Group 1 - Labubu has become the top search term on Alibaba's AliExpress platform ahead of the overseas 618 shopping festival, indicating its rising popularity among international consumers [2][4] - The brand's unique "quirky cute" design and blind box concept have contributed to its rapid ascent as a global trendsetter, with significant consumer interest from markets such as the UK, Australia, and Brazil [5] - The overall GMV for the toy category on AliExpress has seen a remarkable 300% year-on-year growth, driven by the success of Labubu and other Chinese toy brands [5] Group 2 - AliExpress has established itself as a core platform for Chinese brands to expand internationally, with various high-quality toy brands and tech companies choosing to enter the overseas market through this platform [5] - The platform's mature market layout, robust logistics infrastructure, and localized marketing resources are key factors that assist brands in overcoming the challenges of international expansion [5] - AliExpress has launched the "BigSave" brand export plan, aiming to support 1,000 new brands in achieving a breakthrough of one million dollars in sales this year [5]

LABUBU产品外包装明确标注"适用于8岁以上人士"，而排队的多是青年人，不少不是给孩子买的，而是给自己买的。 你玩得挺嗨，可是你知道吗，你每买一个LABUBU，可能就是给一个财富超过500亿元的超级富豪，贡献一份财富。 而你可能更不知道的是，正是这些仅仅给你提供"情绪价值"的小玩具，却给一些人提供了"财富价值"。 在不久前发布的2025年胡润全球富豪榜上，至少有4个中国富豪，凭借卖玩具榜上有名，财富总额超过1000亿元。 LABUBU背后的富豪，如今财富超过了500亿元。 文|龙溪 来源|商业传奇 今天是六一国际儿童节！ 朋友圈很欢乐，很多人祝小朋友、大朋友儿童节快乐！ 历尽千帆，归来仍是少年。谁心中没有一个儿童梦？这不，最近一个叫LABUBU的玩具卖疯了，世界各地都出现了排队抢购的情形。甚至一群大人为了玩 具都动起手了。 他就是LABUBU的出品方泡泡玛特的王宁，在2025年胡润全球富豪榜上的财富达505亿元， 如今他的财富更是达千亿元以上。 其实，泡泡玛特不是主要给儿童造玩具的，他们的核心目标是大朋友——年龄段18-35岁的年轻人。 而王宁也算是个"大朋友"，1987年出生，还不到40岁。 他是新乡人， ...

Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - The report highlights the upcoming inclusion of companies Bruker, Guming, and Mixue Group into the Hong Kong Stock Connect, indicating potential investment opportunities in new consumer sectors [4][9] - Bruker, as the leading building block toy brand in China, has achieved a market share of 30.3% in 2023, with a global market share of 7.4%. The company is expected to continue its rapid growth through new IP and product launches [4][9] - Guming, the leading ready-to-drink tea brand in China, has expanded its store count to 9,914 by the end of 2024, with a projected GMV of 22.4 billion yuan. The company is well-positioned to capture market share through its differentiated competitive advantages [4][10] - Mixue Group, a leader in affordable ready-to-drink beverages, has established a comprehensive supply chain and has expanded to 45,302 stores by September 2024. The company holds a 31% market share in the sub-10 yuan price segment [4][10] - The report suggests focusing on the newly included consumer brands and highlights the potential for increased brand value and market share due to changing consumer habits [4][11] Summary by Sections Industry Trends - The report notes a 1.29% increase in the retail index from June 2 to June 6, 2025, and a year-to-date increase of 9.30% [12][23] Company Valuation Table - The report includes a valuation table for various companies, indicating their market capitalization and projected earnings [21] Market Performance - The report provides insights into the performance of various indices, with the retail index showing a positive trend compared to other sectors [12][22]

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the discretionary and staples sectors, indicating a positive outlook for their performance relative to the market [1]. Core Insights - The report highlights the strong performance of the gold and jewelry sector, while cosmetics and snacks are experiencing adjustments. It notes that luxury goods, particularly gold and jewelry stocks, are among the top performers this week [2]. - Key companies such as Pop Mart have been included in the FTSE China 50 Index, which is expected to enhance their visibility and investment appeal [3]. - The report also mentions various new product launches in the food and beverage sector, indicating innovation and market responsiveness [3]. Summary by Sections Investment Focus - Companies rated "Outperform" include Guizhou Moutai, Wuliangye, Midea Group, and Haier Smart Home among others, reflecting a strong investment sentiment towards these stocks [1]. Weekly Performance - In the food and beverage sector, top performers include CHAGEE (+16.3%) and underperformers include Xiaocaiyuan (-5.1%). In the designer toys sector, Pop Mart (+11.1%) and MINISO (+5.8%) showed strong gains. The home appliance sector saw Marssenger (+5.0%) leading, while Midea Group (-7.5%) faced declines [4][9]. Industry News - Notable industry developments include BLOKEES entering the Mexican market and Luckin Coffee launching a new product in collaboration with SpongeBob SquarePants. Additionally, the Jiangsu home appliance trade-in subsidy platform has been upgraded to enhance consumer engagement [3][8].

Investment Rating - The report maintains an "Overweight" rating for the retail industry, indicating a positive outlook for the sector in the coming months [1]. Core Insights - The report highlights the upcoming inclusion of companies Bruco, Guming, and Mixue Group into the Hong Kong Stock Connect, which is expected to attract incremental capital allocation [4]. - Bruco, as the leading building block toy brand in China, has achieved a market share of 30.3% in 2023, with a global market share of 7.4%. The company is expected to continue its rapid growth through new IP, products, and channel expansion [4][9]. - Guming, the leading domestic ready-to-drink tea brand, has expanded its store count to 9,914 by the end of 2024, with a projected GMV of 22.4 billion yuan. The company is well-positioned to capture market share through its differentiated competitive advantages [4][10]. - Mixue Group, a leader in affordable ready-to-drink beverages, has established a comprehensive supply chain and has expanded to 45,302 stores by September 2024. The company holds a 31% market share in the sub-10 yuan price segment, indicating strong market presence [4][10]. - The report suggests focusing on new consumer brands such as Bruco, Guming, and Mixue Group, as well as collectible brands like Pop Mart and pet food sectors, which are expected to benefit from changing consumer habits and increased brand value [4][11]. Summary by Sections Industry Trends - The retail sector has shown a positive performance with a 1.29% increase in the Shenwan retail index from June 2 to June 6, 2025, and a year-to-date increase of 9.30% [12][23]. Company Valuation Table - The report includes a valuation table for various companies in the retail sector, providing insights into their market capitalization, closing prices, and projected earnings [21]. Market Performance - The report notes that the Shenwan retail index has outperformed other indices, indicating a robust market environment for retail stocks [12][23].

「Going Global 出海周报」 是创业邦推出的出海系列栏目，旨在为出海领域的创业者和投资人精选 出海大事件、海外大公司、投融资消息，本篇为栏目第 289 篇报道。 整理丨赵晓晓 本周（ 202 4 . 06 . 01 - 2025.06.08 ）出海大事件包括 ：特朗普或为贸易谈判第三次延期 TikTok 禁令；首家 TikTok 线下选品中心在越南开放； TikTok 的电商新市场扩张任务已经完成， 但在德国还不怎么受欢迎； Temu 在第二季度全球化战略提速， 9 成用户来自亚非拉； Labubu 已 经成为速卖通 Top1 的搜索词；小红书在香港设立首个境外办公室，有望今年启动上市；快手的 Kling AI 单月营收破 1 亿元，成为全球收入最高的视频生成产品之一 等。 出海四小龙 特朗普或为贸易谈判第三次延期 TikTok 禁令 随着 6 月 19 日最后期限临近，特朗普预计将签署行政令，暂缓执行封禁或强制出售 TikTok 的法 律，以避免 TikTok 在美国的业务被全面封禁。 这将是特朗普 1 月就任美国总统以来第三次给予 TikTok 宽限期，此前两次分别为 4 月和 6 月的 75 ...

Market Overview - The U.S. has increased tariffs on steel and aluminum from 25% to 50%, effective June 4, 2025, impacting market sentiment[9] - The People's Bank of China announced a 1 trillion yuan reverse repurchase operation to maintain liquidity, indicating a supportive stance for the bond market[10] Bond Market Insights - The 10-year government bond yield is expected to reach new lows, with a recommended entry point above 1.8% and a potential extreme at 1.9%[3] - After a 10 basis point rate cut, the yield is projected to be around 1.7%, presenting a favorable configuration for investors[3] Stock Market Strategy - Defensive sectors like banks are recommended due to ongoing tariff negotiations and economic pressures, with limited downside potential for large-cap stocks[3] - The market is currently characterized by high volatility, particularly in small-cap stocks, necessitating a cautious approach to investment[3] Economic Indicators - The average daily trading volume in the A-share market has risen to 1,208.854 billion yuan, an increase of 114.95 billion yuan from the previous week[22] - The industry rotation speed has increased, with heightened investor interest in technology and new consumption sectors[23] Risk Factors - Risks include slower-than-expected economic recovery, ineffective policy measures, escalating tariff disputes, geopolitical tensions, and uncertainties in overseas economic conditions[4][26]

Group 1: Cultural Industry Highlights - The 21st China (Shenzhen) International Cultural Industries Fair showcases cultural achievements from Hong Kong, Macau, and Taiwan, attracting numerous exhibitors and providing a platform for market expansion [1] - The Hong Kong pavilion features a variety of cultural creative works, including fashion, toys, and traditional brands, emphasizing the city's unique blend of Eastern and Western cultures [2][3] - Macau's cultural heritage is highlighted through performances and exhibitions, with 70 projects listed as intangible cultural heritage, including 11 at the national level [4] Group 2: Innovative Cultural Expressions - The "Camel" brand, a traditional thermos manufacturer, showcases innovative designs that merge traditional and modern artistic elements, reflecting Hong Kong's cultural evolution [3] - The "Macao 2049" performance combines traditional cultural elements with advanced technology, demonstrating the integration of heritage and modernity [6] - Taiwan's exhibition features over 30 quality manufacturers, with a focus on Mazu culture, which is recognized as a UNESCO intangible cultural heritage, promoting social values and emotional connections across the Taiwan Strait [7] Group 3: Market Opportunities and Engagement - The Taiwan-based company, specializing in educational toys, emphasizes the importance of cultural exhibitions in connecting with distributors and expanding market reach [9] - The handmade art from Taiwan, inspired by Mazu culture, aims to spread warmth and kindness, showcasing the potential for cultural exchange and market growth [8]

Core Viewpoint - The company is expected to experience growth momentum in 2025 due to an accelerated pace of new product launches and a strong IP matrix, establishing a competitive moat in the market [1][2] Group 1: Product Launch and Market Strategy - Since March, the company has significantly increased its new product launch cadence, with several new products from major IPs like Kamen Rider, Naruto, Ultraman, Transformers, and Super Sentai being introduced [1] - The company has launched five products in the budget-friendly "Starry Version" series, which are expected to perform well due to their cost-effectiveness, contributing positively to the 2025 performance [1] - New products targeting adult fans and female demographics, such as Pokémon and Minions, have also been introduced, indicating a potential for expanding customer segments [1] Group 2: Overseas Expansion and Growth Potential - The company's overseas sales revenue increased by 518% year-on-year to 64 million yuan, with significant contributions from regions outside China, including Asia, North America, and others [2] - The company has showcased its products at various international toy fairs in Singapore, Germany, the USA, and Mexico, leveraging its competitive pricing and product features to connect with global fans [2] - Popular IPs like Ultraman and Transformers have received global licensing, indicating a strong potential for accelerated overseas business development in 2025 [2] Group 3: Financial Forecast and Valuation - The company maintains its profit forecast, expecting adjusted net profits of 1.181 billion, 1.814 billion, and 2.582 billion yuan for 2025-2027 [2] - Given the company's innovative "Brukoo System" and strong competitive barriers, the target price has been raised to 188 HKD, reflecting a 36x target PE for 2025 [2]

Core Viewpoint - The stock price of Pop Mart (09992.HK) has reached new highs, leading to divergent opinions among investors regarding its future trajectory [2] Group 1: Market Sentiment and Analysis - Renqiao Asset expressed concerns about the overheating of the new consumption sector, suggesting that the significant price increases of companies like Pop Mart indicate a bubble [2] - Morgan Stanley remains optimistic about the Chinese IP industry, naming Pop Mart and Laopu Gold as top picks, with a rating of "overweight" [2] - The report from Morgan Stanley highlights that IP products are among the best-performing consumer categories this year, despite most companies not seeing significant demand recovery [2] Group 2: Investment Risks and Concerns - A private equity figure warned that the current popularity of LABUBU may not be sustainable, comparing it to the hype around brands like Heytea and Nayuki, suggesting that current performance may not reflect future potential [3] - Concerns were raised about Pop Mart's reliance on limited edition products and the potential for overselling future performance, with a warning that current valuations require substantial profit growth to be justified [3] - Risks associated with the "gambling-like" nature of blind boxes were noted, emphasizing the need for improved regulations to protect minors [4] - The dependency on IP and the lifecycle of products pose risks, as the lifespan of a single IP typically ranges from 9 months to 2 years, which could lead to performance volatility if new hits are not consistently launched [5] - High valuation pressures were highlighted, with Pop Mart's price-to-earnings ratio significantly exceeding the global toy industry average, raising concerns about potential stock price corrections if growth targets are not met [5]