Core Insights - Letsvan launched a new IP called SIINONO at MINISO LAND in Shanghai, attracting significant attention from toy enthusiasts [2] - SIINONO is the first original IP released after the acquisition of Letsvan by Quantum Song, indicating a strategic move to enhance brand visibility and market presence [2][3] - The design of SIINONO emphasizes individuality and authenticity, differentiating it from other popular IPs in the market [2] Company Overview - Letsvan has developed 15 unique original IPs, including SIINONO and previous hits like WAKUKU, establishing a strong fan base among players [3] - The acquisition of Letsvan by Quantum Song in March 2023 marked the largest merger in the domestic toy market this year, allowing for enhanced resource allocation and strategic growth [3] Market Strategy - Quantum Song is leveraging a multi-channel strategy to deepen its presence in the toy market and expand consumer engagement [3] - The successful launch of SIINONO, following the popularity of WAKUKU, demonstrates the effectiveness of Quantum Song's market strategy and the explosive potential of its IPs [3]

Core Insights - The LABUBU craze has become a global phenomenon, with significant sales growth and social media engagement driving its popularity [1][2] - The success of LABUBU is attributed to a combination of strategic marketing, celebrity endorsements, and consumer psychology [2][8] Group 1: Sales Performance - The THE MONSTERS series, which includes LABUBU, generated nearly $420 million in sales last year, marking a 726.6% year-on-year increase [1] - In 2024, revenue for POP MART in mainland China is projected to soar to $1.09 billion, a 34% increase from 2023 [1] Group 2: Marketing Strategy - LABUBU's rise is characterized by an "export to domestic" model, where international celebrity endorsements have fueled domestic demand [2] - The brand positions itself as a trendy product rather than just a toy, appealing to young consumers' desire for uniqueness and self-expression [4] Group 3: Consumer Behavior - The concept of "collection psychology" plays a crucial role in driving sales, as consumers are inclined to purchase entire series to fulfill their desire for completeness [6] - The blind box strategy enhances this effect, creating a sense of excitement and urgency among consumers, leading to repeat purchases [7] Group 4: Celebrity Influence - Celebrity endorsements have significantly increased LABUBU's visibility, with stars sharing their experiences on social media, thus amplifying its appeal [8] - The marketing success of LABUBU is not merely luck; it is a result of strategic efforts to leverage celebrity influence and consumer engagement [8]

Company Developments - LoBoKuaiPan has formed a strategic partnership with Uber to deploy thousands of autonomous vehicles globally, expanding its services beyond the US and mainland China [2] - Pop Mart anticipates a profit increase of no less than 350% for the six months ending June 30, 2025, compared to the same period last year, with revenue growth expected to be no less than 200% [2] - ChaBaiDao has opened its first two stores in Singapore, offering 18 beverage options priced between 2.5 and 6.9 Singapore dollars (approximately 14 to 38.6 RMB) [2] - Jianlibao has established a regional headquarters in Hong Kong and is preparing to enter the Southeast Asian markets of Indonesia, Malaysia, and Vietnam, while also expanding to Australia, Canada, and the US [3] - Anker Innovations is researching overseas share issuance to enhance its global strategy and brand image, although no specific plans have been confirmed yet [3] - AUX Electric has submitted a listing application to the Hong Kong Stock Exchange, with overseas markets becoming a key focus for its growth [3] - Bourn Optical is reportedly considering restarting its IPO plans in Hong Kong, having begun preliminary discussions with advisors [4] - Temu plans to enter the German food market, aiming to expand its product offerings in Europe [4] - TikTok Shop has launched the Q3 Southeast Asia Cross-Border Merchant Flywheel Plan PLUS, upgrading five policies to assist merchants in going overseas [5] - Meta is set to invest hundreds of billions in artificial intelligence, with expectations to become the first to launch a 1GW+ supercluster [5] - OpenAI has released ChatGPT Agent, capable of autonomous thinking and tool selection for complex tasks [5] Macro Policy & Industry Trends - The consumer electronics industry is accelerating its globalization efforts, with companies like Lens Technology and Luxshare Precision pursuing listings in Hong Kong to enhance their global presence [6] - China's industrial robot exports grew by 61.5% in the first half of the year, reflecting the country's innovation in the robotics sector [6] - In the first four months of this year, China's exports of dolls and animal toys exceeded 10 billion RMB, reaching 13.31 billion RMB, with a growth rate of 9.6% [7] - China's total goods trade imports and exports increased by 2.9% year-on-year in the first half of the year, with exports growing by 7.2% [7] - China's foreign investment has seen an average annual growth rate of over 5%, maintaining a top-three position globally [7] Investment & Financing - MiniMax has nearly completed a new financing round of approximately $300 million, with a post-financing valuation exceeding $4 billion [9] - Zhiyuan Robotics has received strategic investment from Charoen Pokphand Robotics, marking the beginning of its global expansion [9] - XPeng Huitian has completed a $250 million Series B financing round to support the development and commercialization of its flying cars [10] - Blue Dot Touch has completed nearly 100 million RMB in Series B financing, aimed at product development and overseas market expansion [10]

Core Viewpoint - The article discusses the phenomenon of Pop Mart's popularity, analyzing its cultural and social implications through the lens of technology, consumer behavior, and collective anxiety in contemporary society [2][3]. Group 1: Pop Mart's Popularity Mechanism - Pop Mart's market value has exceeded 300 billion RMB, with its stock price increasing up to 17 times in a year, indicating significant investor interest [5]. - The company employs commercial strategies such as blind box mechanisms, limited releases, and regional exclusivity, creating a sense of scarcity and excitement among consumers [5][6]. - The fashion industry, to which Pop Mart belongs, is deeply intertwined with capitalism, as it stimulates consumption and product cycles through seasonal trends [7]. Group 2: Role of Technology and Social Media - The rise of Pop Mart is closely linked to social media and recommendation algorithms, which amplify popular content and drive consumer engagement [10][11]. - Platforms prioritize user engagement, leading to a homogenization of cultural content, as trends become dictated by a few popular items [11][12]. - The recommendation algorithms create a feedback loop that enhances visibility and interaction, further concentrating attention and revenue among a few dominant players [10][11]. Group 3: Cultural and Psychological Aspects - Pop Mart's products, like Labubu, evoke a mix of familiarity and surprise, aligning with the "familiar + surprising" principle that drives trends [19][20]. - The concept of "baby schema" is applied to explain why certain designs elicit protective instincts and emotional responses from consumers [21]. - The phenomenon of "vanity consumption" is highlighted, where purchasing decisions are influenced by social pressures and the desire for identity affirmation [25][26]. Group 4: Future Challenges and Sustainability - The sustainability of Pop Mart's IP ecosystem is questioned, as its success relies on a few key characters, and consumer preferences can shift rapidly [32][33]. - The ability to create enduring IPs is compared to Disney's long-term success, emphasizing the challenges Pop Mart faces in maintaining relevance [31][33]. - The article suggests that the current consumer landscape is characterized by a desire for symbolic consumption, particularly among younger generations who prioritize emotional and identity-driven purchases [30][34].

海外行业报告 | 行业动态研究 潮玩 证券研究报告 2025 年 07 月 19 日 泡泡玛特 25H1 盈喜点评：二季度利润增速不低于 350%，核 心 IP 全球化加速及海外规模效应显著提升盈利能力 事件：北京时间 2025 年 7 月 15 日，泡泡玛特（9992.HK）发布 2025 年上 半年正面盈利预告。公司 2025 年上半年，公司收入增速预期不低于 200%； 经调整溢利增速预期不低于 350%，主要系泡泡玛特品牌及旗下 IP 在全球认 可度进一步提升及海外收入占比持续提升优化盈利能力。 点评：25H1 收入同比不低于 200%，相比一季度水平推算二季度加速增长。 根据此前发布的一季报经营数据，公司 25Q1 整体收入较去年同期同比增 长 165%-170%。 海外市场高速增长，全球化布局成效凸显 2025 年上半年，公司收入增速预期不低于 200%；经调整溢利增速预期不 低于 350%，主要系泡泡玛特海外收入占比持续提升，收入结构优化对毛利、 溢利均产生积极影响。同时，随着海外门店加密，规模效应使溢利显著增 加。截至 2025 年 6 月 27 日，公司全球拥有 530 家泡泡玛特门店。根据 ...

Industry Environment - Chinese companies' overseas expansion has shifted from "business supplement" to "business necessity," emphasizing the importance of local adaptation, brand building, and talent development [2] - The global trade environment remains tense, particularly affecting the solar industry, with a significant decline in exports to the U.S. and Europe, while Southeast Asia shows growth in component exports [3][4] - The cultural products sector is experiencing rapid growth in overseas markets, with digital content and gaming becoming key areas for international competitiveness [5] - The food and beverage market in Indonesia and Thailand shows strong consumer demand, with significant market sizes of nearly $50 billion and $40 billion respectively [6] - The gaming and esports industry is rapidly developing, with policies supporting international expansion and a notable increase in overseas sales revenue [7] Key Brand Dynamics - LABUBU, a trendy toy IP, exemplifies the successful global expansion of Chinese creative products, with significant growth in overseas markets [15] - iFLYTEK has established a global presence with its AI products, achieving substantial revenue growth and expanding its international market reach [17] - BlueFocus plans to go public in Hong Kong, focusing on AI development and international business expansion, despite low profit margins [18] - BYD has seen remarkable sales growth in Europe and Asia, surpassing Tesla in several markets, showcasing its strong global competitiveness [19] - Junlebao is enhancing its international image and product quality to address challenges in the dairy industry as it expands overseas [21] - Anjoy Foods is launching an IPO to optimize its supply chain and expand its global footprint, with a significant market share in the frozen food sector [22] - Haitian Flavor Industry's IPO faced challenges due to market concerns over its revenue structure, highlighting the need for successful overseas market penetration [23] - Meituan is expanding its instant retail strategy internationally, leveraging its existing infrastructure and local partnerships to enhance its global presence [26] - YI Technology has achieved significant market share in the global camera industry through innovation and a strong international strategy [27]

Group 1 - The core point of the article is that Beijing Pop Mart Cultural and Creative Co., Ltd. has applied to register the "LAFUFU" trademark to combat piracy and protect its brand [1] - The term "LAFUFU" originated as a nickname for counterfeit LABUBU products within the trendy toy community, and the registration is part of a defensive trademark strategy to safeguard the core brand and create a comprehensive trademark protection network [1] - This defensive approach, while increasing short-term costs, is considered a wise choice compared to the potential costs of enforcement and brand damage after infringement occurs [1] Group 2 - Knowledge property protection has become a mandatory aspect for companies in a complex commercial environment where piracy is prevalent, necessitating continuous improvement of the intellectual property protection system and legal support [2] - Consumers are encouraged to resist counterfeit products and purchase through legitimate channels to maintain market order and support brand protection efforts [2]

Core Viewpoint - The article discusses the phenomenon of the LABUBU blind box craze in China, highlighting the intense consumer demand, the role of social media influencers, and the complexities of the secondary market for these collectibles [3][6][12]. Group 1: Consumer Behavior - Consumers are actively participating in the purchase of LABUBU blind boxes, often queuing early to secure limited editions, indicating a strong demand for these products [3][4]. - The motivations for purchasing LABUBU vary among consumers, including genuine affection for the product, social comparison, and the potential for profit through resale [7][12]. - The popularity of LABUBU has been significantly influenced by endorsements from celebrities, leading to a surge in online searches and social media discussions [6][12]. Group 2: Market Dynamics - LABUBU has seen a dramatic increase in revenue, with projections of 13 billion yuan in 2024 and a 1.6 times year-on-year growth in Q1 2025, alongside a nearly fivefold increase in overseas market revenue [6][12]. - The blind box market operates on a dual-channel sales model, with both online and offline purchasing options, but the tactile experience of in-store shopping remains crucial for serious collectors [10][11]. - The secondary market for LABUBU collectibles is thriving, with resellers often marking up prices significantly, although the market can be volatile and subject to rapid changes in consumer interest [15][17]. Group 3: Brand and Product Strategy - The success of LABUBU is attributed to its unique design and the effective marketing strategies employed by Pop Mart, which include collaborations with artists and leveraging social media for brand visibility [6][12]. - Pop Mart's business model focuses on acquiring IP rights and creating a community around its products, which has fostered a dedicated fan base [12][15]. - The company has introduced various product lines and limited editions, which keeps consumer interest high and encourages repeat purchases [6][12].

Core Viewpoint - The 2025 LEC Global Licensing Expo showcased the booming toy and trendy play market, highlighting significant growth in both domestic and international markets, with a focus on diverse product categories and the integration of cross-industry IP collaborations [1][2]. Industry Overview - The toy market in China is projected to reach a scale of 877 billion yuan by 2025, with exports of dolls and animal toys exceeding 13.31 billion yuan in the first four months of 2023, marking a 9.6% increase [1]. - The trendy play market is experiencing expansion in two dimensions: diversification of product categories and accelerated integration of cross-industry IP collaborations [1][2]. Company Activities - Companies are increasingly investing in the trendy play market, with notable transactions including Quantum Song Group's acquisition of a 61% stake in Shenzhen Yiqi Culture for 235 million yuan and investments by Wanda Film and Reading Group in various trendy play enterprises [1][2]. - The investment in "Super Vitality Factory," a plush toy brand, marks the first instance of a mainstream investment institution entering the plush toy industry in China [2]. Product Diversification - The market is shifting from a focus on blind box competition to a more diverse range of products, with companies like Pop Mart and 52TOYS expanding their offerings to include plush toys, action figures, and various collectibles [2]. - 52TOYS has developed a product range that includes static figures, movable toys, and plush toys, covering 2,800 SKUs, and emphasizes the importance of IP style and differentiation in product development [2][4]. IP Strategy - 52TOYS operates on a model of "self-owned IP operation + authorized IP cooperation," with 35 self-owned IPs and 80 authorized IPs expected to generate 24.5% and 64.5% of revenue, respectively, by the end of 2024 [4]. - The ability to successfully launch original IPs and creatively develop authorized IPs is seen as a competitive advantage in the evolving market landscape [4]. Future Trends - The competition in the trendy play market will increasingly depend on how brands enrich their IP ecosystems, with companies exploring various content forms such as animation and literature to enhance brand presence [4][5]. - The establishment of theme parks and the development of original animations are strategies being employed by leading companies like Pop Mart to deepen the impact of their original IPs [4].

Core Viewpoint - Guangdong's foreign trade has achieved record growth in the first half of 2025, with a notable increase in the export of "new three samples" products by 28.8% [1][2]. Group 1: Trade Performance - In the first half of 2025, Guangdong's total goods trade import and export reached 4.55 trillion RMB, a year-on-year increase of 4%, surpassing the national growth rate by 1.1% [1]. - The export value was 2.89 trillion RMB, growing by 1.1%, while imports reached 1.66 trillion RMB, increasing by 9.5% [1]. - Guangdong's foreign trade accounted for 20.9% of the national total, contributing 28% to the national foreign trade growth [1]. Group 2: Role of Enterprises - There are 130,000 foreign trade enterprises in Guangdong, an increase of 7.6%, with private enterprises making up 110,000 of these, growing by 8.6% [2]. - The total import and export value of private enterprises reached 2.92 trillion RMB, accounting for 64.2% of the province's total foreign trade [2]. Group 3: Export Product Composition - The export of electromechanical products was 1.96 trillion RMB, a growth of 7.2%, representing 67.8% of the total export value [2]. - High-tech product exports reached 505.43 billion RMB, increasing by 13.3%, with significant growth in machine tools and drones at 18.7% and 29.2%, respectively [2]. Group 4: Import Trends - Guangdong's imports of electromechanical products surged by 19.3% to 1.16 trillion RMB, making up 70.1% of total imports [5][6]. - Key components such as central processing units, aircraft parts, and integrated circuits saw increases of 322.5%, 27.5%, and 14.3%, respectively [5]. Group 5: Industrial Upgrades - The province is focusing on industrial transformation, with significant demand for high-end manufacturing equipment reflected in the import statistics [5][6]. - Imports of aerospace equipment and semiconductor manufacturing equipment grew by 63.8% and 47%, respectively, indicating a shift towards advanced manufacturing capabilities [6].