Core Viewpoint - The growth of Pop Mart has been accompanied by skepticism, particularly regarding the breakout of LABUBU and its lifecycle, with the company focusing on seeking "certainty" in uncertain consumer interests [1] Group 1: Company Development - Over the past fifteen years, Pop Mart has evolved from its inception to a diversified entity, now aiming for global expansion [2] - The company has established an IP matrix, with the leading IP THE MONSTERS projected to generate over 3 billion yuan in revenue by 2024, alongside four IPs generating over 1 billion yuan each and thirteen IPs generating over 100 million yuan each [2] - The revenue contribution from various product categories has shifted, with figurines now accounting for 53%, plush toys at 22%, and MEGA and derivative products contributing 13% and 12% respectively [2] - Overseas revenue has surpassed 5 billion yuan, with contributions from Southeast Asia (47%), East Asia (27%), Greater China (14%), and North America and Europe (11%) [2] Group 2: Operational Strategy - The company has built a comprehensive operational system, focusing on IP discovery through systematic mechanisms, product-driven IP operations, a direct sales system for better market control, and a centralized supply chain for quality assurance [3] - The company is exploring opportunities in international markets, with North America entering a rapid growth phase, Europe poised for expansion, and Southeast Asia expected to maintain strong performance [3] - LABUBU has the potential to become a global super IP, with the company leveraging its platform-based IP operation system to scale its second and third-tier IPs [3] - The company is also looking to diversify its business, with figurines and plush toys still in the growth phase, while other categories like building blocks, accessories, and content ecosystems are expected to enhance overall business limits [3] Group 3: Financial Outlook - The company maintains its profit forecast, with the current stock price corresponding to 32/25 times adjusted P/E for 2025/2026 [4] - The company continues to hold an outperform rating with a target price of 330 HKD, reflecting a potential upside of 33% based on 43/33 times adjusted P/E for 2025/2026 [4]

Group 1 - The event "京彩不设限·经济热力站" focused on new consumption enterprises and aimed to enhance consumer confidence and market vitality in Beijing [1] - The event involved a collective interview with 14 media representatives, highlighting the importance of cultural empowerment, digital transformation, and the cultivation of new business formats [1] - The three featured companies demonstrated innovative practices in new retail, traditional textile industry rejuvenation, and immersive cultural tourism experiences [2][3] Group 2 - JD's "七鲜小厨" utilizes a transparent kitchen model to enhance customer experience and showcases a digital integration of supply chain and retail [2] - Beijing Tongniu Group, a 71-year-old traditional enterprise, is leveraging technology and cross-industry collaboration to modernize its textile business and promote cultural heritage [2] - Bubble Mart's city theme park is expanding its IP commercialization through various formats, including theme parks and animation development, contributing to the global spread of Chinese pop culture [3]

Core Insights - The event "京彩不设限·经济热力站" focused on new consumption enterprises and aimed to explore innovative practices in the context of Beijing's push for an international consumption center [1][7] - The event highlighted the importance of cultural empowerment, digital transformation, and the cultivation of new business formats to stimulate market vitality and consumer confidence [1][7] Group 1: Company Innovations - 京东七鲜小厨 utilizes a transparent kitchen model to enhance customer experience and relies on 京东's supply chain for its innovative operational approach [3] - 京东MALL integrates technology with consumer experiences through a "home scene" layout, introducing diverse brands to invigorate offline commerce in Beijing [3] - 北京铜牛集团 combines traditional textile practices with modern technology, showcasing innovations like "AI digital human brocade" and collaborations with global supply chains [5] - 泡泡玛特城市乐园 offers a unique cultural consumption experience, expanding its IP commercialization through theme parks and cross-border collaborations [5][7] Group 2: Economic Development - The event serves to promote the achievements of high-quality economic development in Beijing, with plans for ongoing monthly themes focusing on advanced manufacturing, biomedicine, artificial intelligence, and finance [7] - The exploration of new consumption models reflects the dynamic economic growth and innovation potential within the capital [7]

Core Concept - The recent inheritance dispute involving Wahaha's Zong Fuli has brought trust into the spotlight, highlighting its applications beyond family wealth transfer [1][4] Trust Overview - Trust is fundamentally a contractual relationship where the settlor entrusts assets to a trustee for the benefit of beneficiaries [2] - Key features of trust include wealth transfer, risk isolation, asset protection, and privacy protection, leading to various practical applications such as offshore trusts for family inheritance, equity incentives, charity, and other special purposes [4] Equity Incentive Trust - Equity incentive trusts, also known as employee equity incentive trusts or Employee Benefit Trusts (EBT), involve a company as the settlor entrusting equity or cash to a trustee for managing and distributing to designated employees [5][7] - Commonly used by companies planning to go public, these trusts serve as holding platforms in offshore structures [7] Advantages of Equity Incentive Trusts - **Centralized Management**: Trusts help avoid the dilution of control by centralizing equity management, allowing the company to retain voting rights while employees only hold rights to benefits [7] - **Cost-Effective and Flexible**: Trusts allow for easy adjustments to employee equity allocations without the need for formal business changes, thus controlling management costs [8] - **Risk Isolation**: Trusts protect both the company and employees by ensuring that equity held in trust is not included in the company's liquidation assets in case of debt disputes or bankruptcy [9] Types of Equity Incentive Trusts - For companies planning to go public, establishing equity incentive trusts is often linked to tax planning and foreign exchange management [10] - For companies already listed, especially in Hong Kong, trusts are primarily used for stock repurchase purposes [10] Stock Repurchase via Trusts - Prior to June 11, 2024, Hong Kong's market did not allow companies to hold repurchased shares as treasury stock, leading many to use trusts for repurchase and subsequent employee incentives [11] - This method allows companies to bypass certain regulatory restrictions and maintain liquidity in their shares while binding employee interests [11] Implementation Process - The establishment of an equity incentive trust typically involves several steps, including KYC research and document drafting, with a usual timeframe of 1-2 months [14] - Companies like Pop Mart have successfully implemented equity incentive trusts post-IPO, utilizing RSUs as incentive tools with a structured vesting schedule [16] Continuous Improvement - The process of establishing equity incentive trusts is evolving with market regulations, and companies are encouraged to adapt and refine their approaches to enhance incentive effectiveness and attract top talent [18]

Core Insights - Guangdong's consumer market shows signs of recovery, with a retail sales total of 22,932.66 billion yuan in the first half of the year, reflecting a year-on-year growth of 3.5%, which is an acceleration of 1.0 percentage points compared to the first quarter [1][2] - The "old-for-new" policy has significantly boosted the replacement of durable goods, leading to substantial growth in retail sales across various categories, including home appliances and furniture [8][9] - New consumption scenarios, such as indoor skiing and themed tourism, are emerging as key drivers of consumer engagement and spending [3][4] Consumer Market Recovery - The retail sales in Guangdong reached 22,932.66 billion yuan in the first half of the year, with a 3.5% year-on-year increase, indicating a recovery trend [1] - Tourist numbers during the "May Day" holiday increased by 18.7%, with tourism revenue growing by 20.3% [1][5] - The Dragon Boat Festival saw a significant rise in both day and overnight visitors, with increases of 46.55% and 50.71% respectively, and tourism revenue soaring by 58.18% [1] Supply and Demand Interaction - The "old-for-new" policy has been pivotal in driving consumer demand, with retail sales of home appliances and related categories seeing growth rates of 44.9% and 38.5% respectively [8] - New products and services are being introduced to meet consumer needs, creating a positive interaction between consumption and industry [2][9] - The rise of new consumption scenarios is attributed to increased disposable income and technological advancements that support innovative consumer experiences [5][9] New Consumption Scenarios - Indoor skiing has become a popular summer activity in Guangzhou, with user numbers increasing by over 8% year-on-year [3] - The integration of cultural, culinary, and sporting events into tourism has led to innovative consumption experiences, such as themed river cruises [4] - The "holiday economy" and "night economy" are being fully leveraged, with significant increases in tourist numbers and revenue during holiday periods [5] Challenges and Recommendations - Despite the growth, challenges such as homogenization of cultural tourism and insufficient integration of consumption scenarios remain [6][7] - Experts suggest creating new consumption scenarios aligned with local industry strengths and consumer preferences, while also enhancing policy reforms to support innovation [7][9] - There is a need for improved regulatory measures to ensure quality and service standards in the evolving consumer landscape [10]

北京商报讯(记者赵述评)今年以来，潮玩LABUBU吸引了众多海外粉丝，但部分假冒伪劣产品接连出 现。近日，在知识产权海关保护为国潮出海保驾护航活动上，北京海关二级巡视员、综合业务处处长曹 永斌表示："今年上半年，北京海关共查获涉嫌侵权货物53批次、17.5万件。其中，侵犯泡泡玛特知识 产权货物13批次、3万余件。" 首都机场海关旅检一处旅检八科副科长李思捷在现场表示，5月22日，北京海关通过旅检渠道一次性查 获了7850件LABUBU侵权玩偶以及955件印有泡泡玛特品牌标识的卡片和包装盒，是今年来一次性查获 侵权LABUBU商品数量最大的一起案件。后续，北京海关又接连查获侵权的LABUBU玩偶324件， LABUBU贴纸18200件，LABUBU手机壳53件，包装盒843件。 曹永斌强调："去年以来，北京海关借助跨关区协作平台，与上海、广州、深圳等海关通报趋势线索， 联合各地海关拦截大量侵权'泡泡玛特'货物。" "消费者可通过查验防伪标识等辅助手段鉴别LABUBU产品真伪，但核心建议始终是选择官方授权渠道 购买，坚决避免通过任何非正规途径交易"，泡泡玛特国际集团副总裁陈晓芸强调，未来，泡泡玛特也 将通过提升防 ...

Group 1 - The core viewpoint is that Generation Z, characterized by their unique consumption behaviors and social interactions, is expected to contribute significantly to global consumer spending, with a projected $12 trillion by 2030 [2] - Generation Z is heavily influenced by digital technology and values-driven purchasing, often seeking emotional experiences and social identity through their consumption choices [4][15] - The rise of the "谷子经济" (Guzi Economy) reflects a shift in consumer mindset, where emotional and identity-driven purchases, particularly in the realm of anime and gaming, are becoming mainstream [14][18] Group 2 - Social media platforms like Weibo and Bilibili serve as essential spaces for Generation Z to express their identities and connect with like-minded individuals, facilitating a shift from functional consumption to value resonance [4][10] - The phenomenon of "线上蹦迪" (online partying) versus "线下社恐" (offline social anxiety) illustrates the duality of Generation Z's social behavior, where they thrive in online interactions while often feeling isolated in real life [7][8] - The popularity of niche communities and interest-based discussions on platforms like Weibo highlights the importance of belonging and emotional connection for this generation, driving their consumption patterns [11][12]

Core Viewpoint - The report from CICC maintains the profit forecast for Pop Mart (09992), with the current stock price corresponding to 33/26 times adjusted P/E for 2025/2026, and a target price of 330 HKD, indicating a 35% upside potential [1] Group 1: Company Evolution - Over the past fifteen years, Pop Mart has evolved from its inception to a diversified entity and now aims for global presence, establishing an IP matrix with the largest IP, THE MONSTERS, projected to generate over 3 billion CNY in revenue by 2024, alongside four IPs generating over 1 billion CNY and thirteen IPs generating over 100 million CNY [2] - The revenue contribution from different product categories has shifted, with figurines now accounting for 53%, plush toys at 22%, and MEGA and derivative products contributing 13% and 12% respectively [2] - Overseas revenue has surpassed 5 billion CNY, with Southeast Asia contributing 47%, East Asia 27%, Hong Kong, Macau, and Taiwan 14%, and North America and Europe 11% [2] Group 2: Operational Strategy - The company has established a comprehensive operational system, focusing on IP discovery through systematic mechanisms like exhibitions and internal incubation, enhancing the success rate [3] - Product-driven IP operation helps extend categories and styles, with recent new product launches showing increased speed and higher success rates, validating the platform advantage [3] - A direct sales system strengthens control over inventory and pricing, allowing the company to respond to terminal demand and inform product development [3] Group 3: Future Prospects - The overseas market presents significant growth opportunities, with North America entering a rapid growth phase, Europe preparing for expansion, and Southeast Asia expected to maintain strong performance [4] - Compared to world-class IPs like Hello Kitty, LABUBU has substantial room for growth and aims to become a global super IP, supported by a platform-based IP operation system [4] - Diverse business lines, including figurines and plush toys, are still in the growth phase, with potential for expansion into building blocks, accessories, theme parks, and content ecosystems [4]

中金发布研报称，维持泡泡玛特(09992)盈利预测，当前股价对应25/26年33/26倍经调P/E。维持跑赢行 业评级与目标价330港币，对应25/26年44/35倍经调P/E，有35%上行空间。该行认为，泡泡玛特在IP发 掘、产品设计、渠道与用户运营等全链路能力以及管理层尊重时间、尊重经营的理念有助其穿越周期， 其当前仍处于IP、品类、地域三维度的向上共振期，继续看好公司长期成长空间。 中金主要观点如下： 如何成就泡泡玛特? 过去十五年，泡泡玛特经历了从起步，到多元的泡泡玛特，再到世界的泡泡玛特的持续进化。其已搭 建：1)IP矩阵：至2024第一大IP THE MONSTERS收入超30亿元，共有4个10亿元级IP和13个亿元级IP;2) 多元品类：手办收入占比降至53%，毛绒占比升至22%，MEGA及衍生品分别贡献13%/12%;3)海外布 局：海外收入突破50亿元，东南亚/东亚及中国港澳台/北美/欧洲及其他分别贡献 47%/27%/14%/11%。"变"与"不变"贯穿公司成长始终："不变"的是对国际化与集团化战略的坚 守，"变"的则是持续迭代的团队与组织，其在2023-25年多次升级业务单元、部门架构、 ...

网友催更的"海关大战假LABUBU"更新。7月30日，南都记者了解到，中国海关查假LABUBU（下 称"拉布布"）近三个月后，近期收到泡泡玛特赠送的锦旗。"海关发布"微信公号显示，北京海关、泡泡 玛特国际集团联合开展"知识产权海关保护为国潮出海保驾护航"主题活动，泡泡玛特送上两面锦旗。 泡泡玛特提醒消费者识别假拉布布："一眼假"做工粗糙，嘴歪眼斜、手感很差，没有饱满的填充 感；"精致假"更像正品，但防伪码、唛标、logo及材质手感与正品有一定区别。 北京海关一次性查获7850件假拉布布 一眼假的拉布布容易识别，1:1复刻的"精致假"拉布布不仅自带"防伪标识"，部分热门款售价也并不 低。对此，泡泡玛特国际集团副总裁陈晓芸称，有些"一眼假"，不具备审美特质，嘴歪眼斜、手感很 差，没有饱满的填充感，跟正品差距非常大；还有一些是"精致假"，更精致、更像正品，但其实从防伪 码、唛标、logo及材质手感来综合辨别，与正品还是有一定区别的。最重要的还是鼓励和建议大家从正 规渠道购买，不要在其他的非官方渠道购买。 上海市公安局近期侦破的一起案件显示，网店实际经营人汪某以电扇、音响、游戏机等日常销售活动为 掩护，暗中从事定制、 ...