perform as well as previous hits, such as the "WHY SO SERIOUS" series, which had a hidden variant that increased from 159 yuan to 1999 yuan, a premium of 11.6 times [3]. Market Trends and Consumer Behavior - The lower premium on the new figures is attributed to the nature of the collectible market, where buyers are often deep fans of the IP, and the use of lower-cost PVC materials makes the figures more affordable [4]. - Pop Mart's collaboration with the popular series "Wednesday" resulted in a highly sought-after pendant, with the North American version seeing a price increase from 399 yuan to 5499 yuan, a premium of 12.8 times [5]. Stock Performance and Investor Sentiment - Since September, Pop Mart's stock price has declined nearly 30%, with significant drops occurring on October 21 and 23, including a nearly 10% drop on the latter date, marking the largest decline in six months [5]. - As of October 24, the stock closed at 230.4 HKD per share, down 0.86% [6]. - Concerns have been raised by analysts regarding the potential peak in revenue growth for Pop Mart, with expectations of slowing growth momentum starting next year [5][6]. Financial Performance - For the third quarter of 2025, Pop Mart reported an overall revenue increase of 245% to 250%, with China revenue growing by 185% to 190% and overseas revenue by 365% to 370% [6]. - Online sales in China saw a significant increase of 300% to 305%, while offline sales grew by 130% to 135% [6]. - Revenue growth varied by region, with Asia-Pacific up 170% to 175%, the Americas up 1265% to 1270%, and Europe and other regions up 735% to 740% [6].

Group 1 - The core viewpoint of the article highlights the impressive growth of Pop Mart in Q3 2025, with significant revenue increases in both domestic and international markets, particularly in the Americas and Europe [4][11][12] - Pop Mart's overall revenue for Q3 2025 is reported to have increased by 245% to 250% year-on-year, with domestic revenue growing by 185% to 190% and overseas revenue soaring by 365% to 370% [11][12] - The company's stock price has faced volatility, dropping 8.08% on the day of the earnings announcement and further declining by 9.36% shortly after, leading to a market capitalization decrease from over 400 billion HKD to approximately 312.1 billion HKD [4][11][13] Group 2 - The LABUBU IP has been a significant driver of revenue for Pop Mart, with its sales skyrocketing from 3.68 billion CNY in 2023 to 30.41 billion CNY in 2024, representing a 726.6% increase [15][16] - The article emphasizes the importance of continuing to innovate and develop new IPs to maintain competitive advantage, as the company heavily relies on LABUBU for growth [5][17] - Despite the strong performance of LABUBU, other IPs like MOLLY and SKULLPANDA have seen a decline in revenue share, indicating a need for diversification in revenue sources [16][17] Group 3 - Recent reports indicate significant price fluctuations for Pop Mart's products, with some items experiencing over a 50% drop in resale value shortly after launch [19][20] - The company has seen a resurgence in consumer interest with the launch of new products, such as the Halloween series, which achieved high resale prices, indicating ongoing demand despite previous price drops [20][21] - Pop Mart's founder has expressed a commitment to building long-lasting IPs rather than fleeting trends, highlighting the company's strategic focus on sustainable growth [21]

Core Viewpoint - Bubble Mart (09992.HK) has launched a new series of collectible figurines to celebrate its 15th anniversary, but the market response has been lukewarm compared to previous successful releases [2][3] Product Launch and Performance - The "Celebrate This Moment" series includes 15 regular and 1 hidden figurine, featuring popular characters like LABUBU and MOLLY. The hidden variant "Sweetheart Party" saw a price increase from 69 yuan to 519 yuan, reflecting a premium of 6.5 times [2] - Other regular figurines in the series, such as "Childlike Innocence," "Blow the Horn," and "Under the Curtain," had premiums of 1.8 times, 1.9 times, and 1.3 times, respectively [2] - The new series did not perform as well as previous hits like the "WHY SO SERIOUS" series, where the hidden variant "Moon Shadow Mask" increased from 159 yuan to 1999 yuan, a premium of 11.6 times [2] Market Trends and Comparisons - The lower premium for the new series is attributed to the nature of the collectible market, where buyers are often deep fans of the IP, and the use of lower-cost PVC material makes the products more affordable [3] - Bubble Mart's collaboration with the popular series "Wednesday" resulted in a highly sought-after pendant, with the North American version seeing a price increase from 399 yuan to 5499 yuan, a premium of 12.8 times [3] - Previous collaborations, such as with the movie "Nezha: Birth of the Demon Child," also achieved significant market success, with the hidden variant "Ao Bing Nezha" increasing from 69 yuan to 1159 yuan, a premium of nearly 16 times [3] Stock Market Performance - Since September, Bubble Mart's stock price has declined nearly 30%, with significant drops occurring on October 21 and 23, including a nearly 10% drop on the latter date, marking the largest decline in six months [3][4] - As of October 24, the stock closed at 230.4 HKD per share, down 0.86% [5] Revenue Growth Projections - On October 21, Bubble Mart announced a projected revenue growth of 245% to 250% year-on-year for Q3 2025, with China expected to grow by 185% to 190% and overseas revenue by 365% to 370% [6] - Specific channel performance for Q3 showed offline channels growing by 130% to 135% and online channels by 300% to 305% [6] - Regional performance indicated significant growth in overseas markets, with the Americas projected to grow by 1265% to 1270% and Europe by 735% to 740% [6]

新京报贝壳财经讯 10月24日，港股泡泡玛特午后再度跳水，盘中跌超4%，上个交易日收跌超9%。 ...