Core Insights - The launch of the "Star People Delicious Moments Series Blind Box" by Pop Mart has generated significant pre-sale interest, with products already listed on second-hand platforms at marked-up prices, indicating strong demand [2][6] - The secondary market shows substantial price increases, with original prices of 69 yuan for figures rising to 119 yuan, and hidden items like the "Little Bear Biscuit" reaching up to 689 yuan, reflecting a nearly 10-fold premium [2][6] - The introduction of the Star People series may help reduce Pop Mart's reliance on the Labubu series, which accounted for 34.7% of the company's total revenue in the first half of 2025 [5][6] Product Demand and Pricing - The Star People series has seen a significant price surge on second-hand platforms, with random blind boxes increasing from 59 yuan to 182 yuan, and complete sets rising from 354 yuan to 769 yuan, both showing over 2 times premium [2][6] - The popularity of the Star People series is attributed to its "warm" and "healing" themes, resonating with the emotional consumption trends among younger consumers [6] Financial Performance - In the first half of 2025, the revenue from the Labubu IP reached 4.814 billion yuan, while Pop Mart's total revenue was 13.876 billion yuan, highlighting the importance of Labubu to the company's financials [5] - The Star People series has quickly become one of Pop Mart's fastest-growing IPs, generating over 390 million yuan in revenue in the first half of 2025 [6] Market Position - As of the latest report, Pop Mart's stock closed at 261.8 HKD per share, with a total market capitalization of 351.6 billion HKD, reflecting a 19.3% decline over the past month [6]

Core Insights - The launch of the "Star People Delicious Moments Series Blind Box" by Pop Mart has generated significant pre-sale interest, with products already listed on second-hand platforms at marked-up prices, indicating strong demand [1][2] - The "Star People" series has the potential to reduce Pop Mart's reliance on the Labubu series, which has been a concern for investors [2] Group 1: Product Demand and Pricing - The "Star People" series products, originally priced at 69 yuan, are being resold for as high as 119 yuan on second-hand platforms, showing a substantial markup [1] - The hidden variant "Little Bear Biscuit" has seen its price soar from 59 yuan to 689 yuan, reflecting a nearly 10-fold increase in value [1] - Random blind boxes have increased in price from 59 yuan to 182 yuan, while complete sets have risen from 354 yuan to 769 yuan, both showing over 2 times markup [1] Group 2: Financial Performance and Market Position - The artist IP THE MONSTERS, which includes Labubu, generated revenue of 4.814 billion yuan, accounting for 34.7% of Pop Mart's total revenue of 13.876 billion yuan in the first half of 2025 [1] - The "Star People" series has quickly become one of Pop Mart's fastest-growing new IPs, achieving over 100 million yuan in revenue within its first year and 390 million yuan in the first half of 2025 [2] - Pop Mart's stock closed at 261.8 HKD per share, with a total market capitalization of 351.6 billion HKD, reflecting a 19.3% decline over the past month [2]

凤凰网财经讯 9月23-24日，由凤凰卫视、凤凰网主办的"凤凰湾区财经论坛2025"在广州举行。本届论坛以"新格局·新路径"为主题，汇聚全球政商 学界精英，共同洞察变局脉络、探寻发展新机。 在论坛间隙，著名经济学家付鹏就市场高度关注的股市、房地产、汽车等核心行业热点话题发表了独家观点。 谈及当前资本市场表现时，他指出，当前市场存在资金过度向特定板块集中的现象，导致整体赚钱效应未能广泛扩散 —— 这一结构性特征，正是市 场表面看似交易活跃，但始终难以吸引大量新投资者开户入市的关键原因。 对于备受瞩目的房地产行业，付鹏进一步明确表示："房地产已彻底回归居住属性。" 01 资金全挤向科创小微，普涨行情尚未到来 针对当前市场"余额回升但新开户数未激增"的现象，付鹏向凤凰网财经给出了他的解读。 著名经济学家付鹏（左一） 他认为，当前市场参与者分为两类：一是追求稳定股息的红利的低风险偏好"老钱"，它们构成了市场的稳定基本盘；二是追求超额收益（阿尔法）的 资金，这类资金在7月份后高度集中于科创板、小微盘等领域，创造了局部的财富效应。 付鹏指出，由于资金过度集中于特定板块，未能形成广泛的赚钱效应，这解释了为何市场看似活跃，但 ...

Core Insights - The "Starry People Delicious Moments Series" by Pop Mart is set to launch tonight at 10 PM, featuring collectible figures and plush accessories, with a notable focus on plush keychains priced at 59 yuan each [1] - The secondary market has seen significant price inflation, with complete sets of plush keychains selling for approximately 600-900 yuan, more than double the official price of 354 yuan [1] - The hidden variant "Little Bear Cookie" has reached a peak resale price of 929 yuan, representing a 15-fold increase from its original price [1] Pricing and Market Demand - The plush keychains consist of 6 regular and 1 hidden variant, with resale prices averaging 856 yuan on secondary platforms, indicating strong demand [1] - The top three most sought-after plush keychains have resale premiums exceeding 3.6 times their original price, while the least popular variant still sees a premium of 3.3 times [1] - The collectible figures from the same series, originally priced at 828 yuan for a set of 12 plus one hidden variant, are being resold for 1055 yuan, reflecting a 27% markup [1]

在官网中，TOP TOY这样描述自己的目标："致力于打造全球最大最全的世界级潮玩品牌，搭建与年轻人深度沟通的潮玩体验&消费主场。"上市将进一步推 动TOP TOY目标的实现。 近日，TOP TOY正式向香港联合交易所递交主板上市申请，联席保荐人为摩根大通、瑞银集团和中信证券。与此同时，TOP TOY母公司名创优品也发布公 告确认了TOP TOY此次分拆上市的消息。TOP TOY是名创优品旗下潮玩品牌，该品牌创立于2020年12月，定位为潮流玩具集合店，主要售卖授权IP玩具、 自有IP玩具和第三方品牌玩具等。 对于TOP TOY分拆上市的消息，市场早有传闻。今年6月，名创优品曾发布公告回应称正对该业务分拆上市的可能性进行初步评估。 近年来，潮玩风口正热，整个潮玩市场以不小的速度增长。根据公开数据，中国潮玩市场规模由2019年的207亿元增长至2024年的587亿元，复合年增长率为 23.2%，并预计将由2025年的825亿元增长至2030年的2133亿元，复合年增长率为20.9%。 随着此番推动上市，TOP TOY也将在IP资源方面进一步布局。对于募集资金的使用情况，TOP TOY在招股书中表示，IPO募集所得 ...

Summary of Key Points Core Viewpoint The Hong Kong stock market has seen significant activity from September 21 to September 27, with 25 companies submitting prospectuses, 3 companies passing hearings, and 2 new stocks successfully listed. Group 1: Companies Submitting Prospectuses - A total of 25 companies submitted listing applications to the Hong Kong Stock Exchange during the specified period, including major players like 大洋电机, 天赐材料, and 格林美 [2][4][5] - Notably, 12 of these companies have already listed on the A-share market, indicating a trend towards dual listings in both A and H shares [2][4] Group 2: Companies Passing Hearings - Three companies successfully passed hearings: 长风药业, 挚达科技, and 金叶国际 [30] - 长风药业 focuses on biopharmaceuticals for respiratory diseases, with projected revenues of 6.08 billion RMB in 2024 [31] - 挚达科技 is the largest provider of home electric vehicle charging stations globally, with revenues of 5.9 billion RMB in 2024 [32] - 金叶国际 is a long-established electromechanical engineering contractor, specializing in HVAC systems [33] Group 3: Companies in the IPO Process - Five companies are currently in the IPO process, including 长风药业, 紫金黄金国际, 西普尼, 博泰车联, and 奇瑞汽车 [34] - 奇瑞汽车 successfully listed on September 25, with a first-day stock price increase of 13.75% [41][43] Group 4: Financial Performance of Companies - 大洋电机 reported total revenues of approximately 109.3 billion RMB in 2022, with a projected increase to 121.13 billion RMB in 2024 [5] - 天赐材料's revenues were approximately 223.17 billion RMB in 2022, expected to decline to 125.18 billion RMB in 2024 [6] - 格林美's revenues were around 293.92 billion RMB in 2022, projected to reach 332.00 billion RMB in 2024 [7] - 万辰集团, a leading snack and beverage retailer, reported revenues of 5.49 billion RMB in 2022, with a significant increase to 323.29 billion RMB in 2024 [10] Group 5: Market Trends and Insights - The trend of companies seeking dual listings in both A and H shares is becoming more prevalent, reflecting a strategic move to access broader capital markets [2][4] - The overall activity in the Hong Kong IPO market indicates a robust interest from companies looking to capitalize on the favorable market conditions [2][30]

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the textile and apparel industry [1]. Core Views - The textile and apparel industry has shown mixed performance, with notable developments such as Miniso's proposal to spin off TOP TOY for independent listing in Hong Kong, which is expected to enhance operational and financial transparency [2][3][19]. - TOP TOY, a leading brand in the trendy toy sector, has demonstrated significant growth, with revenue increasing from RMB 679 million in 2022 to RMB 1.909 billion in 2024, reflecting a compound annual growth rate (CAGR) of 67.7% [4][20]. - The report highlights the performance of various companies within the industry, with a focus on the growth of sports and entertainment products, which saw a year-on-year increase of 20.6% in the first eight months of 2025 [11]. Summary by Sections Market Performance - The SW textile and apparel sector declined by 2.59% in the week of September 22-26, 2025, underperforming the Shanghai Composite Index, which rose by 1.07% [8][21]. - The textile manufacturing sub-sector fell by 1.75%, while the apparel and home textile sub-sector dropped by 2.89% [21]. Company Developments - TOP TOY's gross margin improved from 19.9% in 2022 to 32.7% in 2024, with self-developed products contributing approximately 50% of revenue by 2025 [5][20]. - The number of TOP TOY stores increased from 117 in 2022 to 293 by mid-2025, indicating strong expansion [5][20]. Industry Data Tracking - In the first eight months of 2025, China's textile and apparel exports amounted to USD 94.513 billion and USD 102.761 billion, respectively, showing a slight increase and a decrease of 1.7% year-on-year [48]. - The retail sales of sports and entertainment products grew by 16.9% in August 2025, indicating robust consumer demand [55]. Industry News - Goyard, a luxury leather brand, reported a 64% increase in revenue to EUR 810 million for the fiscal year ending December 30, 2024, showcasing strong performance in both domestic and international markets [6][65][66]. - Xtep International opened its first overseas running club in Singapore, integrating high-performance running gear with community space, aimed at enhancing the running community [10][67]. - FILA renewed its partnership with the China Open, becoming the exclusive sports shoe and apparel sponsor, and announced initiatives to support youth tennis development [10][69].

Group 1 - The report indicates that the 2025 National Day and Mid-Autumn Festival holiday will last for 8 days, while the 2024 holiday will last for 7 days, leading to a more active consumption window due to flexible holiday arrangements [1] - According to the report, the total number of flights in China during the 2025 National Day period is expected to reach 139,000, a year-on-year increase of 5.7%, with international flights recovering to 94% of 2019 levels, and an average daily passenger volume of 2.247 million, up 6.4% year-on-year [1] - The report highlights a trend of multi-destination travel among tourists, with significant growth in mixed travel modes combining flights and high-speed trains, which is expected to boost per capita consumption during the holiday [1] Group 2 - The report notes that as of September 22, 62% of bookings on Meituan were made by post-00s young tourists, indicating a shift in preferences towards cultural tourism, including museum visits and music festivals [1] - The Ministry of Culture and Tourism has announced that over 480 million RMB in consumption subsidies will be distributed during the consumption month, which is expected to enhance consumer willingness and drive holiday consumption [1] - The company recommends long-term investment in self-indulgent consumption sectors, including trendy toys and e-cigarettes, as well as domestic beauty and personal care brands, reflecting the rise of domestic products [2]

Group 1 - Miniso (09896.HK) plans to spin off its toy brand TOP TOY for an independent listing on the Hong Kong Stock Exchange, aiming to better reflect TOP TOY's value and attract investors interested in the high-growth toy industry [2] - TOP TOY was incubated by Miniso in 2020 and is currently 86.9% owned by Miniso, positioning it as a significant player in the toy market [4] - The toy market in China is projected to grow from RMB 207 billion in 2019 to RMB 587 billion by 2024, with a compound annual growth rate (CAGR) of 23.2% [11] Group 2 - TOP TOY's product focus differs from that of its competitor Pop Mart, as it covers a full range of products including blind boxes, figurines, and 3D models, while Pop Mart primarily focuses on blind boxes [4] - The company relies heavily on licensed IP, with 43 licensed IPs and 17 proprietary IPs, which limits its profit margins due to revenue sharing with IP owners [6][7] - TOP TOY's revenue for 2022, 2023, and 2024 is projected to be RMB 6.79 billion, RMB 14.61 billion, and RMB 19.09 billion respectively, with significant growth in the first half of 2023 reaching RMB 13.60 billion [11][12] Group 3 - Despite its growth, TOP TOY's profitability is challenged by its reliance on licensed IP, leading to lower gross margins compared to Pop Mart, which has a gross margin of 70.3% compared to TOP TOY's 32.4% [13] - The company has seen a decrease in the proportion of revenue from self-developed products, which accounted for 47.2% in the first half of 2023, down from 53.6% in 2024 [13] - TOP TOY's store count reached 293 globally by mid-2023, significantly lower than Pop Mart's 571 stores, indicating slower expansion [8]

Core Insights - Quantum Song is accelerating its transformation into the trendy toy sector, primarily through its full acquisition of Letsvan, which has rebranded from "Yiqi Culture" to "Qimeng Island" [2] - The WAKUKU trendy toy IP has achieved sales exceeding 400 million yuan within a single quarter [2] - The trendy toy market is expected to explode in 2025, with companies like Pop Mart seeing significant revenue and market value increases, positioning Quantum Song advantageously by acquiring Letsvan before the market surge [2] Group 1: Product Strength - Letsvan's team has successfully designed and launched popular IPs such as WAKUKU and Youli [3] - The merger has resulted in a quarterly revenue exceeding 600 million yuan for the trendy toy business, showcasing the combined strength of product, brand, and sales capabilities [2][4] Group 2: Brand Strength - Post-merger, Quantum Song has amplified its brand presence through cross-industry collaborations, such as the China Open Tennis and Fashion Week, leading to increased visibility and celebrity endorsements [3] Group 3: Sales Strength - Quantum Song's team possesses experience managing businesses at a scale of 4 billion, facilitating market entry for products [4] - The merger has transformed Letsvan from merely surviving to thriving, achieving significant growth [4] Group 4: Team Retention - Quantum Song ensures the retention of Letsvan's founding team by providing a platform for them to excel, focusing on their strengths in product development while addressing brand and sales gaps [5] - The mutual goals and trust between the companies foster a sense of achievement for both parties [5]