Core Viewpoint - Despite facing public scrutiny over the pricing of its products, the company's stock price remains strong, reflecting robust sales performance and growth potential in the collectible toy market [2][3]. Sales Performance - The company’s stock rose over 8% on November 10, closing at 221.2 HKD per share, with a total market capitalization of approximately 297 billion HKD [2]. - The DIMOO "New Diary" series blind box, priced at 79 RMB, sold out immediately after its release, with the hidden variant "Safety Sense" reaching a resale price of 819 RMB, a 7.3 times premium [2]. - Other recent product launches, such as the CRYBABY "Vacation Mode On" series and the "Delicious Moments" series, also saw significant demand, with resale prices increasing dramatically [3]. Revenue Growth - The company announced a projected revenue increase of 245%-250% for Q3 2025 compared to Q3 2024, with domestic revenue (including Hong Kong, Macau, and Taiwan) expected to grow by 185%-190% and overseas revenue by 365%-370% [3]. - Online sales are anticipated to grow by 300%-305%, while offline sales are expected to increase by 130%-135% [3]. Market Expansion and Strategy - Analysts from Huachuang Securities noted the company's strong growth reflects the long-term potential of its global expansion and IP ecosystem, with a diverse product matrix meeting market demand [4]. - Morgan Stanley expressed a positive outlook on the company's sales growth through 2026, highlighting the effective management of product lifecycle and customer retention strategies [4].

Core Viewpoint - The company, Pop Mart, reported a significant revenue growth in Q3 2025, driven by strong performance in both domestic and overseas markets, with a focus on enhancing customer experience and expanding its IP ecosystem [1][2]. Group 1: Revenue Growth - In Q3 2025, the company's revenue (unaudited) increased by 245%-250% year-on-year, with domestic revenue growing by 185%-190% and overseas revenue by 365%-370% [1]. - Domestic offline channel revenue rose by 130%-135%, while online channel revenue surged by 300%-305%, indicating a solid domestic base [1]. - Overseas revenue growth was notable, with the Americas showing an increase of 1265%-1270%, Asia-Pacific at 170%-175%, and Europe at 735%-740% [1]. Group 2: Product Launches and Market Response - In September, the company launched multiple new products, including three plush items and over eight figurines, with some items selling out instantly and fetching up to four times their original price on secondary markets [1]. - The upcoming holiday season is expected to drive further sales, with new Halloween and Thanksgiving-themed products already generating significant interest and high resale values [2]. Group 3: Consumer Engagement and IP Development - The company is enhancing consumer interaction through its IP ecosystem, which now spans animation, games, and theme parks, contributing to a richer consumer experience [2]. - The successful launch of the "LABUBU and Friends" animated series and upgrades to urban theme parks are part of the strategy to deepen consumer engagement and create a second growth curve [2]. Group 4: Financial Projections - The company forecasts revenues of 384 billion, 556 billion, and 700 billion for 2025-2027, with year-on-year growth rates of 194.4%, 45.0%, and 25.8% respectively [3]. - Projected net profits for the same period are 130 billion, 188 billion, and 237 billion, reflecting growth rates of 315.7%, 44.5%, and 26.3% [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Insights - The company reported a significant revenue increase of 245%-250% year-on-year for Q3 2025, with domestic revenue growing by 185%-190% and overseas revenue by 365%-370% [1]. - The domestic revenue from offline channels grew by 130%-135%, while online channels saw a growth of 300%-305% [2]. - The Americas market showed remarkable growth, with a year-on-year increase of 1265%-1270%, while Europe and Asia-Pacific also experienced substantial growth [2]. - The company launched multiple new products in September, including plush toys and figures, which generated high demand and resale value [3]. - Seasonal product launches for Halloween, Thanksgiving, and Christmas are expected to continue driving sales, with significant price premiums observed in the secondary market for popular items [4]. - The company is enhancing consumer interaction through a diversified IP ecosystem, including animation and gaming, which is expected to strengthen customer engagement [5]. Summary by Sections Revenue Performance - Q3 2025 revenue increased by 245%-250% year-on-year, with domestic revenue up by 185%-190% and overseas revenue up by 365%-370% [1]. - Domestic offline revenue grew by 130%-135%, while online revenue surged by 300%-305% [2]. Product Launches - In September, the company released several new products, including plush toys and figures, which sold out quickly and had high resale values [3]. - Upcoming seasonal launches are anticipated to maintain high sales momentum [4]. Market Expansion - The Americas market showed a year-on-year revenue increase of 1265%-1270%, with Europe and Asia-Pacific also reporting strong growth [2]. Consumer Engagement - The company is focusing on enhancing consumer interaction through a comprehensive IP ecosystem, which includes animation and gaming [5].

Core Viewpoint - The stock of Pop Mart (09992.HK) experienced a significant decline of 8.08% on October 21, closing at 250.4 HKD per share, influenced by a broader downturn in new consumer stocks in the Hong Kong market [1] Group 1: Stock Performance - Pop Mart's stock price reached a historical high of 339.8 HKD per share on August 26, 2023, but has since declined nearly 15% over the past three days [1] - The total market capitalization of Pop Mart is approximately 336.27 billion HKD [1] Group 2: Financial Performance - For Q3 2025, Pop Mart expects overall revenue to increase by 245%-250% compared to Q3 2024, with Chinese revenue projected to grow by 185%-190% and overseas revenue by 365%-370% [1] - Revenue from offline channels in China is anticipated to rise by 130%-135%, while online channels are expected to grow by 300%-305% [1] - Overseas revenue growth is expected to be 170%-175% in the Asia-Pacific region, 1265%-1270% in the Americas, and 735%-740% in Europe and other regions [1] Group 3: Product Performance - Several new products from Pop Mart have become bestsellers, including the "WHY SO SERIOUS" Halloween blind box series, which sold out within minutes [2] - The price of the LABUBU-themed "Moon Shadow Mask" surged from 159 RMB to a peak transaction price of 2289 RMB, representing a premium of 13.4 times [2] - The "Delicious Moments Series" featuring the Starry People character saw a peak price increase from 59 RMB to 929 RMB, with a premium of nearly 14.7 times [2] Group 4: Analyst Ratings - On October 16, JPMorgan upgraded Pop Mart's investment rating to "Overweight," raising the target price from 300 HKD to 320 HKD [2] - The bank adjusted its earnings estimates for 2025 to 2027 upwards by 5% to 7%, forecasting a year-on-year sales increase of 165% and a 276% rise in adjusted profit for this year [2][4] - JPMorgan noted that Pop Mart's stock price has significantly corrected from its August peak, suggesting that investor expectations have become overly conservative [5]

Core Insights - The recent popularity of the "Labubu 3.0" and "Twinkle Twinkle" series from Pop Mart indicates a strong demand in the collectible toy market, with significant price fluctuations observed in the secondary market [1][6][10] Group 1: Product Performance - The "Labubu 3.0" series saw a significant drop in secondary market prices, with items originally priced at 99 RMB now being sold for as low as 85 RMB, indicating a decrease in demand or oversupply [1] - The "Twinkle Twinkle" series, particularly the "Starry Person Delicious Moment Series," has experienced a surge in popularity before its official release, with hidden items selling for up to 929 RMB, reflecting a nearly 15-fold premium [6] - The "Starry Person" IP achieved over 1 billion RMB in sales within six months of signing with Pop Mart, making it the fastest-growing new IP in the company's history [7] Group 2: Market Trends - The collectible toy market remains vibrant, as evidenced by the active secondary market for the "Starry Person" series, which indicates strong consumer interest and demand [6][10] - The emotional connection and storytelling behind the "Starry Person" IP contribute to its appeal, as it resonates with consumers seeking identity expression through collectibles [10] - The trend of high premiums in the secondary market suggests a structural shortage of quality IPs, highlighting the potential for continued growth in the collectible toy sector [10] Group 3: Company Strategy - Pop Mart is shifting from a model focused on creating hit products to a more refined approach of nurturing long-term IP ecosystems, as seen with the "Starry Person" series [10] - The company aims to reduce reliance on single IPs and extend the consumer lifecycle of popular products, which is crucial for sustaining revenue growth [10] - The success of the "Starry Person" series demonstrates Pop Mart's effective IP incubation and market deployment strategies, showcasing its ability to maintain a pipeline of popular products [10]

Core Insights - The launch of the "Star People Delicious Moments Series" by Pop Mart on September 29 was met with high demand, with products selling out immediately on various official platforms [1][6] - Despite initial high prices, the market value of the products, particularly plush items, has seen a significant decline shortly after the release [3][10] Product Launch and Sales Performance - The "Star People Delicious Moments Series" includes various products such as blind box figurines, plush keychains, phone cases, pillows, and night light keychains, with the plush cookie keychain being the most popular item [1][12] - On the day of the launch, over 50,000 plush products were sold within a minute across platforms like Douyin and Taobao [3][6] - The initial retail price for the plush cookie keychain was 354 yuan, but market prices ranged from 699 to 1199 yuan before the release [1][6] Price Trends and Market Dynamics - Following the launch, the market price for hidden plush items dropped from 929 yuan to below 600 yuan within hours, indicating a rapid decline in resale value [3][10] - The average transaction price for plush items fluctuated around 600 yuan shortly after the release, down from peaks of over 1000 yuan [6][10] - The average transaction price for the figurines also decreased from a peak of 956.2 yuan to around 850 yuan, nearing the original price [10] Consumer Interest and Market Sentiment - The pre-launch hype was significant, with over 50,000 users expressing interest and transaction records appearing on trading platforms even before the official sale [6][12] - Despite the price drop post-launch, the popularity of the "Star People" brand remains strong, with fans expressing concerns about potential over-speculation affecting the brand's appeal [14][16] - The "Star People" IP, one of Pop Mart's fastest-growing new brands, generated revenue of 390 million yuan in the first half of the year [16]

Core Insights - The launch of the "Star People Delicious Moments Series" by Pop Mart has generated significant consumer interest, with a live stream viewership of 270.5 million on Tmall and 560,000 on the box machine mini-program before the sale [2][10] - The inventory for the new series was notably lower compared to previous releases, leading to a rapid sell-out of products within minutes of launch [2][10] - The secondary market shows that the new series has a higher premium compared to the previously released mini version of LABUBU, indicating strong demand and potential for future sales [10][11] Sales Performance - The "Star People" series saw over 360,000 items added to shopping carts, but only 20,000 plush cookie pendants were available for sale, leading to a quick sell-out [2][5] - The mini version of LABUBU had a total sale of over 300,000 items during its launch, highlighting the competitive nature of Pop Mart's product releases [2][10] Market Trends - The secondary market prices for the "Star People" series have surged, with hidden items selling for up to 16 times their original price, indicating a strong collector interest [10] - The average transaction price for the "Star People" plush pendants is higher than that of the competing "Crybaby" series, suggesting that "Star People" may be positioned as the next leading IP for Pop Mart [11] Competitive Landscape - The competition between "Crybaby" and "Star People" is intensifying, with "Star People" currently outperforming "Crybaby" in terms of average transaction prices on secondary platforms [11] - The market is closely watching which IP will emerge as the next major hit for Pop Mart, especially following the decline in popularity of LABUBU [11]

Core Insights - The article discusses the recent launch of Pop Mart's "Star People Delicious Moments Series," which generated significant consumer interest and a buying frenzy, with products selling out within minutes [2][8] - The inventory for the new series was notably lower compared to previous releases, leading to a high demand and rapid sell-out [2][8] - The resale market for the new series shows a higher premium compared to previous products, indicating strong market interest and potential for future growth [8] Group 1: Product Launch and Sales Performance - Pop Mart's "Star People Delicious Moments Series" was launched on September 29, with live streaming attracting 270.5 million viewers [2] - The initial stock for the series was limited, with only 20,000 units of the plush cookie pendant available, despite over 360,000 consumers adding it to their carts [5][8] - The products sold out within minutes, highlighting the strong demand and consumer anticipation [2][8] Group 2: Market Dynamics and Pricing - The resale prices for the hidden "Cookie Bear" variant reached up to 929 yuan, a 16-fold increase from the original price of 59 yuan, indicating a strong premium in the secondary market [8] - The average transaction price for the "Star People" blind box was 167 yuan, compared to 135 yuan for the competing "Crybaby" series, suggesting that "Star People" is commanding a higher market value despite a lower original price [9] - The article notes that the "Star People" series has outperformed the previous "Labubu" series in terms of resale value, with higher premiums observed [8][9] Group 3: Competitive Landscape - The competition between "Star People" and "Crybaby" is intensifying, with both series showing strong sales performance on secondary platforms [9] - The article highlights the need for Pop Mart to maintain the momentum of "Star People" to establish it as the next leading IP following the decline of "Labubu" [9] - The market is closely watching which new character will emerge as the next top seller for Pop Mart, as the company seeks to innovate and capture consumer interest [9]

Core Viewpoint - The article discusses the recent launch of the "Star People Delicious Moments Series" by Pop Mart, highlighting the significant consumer interest and the rapid sell-out of products, indicating strong market demand and the potential for high resale value [3][8]. Group 1: Product Launch and Sales Performance - Pop Mart's "Star People Delicious Moments Series" was launched on September 29, generating a massive online viewership with 270.5 million views on its Tmall flagship store and 560,000 viewers on its live stream [3][5]. - The initial stock for the new series was significantly lower than previous releases, with only over 20,000 units of the plush cookie pendant available, leading to a sell-out within minutes [3][5]. - The sales performance of the new series surpassed that of the previously popular mini LABUBU series, which had sold over 300,000 units on its launch night [3][8]. Group 2: Resale Market and Pricing Dynamics - The resale market for the "Star People" series shows a remarkable premium, with the hidden variant "Little Bear Cookie" reaching a peak transaction price of 929 yuan, a 16-fold increase from its original price of 59 yuan [8]. - The average transaction price for individual blind boxes from the "Star People" series is 167 yuan, compared to 135 yuan for the "Crybaby" series, indicating a higher market value for the new series despite its lower original price [9][10]. - The overall premium for the "Star People" series is higher than that of the mini LABUBU series, which had a maximum premium of 12.5 times its original price [8][10]. Group 3: Competitive Landscape - The competition between Pop Mart's IPs, particularly between "Star People" and "Crybaby," is intensifying, with "Star People" showing stronger sales performance in the recent market [9][10]. - The article notes that while "Crybaby" was previously favored as the next big hit, the emerging popularity of "Star People" suggests a shift in consumer preference [9][10]. - The ongoing success of "Star People" is crucial for Pop Mart as it seeks to establish a new leading IP following the waning popularity of LABUBU [10].

Core Insights - The launch of the "Star People Delicious Moments Series" by Pop Mart has generated significant consumer interest, leading to a buying frenzy with high viewership on live streams [2][8] - The inventory for the new series was notably lower compared to previous releases, resulting in products selling out within minutes [2] - The secondary market shows that the new series has a higher premium compared to previous releases, indicating strong demand and potential for future growth [8][9] Group 1: Product Launch and Sales Performance - Pop Mart's new series saw a live stream viewership of 560,000 on the抽盒机小程序 and 2.705 million on its Tmall flagship store [2] - The "Star People" series products sold out within minutes, with over 360,000 consumers adding the plush cookie keychain to their carts, while only 20,000 units were available [2] - In contrast, the previous "Mini LABUBU" series sold over 300,000 units on its launch night [2] Group 2: Market Demand and Pricing Trends - The hidden variant "Little Bear Cookie" from the new series has seen its price rise from 59 yuan to 929 yuan, a 16-fold increase, indicating high market demand [8] - The average transaction price for the "Star People" blind box is 167 yuan, compared to 135 yuan for the "Crybaby" series, despite the lower original price of the "Star People" blind box at 89 yuan [9] - The premium for the new series exceeds that of the previous "Mini LABUBU," which had a maximum price increase of 12.5 times [8][9] Group 3: Competitive Landscape - The competition between "Star People" and "Crybaby" is intensifying, with "Star People" emerging as a strong contender for the next popular IP after "LABUBU" [9] - The market is closely watching which character will become the next top seller for Pop Mart, especially as the popularity of "LABUBU" begins to wane [9]