Core Viewpoint - The market sentiment towards Pop Mart has become pessimistic, with its stock price dropping over 40% from its peak of 340 HKD per share in 2025 to around 190 HKD currently [1]. Group 1: Market Sentiment and Consumer Behavior - Many overseas investors are losing faith in Pop Mart, with analysts expressing concerns about the high concentration of IPs and declining secondary market prices [2]. - The loyalty of core consumers is perceived to be low, with growth primarily driven by novelty rather than brand loyalty [2]. - New consumers are frustrated by the difficulty in purchasing desired IPs, leading to a decline in store visits and overall shopping experience [3][4]. Group 2: Supply Chain and Product Availability - Pop Mart's management has indicated a significant increase in plush toy production, yet they are still struggling to meet demand [7]. - The current product offerings in stores are primarily blind boxes, limiting the availability of popular IPs like Labubu [8]. - The company is exploring a "saturation" strategy by introducing more diverse product lines and themed collections to attract a wider audience [17][19]. Group 3: Store Experience and Consumer Engagement - Pop Mart has over 550 direct stores and 2,500 robot stores, focusing on flagship locations to enhance consumer experience [23]. - The company aims to create a rich storytelling environment in stores, enhancing the appeal of their products through effective display and design [29][30]. - The introduction of various themed collections allows consumers to access multiple IPs, potentially increasing engagement and reducing the impact of scalpers [19].

Summary of Conference Call Records Industry Overview - The new consumption sector shows higher growth elasticity compared to traditional consumption, particularly in high-end gold jewelry and IP retail segments, benefiting from structural track dividends and emerging categories [1][2] - Traditional consumption recovery relies on demand improvement and supply-side optimization, but current data indicates limited supply-side improvements [2] Key Companies and Their Performance Lao Pu Gold - Lao Pu Gold has increased prices three times in 2025, with a cumulative increase exceeding 40%, and expects further price elasticity in 2026 [1][6] - The company has improved user penetration among middle and high-net-worth individuals through local brand positioning and traditional cultural elements [1][4] - Membership growth has been significant, with a 74% increase in loyal members in the first half of the year, reaching 480,000, and expected to reach 600,000 by year-end [8] - The company faces cash flow pressure due to rapid expansion and rising gold prices, necessitating potential capital raising strategies [10] Luckin Coffee - Luckin Coffee has achieved same-store growth by increasing the proportion of private domain customer acquisition and core user repurchase frequency, although high delivery subsidies may negatively impact profit margins [3][15] - The company needs to assess the impact of delivery subsidies on profitability and same-store growth continuity for 2026 [3][15] Pop Mart - Pop Mart's North American market has shown a slowdown in growth but overall performance remains better than expected, aided by product channel adjustments and IP updates [11][12] - The company faces challenges in operational strategy adjustments and needs to optimize channel and product structures to improve market performance [12][14] - Future growth will depend on significant improvement signals from the North American market and the development of new independent product categories [14][13] Atour Hotel - Atour Hotel has integrated retail business operations, with retail accounting for 30%-40% of revenue, and expects revenue to approach 4 billion RMB by the end of 2025 [19][20] - The company focuses on member value experience and has successfully expanded its retail business through loyal user engagement rather than supply chain advantages [19][21] Market Trends and Future Outlook - The 2026 consumption market will focus on category dividends and the secondary utilization and monetization of user value, with growth continuity being crucial [3][22] - New consumption companies should demonstrate strong growth certainty to mitigate market uncertainties, with high-end gold jewelry and IP retail being key growth areas [5][22] - The overall consumer landscape is expected to show resilience, with potential growth rates of 20%-30% in certain sectors, particularly in low-frequency consumption industries [18][22]

Core Viewpoint - The article discusses the phenomenon of companies in the capital market "riding the coattails" of popular trends, particularly in relation to the success of Pop Mart's Labubu blind boxes, highlighting the superficial nature of many corporate partnerships and the potential risks to investors [1][2][3]. Group 1: Market Behavior - Companies like Wangfujing, Yuanlong Yatu, Wanda Film, and Debi Group have publicly announced collaborations with Pop Mart, but these announcements often lack substantial financial data to support claims of significant performance improvement [1][2]. - The trend of companies associating with popular concepts reflects a broader anxiety within traditional retail, as they seek to attract attention and investment by leveraging market fads rather than focusing on genuine performance [1][3]. Group 2: Impact on Investors - The superficial nature of these partnerships can mislead retail investors, who may be drawn in by enticing narratives only to find that the anticipated benefits do not materialize, leading to potential losses [4]. - The recent decline in Pop Mart's stock price, which saw a market value drop of over 20 billion HKD and a decline of more than 6%, exemplifies the volatility and risks associated with such speculative behaviors [4]. Group 3: Regulatory and Corporate Responsibility - There is a call for improved regulatory frameworks to ensure that companies disclose specific financial metrics related to their partnerships, thereby reducing ambiguity and potential misinformation [5]. - Companies are urged to adopt a more responsible approach to market engagement, focusing on transparent communication about the nature and scale of their business activities rather than vague statements that could mislead investors [5]. Group 4: Long-term Value Creation - The article emphasizes that the capital market will ultimately return to valuing companies based on their ability to generate sustainable cash flow, rather than on transient market trends [5]. - Companies that concentrate on their core business and maintain solid operational practices are likely to be recognized and rewarded by the market over time [5].

Group 1 - The core viewpoint of the articles highlights the success of AliExpress's first live streaming event featuring Pop Mart's Labubu, attracting 240,000 viewers from countries like the UK, Canada, Australia, and New Zealand, leading to instant sell-outs of popular IPs [1][2] - The "reverse live streaming" model employed by AliExpress is seen as a significant channel for promoting Chinese brands and IPs globally, enhancing user engagement and showcasing the value of Chinese products [2] - Labubu's popularity is driving significant traffic to the Chinese toy industry and cross-border e-commerce platforms, with social media buzz around "AliExpress restocking Labubu" becoming a trend among overseas consumers [2][3] Group 2 - Following the initial success, AliExpress plans to increase the frequency of live streaming events, with an additional session scheduled for June 19, featuring not only Labubu but also other potential hits like Skullpanda and Crybaby [3] - The rising interest in Crybaby, indicated by a nearly twofold increase in daily search volume during the 618 shopping festival, suggests it may become the next breakout product in the toy market [3]

Group 1 - The core viewpoint of the article highlights the rapid rise of the Labubu IP under Pop Mart, which has significantly influenced the trendy toy market and led to a surge in related stocks in the A-share market [1] - The blind box economy and related concepts have seen a strong performance, with over 10 concept stocks hitting the daily limit on June 12, followed by continued gains on June 13 [1] - Many investors are inquiring about potential collaborations with Pop Mart, indicating a strong interest in the company's IP and its market impact [1][3] Group 2 - Several listed companies have responded to investor inquiries regarding their relationship with Pop Mart, with some confirming business collaborations while others stated they have not engaged with the company [4][6] - Companies like Yidian Tianxia and Qingmu Technology have acknowledged their roles in supporting Pop Mart's operations, although the revenue from these services is relatively low [4] - Pop Mart's Labubu products are experiencing high demand, leading to stock shortages in stores, with consumers resorting to secondary markets for purchases [7][10] Group 3 - Pop Mart's financial performance shows that its IP The Monsters generated revenue of 3.04 billion yuan in the previous year, marking a 726.6% increase, and accounted for 23.3% of the company's total revenue [14] - The company faces challenges in meeting the surging demand for its products, prompting adjustments in its supply chain and production capacity [14] - Industry experts note that the lifecycle and influence of domestic IPs remain uncertain, necessitating ongoing investment in content creation to extend the lifespan of these IPs [14]