Core Viewpoint - The company is expected to achieve significant revenue and profit growth in the first half of 2025, driven by strong domestic and international sales, new product launches, and improved store efficiency [1][2]. Group 1: Financial Performance - The company forecasts over 200% year-on-year revenue growth for the first half of 2025, exceeding 13.67 billion RMB [1]. - Group profit (excluding unrealized gains from financial instruments) is projected to grow by over 350%, reaching at least 4.34 billion RMB [1]. - The profit margin for the first half of 2025 is expected to be 31.7%, an increase of 10.6 percentage points year-on-year, marking a historical high [1]. Group 2: Domestic Growth - The Labubu 3.0 series launched in April has generated high demand, leading to a temporary high premium in the second-hand market [2]. - The company has replenished stock in June to meet consumer demand, resulting in a slight price drop in the second-hand market while still maintaining a premium, indicating sustained IP popularity [2]. - The successful expansion of multiple IPs and the introduction of plush products are expected to enhance average transaction value [2]. Group 3: International Expansion - The company is experiencing rapid growth in Asia and is expanding quickly in Europe and North America, with significant results from its European expansion [2]. - The overseas revenue share is expected to increase in the first half of 2025, supported by strong consumer spending in these regions [2]. - A global organizational restructuring was initiated in April to enhance market operational efficiency and accelerate business development [2]. Group 4: Profit Forecast and Investment Rating - The company has established a competitive advantage through a diverse IP matrix, strong IP operation capabilities, and extensive online and offline channels [3]. - The projected net profits for 2025-2027 are 10.05 billion, 13.11 billion, and 17.02 billion RMB, with corresponding price-to-earnings ratios of 33.8, 25.9, and 19.9 times [3]. - The company maintains a "recommended" rating based on its growth potential and competitive positioning [3].

Core Viewpoint - The company, Pop Mart, announced a positive earnings forecast for the first half of 2025, expecting revenue growth of no less than 200% and profit growth of at least 350% compared to the same period in 2024 [1] Group 1: Financial Performance - For the first half of 2025, the expected revenue is 13.673 billion, with a profit base of 999.7 million from the first half of 2024 [1] - The profit margin is improving due to a higher proportion of high-margin products and regions, along with continuous cost optimization [1] Group 2: Channel Expansion - The number of retail stores in mainland China has increased to 177, up 40.5% from 126 at the beginning of the year [1] - North America has seen a doubling of stores from 26 to 53, with ongoing expansion in key coastal areas and new regions [1] - Southeast Asia has added 9 new stores, while Europe has opened 10 new stores, indicating strong demand in new markets [1] Group 3: Product Development - New IP products are gaining popularity, with the Zsiga series receiving 4,084 likes, and the SP series achieving 5,080 likes, marking historical highs [2] - Collaborations with external IPs such as The Monsters and Disney are enhancing brand reach [2] Group 4: Future Outlook - The company is in a clear upward cycle regarding IP, products, and channels, with significant room for growth in single IP value compared to global leaders [3] - The company plans to focus on the sustainable operation of IPs and the expansion of product categories [3] - Updated revenue forecasts for 2025-2027 are set at 30.994 billion, 42.415 billion, and 52.922 billion, with adjusted net profit expectations of 10.336 billion, 14.353 billion, and 17.992 billion respectively [4]

Investment Rating - The report maintains a "Buy" rating for the company [2][7][17] Core Views - The company has announced a significant earnings forecast for the first half of 2025, with revenue growth expected to be no less than 200% and profit growth no less than 350% compared to the same period in 2024 [7] - The report highlights the company's strong IP (Intellectual Property) long-term operational capabilities, with a focus on expanding product categories and enhancing brand presence in new markets [7] Financial Data and Earnings Forecast - Revenue projections for the company are as follows: - 2023: 6,301 million RMB - 2024: 13,038 million RMB - 2025E: 30,994 million RMB - 2026E: 42,415 million RMB - 2027E: 52,922 million RMB - The expected growth rates for revenue are 36% in 2023, 107% in 2024, and 138% in 2025 [6][8] - Non-IFRS net profit forecasts are: - 2023: 1,184 million RMB - 2024: 3,220 million RMB - 2025E: 10,336 million RMB - 2026E: 14,353 million RMB - 2027E: 17,992 million RMB - The expected growth rates for net profit are 107% in 2023, 172% in 2024, and 221% in 2025 [6][8] Market Expansion and Product Development - The company has increased its retail presence in mainland China, with a total of 177 stores, a 40.5% increase from the beginning of the year [7] - The company is expanding its international footprint, particularly in North America, where the number of stores has doubled to 53, and in Southeast Asia, with 9 new stores [7] - New product launches have shown strong market engagement, with several IP products achieving record popularity on social media [7] Updated Earnings Forecast - The earnings forecast has been revised upwards, with expected revenues for 2025-2027 now at 30.994 billion RMB, 42.415 billion RMB, and 52.922 billion RMB respectively [7] - Non-IFRS net profit estimates for the same period have also been increased to 10.336 billion RMB, 14.353 billion RMB, and 17.992 billion RMB [7]

Core Viewpoint - Pop Mart (HK09992) is expected to report a strong performance in the first half of 2025, with revenue projected to grow by no less than 200% year-on-year, driven by its popular IP LABUBU and a collaboration with Godiva [2][6]. Group 1: Company Performance - Pop Mart's market capitalization is 336.3 billion HKD, with a share price of 250.4 HKD [2]. - The company anticipates a profit increase of no less than 350% year-on-year, with projected revenue exceeding 135 billion CNY for the first half of 2025 [6]. - The expected revenue for the first half of 2025 is significantly higher than its total revenue for 2024, which was 45.58 billion CNY [6]. Group 2: Collaboration with Godiva - Godiva and LABUBU launched two summer products, "Forest Soft Ice Cream" and "Forest Magic Drink," available in China, Singapore, Malaysia, and Indonesia [4]. - The collaboration generated interest primarily due to a collectible stainless steel spoon featuring the LABUBU logo, which has become a sought-after item on resale platforms [4][6]. - Despite the online buzz, in-store sales have been underwhelming, with daily sales reported to be only in the dozens [4][6]. Group 3: Market Challenges - Traditional high-end brands like Godiva, Häagen-Dazs, and others are facing challenges in maintaining sales and relevance in a competitive market [3][9]. - Godiva's market presence has diminished since 2020, with a significant reduction in store numbers and a shift in consumer preferences towards more affordable options [7][8]. - The high-end ice cream market is increasingly competitive, with local brands offering innovative products at lower prices, posing a threat to established brands [10]. Group 4: Strategic Adjustments - Godiva is undergoing strategic changes, including a brand integration under Pladis and a focus on innovation and localization to better connect with consumers in the Asia-Pacific region [10][11]. - The company aims to leverage changing consumer preferences and the demand for high-quality innovative products to drive growth in key markets like the U.S. and China [11].

Investment Rating - The report maintains a "Buy" rating for Pop Mart (9992.HK) [5][11] Core Views - The company is expected to achieve a revenue growth of no less than 200% and a profit growth of no less than 350% in the first half of 2025 compared to the same period last year [5][6] - The significant revenue increase is attributed to the expansion of IP and product offerings, as well as a rise in overseas revenue [6][10] - The net profit margin is projected to improve to approximately 33% in the first half of 2025, up from 20% in the first half of 2024 [6][10] Summary by Sections Company Overview - Latest closing price: HKD 252.60 - Total market capitalization: HKD 3,392.27 billion - Earnings per share (EPS) for 2025 is projected to be HKD 4.99 [4][11] Financial Performance - For the first half of 2024, the company reported a revenue of HKD 45.58 billion and a profit of HKD 9.64 billion [6] - The projected revenue for the first half of 2025 is at least HKD 137.64 billion, with a profit of at least HKD 44.89 billion [6] Growth Drivers - The company is focusing on international expansion, particularly in the US and European markets, with plans to open 100 stores overseas by 2025 [10] - The introduction of new product lines, including accessories and building blocks, is part of the strategy to enhance the comprehensive platform [9][10] Future Outlook - Revenue growth rates are expected to be 105%, 49%, and 38% for 2025, 2026, and 2027 respectively, with net profit growth rates of 114%, 58%, and 46% for the same years [11] - The company aims to increase its overseas revenue share to over 50% by 2025 [10][11]

Core Viewpoint - Pop Mart's preliminary performance report for the first half of the year significantly exceeded expectations, with sales and profit surpassing Morgan Stanley's estimates by 8% and 20% respectively [1][2]. Performance Summary - Sales reached 13.7 billion RMB, representing a year-on-year growth of 200% [3]. - Adjusted net profit soared by 375% to 4.375 billion RMB [3]. - Gross margin improved to 70.9%, up by 6.8 percentage points [3]. - Operating profit margin increased to 41.1%, a substantial rise of 16.7 percentage points [3]. - Sales and management expense ratio decreased to 29.8%, down by 9.9 percentage points [3]. Regional Performance - Greater China saw a growth of approximately 125% [4]. - North America experienced a staggering growth of about 1400% [4]. - Other Asia-Pacific regions grew by around 200% [4]. - Europe and other markets increased by approximately 750% [4]. Future Projections - Morgan Stanley raised sales forecasts for 2025-2027 by 19%, 22%, and 23% respectively, and net profit forecasts by 32-34% [6]. - Expected sales growth for 2025 is projected at 140%, with net profit growth at 210% [6]. - The target price for Pop Mart was increased from 302 HKD to 365 HKD, indicating a potential for further upside [2][9]. Valuation Metrics - The implied P/E ratio for 2025 is adjusted to 46, with a target P/E for 2026 at 32 [10]. - The gross margin forecast for 2025-2027 is raised to 71.5%, 72.5%, and 73.0% respectively [8]. - The company’s net profit margin is estimated to reach 32%, exceeding previous expectations by about 4 percentage points [6]. Stock Price Outlook - Short-term stock price is expected to reach new highs, followed by potential profit-taking by momentum investors [9]. - Sales growth is anticipated to slow down to 150-160% in Q3 due to higher base effects in the Asia-Pacific and Chinese markets [9]. - Morgan Stanley views the current adjustment window as a good opportunity for long-term investors to increase their positions, given the company's substantial global market potential [9][11].

Core Viewpoint - Haitong International maintains a target valuation of 35 times the price-to-earnings ratio for Pop Mart (09992) by 2025, raising the target price by 60% to HKD 316.7, while keeping an "outperform" rating [1] Group 1: Financial Performance - Pop Mart's performance in the first half of the year exceeded expectations, with significant year-on-year growth attributed to the global recognition of its IPs and a diverse range of product categories driving rapid revenue growth across regions [1] - The company is expected to achieve revenues of RMB 35.1 billion, RMB 53.5 billion, and RMB 69.1 billion for the years 2025 to 2027, reflecting year-on-year growth rates of 169%, 53%, and 29% respectively [2] - Adjusted net profits are projected to be RMB 11.2 billion, RMB 17.8 billion, and RMB 23.8 billion for the same years, with year-on-year growth rates of 229%, 58%, and 34% respectively [2] Group 2: Operational Insights - The increase in overseas revenue proportion and changes in revenue structure positively impacted both gross and net profit margins, alongside enhanced economies of scale [1] - The company has successfully diversified its IP portfolio from reliance on a single product (MOLLY) to multiple successful IPs like PUCKY, DIMOO, SKULLPANDA, and more recently, THE MONSTERS and CRYBABY, reducing risks associated with dependence on a few IPs [1] - The long-term operational capability of Pop Mart's IPs has been validated, ensuring a higher sustainability of performance [1]

Investment Rating - The report maintains a "Buy" rating for the company [1][12] Core Insights - The company is expected to achieve significant revenue and profit growth in H1 2025, with revenue projected to increase by no less than 200% year-on-year, reaching at least 13.673 billion RMB, and profit expected to grow by no less than 350%, reaching at least 4.489 billion RMB [5][8] - The company's global IP recognition and diverse product categories are driving revenue growth across various cities, with overseas revenue contributing significantly to profit margins [8][11] - The expansion of overseas stores and the successful performance of products on platforms like TikTok are enhancing the company's market presence and profitability [8][11] Summary by Sections Recent Performance - As of July 16, 2025, the company's stock price is 252.60 HKD, with a market capitalization of approximately 339.23 billion HKD [4][12] - The company has shown a remarkable 572.8% increase in stock performance over the past 12 months, significantly outperforming the Hang Seng Index [4] Financial Projections - Revenue projections for 2025-2027 are 30.797 billion RMB, 41.415 billion RMB, and 49.772 billion RMB, respectively, with corresponding net profits of 9.405 billion RMB, 12.848 billion RMB, and 15.514 billion RMB [10][12] - The adjusted net profit is expected to be 10.037 billion RMB, 13.611 billion RMB, and 16.438 billion RMB for the same years [10][12] Product and Market Expansion - The company has accelerated the launch of new products, with 47 new blind box products and 26 MEGA products introduced in H1 2025, reflecting a strong market response [11] - The company is also focusing on expanding its product categories, including potential entry into the small home appliance sector [11]

Group 1 - Pop Mart expects a revenue growth of no less than 200% and a profit increase of no less than 350% for the first half of 2025 compared to the same period in 2024 [1] - Roma's operational team remains intact, and the company assures that product recall and after-sales service will continue effectively despite recent challenges [2] - Elon Musk has launched an AI chatbot service called Grok, which features a virtual girlfriend for a subscription fee of $30 per month, indicating a shift towards monetizing virtual emotional experiences [3][4] Group 2 - Sichuan Changhong anticipates a decrease in net profit for the first half of 2025, with estimates ranging from 138 million to 182 million yuan, marking the first negative growth since 2021, partly due to competition from Xiaomi's new factory [5] - The Trump administration has ended investigations into the cryptocurrency betting platform Polymarket, signaling a potential shift in regulatory stance towards the crypto gambling industry [6][7] - Nvidia's CEO Jensen Huang noted rapid advancements in China's chip industry, expressing strong demand for the H20 chip in the Chinese market [8][9] Group 3 - The China National Automotive Research Institute's executive stated that Level 4 and below driving systems should be classified as assisted driving, highlighting challenges faced by traditional automakers in integrating AI [9] - Zhiyuan Robotics has secured strategic investment from Charoen Pokphand Group, marking a new phase in its global expansion efforts in various sectors [10] - JPMorgan reported Q2 2025 revenue of $44.912 billion, which fell short of expectations, with non-interest income at $22.4 billion and total assets under management at $4.3 trillion [11] - Geely has signed a merger agreement with Zeekr, allowing shareholders to choose between cash or shares of Geely as compensation [12][13] - JD Health has opened its first self-operated medical beauty clinic in Beijing, indicating its expansion into the medical beauty sector [14][15] - Yingfang Microelectronics denied rumors regarding the establishment of a new base in Jiangyin and collaboration with Changxin Storage on LPDDR5 products [16]

Group 1: Market Overview - The Hang Seng Index (HSI) shows mixed sentiments with bullish investors targeting the heavy resistance zone at 25,100 and bearish investors anticipating a drop to challenge the support level at 24,000 [1] - The index reached a high of 24,867 during the trading session but closed lower at 24,517, indicating a potential buying signal based on technical analysis [1] - Key support levels are identified at 24,100 and 23,700, while resistance levels are at 24,894 and 25,357 [1] Group 2: Individual Stock Analysis - Pop Mart (09992.HK) opened high but closed lower, with bearish investors holding put options at an exercise price of 167.9 HKD, indicating skepticism about further price increases [3] - Baidu Group (09888.HK) is under scrutiny as investors question when it will stabilize above 90 HKD, with some holding call options at 168 HKD [6] - Tencent Holdings (00700.HK) experienced a high of 526 HKD during the session, with investors opting to take profits after a significant rise from 493 HKD, while the buying signal remains [9] - China Unicom (00762.HK) is approaching a resistance level of 9.4 HKD, with a buying signal in place and a potential challenge to reach 10 HKD in the future [12] - China Resources Beer (00291.HK) is anticipated to report mid-term results, with a strong buy signal and resistance levels at 27.8 HKD and 29 HKD, indicating potential upward movement [16]