Core Insights - The 2025 PTS Beijing International Trend Toy Exhibition, hosted by Pop Mart, took place from August 1 to 3, featuring the theme "Return of Playfulness, Seeking the Wilderness of the Heart" [1] - The exhibition attracted major international IP giants such as Disney, Universal, and Bandai, alongside Pop Mart's well-known IPs like THE MONSTERS, MOLLY, DIMOO, SKULLPANDA, CRYBABY, and Zsiga [1] - The event saw overwhelming attendance, with queues extending hundreds of meters during peak times, indicating strong consumer interest and engagement [1] Attendance and Consumer Experience - The exhibition was characterized by high foot traffic, with popular IP-themed booths drawing large crowds and long lines for photo opportunities [1] - Interactive experience areas maintained high popularity, with wait times for certain attractions exceeding one hour [1] - Some consumers expressed frustration on social media regarding the limited availability of certain products, leading to sellouts within minutes of their release [3] Product Demand and Sales - Multiple limited edition products generated a buying frenzy, with some items selling out shortly after their launch, and certain booths completely depleting their stock by 3 PM on the first day [3] - Despite the challenges of long wait times and limited product availability, many attendees reported satisfaction with their purchases, highlighting the appeal of the showcased IPs and exclusive designer signatures [5]

Core Insights - The 2025 PTS Beijing International Trendy Toy Exhibition, hosted by Pop Mart, took place from August 1 to 3, with the theme "Return to Playfulness, Seek the Wild Heart" [1] - Pop Mart signed a strategic cooperation framework agreement with the Beijing Cultural and Tourism Bureau to explore the integration of intangible cultural heritage and trendy toys [1] - The PTS has evolved into a globally recognized trendy toy exhibition since its inception in 2017, with the upcoming Singapore International Trendy Toy Exhibition scheduled for August 22-24 [1] Company Highlights - Pop Mart's "Bubble Street" received an upgrade this year, featuring interactive experience installations for popular IPs [1] - The event showcased various activities, including artist dialogues, live performances by trendy musicians, and creative competitions [1] - Numerous international IP giants, such as Disney and Universal, participated in this year's exhibition, highlighting the growing influence of Pop Mart in the industry [1] Artist Engagement - Several well-known IPs under Pop Mart, including THE MONSTERS, MOLLY, and DIMOO, were present for signings at the event [2] - Emerging artists like SUPERTUTU and KeyA also showcased their creations, indicating a diverse representation of talent [2] Industry Impact - Since its establishment, PTS has attracted over 300,000 visitors and featured more than 500 top artists from various countries, solidifying its status as a premier international trendy toy event [5]

Core Insights - The 2025 PTS Beijing International Trend Toy Exhibition, hosted by Pop Mart, is themed "Return to Playfulness, Seek the Wilderness of the Heart," showcasing global popular IPs and featuring numerous artists and designers [1] - A strategic cooperation framework agreement was signed between Pop Mart and the Beijing Cultural and Tourism Bureau to explore the modern integration of intangible cultural heritage and trendy toys, aiming to enhance cultural innovation and economic benefits in Beijing [1] - Since its inception in 2017, PTS has evolved into a globally recognized platform for creators to showcase their creativity and the unique charm of trendy toy IPs [1] Exhibition Experience - The exhibition has upgraded its interactive experiences, moving beyond a simple buying and selling logic to provide a more immersive experience for attendees [2] - The "Bubble Street" concept has been enhanced with interactive installations, allowing fans to deepen their understanding of IPs while shopping [2] - Various engaging activities, such as DIY workshops and creative competitions, have been introduced to enrich the visitor experience [2][3] Global IP Collaboration - This year's exhibition features numerous international IP giants like Disney and Universal, alongside emerging artists and designers, promoting a diverse range of IPs [3] - The event aims to facilitate global IP interactions and exchanges, allowing fans to immerse themselves in the unique worlds of various IPs [3] Artist Engagement - Pop Mart's well-known IPs and emerging artists participated in signing events, enhancing fan engagement and awareness of new IPs [4] - New artists shared their creative inspirations and processes, stimulating audience curiosity about the artistic core of trendy toys [5] Industry Impact - PTS has established itself as a top-tier global IP event, promoting deep exchanges and innovations within the trendy toy culture [6] - Since its rebranding in 2021, PTS has attracted over 300,000 visitors and featured over 500 top artists from various countries [6] - Pop Mart aims to continuously discover and nurture talented artists, creating products that resonate emotionally with consumers [6] Future Outlook - With the ongoing internationalization strategy, PTS is expected to attract more global artists and designers, further deepening the emotional connection between fans and IP artists [7]

Core Insights - The PTS (International Trend Toy Exhibition) is themed "Return to Playfulness, Seek the Wilderness of the Heart" and features major global IP giants like Disney, Universal, and Bandai, attracting hundreds of designers [1] - The event serves as a significant platform for global IP enthusiasts, showcasing the popularity and demand for trendy toys in China, evidenced by long queues outside the venue [1] - The organizer, Pop Mart, aims to leverage the exhibition to discover and support emerging artists, facilitating cultural exchange among various IPs and enhancing interactive experiences for fans [1]

Core Insights - The 2025 Beijing International Trendy Toy Expo (PTS) is themed "Return to Play, Seek the Wild Heart," showcasing numerous global designers and serving as a platform for domestic IPs to expand internationally [1] - Peter Shipman, head of Pop Mart's European division, noted significant success for the Labubu IP in Europe, alongside strong growth for other popular IPs like SKULLPANDA and Hirono [1] - The European trendy toy market is evolving, with consumers showing a broader interest and more mature purchasing behavior compared to six months ago, moving beyond reliance on new store openings and hit products [1] - Lifestyle-related products are emerging as new bestsellers in the European market, with a recent successful pop-up gallery for Hirono in Covent Garden, London, demonstrating strong demand for lifestyle items such as T-shirts, blankets, and jewelry [1] - The company plans to expand its lifestyle product line in Europe and will host several SKULLPANDA-themed exhibitions in major cities like Rome, Berlin, London, and Paris later this year [3] - The core task in the European market remains the popularization of trendy toy culture, focusing on providing immersive brand experiences rather than just in-store transactions [3]

Core Viewpoint - The rise of cultural consumption trends is exemplified by the success of Pop Mart, which reflects a shift towards emotional consumption, cultural identity, and the integration of traditional culture with modern consumerism [2][9]. Group 1: Cultural Consumption Trends - Pop Mart has transformed from a small toy retailer to a global cultural brand, highlighting the shift from functional to emotional consumption through its blind box mechanism [2][3]. - The company constructs a diverse IP matrix by collaborating with global artists, creating unique narratives that resonate with consumers, particularly the youth [2][3]. - The Z generation, making up 70% of Pop Mart's core consumer base, builds subcultural communities through collecting specific IPs, enhancing social belonging [3][4]. Group 2: Integration of Traditional Culture - Pop Mart integrates traditional cultural elements into its products, such as the collaboration with Dunhuang Academy to create the "Flying Apsaras" series, merging ancient aesthetics with modern design [3][4]. - The rise of "new national tide" culture is driven by the blending of traditional culture with modern technology, creating products that reflect cultural confidence [3][4]. Group 3: Omnichannel Consumption Experience - Pop Mart has established an omnichannel consumption model, combining online and offline strategies to broaden its audience beyond niche markets [4][5]. - The company utilizes e-commerce platforms and social media marketing to stimulate consumer interest and engagement [4][5]. Group 4: Advantages of Henan Province - Henan possesses unique cultural resources, including world-class heritage sites and a rich history, which can attract cultural consumption [5][6]. - The province is leveraging policy support and technological innovation to enhance cultural consumption, such as issuing consumption vouchers and developing smart tourism platforms [6][7]. Group 5: Youth and Digital Marketing - The cultural consumption landscape in Henan is evolving towards youth-oriented, digital, and trendy experiences, with new business models like immersive experiences and themed events [7][8]. - Social media platforms are being utilized for precise marketing, promoting cultural content and expanding the reach of Henan's cultural products [7][8]. Group 6: Brand and Industry Collaboration - Henan is optimizing cultural product supply through brand building and industry collaboration, creating a matrix of cultural brands that enhance market competitiveness [8][9]. - The integration of cultural tourism with other industries, such as dining and retail, is driving significant revenue growth [8][9]. Group 7: Cultural IP Development - The development of cultural IP is essential for modernizing traditional expressions, with a focus on creating interactive products that engage consumers [10][11]. - The establishment of community-driven value creation enhances emotional connections among consumers, fostering loyalty and engagement [11][12]. Group 8: Digital Empowerment - Digital technology is being harnessed to reconstruct cultural experiences, making historical narratives more interactive and accessible [13][14]. - The integration of digital tools in cultural production is attracting younger audiences and fostering new creative industries [13][14].

Core Viewpoint - The recent decline in the popularity of the IP Labubu is viewed as a normal fluctuation in the lifecycle of a successful IP, rather than a sign of diminishing popularity [1][2][10]. Group 1: Market Performance - Labubu's Google global search index has decreased by 5% from its peak, raising concerns about the sustainability of its growth [1]. - Despite a strong half-year performance forecast, Bubble Mart's stock has fallen by 7% since July 15, while the Hang Seng Index has risen by 3% [1]. - The company's sales increased over 200% and net profit over 350% in the first half of the year, but only met the lower expectations of some buyers [1]. Group 2: Search Index Analysis - Morgan Stanley analysts argue that a decline in search index does not necessarily correlate with a drop in sales, as established brands may see consumers directly visiting shopping platforms [2][10]. - Even after the decline, Labubu's search index remains significantly higher than competitors, being 13 times that of KAWS and 3 times that of Doraemon [6]. Group 3: Historical Context - Historical data supports the notion that a decrease in search index does not equate to a decline in sales. For instance, Hello Kitty's search index fell from 55 to 37, yet its parent company Sanrio maintained positive sales growth [11]. - The critical threshold for sales decline typically occurs when the search index drops below a certain level, as seen in the Hello Kitty case [12]. Group 4: Supply Chain and Growth Catalysts - A supply chain shortage has been reported due to many IP brands moving production out of China, affecting the availability of Labubu and other popular products [13]. - Morgan Stanley identifies six potential catalysts for future growth, including upcoming financial reports, product launches, and collaborations, which could sustain Bubble Mart's growth narrative [14][18].

Group 1: Public Fund Market - The total scale of public funds in China has surpassed 34.39 trillion yuan as of June 30, 2025, marking the ninth historical high since the beginning of 2024 [1] - In June, bond funds saw an increase of over 500 billion yuan, while stock and mixed funds each grew by over 100 billion yuan [1] - QDII funds experienced a slight growth of 294.95 million yuan, whereas money market funds shrank by over 160 billion yuan [1] Group 2: Banking and Financing - In Guangdong, a total of 17 village banks have been approved for absorption and merger, with 2 banks dissolved and 9 merged this year [2] - Hong Kong's new stock financing reached 14.1 billion USD in the first half of 2025, a 695% increase compared to the same period in 2024, leading the global market [2] - The Hang Seng Index rose over 20% in the first half of 2025, driven by strong investor interest from both international and mainland Chinese investors [2] Group 3: Renewable Energy - The solar photovoltaic industry is expected to maintain a growth rate of 5% to 10% in new installations for 2025, with diverse regional distribution anticipated [3] - The demand for photovoltaic components is expected to increase due to significant cost reductions in energy storage systems [3] Group 4: Data Warehouse Software Market - The Chinese data warehouse software market is projected to reach 2.09 billion USD by 2029, with a compound annual growth rate (CAGR) of 15.5% from 2024 to 2029 [3] - The market size for the second half of 2024 is estimated at 550 million USD, reflecting an 8.7% year-on-year growth [3] Group 5: Corporate Developments - The founder of Pop Mart, Wang Ning, indicated that many well-known film companies, including those from Hollywood, are interested in producing movies based on the LABUBU IP [4] - Li Jiaqi is set to announce a compensation plan for users who purchased the "Bojue Travel" package, with options for full refunds or care funds [5] - Cao Cao Travel established a new company in Fuzhou with a registered capital of 20 million yuan, focusing on new energy technology and electric vehicle sales [5] Group 6: Financial Performance - China Petroleum & Chemical Corporation reported a 2% year-on-year increase in oil and gas equivalent production for the first half of 2025 [7] - Zheshang Securities achieved a net profit of 1.149 billion yuan in the first half of 2025, a 46.54% increase year-on-year [8] - Dahu Co., Ltd. reduced its losses to 257.16 million yuan in the first half of 2025, compared to a loss of 1.378 billion yuan in the same period last year [9] - Leshan Electric's net profit for the first half of 2025 was 7.9031 million yuan, a decrease of 14.55% year-on-year [10] - Zhimin Da reported a net profit of 38.3 million yuan in the first half of 2025, a significant increase of 2147.93% year-on-year [11] Group 7: Market Overview - The Shanghai Composite Index rose by 0.65%, closing above 3600 points, with over 4300 stocks in the market experiencing gains [12] - The trading volume in the Shanghai and Shenzhen markets reached 1.84 trillion yuan, a decrease of 19.9 billion yuan from the previous trading day [12]

Group 1 - The core viewpoint of the article is that the success of LABUBU is a result of over a decade of continuous IP operation by the company [1] - The company aims to become a world-class Chinese consumer brand, aspiring to be the "Bubble Mart of the world" rather than just "China's Disney" [1] - There is interest from major film companies, including Hollywood, in producing a movie based on LABUBU, and the company is considering whether to produce it independently or collaborate with Hollywood [1] Group 2 - Bubble Mart has several well-known toy IPs, including MOLLY, DIMOO, and Starry People, in addition to LABUBU [1]

Core Viewpoint - The success of LABUBU is attributed to over a decade of continuous IP operation by the company [1] Group 1: Company Strategy - The company aims to become a world-class Chinese consumer brand, evolving from its previous goal of becoming the Disney of China [1] - In addition to LABUBU, the company has other well-known toy IPs such as MOLLY, DIMOO, and Starry People [1] Group 2: Future Plans - The company is considering collaborations with Hollywood for a potential LABUBU movie, weighing options between self-production and partnerships [1]