22日，@POPMART泡泡玛特 官宣mini版labubu。据悉，mini版labubu共14个常规款，1个隐藏款，售价79元。 ...

阿中×WAKUKU，全球限定联名首发 此次合作共推出10款限定潮玩，包括"WAKUKU哇库库×中网"胖哒哒限定款毛绒公仔800%、"WAKUKU哇库库×中网"酷满贯限定款毛绒吊卡、"WAKUKU 哇库库×中网"ACE限定款毛绒吊卡等，所有限定产品将于9月14日全球开售，用户可以在Letsvan奇梦岛线上官方旗舰店或中网线下销售网点、奇梦岛快闪店 等渠道购买。 中网赛事组委会秘书长陈杰对此次合作表达了祝贺。他指出，头部赛事与新锐潮玩携手合作，是一次极具前瞻性和创新性的跨界联动，既为观众和消费者带 来新体验，也给中网赛事和Letsvan奇梦岛进一步发展创造新契机，对于推动文商旅体深度融合，大力发展赛事经济，具有重要的作用。 首创集团副总经理、中网公司董事长孙宝杰表示，中网始终以推动网球普及、服务首都高质量发展为己任。Letsvan奇梦岛作为中国原创潮玩领军品牌，其 IP孵化能力与商业化经验已成为行业典范。旗下WAKUKU所洋溢的青春活力，与中网"网动青春"的理念高度契合。此次"体育+文创"的创新实践，不仅丰富 了中网特许商品线，更将在年轻群体中扩大赛事影响力，为文商旅体融合发展探出一条新路径。 开启赛事商业化路径 ...

Core Insights - Miniso reported a revenue of 9.393 billion RMB for the first half of 2025, marking a year-on-year growth of 21.1%, while net profit decreased by 23.1% to 906 million RMB [1][2] - The adjusted net profit increased by 3% to 1.278 billion RMB, indicating a positive trend despite the overall profit decline [1][2][8] Financial Performance - Revenue for the first half of 2025 was 9.393 billion RMB, up from 7.758 billion RMB in the same period of 2024, reflecting a growth of 21.1% [2] - Gross profit rose by 22.6% to 4.157 billion RMB, while operating profit increased by 3.4% to 1.546 billion RMB [2] - The pre-tax profit fell by 21.9% to 1.194 billion RMB, and net profit decreased by 23.1% to 906 million RMB [2] - Adjusted EBITDA grew by 11.2% to 2.187 billion RMB [2] Business Segments - The retail brand Miniso in mainland China generated a pre-tax income of 6.558 billion RMB, while overseas markets contributed 3.537 billion RMB [4] - The TOP TOY brand saw a significant revenue increase of 73%, with total store count reaching 293 [4][5] - The growth in TOP TOY is attributed to store expansion and continuous product innovation, positioning it as a potential second growth driver for Miniso [4] Strategic Investments - Miniso completed the acquisition of a 29.4% stake in Yonghui Supermarket for 6.27 billion RMB, becoming its largest shareholder [6] - The investment in Yonghui Supermarket resulted in a loss of 119 million RMB for Miniso [7] - Despite the loss, Miniso's cash and cash equivalents increased to 7.115 billion RMB from 6.227 billion RMB year-on-year [7] - Miniso utilized its equity in Yonghui as collateral for bank loans, amounting to approximately 4.308 billion RMB [7]

Core Viewpoint - The Chinese潮玩 (trendy toys) industry is experiencing significant growth in overseas markets, with various companies adopting differentiated IP positioning and marketing strategies to carve out their own paths in international expansion [2]. Group 1: Market Trends - The潮玩 industry is increasingly moving towards international markets, with a notable trend of companies expanding beyond domestic borders [2]. - Bubble Mart International Group reported a revenue of 82.8 billion yuan in China, a year-on-year increase of 135.2%, while revenues from the Asia-Pacific, Americas, and Europe regions saw growth rates of 257.8%, 1142%, and 729.2% respectively [2]. - 大漂亮玩具有限公司 achieved approximately 20 billion yuan in GMV within a year of establishment, with its original IP "娃三岁" contributing 90% to its overall revenue [2]. Group 2: Expansion Strategies - 大漂亮玩具有限公司 has successfully entered the Alibaba International Station and established independent brand sites, with plans to expand into Southeast Asia and gradually into other regions [5]. - The company anticipates explosive growth in the European and American markets this year, having already established exclusive agency partnerships in the UK and Argentina [5]. - Industry expert Zhang Shule suggests that the next significant market for Chinese潮玩 is Japan, due to cultural similarities and the potential for Chinese潮玩 to resonate well with Japanese consumers [5]. Group 3: Competitive Advantages - The primary advantages of Chinese潮玩 products in international markets include a robust supply chain, experience in social media marketing, and growing original design capabilities [6]. - The efficiency of the潮玩 industry’s supply chain in Dongguan is highlighted as a key factor in reducing costs and enhancing product design and manufacturing capabilities [6]. - Companies are encouraged to leverage their manufacturing strengths and collaborate to maximize their presence in overseas markets [10]. Group 4: Intellectual Property Considerations - As潮玩 companies expand internationally, they must prioritize intellectual property protection to avoid infringement and enhance their own IP protection capabilities [12]. - The Chinese customs authorities are intensifying efforts to combat counterfeit潮玩 products, indicating a growing focus on IP enforcement [12]. - Legal experts emphasize the importance of timely overseas registration of rights, particularly trademarks and design patents, to prevent potential losses [19].

Core Viewpoint - Macquarie forecasts that Pop Mart (09992) will achieve approximately 33 billion RMB in revenue for the fiscal year 2025, with a non-IFRS net profit margin of 35% [1] Group 1: Financial Projections - The target price for Pop Mart has been raised by 11% to 400 HKD, while the target price-to-earnings ratio has been adjusted from 34.5 times to 33 times due to anticipated growth slowdown starting in 2026 [1] - Net profit forecasts for fiscal years 2025 and 2026 have been increased by 17% and 16% respectively, reflecting higher expectations for revenue and profit margins [2] - Revenue forecasts for 2025 and 2026 have been raised by 7% and 8% respectively, driven by better outlooks for product launches and ongoing expansion in overseas markets [2] Group 2: Market Expansion and Strategy - Pop Mart's revenue in the Americas has increased by 1,142% year-on-year, indicating significant growth potential [1] - The company currently derives 59% of its sales from online channels, suggesting ample opportunity for physical store openings [1] - Macquarie believes that Pop Mart's focus on store quality and productivity will maintain discipline, while opening stores in prime locations will enhance brand awareness among celebrities and opinion leaders [1] - Expansion in Europe and other regions is just beginning, with long-term potential for localization [1] Group 3: Product Development - Pop Mart is investing in IPs beyond The Monsters, aiming for a more balanced IP portfolio [1] - The upcoming Mini Labubu series demonstrates the company's ability to monetize through expansion into new scenarios and categories [1]

Core Viewpoint - Macquarie forecasts that Pop Mart (09992) will achieve approximately 33 billion RMB in revenue for the fiscal year 2025, with a non-IFRS net profit margin of 35% [1] - The firm maintains an "outperform" rating but has adjusted the target price upward by 11% to 400 HKD, while lowering the target price-to-earnings ratio from 34.5x to 33x due to anticipated growth slowdown starting in 2026 [1] Group 1 - The company experienced a remarkable 1,142% year-on-year revenue growth in the Americas market, indicating significant upside potential [1] - Currently, 59% of sales are generated online, suggesting ample opportunity for physical store expansion [1] - Macquarie believes that focusing on store quality and productivity will help the company maintain discipline while enhancing brand awareness among celebrities and opinion leaders through strategic store locations [1] Group 2 - Macquarie anticipates that the expansion in Europe and other regions is just beginning, with long-term potential for localization [1] - The company has been investing in IPs beyond The Monsters, aiming for a more balanced IP portfolio [2] - The upcoming Mini Labubu series demonstrates the company's ability to monetize through category expansion and new scenarios [2] Group 3 - The firm has raised its net profit forecasts for Pop Mart for the fiscal years 2025 and 2026 by 17% and 16%, respectively, reflecting higher revenue and profit margin expectations [2] - Revenue forecasts have been increased by 7% and 8%, attributed to better prospects from product launches and ongoing overseas store expansions in the second half of 2025 [2] - Gross profit margin forecasts have been adjusted upward by 0.6 percentage points and 0.2 percentage points for the respective fiscal years [2]

Core Viewpoint - The article highlights the booming trend of trendy toys, particularly focusing on the strategic financing of TOP TOY, a brand under Miniso, which has received significant investment from Temasek, leading to a post-investment valuation of approximately 10 billion HKD [2][5]. Group 1: TOP TOY's Growth and Market Position - TOP TOY reported a revenue of 400 million RMB in Q2 this year, marking an 87% year-on-year increase, and its total revenue for the first half of 2025 reached 740 million RMB, a 73% increase [8]. - The brand has expanded its store count to 293, with 98 new stores opened year-on-year, and plans to continue its aggressive expansion strategy [6][8]. - TOP TOY is exploring the possibility of a separate IPO, with aspirations to achieve this within three years, indicating a strong growth trajectory [9]. Group 2: Market Dynamics and Comparisons - The trendy toy market is experiencing significant growth, with competitors like Pop Mart achieving record performance, reporting a 204.4% year-on-year revenue increase to 13.88 billion RMB in the first half of 2025 [15]. - TOP TOY differentiates itself from Pop Mart by focusing on the secondary creation of major IPs, while Pop Mart primarily develops its own IPs [16]. - The article notes a growing consensus in the investment community that capturing the Z generation market is crucial for future success, as evidenced by various new entrants and IPOs in the trendy toy sector [18].

招商证券发表报告称，基于泡泡玛特(9992.HK)最新指引，上调2025至2027年度盈利预测54%-77%，目 标价调高五成，由272港元上调至410港元，重申"增持"评级。 展望下半年，管理层强调Labubu毛绒手机挂件有望成为爆款，意味正加速拓展高频生活方式SKU，以 增强日常品牌互动。毛绒品类已超越手办成最大品类，占收入比重达44%，有助提升整体利润率。随着 品牌力持续提升、全渠道模式逐步扩张及IP变现路径不断拓展，该公司有望成为世界级文化IP品牌，故 重申强烈"增持"评级，看好公司在全球扩张加速下实现强劲的下半年业绩指引。 招商证券表示，泡泡玛特管理层指引今年收入将超过300亿元，净利率约为35%，超市场预期，展现其 对运营执行与市场需求高度信心。此名，该公司计划今年全球新店开设目标翻倍至逾200间，目前已运 营128间海外门店，美国门店年底料突破60间。 招商证券将泡泡玛特今年盈利预测上调64%，至113.52亿元，明年预测调高77%，至177.59亿元。2027 年则调高54%，至226.01亿元。 ...

编辑 | 甄芹 本文自南都N视频APP·政商数据。 采写 | 南都N视频APP记者 黄培 "谁抢到了MOKOKO？1200元收！"8月21日晚，泡泡玛特旗下MOKOKO、星星人等多个热门IP发售新品，上架后 秒空。 泡泡玛特顶流新品秒空，二手溢价数倍199被炒至1200元 泡泡玛特此前发布新品预告后，大批网友梳理出必抢的新品清单，一直大热的MOKOKO位列第一。MOKOKO与 LABUBU同属THE MONSTERS中的精灵，有着粉红色毛发和爱心鼻子，耳朵戴花，是家族中的"颜值担当"。 不过，此次发售新品中，遭疯抢的不只顶流MOKOKO，还有今年上半年才推出毛绒玩具和手办的星星人。南都记 者留意到，此次的新品"好梦气象局"毛绒盲盒未发售已火，尤其是非隐藏款的"大风中凌乱"，以炸毛形象吸引不 少人，同样未发售已溢价。 未发售已溢价 发售后二级市场再涨价 该系列官方单个盲盒价格为79元，整端474元。目前，二手市场中，每个款式均溢价，隐藏款涨至599元，"大风中 凌乱"已超200元。 此外，泡泡玛特当晚发售的新品还有周深联名款《反深代词》搪胶毛绒，上架后也快速售罄，二手市场小幅溢 价。 毛绒品类一个月产能是去年同 ...

Core Viewpoint - The report from Jianyin International indicates that Pop Mart (09992) is expected to maintain a strong revenue growth of 1.14 times in the second half of the year, driven by robust global demand, with an anticipated annual compound growth rate of 28% in profits from 2026 to 2027 [1] Group 1 - Pop Mart's adjusted net profit for the first half of the year increased by 372% year-on-year to 4.602 billion RMB, slightly exceeding the previously forecasted growth of 350% [1] - Revenue for the same period rose by 204% year-on-year to 13.876 billion RMB, aligning closely with expectations [1] - The strong profit growth is attributed to economies of scale and improved operational leverage, with business growth driven by comprehensive expansion across core IP, product categories, and regional markets [1] Group 2 - The target price for Pop Mart has been raised from 288 HKD to 374 HKD, maintaining an "outperform" rating and continuing to be listed as an industry favorite [1] - The upcoming launch of the "Mini Labubu" is anticipated to act as a catalyst for recent stock price movements [1] - The company is progressing towards its goal of becoming a global enterprise [1]