Core Insights - Morgan Stanley's report indicates that Pop Mart's brand popularity is expected to rebound with the release of the "Labubu and Friends" animation and Labubu 4.0 version, alongside a rise in search interest for "Mini Labubu" since June, now comparable to Skullpanda and Dimoo [1] - The search index for Skullpanda increased by 40% compared to May, anticipating a new plush toy series launch in June, while Crybaby's average search index remained stable from July to August [1] - The interaction volume on Pop Mart's global social media accounts increased by 3% over the past two weeks, leading Morgan Stanley to maintain a "buy" rating with a target price of HKD 400 [1] Group 1 - Mini and large-sized Labubu are hot-selling items, with the "THE MONSTERS Pin For Love" series and "ROCK THE UNIVERSE" series selling out within a minute during their launch on August 28 [2] - The retail price for Mini Labubu is RMB 79 in mainland China and HKD 95 in Hong Kong, with a secondary market price increase of 45% as of September 5 [2] - The large Labubu is priced at RMB 499 in mainland China and HKD 583 in Hong Kong, with a secondary market price increase of 56% as of September 5 [2] Group 2 - Twinkle Twinkle is identified as a new emerging IP, with expected sales of RMB 389 million in the first half of 2025, significantly higher than other IPs like Crybaby and Hirono [3] - The "Sweet Dream Forecast" series, priced at RMB 79 in mainland China and HKD 95 in Hong Kong, is set to launch in August 2025 and has already shown a secondary market premium of 110% in mainland China and 36% overseas as of September 5 [3]

Group 1 - Morgan Stanley's report indicates that the brand popularity of Pop Mart (09992) is expected to rebound due to the launch of the "Labubu and Friends" animation and Labubu 4.0 version, with search interest for "Mini Labubu" rising since June, now comparable to Skullpanda and Dimoo [1] - The search index for Skullpanda increased by 40% compared to May, anticipating the release of a new plush toy series in June, while Crybaby's average search index remained stable from July to August [1] - The global social media engagement for Pop Mart's official accounts rose by 3% over the past two weeks, leading Morgan Stanley to maintain an "overweight" rating and a target price of HKD 400 for Pop Mart [1] Group 2 - Mini and large-sized Labubu are identified as hot-selling items, with the "THE MONSTERS Pin For Love" series (mini version) and "ROCK THE UNIVERSE" series (40 cm version) selling out within one minute during their launch on August 28 [2] - The pricing for Mini Labubu is set at RMB 79 in mainland China and HKD 95 in Hong Kong, with secondary market prices showing a 45% increase as of September 5, while the large Labubu is priced at RMB 499 and HKD 583, with a 56% increase in secondary market prices [2] Group 3 - Twinkle Twinkle is recognized as an emerging IP, with Pop Mart planning to launch it in August 2024, projecting sales of RMB 389 million in the first half of 2025, significantly higher than other IPs like Crybaby and Hirono [3] - The "Sweet Dream Forecast" series, priced at RMB 79 and HKD 95, is set to launch in mid-August 2025 and is expected to sell out quickly, with secondary market prices showing a premium of 110% in mainland China and 36% overseas as of September 5 [3]