Group 1 - The 2025 China International Service Trade Fair (CIFT) opened in Beijing, focusing on the theme "Digital Intelligence Leading, Service Trade Renewing" [3] - The fair features six types of activities including global service trade summits, exhibitions, forums, and promotional events, with participation from 85 countries and international organizations [3] - The Philippines has the largest exhibition scale at the CIFT this year, showcasing local specialties and promoting tourism infrastructure investment opportunities [5] Group 2 - The Philippine national pavilion is designed with an island theme, featuring tropical elements and local products, aiming to create a unique atmosphere in Beijing [3][5] - The fair is held at Shougang Park for the first time, with over 40 supporting activities to create new service consumption models [5] - The event includes interactive experiences and exhibitions to meet audience needs, enhancing cultural exchange and business opportunities between participating countries [5]

Group 1 - The core theme of the event is "Cake a wish," where Pop Mart integrates its IP into dessert decorations, allowing attendees to taste various themed desserts [2] - Pop Mart debuted as the exclusive trendy cultural brand partner at the China International Service Trade Fair, showcasing popular products like LABUBU and launching a new sub-brand "Pop Mart Bakery" [3] - The exhibition features a large art installation themed around the character Starry Person, providing an innovative interactive experience for attendees [5] Group 2 - Pop Mart's exhibition includes a display of IP products that incorporate traditional craftsmanship, merging elements like porcelain and plush flowers into visual design [5] - The booth is designed with red and yellow as the main colors, creating a space that reflects national aesthetics and promotes the narrative of contemporary trendy culture [5]

Group 1 - The core viewpoint of the article highlights Bubble Mart's participation as the exclusive trendy cultural brand partner at the 2025 China International Service Trade Fair, showcasing its popular IP products and launching a new sub-brand, "Bubble Mart Bakery" [2][4] - Bubble Mart's exhibition features a dessert-themed area inspired by a dessert house, allowing visitors to taste various products like SKULLPANDA ice cream and MOLLY chocolate, which have gained significant popularity since the opening of "MOLLY's Dessert House" in August 2024 [4][6] - The company also presented a collection of plush toys covering various IPs and set up a large art installation themed around the star character, enhancing the interactive experience for attendees [6] Group 2 - In the cultural tourism service exhibition area, Bubble Mart displayed multiple IP products that integrate traditional craftsmanship, incorporating elements like porcelain and plush flowers into the visual design, promoting a narrative that blends trendy culture with traditional art [6] - The exhibition booth utilized red and yellow as the main color scheme to create a space reflecting national aesthetics, showcasing popular IP products such as MOLLY and DIMOO, thereby contributing to the contemporary narrative of trendy culture [6]

Group 1 - The core viewpoint of the article emphasizes that潮玩 (trendy toys) serve not only as collectibles but also as carriers of emotional value and cultural innovation, with Letsvan奇梦岛 aiming to create impactful experiences and showcase Chinese cultural creativity to a broader audience through the China International Fair for Trade in Services (CIFTIS) [1][2][4] - Letsvan奇梦岛 has successfully launched several phenomenon-level IPs this year, including "又梨," "WAKUKU," and "SIINONO," demonstrating strong capabilities in IP incubation and commercialization [1][2] - The "SIINONO" product achieved sales of 1.5 million yuan within three days of its launch, with over 10,000 boxes sold in the first 10 minutes, setting a new sales record for trendy toy categories [2] Group 2 - Letsvan奇梦岛 has entered Southeast Asia and North America markets, conducting localized operations and successfully holding its first overseas pop-up event in Bangkok, Thailand, in June, marking a significant step in its global strategy [2] - The participation in CIFTIS allowed Letsvan奇梦岛 to showcase its innovative achievements in original trendy toys and reflect the vibrant development of China's cultural and creative industry, providing new opportunities for the trendy toy sector to enhance cultural confidence and expand into global markets [2][4]

Core Viewpoint - The stock price of Pop Mart, a leading player in the collectible toy market, has been on a downward trend, dropping 15.74% since reaching a historical high of 339.8 HKD per share on August 26, closing at 275.2 HKD on September 10, with a single-day decline of 4.51% [1] Group 1: Stock Performance - The stock price has seen a significant decline, with a total drop of 15.74% over the past half month [1] - Despite the stock price pressure, the offline consumer scene remains active, with stores experiencing continuous foot traffic [1] Group 2: Product Demand and Market Dynamics - The core IP series, THE MONSTERS, generated revenue of 4.814 billion RMB in the first half of 2025, marking a substantial year-on-year increase of 668%, accounting for 35% of the company's total revenue [1] - Many popular LABUBU products are currently out of stock in stores, leading to a booming second-hand market, with prices for certain items significantly above retail [2] - Recent trends show a cooling in the second-hand market, with prices for similar products dropping to the range of 600-700 RMB [2] Group 3: Strategic Developments - The company has been included in the Hang Seng Index, which theoretically could attract passive fund allocations, although some investors opted to take profits, creating short-term selling pressure [3] - The company's globalization strategy is progressing steadily, with significant revenue growth in overseas markets, particularly in the Americas and Europe [3]

Group 1 - The LABUBU series, once highly sought after, is experiencing a significant decline in second-hand prices, with the hidden version "Ben Wo" dropping from approximately 4356 yuan to 834 yuan over the past 90 days [1] - Following the peak price of 339.8 HKD per share on August 26, the stock price of Pop Mart has been on a downward trend, falling 7.5% on September 8 and reaching 269 HKD per share by September 10, resulting in a total market capitalization of approximately 361.2 billion HKD [4] - The initial sale of the LABUBU series sparked a buying frenzy, with prices on second-hand platforms reaching as high as 3200 yuan for a complete set of 14 figures, and some sellers charging up to 2699 yuan for "proxy buying" services, which is more than double the official price [4] Group 2 - The average transaction price for the mini LABUBU has significantly decreased, with the A-M version averaging 147 yuan and the complete N-Z set averaging 1511 yuan as of September 10 [4] - In response to the drastic price fluctuations, scalpers are adopting a conservative approach, with some halting purchases and waiting for market conditions to improve, indicating a shift in market sentiment [10] - The latest financial report from Pop Mart shows a remarkable revenue increase of 204.4% year-on-year for the first half of 2025, reaching 13.876 billion yuan, with a net profit growth of 396.5% [10]

Core Insights - The 2025 Service Trade Fair will feature a cultural and tourism service exhibition at Shougang Park, showcasing various innovative products and experiences [1] Group 1: Event Highlights - The Chaoyang exhibition area will focus on the theme "Trendy Play, Trendy Enjoyment, Trendy Life," presenting multiple first-time exhibits [1] - Notable exhibits include the Bubble Mart's intangible cultural heritage series Molly, the Letsvan's Dream Island series, and the first ultra-realistic 3A XR interactive film work "Mulan 2125 XR" [1] - The exhibition will also introduce the first cultural creation collection store in the city, supported by the government and operated by market entities, as part of the National Cultural Industry Innovation Experimental Zone [1]

Market Performance - On September 10, all three major stock indices in Hong Kong rose, with the Hang Seng Index increasing by 1.01% to 26,200.26 points, the Hang Seng Tech Index rising by 1.27% to 5,902.69 points, and the Hang Seng China Enterprises Index up by 0.93% to 9,328.16 points [1] - The total market turnover was HKD 288.21 billion, with net inflows from southbound funds amounting to HKD 7.566 billion [1] Stock Movements - Among the constituents of the Hang Seng Index, 65 stocks rose while 21 fell, with Lenovo Group leading the blue chips with a gain of 4.63%, followed by JD Logistics at 4.45% and Sun Hung Kai Properties at 4.28% [2] - In the Hang Seng Tech Index, 20 stocks increased and 9 decreased, with Bilibili leading the gains at 7.57%, followed by Lenovo Group at 4.63% and SMIC at 3.61% [4] Notable Stocks - Alibaba had a trading volume of HKD 26.367 billion, rising by 0.63%, while Tencent Holdings traded HKD 12.190 billion, increasing by 1.04%, and Meituan saw a trading volume of HKD 9.569 billion, up by 2.06% [5] - Pop Mart experienced a significant decline of 4.51% due to reports of falling prices for its LABUBU series, closing at HKD 275.20 per share, despite a year-to-date increase of 208.24% [10] Industry Performance - The financial sector index rose by 1.85%, the real estate and construction index increased by 1.51%, and the composite enterprises index was up by 0.86%. Conversely, the healthcare index fell by 0.94%, and the materials index decreased by 0.41% [6] Concept Sector Performance - Most Wind concept sectors saw gains, with the Foxconn index up by 10.03%, the air pollution control index rising by 5.42%, and the integrated circuit industry fund index increasing by 3.37%. The infant and child index led the declines at 3.01%, followed by the gold and jewelry index down by 2.93% and the photovoltaic solar index down by 2.53% [8] Company Developments - NIO announced plans for an issuance of up to 182 million shares of Class A common stock, including American Depositary Shares (ADS), with the net proceeds intended for investment in core technologies for smart electric vehicles, development of future technology platforms and models, and expansion of battery swapping and charging networks [14][16]

Core Viewpoint - The secondary market prices for the mini LABUBU have declined, impacting market sentiment towards Pop Mart, despite the company's efforts to increase production and combat scalping [1][2]. Group 1: Market Performance - The mini LABUBU series sold out quickly upon release, leading to a significant spike in secondary market prices, which later fell sharply within a week [1][2]. - The prices of first, second, and third generation LABUBU products in the secondary market have also decreased, with the third generation even experiencing slight depreciation [2][3]. - Following the decline in secondary market prices, Pop Mart's stock price also saw a minor correction, although it remained above levels prior to the release of the half-year performance report [2]. Group 2: Production and Supply Chain - Pop Mart is actively increasing production capacity to meet genuine market demand, with plush toy production capacity reportedly increased to over ten times that of the same period last year, reaching approximately 30 million units in August [2]. - The expansion of production capacity is expected to positively impact the availability of LABUBU and other IP products for consumers, which could benefit the company's long-term performance [3]. Group 3: Long-term Value Considerations - The decline in secondary market prices is viewed as a sign of increased production capacity and a move towards making products more accessible to consumers, which is essential for the sustainable development of the company [3]. - Investors emphasize that the long-term value of the company should not be judged solely based on the fluctuations in secondary market prices of a single IP, as controlling secondary market premiums is crucial for maintaining consumer access and reducing speculation [3].

泡泡玛特正加大产能，以回应市场的真实需求。泡泡玛特供应链中心总裁袁俊杰在8月的财报业绩发布 会上透露，公司已将毛绒产能提升至去年同期的10倍以上，8月毛绒产能已经达到了约3000万只。 产能扩大的效应很快就体现在新品发售中。LABUBU在二级市场的行情明显回落。发售后一周，迷你 版LABUBU在二手平台的溢价幅度较前几代大幅降低，第一、二、三代LABUBU的二手交易价格也出 现下滑，甚至三代LABUBU已经出现轻微折价。 二手市场价格回落之际，泡泡玛特的股价也出现小幅回调。9月9日收盘公司股价仍高于半年业绩报发布 前水平，但较此前339.8港元的高点有所回调。 一位行业人士表示，"二手市场价格下跌短期看可能影响了股价，但长期来看对泡泡玛特是重大利好。 二手市场价格下跌，一方面证明产能提升，另一方面更多消费者可以买到LABUBU或者其他IP产品，这 其实更有利于公司业绩进一步发展。" 北京商报讯（记者 赵述评）9月10日，北京商报记者发现泡泡玛特旗下人气IP LABUBU推出的迷你版 （THE MONSTERS心底密码系列），一经发售在多个平台迅速售罄，二级市场价格一度成倍飙升。仅 一周后，迷你版LABUBU二 ...