Core Viewpoint - The acquisition of China New Retail Supply Chain Group Limited by Wanjing Capital, owned by 26-year-old Wang Kelly, highlights the emergence of a new generation in the family business, particularly in the context of the real estate sector and its associated companies [2][3][5]. Company Summary - China New Retail Supply Chain Group Limited (03928.HK) announced a cash acquisition of 360 million shares, representing 75% of its total issued share capital, for HKD 223 million, equating to approximately HKD 0.6189 per share [2][3]. - The company has been underperforming, with total revenues for the past three fiscal years reported as SGD 6.66 million, SGD 5.56 million, and SGD 5.55 million, and net losses of SGD 1.5 million, SGD 1 million, and SGD 800,000 respectively [10]. Industry Context - The acquisition reflects a strategic move within the traditional construction industry, which has faced challenges in performance, prompting sellers to consider exiting to redeploy resources [10]. - The involvement of Wang Kelly, a member of the "New City System" established by her father Wang Zhenhua, indicates a potential shift in leadership dynamics within the family business, especially following the legal issues faced by her father [4][5].

Core Viewpoint - The acquisition of China New Retail Supply Chain Group Limited by Wanjing Capital, owned by 26-year-old Wang Kelly, highlights the emergence of a new generation in the family business, particularly in the context of the real estate sector and its associated companies [2][3][5]. Company Summary - China New Retail Supply Chain Group Limited announced a cash acquisition of 360 million shares, representing 75% of its total issued share capital, for HKD 223 million, equating to approximately HKD 0.6189 per share [2][3]. - The company has been underperforming, with total revenues for the past three fiscal years reported as SGD 6.66 million, SGD 5.56 million, and SGD 5.55 million, alongside net losses of SGD 1.5 million, SGD 1 million, and SGD 800,000 respectively [10]. Industry Context - The acquisition reflects a strategic move within the traditional construction industry, where the target company primarily operates in Singapore, focusing on construction services and property investment [10]. - The involvement of Wang Kelly, a member of the "New City System" established by her father Wang Zhenhua, indicates a potential shift in leadership and investment strategies within the family business landscape [4][5].

Core Insights - The 15th China International Animation and Comic Copyright Protection and Trade Expo concluded in Dongguan, showcasing over 2,000 animation and comic IPs from more than 40 countries, with a total intended cooperation amount reaching 1.56 billion yuan [1][4] - The popularity of trendy toys, or "潮玩," is attributed to their ability to tap into emotional consumption, primarily targeting teenagers and adults rather than children [4][5] - Dongguan has transformed from a "world factory" to a hub for trendy toys, supported by a robust industrial chain that facilitates production and design [7][12] Industry Overview - The trendy toy industry cluster in Dongguan is projected to achieve a total output value of 13.218 billion yuan in 2024, reflecting a year-on-year growth of 12.3% [7] - Dongguan currently accounts for nearly 85% of China's trendy toy production, manufacturing about 25% of global animation derivatives [8] - The number of toy enterprises in Dongguan with import and export achievements reached 940 in the first half of the year, an increase of 43 companies year-on-year, with total toy exports amounting to 9.97 billion yuan, up 6.3% [14] Company Developments - The team behind the trendy toy brand "娃三岁" successfully transitioned from live-streaming sales to designing their own blind box toys, achieving significant sales with a single-day shipment of 500 boxes, corresponding to approximately 4 million yuan in sales [5] - A toy design company that initially focused on ODM has shifted to developing its own original characters, moving its R&D and marketing departments to Dongguan to leverage the local industrial advantages [8][11] - Companies in Dongguan are increasingly moving from OEM and ODM models to OBM (Original Brand Manufacturing), establishing themselves as major players in the toy export market [11]

Core Viewpoint - The new consumption sector in the Hong Kong stock market has shown strong performance in the first half of the year, with several companies reporting significant profit growth, leading to renewed optimism from investment institutions regarding the sector's future trajectory [1][6]. Group 1: Company Performance - Hong Kong-listed company Mao Geping expects a net profit of 665 million to 675 million yuan for the first half of the year, representing a year-on-year growth of 35% to 37% [1][4]. - Pop Mart announced a net profit growth of no less than 350% for the first half of the year, driven by increased global brand recognition and diverse product offerings [3][6]. - Lao Pu Gold anticipates a net profit increase of 279% to 288%, with expected revenues between 12 billion to 12.5 billion yuan, reflecting a year-on-year growth of 241% to 255% [3][4]. - Up Beauty expects a revenue of 4.09 billion to 4.11 billion yuan, with a profit growth of 30.9% to 35.8% [4][6]. - The food and beverage sector, represented by Guoquan, reported a revenue of 3.24 billion yuan, with a net profit growth of 122.5% [5][6]. Group 2: Market Trends and Analyst Insights - The new consumption sector has seen a surge in stock prices, with Lao Pu Gold up 220.12%, Pop Mart up 200.17%, and Up Beauty up 170.65% from January 1 to August 13 [2][6]. - Analysts express optimism about the new consumption sector, citing a shift in consumer preferences towards experiential and social consumption, which is driving demand for products in categories like trendy toys, tea drinks, and luxury jewelry [6][7]. - The current new consumption trend is characterized by structural growth driven by policy support, demographic changes, and technological advancements, with a focus on innovative products that meet evolving consumer needs [7][8].

Summary of Key Points from the Conference Call Industry Overview - The global healing economy is projected to reach $7 trillion by 2025, while China's emotional consumption market is expected to exceed 2 trillion RMB in the same year, with an annual compound growth rate exceeding 12% [1][2][3] - The cultural, film, and gaming industries are rapidly expanding, highlighting the importance of emotional value as a significant added value to products [1][3] Core Concepts and Arguments - Emotional value refers to the emotional satisfaction and psychological pleasure consumers derive from purchasing and using products. It encompasses both narrow emotional consumption sectors (e.g., trendy toys, stress-relief toys, emotionally-driven jewelry, and pets) and a broader range of products that must create emotional value [2][4] - Companies can enhance emotional value by improving product added value, increasing consumer pleasure, and boosting conversion rates. Traditional companies in sectors like pets, trendy toys, and jewelry have successfully attracted loyal users through innovative design and marketing strategies [1][4] - The Chinese market has vast potential for developing emotional value, with a focus on "starting with emotion and being loyal to management" to build sustainable, high-quality brand power [1][6] Risks and Considerations - The emotional value sector faces volatility risks, and investors should closely monitor industry dynamics and leading companies' performances while being cautious of over-reliance on single trends or short-term fads [1][7] - As GDP per capita increases, consumer demand is shifting from functional value to emotional and group value, indicating a need for companies to adapt to these changing consumer preferences [1][8] Market Dynamics - The increase in supply-side functional value disparity has concentrated asset value among a few brands, thereby elevating the importance of emotional value [1][10] - Rising incomes among younger generations (90s and 00s) drive higher demand for emotional value, as their spending structures differ significantly from previous generations [1][11] Strategic Insights - Companies should leverage AI and digital tools to capture consumer needs accurately and build a diverse product matrix to meet various consumer demands [2][16][17] - Agile supply chains are crucial for meeting emotional consumption needs, allowing companies to respond quickly to market changes [2][18] - Social media dynamics can enhance brand development and maximize channel efficiency by resonating emotionally with consumers [2][19] Case Studies and Examples - Companies like Bandai and Xiaomi exemplify successful emotional value strategies, with Bandai leveraging a mature platform for IP operations and Xiaomi transforming its automotive products into emotional carriers through user-centric design and ecosystem integration [2][21][27] - Shoujin Holdings demonstrates how social attributes can drive market value growth, emphasizing cultural representation and product quality [2][23] Conclusion - Emotional value is not limited to specific sectors but can be integrated into various traditional industries, suggesting a long-term strategic focus for companies aiming to enhance brand loyalty and consumer engagement [2][24][25] - Investors should remain vigilant against market exuberance and focus on sustainable growth factors to mitigate risks associated with emotional value investments [2][29]

Summary of Conference Call Records Industry and Companies Involved - **Companies**: Pop Mart (泡泡玛特) and Blokus (布鲁可) - **Industry**: Toy and IP-related products Key Points and Arguments Pop Mart (泡泡玛特) 1. **Category Expansion**: Pop Mart is expanding its product categories (Mega, sugar gel, plush toys) to enhance consumer engagement and is actively exploring small appliances and other derivatives to strengthen its consumer base [1][2][3] 2. **IP Matrix Health**: Monitoring the sales proportion of the LaBuBu IP is crucial; if it remains around 30%, it indicates a healthy IP matrix with growth in other IPs [1][3] 3. **Classic IP Performance**: Classic IPs like Molly, Dimo, and Skull Panda are expected to maintain growth in the first half of the year, with new forms and collaborations broadening consumer appeal [1][4] 4. **Emerging IP Success**: New IPs such as Crybaby, Gorilla Man, and Zizika are performing well, enriching the product line and attracting new fans [1][5] 5. **Overseas Market Potential**: The performance of stores in overseas markets, particularly in Southeast Asia and the US, is significantly higher than in the domestic market, indicating strong long-term expansion potential [1][2][21] 6. **Sales Growth Expectations**: For the first half of 2025, Pop Mart anticipates revenue growth of no less than 200% and profit growth of no less than 350%, leading to an upward adjustment in market expectations for the full year [2] Blokus (布鲁可) 1. **Performance Below Expectations**: Blokus's performance in the first half of the year was below expectations due to inventory pressure from distributors and the timing of new product launches [1][9] 2. **Future Product Expansion**: Plans to expand into adult and female-oriented products, deepen market penetration in lower-tier cities, and accelerate overseas expansion are in place, with expectations for significant growth in the second half of the year [1][10][11] 3. **Market Penetration**: The company is gradually expanding its domestic network and utilizing major channels like Walmart and Costco in North America, with the second half expected to be a peak sales season [1][11] 4. **New Product Launches**: Blokus plans to release 800 SKUs this year, doubling last year's offerings, with a focus on new IPs and optimizing existing ones to drive sales [9][10][16] 5. **Competitive Positioning**: Blokus holds a competitive advantage in the building block sector against competitors like LEGO and Bandai, primarily due to its pricing strategy and channel penetration [1][14] 6. **Valuation Insights**: The estimated valuation for Blokus is projected to be between 20 to 25 times earnings, reflecting its growth potential and brand premium [15] Additional Insights 1. **Second-Hand Market Impact**: The second-hand market's pricing dynamics are being monitored, with a focus on maintaining a healthy price range to avoid market risks associated with excessive speculation [8] 2. **Seasonality of Revenue**: Blokus's revenue exhibits seasonality, with historical data indicating stronger performance in the second half of the year due to several sales peaks [17] 3. **IP Development and Market Trends**: The overall toy industry is experiencing growth driven by demand for IP-related products, while traditional toy segments remain relatively flat [23] 4. **Future Growth Potential**: Both companies are positioned for future growth, with Pop Mart focusing on IP expansion and Blokus on market penetration and product diversification [28][25] This summary encapsulates the key insights from the conference call records, highlighting the strategic directions and performance expectations of Pop Mart and Blokus within the toy industry.

Investment Rating - The report maintains a "Buy" rating for key companies in the industry, including Pop Mart, Bluc, and Miniso, highlighting their strong innovation capabilities and mature IP operation systems [9]. Core Insights - Sanrio, the creator of Hello Kitty, has established a successful model for IP operation that differs from Disney's high-investment approach, focusing on low investment, high frequency, and multi-dimensional marketing strategies [16][18]. - The report emphasizes the importance of continuous innovation, decentralized operations, cross-departmental collaboration, and a long-term perspective in IP management to create enduring IP value [4][28]. Summary by Sections Development History - Sanrio began in 1960 with small gift accessories, leveraging the emotional consumption boom in Japan to create the Hello Kitty IP, which became a global phenomenon [2][33]. - The company expanded its IP portfolio and authorized products significantly from 1989 to 2013, but faced challenges due to over-reliance on a single IP and excessive licensing [2][44]. - From 2021 onwards, under new management, Sanrio implemented reforms that led to a significant recovery, with revenues projected to grow at a CAGR of 41% to reach $1 billion by FY2025 [2][3]. Strategic Transformation - The report outlines a strategic shift towards a global IP platform, emphasizing the need for integrated marketing across various channels and products to enhance IP longevity and consumer engagement [3][18]. - Sanrio's recent success is attributed to its ability to adapt to social media dynamics and foster fan participation, which has revitalized its IP portfolio [3][18]. Financial Review - Sanrio's revenue growth has accelerated, with a projected net profit margin of 29% by FY2025, marking a historical high [2][3]. - The report notes that the global IP market is vast, with Hello Kitty's authorized product GMV estimated at approximately $3.8 billion, indicating significant commercial potential [4][28]. Lessons for Domestic Toy Companies - The report provides insights for domestic toy companies, emphasizing the need for innovation, decentralized operations, and cross-industry collaboration to build sustainable IP [4][28]. - It highlights the importance of adapting to changing consumer preferences and leveraging social media for marketing [4][28]. Investment Recommendations - The report suggests focusing on companies with strong IP capabilities and innovative product offerings, particularly Pop Mart, Bluc, and Miniso, which are well-positioned for growth in the global market [5][9].

Group 1 - The positive changes in the consumption market will benefit the valuation recovery of the consumption sector, enhancing performance growth expectations for companies supported by policy and market demand [1] - The investment attractiveness of the consumption sector is expected to increase further, boosting investor confidence and attracting more capital inflow [1] Group 2 - In July, the PPI decline in industries such as coal, steel, cement, photovoltaic, and lithium batteries has narrowed, while CPI for fuel and new energy vehicles has stabilized after several months of decline [2] - To consolidate the foundation for moderate price recovery, it is necessary to strengthen policy coordination on both supply and demand sides, promoting industrial upgrades and demand creation [2] - On the supply side, improving standards for technology, energy consumption, and emissions is essential to phase out outdated capacity and replace it with high-quality capacity [2] Group 3 - The new consumption sector is expected to further contribute to domestic demand, particularly through the acceleration of service consumption potential, innovation in consumption scenarios and channels, and the emergence of the emotional economy [3] - The "self-care economy" trend is driving growth in new sectors such as light luxury, trendy toys, pet care, and fitness, becoming new engines for industrial upgrades and economic growth [3] Group 4 - The implementation of policies like "old for new" has led to positive changes in the consumption market, with suggestions to expand subsidy coverage to essential goods and services [4] - The focus should also be on balancing the pace of subsidy distribution to ensure policy continuity and optimize financial support and tax incentives [4] - The emotional economy-related sectors in the A-share market have shown active performance, indicating high market recognition of their growth potential [4] Group 5 - The younger consumer group increasingly values "emotional value" and "cultural identity," making "emotional price ratio" a significant factor in their purchasing decisions [5] - The rise of national brands and cultural exports is driving high growth in sectors like trendy toys and IP derivatives, with companies that possess brand advantages and innovation capabilities standing out [5]

Core Insights - In the first half of 2025, the company reported a revenue of 3.19 billion yuan, a year-on-year decline of 23.9%, primarily due to a 48.4% decrease in copyright operation and licensing revenue, attributed to the development cycle and scheduling of film and television projects [2][3] - Despite the revenue decline, the company's net profit attributable to shareholders reached 850 million yuan, a year-on-year increase of 68.5%, driven by a reduction in costs [5] - The company's CEO emphasized the significant commercialization potential of IP and the importance of quickly responding to user demands in the derivative product business [2] Revenue Breakdown - The company's online business revenue for the first half of 2025 was 1.985 billion yuan, accounting for 62.2% of total revenue, with a year-on-year growth of 2.3% [2] - The copyright operation and licensing revenue for the first half of 2025 was 1.205 billion yuan, a decrease of 46.4% year-on-year, with the main revenue from copyright operations dropping 48.4% to 1.138 billion yuan [3][4] IP Derivative Products - The GMV of IP derivative products reached 480 million yuan in the first half of 2025, nearing the 500 million yuan target for the entire year of 2024 [8] - The company has seen strong performance from its top IPs, including "Full-Time Master" and "Fox Demon Little Red," and is planning to develop customized derivative products for mid-tier IPs [8][9] - The company has established an integrated online and offline channel network for its derivative products and is continuously expanding [8] Cost Management - The company's cost of revenue decreased by 25.1% year-on-year to 1.578 billion yuan, mainly due to the absence of new film and television projects, which resulted in no corresponding production costs [5] - Sales and marketing expenses decreased by 20.4% to 922 million yuan, primarily due to reduced marketing and promotional expenses related to film and television projects [5] Market Position and Future Outlook - The company is actively investing in the card game and plush toy sectors to enhance its market position and capitalize on the growing demand for derivative products [9] - Analysts suggest that while the company has made significant strides in the IP derivative market, the current GMV is still modest compared to the broader market potential, indicating a need for the company's IPs to gain greater influence beyond their original formats [9][10]

传闻纷飞，严谨求证， 掌握权威、真实的声音。 随着风靡全球的玩偶labubu身价水涨船高，其生产商泡泡玛特（09992.HK）股价从一月份的最低点一路 飙升至6月12日的最高点，累计涨幅达到260%，最新收盘价为266.8港元，总市值超过3600亿，泡泡玛 特创始人王宁近期也成为河南新首富。 即便如此，德意志银行、建银国际、摩根士丹利、招商证券国际等多家投行仍继续看多泡泡玛特的目标 价，近日给出的价位最高看至303港元（德意志银行）。在A股市场上，相关概念股近期仍有强劲表 现，青木科技、德艺文创6月12日录得20cm涨停，元隆雅图10cm涨停。 投资者近期在互动平台上纷纷向上市公司询问与泡泡玛特的合作情况，部分公司对近况进行了披露，也 有部分公司对市场传言进行辟谣，全景为您精选来自上市公司最真实的声音。 （以下内容均摘自深交所 互动易、上证 e 互动、上市公司公告等） 泡泡玛特.jpg 贵公司有没有为泡泡玛特海外运营？ 青木科技 [301110] ：目前公司是泡泡玛特天猫旗舰店的代运营服务商。 请问贵公司进军c端与泡泡玛特有合作吗？ 元隆雅图 [002878] ：目前公司与泡泡玛特在一些品牌营销推广项目上开展 ...