Core Viewpoint - The article discusses the significant price drop of LABUBU products in the secondary market, which has led to a decline in investor sentiment and a drop in the stock price of Pop Mart. The company is actively working to reduce speculation and regain control over product pricing while maintaining the value of its IPs [4][10][12]. Summary by Sections Price Trends and Market Reaction - LABUBU products, including the newly released mini LABUBU, have seen a substantial price decline in the secondary market, with the average transaction price for the third generation dropping by approximately 80% from its peak [5][7]. - The average transaction price for the mini LABUBU has decreased by around 30% [8]. - The stock price of Pop Mart has also been affected, falling over 19.5% from a peak of 339.8 HKD to 273.4 HKD [11][31]. Company Strategy and Market Position - Pop Mart aims to eliminate middlemen and reduce the speculative nature of its products, focusing on selling quality products rather than "investment products" [14][16]. - The company has significantly increased its plush toy production capacity, reaching approximately 30 million units in August, which has contributed to the availability of new products [17][19]. - The release strategy has shifted to allow for immediate availability of products, which has reduced the speculative bubble around LABUBU [20]. IP Performance and Revenue - LABUBU's revenue for the first half of 2025 reached 48.1 billion RMB, accounting for nearly one-third of Pop Mart's total revenue [27]. - Other IPs like MOLLY and SKULLPANDA have also shown significant revenue growth, with MOLLY achieving 13.6 billion RMB (up 73.5%) and SKULLPANDA reaching 12.2 billion RMB (up 112.4%) [27]. - The overall revenue from artist IPs has increased, but the dilution of IP scarcity due to increased supply may impact future pricing [29][30]. Long-term Outlook - The long-term success of LABUBU will depend on its ability to maintain consumer interest and storytelling capabilities, as well as the introduction of new hit IPs [32][33]. - The company is also exploring new avenues such as film and animation to expand its brand presence [32].

Core Insights - The 2025 China International Fair for Trade in Services (CIFTIS) opened in Beijing, with Pop Mart participating as the exclusive trendy cultural brand partner, showcasing various popular IP products and interactive experiences [1][2] - Pop Mart aims to highlight the diversity and extensibility of trendy IP through its participation in CIFTIS, receiving widespread recognition from attendees [2] Company Strategy - Pop Mart's core strategy revolves around IP-centric group development, actively exploring creative expressions and new business formats such as building blocks, plush toys, desserts, and jewelry [2] - The company is committed to IP innovation and aims to provide diverse emotional experiences and cultural value to global consumers as it expands its international business [2] Performance Metrics - In the first half of 2025, Pop Mart achieved over 100% growth across all four major regions, with the Americas experiencing a growth rate exceeding tenfold [2] - As of June 30, 2025, Pop Mart has opened a total of 571 stores across 18 countries worldwide [2]

Core Viewpoint - The recent decline in the resale prices of Pop Mart's LABUBU products has led to a negative sentiment in the capital market, impacting the company's stock price despite some analysts maintaining a "buy" rating on the stock [2][9]. Group 1: Market Reaction - Pop Mart's stock price fell over 19.5% from a peak of 339.8 HKD per share on August 26 to 273.4 HKD on September 11 [2]. - The decline in LABUBU's resale prices has created a "reverse sentiment" in the capital market, although some institutions still see potential in Pop Mart [2][9]. - Analysts from Morgan Stanley suggest that the stock price fluctuations are more influenced by technical and emotional factors rather than a deterioration in the company's fundamentals [2]. Group 2: Product and Supply Chain Dynamics - Pop Mart has significantly increased its plush toy production capacity, reaching approximately 30 million units in August, which is over ten times the capacity from the previous year [3]. - The launch of new products like the mini LABUBU saw rapid sales, with around 710,000 orders placed within 30 minutes of its release [4]. - The company's strategy to increase supply and reduce speculation has led to a significant drop in resale prices, with LABUBU's third-generation products seeing an 80% decrease from peak prices [1][4]. Group 3: Brand and IP Management - Pop Mart aims to shift its focus from being perceived as a "financial product" to selling quality products, indicating a strategic change in its business model [2][5]. - The company has been actively working to eliminate middlemen, such as scalpers, to regain pricing power and ensure fair pricing for consumers [5][6]. - LABUBU's revenue for the first half of 2025 reached 4.81 billion CNY, accounting for nearly one-third of Pop Mart's total revenue, highlighting the brand's significant impact on the company's financial performance [7]. Group 4: Long-term Considerations - The long-term success of LABUBU will depend on its ability to maintain consumer interest and storytelling capabilities, as well as the introduction of new hit IPs [9]. - The dilution of premium IP scarcity due to increased supply may affect the overall pricing strategy in the secondary market, impacting consumer confidence [8][9]. - Pop Mart's expansion into the film industry with projects like the animated series "LABUBU and Friends" indicates a strategy to enhance brand engagement and longevity [9].

Core Insights - The current Chinese consumer market reflects a split between rational and emotional spending, with high demand for emotional value products like LABUBU, while traditional luxury goods like high-end liquor are experiencing a decline [1][6][11] Macro Data - Retail sales of consumer goods reached 24.55 trillion yuan, with a year-on-year growth rate of 5%, indicating a recovery in domestic demand [3] - The contribution of consumption to GDP stands at 52%, and core CPI has expanded for three consecutive months, suggesting ongoing recovery in consumer spending [1] Consumer Behavior - There is a notable divergence in consumer behavior, with young consumers willing to spend 949 yuan on emotional value but reluctant to pay 300 yuan for a fine dining experience [1][8] - The phenomenon of "macro heat, micro cold" illustrates the contrast between positive macroeconomic indicators and individual consumer experiences, with many opting for lower-cost options [3][11] Emotional Consumption - Emotional consumption has become a significant trend, with a compound annual growth rate of 12% since 2013, and the market is expected to exceed 2 trillion yuan [3][6] - Over 90% of young consumers recognize the importance of emotional value, with nearly 60% willing to pay for it, reflecting a shift towards prioritizing personal satisfaction over traditional status symbols [13][17] Industry Performance - Pop Mart, a leading player in the emotional consumption sector, reported a revenue of 13.88 billion yuan in the first half of the year, a year-on-year increase of 204.4%, with net profit soaring by 396.5% [6] - In contrast, the high-end liquor industry is struggling, with 15 out of 21 listed companies reporting declines in revenue and profit, highlighting a shift away from "face consumption" [8][11] Market Trends - The high-end hotel sector is facing challenges, with occupancy rates for five-star hotels dropping to 52%, while budget hotels and homestays are seeing increased demand [9] - Fast food consumption is on the rise, with a 9.7% increase in low-cost dining options, contrasting with a 15.3% decline in high-end dining [11] Future Outlook - The consumer market is expected to continue evolving along the lines of "cost-performance" and "emotional value," requiring companies to adapt their strategies to meet diverse consumer needs [16][17] - The rise of younger consumers and their preference for emotional spending over traditional luxury goods presents both challenges and opportunities for businesses [17]

Core Viewpoint - The stock price of Pop Mart, a leading player in the collectible toy market, has been on a downward trend, dropping 15.74% since reaching a historical high of 339.8 HKD per share on August 26, closing at 275.2 HKD on September 10, with a single-day decline of 4.51% [1] Group 1: Stock Performance - The stock price has seen a significant decline, with a total drop of 15.74% over the past half month [1] - Despite the stock price pressure, the offline consumer scene remains active, with stores experiencing continuous foot traffic [1] Group 2: Product Demand and Market Dynamics - The core IP series, THE MONSTERS, generated revenue of 4.814 billion RMB in the first half of 2025, marking a substantial year-on-year increase of 668%, accounting for 35% of the company's total revenue [1] - Many popular LABUBU products are currently out of stock in stores, leading to a booming second-hand market, with prices for certain items significantly above retail [2] - Recent trends show a cooling in the second-hand market, with prices for similar products dropping to the range of 600-700 RMB [2] Group 3: Strategic Developments - The company has been included in the Hang Seng Index, which theoretically could attract passive fund allocations, although some investors opted to take profits, creating short-term selling pressure [3] - The company's globalization strategy is progressing steadily, with significant revenue growth in overseas markets, particularly in the Americas and Europe [3]

Group 1 - Chinese actress Xin Zhilei won the Best Actress award at the 82nd Venice International Film Festival for her performance in the film "Day Hanging in the Sky" [1] - Xin Zhilei is the third Chinese actress to receive this honor, following Gong Li and Yip Tak-yan, highlighting the global recognition of Chinese cinema [1] Group 2 - Douyin E-commerce reported cases of fraud related to phone bill recharges, where users received scam messages after completing transactions due to supply chain management issues [2] - The platform has taken action by removing 25 non-compliant merchants and freezing their funds, while also placing them on a blacklist [2] - This incident underscores the importance of information security in the digital economy and the need for platforms to enhance risk control measures [2] Group 3 - Pop Mart has intercepted a total of 1.83 million infringing goods from January to mid-August this year, involving 237 batches destined for 61 countries and regions [3] - The company has completed customs registration in 27 countries and regions, actively combating counterfeit products [3] - The interception of 7.91 million counterfeit items emphasizes the significance of intellectual property protection in the internationalization process [3] Group 4 - Reports of Xin Yuzhi (known as Xin Ba) being taken away for investigation were denied by representatives of Xin Xuan Group, indicating a potential issue of public trust and scrutiny surrounding top influencers [4] - Despite repeated denials, the rumors reflect ongoing concerns regarding the integrity of the influencer's team, which has faced previous allegations of selling counterfeit products [4]

Group 1 - Hema Neighbors will cease operations on October 4, 2023, with a focus shifting to Hema "Fresh + NB" business model, planning to open nearly 100 new stores within the fiscal year, increasing total stores to over 500 [2] - Pop Mart has intercepted nearly 10 million counterfeit goods this year, with 1.83 million items intercepted by customs in China from January to mid-August, involving 237 batches destined for 61 countries [3] - Shenzhen government has optimized real estate policies, allowing residents to purchase unlimited properties in multiple districts and adjusting personal housing loan policies, effective from September 6, 2025 [4][5] Group 2 - China State Construction announced the acquisition of a 50.5% stake in a Shanghai real estate project for approximately 73.41 billion yuan, enhancing its market influence in Shanghai [6] - Muyuan Foods reported a 12.3% year-on-year decline in sales revenue from live pigs in August, totaling 11.85 billion yuan, with a sales volume of 7.001 million pigs [7] - Zhuhai Guanyu has begun mass production of semi-solid batteries and is actively engaging in solid-state battery development, gaining recognition from multiple clients [8] - Tencent has reduced its stake in China International Capital Corporation (CICC) to 6.96% after selling approximately 4.1 million H-shares [9] - Kweichow Moutai's controlling shareholder has secured a loan of up to 2.7 billion yuan to increase its stake in the company, with plans to buy back shares worth between 3 billion and 3.3 billion yuan [10] - The film "Wang Wang Mountain Little Monster" has surpassed 1.5 billion yuan in box office revenue as of September 5 [11] - Tianjin has adjusted its vehicle scrapping and renewal subsidy policy, allocating a monthly budget of 20 million yuan until the end of the year [13] - China Uranium Industry has successfully passed the IPO review for its main board listing [14]

Group 1 - The core viewpoint of the article highlights Pop Mart's efforts in combating counterfeit products globally, with significant achievements in intercepting fake goods [1] - From January to mid-August this year, domestic customs intercepted a total of 1.83 million counterfeit items related to Pop Mart, involving 237 batches destined for 61 countries and regions [1] - Pop Mart has completed customs registration in 27 countries and regions, gradually initiating overseas customs interception of infringing products [1] Group 2 - Customs in countries such as the UK, Netherlands, France, and Italy have been actively involved in intercepting counterfeit goods, with the Netherlands alone seizing over 260,000 fake items [1] - As of now, the total number of intercepted counterfeit goods has reached 7.91 million, involving over 240 batches [1] - Pop Mart has also provided a multilingual anti-counterfeiting guide covering popular IP products like THE MONSTERS (including LABUBU), CRYBABY, and Star People, assisting frontline law enforcement in quickly identifying counterfeit products [1]

Core Insights - The article highlights the increasing issue of counterfeit products related to Pop Mart as the brand expands globally, with a total of 1.83 million counterfeit items intercepted by customs from January to mid-August this year [2] - Pop Mart has successfully registered with customs in 27 countries and regions, leading to the interception of 7.91 million counterfeit items to date, with over 240 batches involved [2] - The company is actively pursuing legal action against retailers selling counterfeit products, including a recent temporary injunction against Dutch supermarket Jumbo [4] Group 1 - From January to mid-August 2023, customs intercepted a total of 1.83 million counterfeit Pop Mart-related items, involving 237 batches destined for 61 countries and regions [2] - Pop Mart has completed customs registration in 27 countries, resulting in the interception of 7.91 million counterfeit items, with over 240 batches, including 260,000 counterfeit items seized in the Netherlands [2] - The company has developed a multilingual anti-counterfeiting guide to assist law enforcement in identifying genuine products [2] Group 2 - In July 2023, Pop Mart applied for a unilateral temporary injunction against Jumbo, which was quickly approved by the court, while another retailer, Albert Heijn, is still in the response process [4] - Pop Mart has identified over 300 infringement links across various cross-border e-commerce platforms and can file collective lawsuits against anonymous sellers to combat online counterfeit chains [5] - The company has registered the "Lafufu" trademark in the fitness equipment category as a defensive measure against infringement, following discussions about the counterfeit "Lafufu" dolls [5] Group 3 - Consumers can identify genuine Pop Mart products by checking three aspects: the anti-counterfeiting code, the exclusive anti-counterfeiting sticker on the packaging, and the logo stamp on the product's bottom [6] - If a product's verification code has been used more than once, it is likely counterfeit, as genuine products should only be verified once upon receipt [6] - The company emphasizes the importance of production details, such as tie-dye craftsmanship, in distinguishing authentic products from fakes [6]

Group 1: Consumer Market Overview - The overall consumer market in China shows vitality, with a 5% year-on-year growth in retail sales of consumer goods in the first half of 2025, reaching 24.55 trillion yuan [1][2] - The contribution rate of final consumption expenditure to GDP growth is 52%, indicating that domestic demand is a key driver of economic growth [1] - The Consumer Price Index (CPI) has shown signs of recovery, with a 0.1% year-on-year increase in June and a 0.8% increase in July, suggesting a continuous recovery in domestic demand [1] Group 2: Emotional Consumption Trends - Emotional consumption has become a significant trend, with the emotional consumption market expected to exceed 2 trillion yuan by 2025, growing at a compound annual growth rate of 12% since 2013 [3][4] - Companies like Pop Mart have seen substantial revenue from emotional products, with LABUBU generating 4.81 billion yuan in revenue in the first half of 2025, contributing to Pop Mart's total revenue of 13.88 billion yuan, a 204.4% year-on-year increase [4][5] - The rise of emotional consumption is reflected in various sectors, including toys, gaming, and entertainment, where consumers are willing to pay a premium for products that provide emotional value [3][4] Group 3: Shifts in Consumer Preferences - There is a notable shift from traditional consumption patterns, often referred to as "old consumption," towards emotional and experience-driven purchases, particularly among younger consumers [6][8] - The traditional liquor and high-end tea markets are experiencing declines, with many companies reporting negative growth in revenue and profit, contrasting with the growth seen in emotional consumption sectors [6][7] - The younger generation prioritizes individual satisfaction and emotional value over traditional status symbols, leading to a decline in "face consumption" [8][9] Group 4: Impact on Specific Industries - The restaurant industry is facing challenges, with major chains like Haidilao reporting a 3.7% decline in revenue, while their takeaway business is growing significantly [14] - The tea beverage market is also seeing a divide, with brands like Mixue Ice City performing well, while others like Nayuki's Tea are struggling with losses [15] - The home appliance sector has benefited from government subsidies, with major players like Midea and Haier reporting over 10% revenue growth, while the smartphone market saw a 65% increase in sales during the subsidy period [16][18] Group 5: Real Estate and Investment Trends - The real estate market is experiencing a downturn, with a 11.2% year-on-year decline in real estate development investment in the first half of 2025, leading to cautious consumer sentiment towards property purchases [18][19] - Investment trends indicate a shift towards stock markets and gold, with A-shares and Hong Kong stocks seeing increased liquidity, while gold prices continue to rise, reflecting a preference for safer assets [19][20] - The overall sentiment among consumers is characterized by a cautious approach to spending, with many preferring to save rather than invest in real estate, leading to a significant increase in second-hand property transactions [18][20]