新浪科技讯 8月21日下午消息，昨日，泡泡玛特创始人王宁在业绩会上透露，本周将发布全新迷你版 Labubu。 据悉，此次新品不仅将在国内发售，还将通过速卖通AliExpress上的泡泡玛特官方旗舰店同步出海，面 向全球潮玩爱好者开放购买。 作为泡泡玛特自2020年起就深度合作的跨境电商平台，速卖通已经成为Labubu等热门IP走向国际的重要 渠道之一。今年海外618期间，速卖通直播间曾20多万人跨时区"蹲守"抢购Labubu，"Labubu"一度跃居 平台关键词搜索榜榜首。（闫妍） 责任编辑：杨赐 ...

Core Viewpoint - Goldman Sachs reports that Pop Mart's stock performance has been positive following its half-year financial briefing, primarily due to management's optimistic outlook on sales momentum, especially in overseas markets, and profit margin expansion, with an expected annual net profit margin of 35% [1] Group 1: Financial Performance - The company is set to launch a mini version of Labubu to expand application scenarios [1] - Goldman Sachs has raised its earnings forecasts for Pop Mart for 2025-2027 by 28%-34% [1] - The 12-month target price has been increased from HKD 260 to HKD 350, while maintaining a "Neutral" rating [1] Group 2: Market Expansion - The company is experiencing strong IP momentum and expanding manufacturing capabilities to commercialize the popularity of its IP [1] - Successful expansion into new markets such as the United States and Europe is noted [1] - The upcoming peak season in the second half of the year is expected to translate into operational leverage [1]

Group 1 - The 2025 China International Fair for Trade in Services (CIFTIS) is set to take place from September 10 to 14, 2025, at Shougang Park in Beijing, with a countdown of 20 days as of August 21 [1] - Pop Mart will debut its dessert shop at CIFTIS and will be the exclusive trendy cultural brand partner for the event, featuring two exhibition booths and various interactive experiences [1] - The dessert shop, inspired by Pop Mart's well-known IP, will showcase creative desserts and large outdoor art installations, enhancing the cultural experience for attendees [1] Group 2 - Anhui Province will set up a 252 square meter comprehensive exhibition hall at Shougang Park to showcase its service trade development achievements and competitive advantages [2] - Zhejiang Province's exhibition will focus on "Zhejiang Services Serving the World," featuring six thematic exhibition areas, including artificial intelligence and cultural services, to highlight its service trade advancements [2] - Jiangsu Province's exhibition will emphasize service trade innovation with four main sections, including cultural IP services and digital trade, designed to create an interactive experience for visitors [3]

Core Viewpoint - Goldman Sachs reports that Pop Mart's stock performance post the first half financial briefing has been positive, reflecting management's optimistic outlook, including strong sales momentum, particularly in overseas markets, and better-than-expected profit margin expansion [1] Group 1: Financial Performance - Management expects a net profit margin of 35% for the full year [1] - Goldman Sachs has raised the profit forecasts for Pop Mart for 2025 to 2027 by 28% to 34%, now projecting adjusted net profits of 12.8 billion yuan and 17.6 billion yuan for 2025 and 2026, respectively [1] Group 2: Market Expansion - The introduction of the mini Labubu this week is expected to help expand usage scenarios [1] - The company is successfully entering new markets such as the United States and Europe, which are currently significant opportunities [1] Group 3: Investment Outlook - Goldman Sachs maintains a positive view on the company's earnings visibility, supported by strong IP momentum and expanded manufacturing capabilities to commercialize IP popularity [1] - The new 12-month target price has been raised from 260 HKD to 350 HKD based on a 25 times price-to-earnings ratio for 2027, while maintaining a "neutral" rating [1]

Core Insights - Pop Mart is launching new product series, including the "Star People Good Dream Meteorological Bureau" and "MOKOKO Sun Summer" series, which have already generated significant pre-sale interest in the consumer market [1][6] - The pre-sale prices for the MOKOKO plush hangers on a second-hand e-commerce platform range from 799 to 1500 yuan, significantly exceeding the official price of 199 yuan, indicating a strong demand and speculative trading [1][8] Pricing and Market Response - The official price for the "Star People Good Dream Meteorological Bureau" plush blind box is set at 79 yuan, with a box of six priced at 474 yuan; however, on second-hand platforms, individual items are being resold for 125 to 200 yuan, representing a price increase of 1.5 to 2.5 times the original price [6] - A second-hand seller reported pre-orders for the MOKOKO plush hangers at 799 yuan, with multiple orders already placed, highlighting the speculative nature of the market [6] Financial Performance - Pop Mart's adjusted net profit for the first half of 2025 reached 4.71 billion yuan, marking a year-on-year increase of 362.8%, showcasing a significant enhancement in profitability comparable to luxury brands [8] - The THEMONSTERS series, which includes LABUBU, generated 4.81 billion yuan in revenue, accounting for 34.7% of total revenue, establishing it as a key IP series for the company [8] - The "Star People" IP has emerged as one of the fastest-growing brands under Pop Mart, achieving 390 million yuan in revenue in the first half of 2025 [8] International Expansion - Pop Mart's international business has shown remarkable growth, with revenue from the Americas increasing by 1142.3% and revenue from Europe and other regions growing by 729.2% [9] - The CEO of Pop Mart expressed optimism about achieving a revenue target of 20 billion yuan for the year, suggesting that reaching 30 billion yuan could be easily attainable [9]

Group 1: Legal Actions and Controversies - NIO has announced legal action against five social media accounts for maliciously defaming its brand and spreading false information [1] - The owner of a noodle shop involved in a recent controversy has had their social media account banned from being followed after a significant drop in followers from 97,000 to 23,000 following the incident [2][3] Group 2: Industry Developments - Kweichow Moutai has partnered with Taobao Flash Sale to launch over 1,000 official stores, offering a "30-minute delivery" service for authentic Moutai products [5] - There has been a rise in reports of malicious buyers using AI to create fake images to apply for refunds, leading to significant losses for merchants [7] Group 3: Market Trends - Recent reports indicate that certain unreleased products from Pop Mart are being resold at significantly inflated prices on second-hand platforms, with some items listed for up to 800% above their original price [10] - The top live-streaming sales figures on Douyin show that "Yuhui Tongxing" achieved sales exceeding 25 million with over 23 million viewers, leading the market [11]

Group 1 - The 2025 China International Service Trade Fair will be held from September 10 to 14 in Beijing, with Pop Mart participating as the exclusive trendy cultural brand partner [1] - Pop Mart will set up two exhibition booths featuring IP product displays, a creative dessert house, and large outdoor art installations to enhance cultural experiences [1] - The "MOLLY's Dessert House" will debut at the fair, offering desserts inspired by its well-known IP, aiming to attract attendees with visual and taste experiences [1] Group 2 - In the first half of the year, Pop Mart reported revenue of 13.88 billion yuan, a year-on-year increase of 204.4%, and an adjusted net profit of 4.71 billion yuan, up 362.8% [2] - The company has 13 major artist IPs generating over 100 million yuan in revenue, focusing on exploring various creative expressions and new business formats centered around IP [2]

花旗发表研报指，相信泡泡玛特在IP孵化和营运，以及海外扩张方面的强大能力，将继续支撑其在2025 年下半年及以后的稳健增长势头。随着本周迷你版LABUBU的首次亮相，预期公司将进一步推动全球IP 热潮。长期来看，花旗认为这一世界级IP的商业价值，有机会扩展到流行玩具以外的广泛领域。其他标 志性IP产品(CRYBABY、HIRONO、TWINKLE TWINKLE等)也凭借其整合的IP生态系统，成为新的增 长驱动力。 花旗根据泡泡玛特管理层最新的2025年预测(预计收入超过300亿元，净利润率35%）微调了盈利预测， 维持"买入"评级，目标价从384.5港元上调至398港元，较公司四年历史平均值溢价10%，反映公司改善 中的增长前景和执行力。 ...

Group 1 - The Hang Seng Index opened up 0.2%, while the Hang Seng Tech Index fell by 0.03% [1] - Pop Mart's stock rose over 1%, reaching a new historical high [1] - Pop Mart's founder Wang Ning stated that this year's LABUBU new products are relatively restrained, with significant existing demand and future value potential [1] Group 2 - Pop Mart will launch a mini version of LABUBU this week, which is expected to become a super hit [1] - Haidilao has opened its first innovative concept store in Beijing after two years of development, featuring significant innovations in functionality, visuals, and scenarios [1] - The innovative concept store includes a dessert station, interactive entertainment area, welcoming robots, a beverage bar, smart hot pot machines, and DJ interactions during late-night party hours [1] Group 3 - The Hong Kong Consumption ETF (513230) tracks the CSI Hong Kong Stock Connect Consumption Theme Index, packaging leading internet e-commerce and new consumption stocks [1] - The ETF includes major players across various sectors of Hong Kong consumption, such as Pop Mart, Laoputang, Mixue Group, and Haidilao, as well as e-commerce giants like Xiaomi, Alibaba, Tencent, and Meituan, highlighting its tech and consumption attributes [1]

Core Viewpoint - The report from CICC indicates an upward revision of the adjusted net profit forecast for Pop Mart (09992) for 2025 and 2026 by 13% and 15% to 11 billion and 14.1 billion yuan respectively, with a target price increase of 12% to 370 HKD, suggesting a 17% upside potential [1][2]. Group 1: Financial Performance - In the first half of 2025, the adjusted net profit exceeded expectations, with revenue reaching 13.88 billion yuan, a year-on-year increase of 204%, and profit of 4.68 billion yuan, up 386%, surpassing previous forecasts [2]. - The adjusted net profit for 1H25 was 4.71 billion yuan, reflecting a 363% increase, slightly above CICC's expectations [2]. Group 2: Regional Growth - Revenue by region showed significant growth: China (82.8 billion yuan, +135%), Asia-Pacific (28.5 billion yuan, +258%), Americas (22.6 billion yuan, +1142%), and Europe & others (4.8 billion yuan, +729%) [3]. - The number of stores increased across regions, with notable expansions in the Americas and Europe, and online channels also saw enhanced performance [3]. Group 3: IP and Product Categories - The company has a strong IP matrix with five major IPs generating over 1 billion yuan each, and the top IP, THE MONSTERS, achieved a revenue increase of 668% to 4.81 billion yuan [4]. - Revenue from product categories showed substantial growth, with plush toys increasing by 1276% and figures by 95%, while the overall revenue from plush toys reached 6.14 billion yuan, accounting for 44.2% of total revenue [4]. Group 4: Profitability and Future Outlook - The gross margin for 1H25 was 70.3%, up 6.3 percentage points year-on-year, driven by increased overseas sales and improved supply chain negotiation capabilities [5]. - The adjusted net profit margin reached 33.9%, reflecting an increase of 11.6 percentage points year-on-year, indicating strong operational leverage [5]. - The company is viewed as having significant long-term growth potential, with opportunities to expand beyond a single IP and into various business segments [5].