第一财经记者从泡泡玛特内部人士处获悉，确实发生了直播事故，公司正在紧急调查，但不会开除直播 事故中相关员工。 DIMOO是由中国设计师Ayan Deng（邓瞻）创作的IP，目前该IP已被泡泡玛特收购成为其自有IP。 DIMOO是一个闯入梦境的小男孩，头顶住着一位由云朵化成的"云宝宝"。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月6日晚间，泡泡玛特（09992.HK）直播间疑似"翻车"。多名网友在社交平台发布视频显示，直播期 间，一位工作人员手持原价79元的DIMOO挂链盲盒说到，"这东西卖79元确实有点……过分了"。另一 工作人员回应称："没事，会有人买单的。" 自8月底至今，泡泡玛特股价跌幅超35%。截至发稿，泡泡玛特股价跌超4%，报208港元/股。 不过，泡泡玛特的业绩仍较为强劲。10月21日，泡泡玛特发布公告，2025年第三季度整体收入同比增长 245%至250%。其中，中国收入同比增长185%至190%；海外收入同比增长365%至370%。 责任编辑：宋雅芳 目前，DIMOO是泡泡玛特长期保持TOP 5销量的头部IP。得物App数据显示，泡泡玛特DIMOO全新系 ...

目前，DIMOO是泡泡玛特长期保持TOP5销量的头部IP。 11月6日晚间，泡泡玛特（09992.HK）直播间疑似"翻车"。多名网友在社交平台发布视频显示，直播期间，一位工作人员手持原价79元的DIMOO挂链盲盒 说到，"这东西卖79元确实有点……过分了"。另一工作人员回应称："没事，会有人买单的。" 第一财经记者从泡泡玛特内部人士处获悉，确实发生了直播事故，公司正在紧急调查，但不会开除直播事故中相关员工。 DIMOO是由中国设计师Ayan Deng（邓瞻）创作的IP，目前该IP已被泡泡玛特收购成为其自有IP。DIMOO是一个闯入梦境的小男孩，头顶住着一位由云朵 化成的"云宝宝"。 目前，DIMOO是泡泡玛特长期保持TOP 5销量的头部IP。得物App数据显示，泡泡玛特DIMOO全新系列"新生日记"开售后秒售罄。今年3月，DIMOO推出 了与迪士尼联名的首款搪胶盲盒产品，该产品包括6个基本款和1个隐藏款。得物App数据显示，隐藏款"米奇TV秀"价格由179元上涨至784元，溢价3.4 倍，截至目前，隐藏款市场价为359元，仍有1倍的溢价。 2025年至今，泡泡玛特旗下LABUBU、星星人、CRYBABY、SK ...

Group 1 - The core viewpoint of the article highlights the impressive growth of Pop Mart in Q3 2025, with significant revenue increases in both domestic and international markets, particularly in the Americas and Europe [4][11][12] - Pop Mart's overall revenue for Q3 2025 is reported to have increased by 245% to 250% year-on-year, with domestic revenue growing by 185% to 190% and overseas revenue soaring by 365% to 370% [11][12] - The company's stock price has faced volatility, dropping 8.08% on the day of the earnings announcement and further declining by 9.36% shortly after, leading to a market capitalization decrease from over 400 billion HKD to approximately 312.1 billion HKD [4][11][13] Group 2 - The LABUBU IP has been a significant driver of revenue for Pop Mart, with its sales skyrocketing from 3.68 billion CNY in 2023 to 30.41 billion CNY in 2024, representing a 726.6% increase [15][16] - The article emphasizes the importance of continuing to innovate and develop new IPs to maintain competitive advantage, as the company heavily relies on LABUBU for growth [5][17] - Despite the strong performance of LABUBU, other IPs like MOLLY and SKULLPANDA have seen a decline in revenue share, indicating a need for diversification in revenue sources [16][17] Group 3 - Recent reports indicate significant price fluctuations for Pop Mart's products, with some items experiencing over a 50% drop in resale value shortly after launch [19][20] - The company has seen a resurgence in consumer interest with the launch of new products, such as the Halloween series, which achieved high resale prices, indicating ongoing demand despite previous price drops [20][21] - Pop Mart's founder has expressed a commitment to building long-lasting IPs rather than fleeting trends, highlighting the company's strategic focus on sustainable growth [21]

Summary of Pop Mart (9992.HK) Conference Call Company Overview - **Company**: Pop Mart International Group Ltd - **Industry**: Pop toy industry - **Market Position**: Largest pop toy company in China, expanding globally with strong IP incubation and monetization capabilities [17][18] Key Financial Highlights - **3Q25 Revenue Growth**: Achieved revenue growth of **245-250% YoY**, driven by **185-190% YoY** growth in the PRC and **365-370% YoY** growth in overseas markets [1][2] - **1H25 Comparison**: Revenue growth in 1H25 was **204% YoY**, indicating a significant acceleration in the latter half of the year [2] - **Sales Channels**: - **PRC Offline Sales**: Grew by **130-135% YoY** - **PRC Online Sales**: Surged by **300-305% YoY** - **Overseas Sales**: - **America**: **1265-1270% YoY** - **Europe & Others**: **735-740% YoY** - **APAC**: **170-175% YoY** [2][9] Operational Insights - **IP Recognition**: The company is enhancing its IP influence through marketing events and collaborations, including a **10th Anniversary Global Tour** and art installations [3] - **Product Launches**: New product releases, particularly under the **TWINKLE TWINKLE** IP, are driving rapid sell-through rates [3] Financial Projections - **Target Price**: Increased to **HK$415**, reflecting a **65.7% expected return** from the current price of **HK$250.40** [4][8] - **Earnings Forecast Adjustments**: FY25-27E earnings forecast adjusted upwards by **16.8-17.3%** due to a more promising sales outlook [1][11] - **Valuation Ratios**: - FY25E P/E: **22.6x** - FY26E P/E: **16.7x** [1][8] Investment Strategy - **Recommendation**: Maintain a **Buy** rating, emphasizing the importance of sell-through trends over secondary market performance [1][18] - **Market Cap**: Approximately **HK$336,273 million** (US$43,289 million) [4] Risks and Challenges - **Competitive Landscape**: Rising competition in China's pop toy market with new entrants [21] - **Global Expansion Risks**: Potential disappointments in overseas market performance [21] - **IP Commercialization**: Risks associated with the inability to effectively commercialize IPs and renew licenses [21][20] Conclusion Pop Mart is positioned for continued growth driven by strong revenue performance, effective IP management, and a robust marketing strategy. However, investors should remain cautious of competitive pressures and execution risks in its global expansion efforts.

Core Viewpoint - The rise of discount blind boxes at "Hao Te Mai" reflects the oversaturation of the blind box market, indicating structural contradictions within the industry. The ability of companies to maintain high-value IPs is crucial for their survival and growth in market valuation [5][14]. Group 1: Discount Blind Boxes - "Hao Te Mai" has become a popular destination for young consumers seeking discounted blind boxes, with prices significantly lower than market rates, often around 50% to 70% off [6][10]. - The low prices come with trade-offs, as many blind boxes available are outdated or less popular, leading to a perception of "picking up trash" rather than valuable collectibles [7][10]. - Despite the low prices, some consumers have found value in older or less common IPs, but the overall experience can be hit or miss due to inconsistent stock across locations [10][11]. Group 2: Implications for Blind Box Companies - The influx of blind boxes into discount channels like "Hao Te Mai" can signal failure for those products, negatively impacting the gross margins of the companies involved [15][18]. - Successful companies like Pop Mart have differentiated themselves by developing proprietary IPs, achieving high gross margins of 70.3% and significant revenue growth, while others struggle with lower margins due to reliance on external IPs [15][18]. - The ability to create successful IPs is critical, as evidenced by the rapid revenue growth of certain IPs under Pop Mart, which have seen increases of up to 668% year-on-year [18][19]. Group 3: Market Dynamics and Consumer Behavior - The relationship between blind box companies and discount retailers is complex, as companies may benefit from clearing unsold inventory but risk damaging their brand image if too many products are seen as failures [23][26]. - "Hao Te Mai" has shifted its focus to include more blind boxes and related products, aiming to capitalize on the growing trend while managing its brand perception [26][27]. - The challenge remains for "Hao Te Mai" to establish itself as a reliable source of quality products while avoiding the stigma of selling counterfeit or low-quality items, which could undermine consumer trust [26][27].

Core Viewpoint - Pop Mart has found new growth momentum as its stock price rebounds, closing at 288.2 HKD with a market capitalization of 387.036 billion HKD, reflecting a significant increase of 20.4 billion HKD from the previous day [2][3]. Group 1: Stock Performance - On October 16, Pop Mart opened at 278.6 HKD and closed at 288.2 HKD, marking a rise of 5.57% [2][3]. - The trading volume was 23.7073 million shares, with a turnover rate of 1.77% [3]. Group 2: Celebrity Engagements - David Beckham was spotted at a Pop Mart store in Shanghai, generating significant media attention [4]. - Tim Cook, CEO of Apple, visited Pop Mart during his trip to China, participating in the 10th anniversary exhibition of THE MONSTERS series [4][6]. Group 3: Financial Performance - In the first half of the year, Pop Mart reported a revenue of 13.88 billion CNY, a year-on-year increase of 204.4%, and an adjusted net profit of 4.71 billion CNY, up 362.8% [6]. - The gross profit margin improved by 6.3 percentage points to 70.3% [6]. Group 4: Product and Market Strategy - Pop Mart has seen significant success with its LABUBU series, contributing to high sales figures, with 13 artist IPs generating over 1 billion CNY each [6]. - The company is focusing on "lean production automation" to enhance production capacity, which has increased to ten times the previous year's levels for plush toys [8].

Core Insights - David Beckham's recent visit to a Pop Mart store in Shanghai and his social media posts featuring the LABUBU Manchester United special edition have amplified the emotional value of LABUBU, contributing to its global popularity [2][2][2] Company Performance - Pop Mart's 2025 semi-annual report indicates a revenue of 13.88 billion yuan, representing a year-on-year growth of 204.4%, and an adjusted net profit of 4.71 billion yuan, up 362.8% year-on-year [2][2][2] - The revenue from LABUBU's category, THE MONSTERS, reached 4.81 billion yuan, accounting for 34.7% of total revenue [2][2][2] - Other product lines such as MOLLY, SKULLPANDA, CRYBABY, and DIMOO each surpassed 1 billion yuan in revenue [2][2][2] - The plush toy category generated 6.14 billion yuan in revenue, marking its first time exceeding the revenue from figurines [2][2][2]

Core Viewpoint - The article highlights the rising popularity of LABUBU, a product from Pop Mart, driven by celebrity endorsements, particularly from David Beckham, which has significantly boosted the company's financial performance [3][4]. Financial Performance - Pop Mart reported a revenue of 13.88 billion yuan in the first half of 2025, marking a year-on-year increase of 204.4% [4]. - The adjusted net profit for the same period reached 4.71 billion yuan, reflecting a year-on-year growth of 362.8% [4]. - LABUBU's segment, THE MONSTERS, generated 4.81 billion yuan in revenue, accounting for 34.7% of total revenue [4]. - Other product lines such as MOLLY, SKULLPANDA, CRYBABY, and DIMOO also surpassed 1 billion yuan in revenue each [4]. - The plush toy category achieved a revenue of 6.14 billion yuan, surpassing the revenue from figurines for the first time [4].

Core Insights - David Beckham's recent visit to a Pop Mart store in Shanghai and his social media posts featuring the LABUBU Manchester United special edition have amplified the brand's visibility and emotional value among fans [2] - The global popularity of LABUBU, driven by celebrity endorsements, has significantly boosted Pop Mart's financial performance [2] Company Performance - Pop Mart's 2025 semi-annual report indicates a revenue of 13.88 billion yuan, representing a year-on-year growth of 204.4% [2] - The adjusted net profit for the same period reached 4.71 billion yuan, showing a remarkable year-on-year increase of 362.8% [2] - LABUBU's segment, THE MONSTERS, generated revenue of 4.81 billion yuan, accounting for 34.7% of total revenue [2] - Other product lines such as MOLLY, SKULLPANDA, CRYBABY, and DIMOO each surpassed 1 billion yuan in revenue [2] - The plush toy category achieved revenue of 6.14 billion yuan, marking its first time surpassing the sales of figurines [2]

Core Insights - The rise of LABUBU has been significantly influenced by celebrity endorsements, particularly from international stars like David Beckham, which has amplified its emotional value [1] - LABUBU's popularity has contributed to a substantial increase in the performance of Pop Mart, with a reported revenue of 13.88 billion yuan in the first half of 2025, marking a year-on-year growth of 204.4% [1] - The adjusted net profit for Pop Mart in the same period reached 4.71 billion yuan, reflecting a remarkable year-on-year increase of 362.8% [1] Company Performance - In the first half of 2025, LABUBU's segment, THE MONSTERS, generated revenue of 4.81 billion yuan, accounting for 34.7% of Pop Mart's total revenue [1] - Other product lines such as MOLLY, SKULLPANDA, CRYBABY, and DIMOO also performed well, each surpassing 1 billion yuan in revenue [1] - The plush toy category achieved revenue of 6.14 billion yuan, marking its first time exceeding the revenue of figurines [1]