Group 1 - "Xibei" completed a new round of financing, increasing registered capital from approximately 89.9 million RMB to about 102 million RMB, a growth of about 13% [3] - "WITH 1000 AI" received strategic investment from Shengbela, focusing on AI-driven automation and personalized user operations in the maternal and infant service industry [4][5] - "Today Yixiu" announced the completion of seed round financing amounting to several tens of millions RMB, with plans to launch a series of hardware and software products later this year [6] - "Noumena" secured several tens of millions RMB in Pre-A round financing, developing an AI-native marketing agent system to help brands achieve sustainable growth [7] - "Qingchuyulan" completed angel and A round financing, focusing on social experience and efficiency transformation in the AI era [8] Group 2 - "AtomForm" completed a new round of financing exceeding 100 million RMB, with a cumulative financing scale reaching several hundred million RMB, focusing on consumer-grade 3D printing solutions [10] - "Nature Select" raised over 30 million USD in a new financing round, developing the world's first 3D AI companionship application, EVE [11] - "Banmu Huatian" submitted an IPO application to the Hong Kong Stock Exchange, reporting revenues of 1.199 billion RMB, 1.499 billion RMB, and 1.895 billion RMB for 2023, 2024, and the first three quarters of 2025 respectively [12] - "Mingming Hen Mang" is set to go public, attracting a luxurious lineup of cornerstone investors and planning to issue 14.1011 million shares, raising 195 million USD [14] - "Raising a Cow" reported revenue exceeding 7 billion RMB for 2025, maintaining a steady growth trajectory with a self-sufficiency rate of over 95% for milk sources [17] Group 3 - "Pop Mart" launched a new dessert brand "POP BAKERY," expanding its product offerings into daily life scenarios [19][22] - "Wenxian" opened its first store for the high-end fragrance brand "Guibao Xiangju," aiming to integrate traditional Chinese fragrance culture into modern life [23] - "Dongbian Yaoshou" collaborated with "PANE" to launch a New Year gift box, emphasizing the relationship between hands and feet [25] - Roland Berger's report highlighted ten trends in China's consumer goods and retail industry, noting a shift towards value co-creation and the emergence of new channels [28][29] - A report by Airae revealed a significant decline in global consumer spending intentions for 2026, with a negative expectation of 18 percentage points [30]

公司成长并非只依赖labubu单一IP，其他IP同样取得亮眼表现。2025H1，5大IP收入破10亿元，13个IP收 入破亿元，其中，THEMONSTERS、MOLLY、SKULLPANDA、CRYBABY、DIMOO收入分别为 48.1/13.6/12.2/12.2/11.1亿元，同比分别+668.0%/+73.5%/+112.4%/+248.7%/+192.5%，星星人是成长最快 的新锐IP之一，2025H1实现收入3.9亿元。 在labubu爆火之后，公司多次启动"全明星"系列(多IP系列)产品，增加其他IP曝光度，提升IP之间的交叉 销售。"万圣节"搪胶系列、"新春马力全开"搪胶系列等取得良好销售表现。据智通财经报道，新推出 的"PUCKY敲敲系列"毛绒挂件盲盒，因轻拍即可发出清脆木鱼声，被网友戏称为"电子木鱼"，短短数 日便席卷社交网络，官网售罄、二手溢价翻倍。 华西证券（002926）发布研报称，泡泡玛特(09992)连续发布回购公告，于1月19日回购140万股普通 股，每股回购价格HKD177.7-181.2，总金额2.5亿港元；于1月21日回购50万股普通股，平均回购价格 192.9791港元 ...

新IP表现亮眼，看好公司强IP运营能力的平台价值以及高成长持续性 公司成长并非只依赖labubu单一IP，其他IP同样取得亮眼表现。2025H1，5大IP收入破10亿元，13个IP收 入破亿元，其中，THEMONSTERS、MOLLY、SKULLPANDA、CRYBABY、DIMOO收入分别为 48.1/13.6/12.2/12.2/11.1亿元，同比分别+668.0%/+73.5%/+112.4%/+248.7%/+192.5%，星星人是成长最快 的新锐IP之一，2025H1实现收入3.9亿元。 在labubu爆火之后，公司多次启动"全明星"系列（多IP系列）产品，增加其他IP曝光度，提升IP之间的 交叉销售。"万圣节"搪胶系列、"新春马力全开"搪胶系列等取得良好销售表现。据智通财经报道，新推 出的"PUCKY敲敲系列"毛绒挂件盲盒，因轻拍即可发出清脆木鱼声，被网友戏称为"电子木鱼"，短短 数日便席卷社交网络，官网售罄、二手溢价翻倍。 智通财经APP获悉，华西证券发布研报称，泡泡玛特(09992)连续发布回购公告，于1月19日回购140万股 普通股，每股回购价格HKD177.7-181.2，总金额2.5亿港 ...

Core Viewpoint - The report highlights that Pop Mart (09992) is actively repurchasing shares, indicating confidence in its future performance and market position [1] Group 1: Domestic Market Outlook - The domestic market is showing upward momentum, with Pop Mart having a large and sticky user base, supported by a diversified IP matrix [1] - Key IPs such as MOLLY, SKULLPANDA, CRYBABY, and DIMOO are performing well, while the popularity of the Star People IP is rapidly increasing [1] - Recent actions to adjust supply and stabilize the second-hand market prices are seen as a strategy to regain pricing power and create a healthier commercial ecosystem based on real consumer demand [1] Group 2: Overseas Market Potential - There is significant potential in overseas markets, which are still in the early stages of development compared to the domestic market, with strong certainty for future channel expansion [2] - Challenges include short IP cycles, weaker channel capacity, and reliance on single IPs, necessitating improvements in supply chain and logistics [2] - The U.S. market, as a key consumer market for trendy toys, presents substantial growth opportunities, with a focus on operational capabilities in the short term and IP-driven growth in the long term [2] Group 3: Sales Tracking - Google Trends data indicates that the search popularity of Pop Mart's core IP "Labubu" peaked around Christmas and has remained above average since then, with a slight increase as the end of December approaches [3]

Core Viewpoint - The company has announced a share buyback plan, indicating confidence in its future performance and market position [1] Group 1: Domestic Market Outlook - The domestic market is experiencing an upward trend in demand [1] - The company has a large and highly engaged user base, with a diversified IP matrix maintaining popularity [1] - Recent actions to adjust supply and demand dynamics have led to a more balanced market, allowing the company to regain pricing power [1] - The reasonable pricing in the secondary market fosters a healthy commercial ecosystem based on genuine consumer demand, which is beneficial for long-term user base expansion and brand value accumulation [1] Group 2: Overseas Market Potential - There is significant potential in overseas markets, which are still in the early stages of development compared to the domestic market [2] - The company is actively increasing offline supply to encourage consumers to shift from online to offline purchasing [2] - Challenges include short IP cycles, weaker channel capacity, and reliance on single IPs, necessitating improvements in supply chain and logistics [2] - The U.S. market, as a key consumer market for trendy toys, presents substantial growth opportunities, with a focus on operational capabilities in the short term and IP-driven growth in the long term [2] Group 3: Sales Tracking - Google Trends data indicates that the search interest for the company's core IP "Labubu" peaked around Christmas and remains above average [3]

Core Viewpoint - Pop Mart has announced a share buyback plan, indicating confidence in its market position and future growth potential [1] Group 1: Domestic Market - The domestic market is experiencing an upward trend, with Pop Mart having a large and highly engaged user base [1] - The company's diverse IP matrix, including MOLLY, SKULLPANDA, CRYBABY, and DIMOO, maintains balanced popularity, while the STAR PERSON IP is rapidly gaining traction [1] - Recent actions to frequently release products have helped stabilize the second-hand market prices, allowing the company to regain pricing power and create a healthier commercial ecosystem based on real consumer demand [1] Group 2: Overseas Market - The overseas market presents significant potential, with many global markets still in the early stages of development and lower channel density compared to the domestic market [1] - There is a strong certainty for future channel expansion, although challenges such as short IP cycles and reliance on single IPs exist [1] - The company is actively increasing offline supply globally to encourage consumers to shift from online to offline purchases [1] - Supply chain issues have arisen due to substantial growth in the American market, necessitating improvements in logistics, product structure, and local team configurations [1] Group 3: Operational Strategy - The company should prioritize resolving operational issues before focusing on IP product expansion to support long-term overseas development [2] - The U.S. market, as a key consumer market for trendy toys, offers significant growth potential, with a strategy of building operational capabilities in the short term and leveraging IP potential for long-term growth [2] Group 4: Sales Tracking and Profit Forecast - Google Trends data indicates that the search popularity of Pop Mart's core IP "Labubu" peaked around Christmas, remaining above average levels [2] - Profit forecasts for the company project net profits of 135.1 billion, 179.0 billion, and 216.1 billion yuan for 2025-2027, with corresponding PE ratios of 18.0X, 13.6X, and 11.3X [2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has announced a share buyback plan, spending HKD 251 million to repurchase 1.4 million shares at a price range of HKD 177.7 to 181.2 per share [1] - The domestic market is experiencing upward momentum, with a large and sticky user base, and a diversified IP matrix maintaining its popularity [2] - The company is actively adjusting its supply and production to stabilize the second-hand market prices, which is beneficial for long-term brand value and user base expansion [2] - The overseas market presents significant potential, with many global markets still in the early stages of development and a strong certainty for future channel expansion [2] - The company is focusing on resolving supply chain and logistics issues before prioritizing IP product layout for better long-term overseas development [2] Financial Projections - The projected net profit for the company from 2025 to 2027 is expected to be CNY 135.1 billion, CNY 179.0 billion, and CNY 216.1 billion respectively, with corresponding P/E ratios of 18.0X, 13.6X, and 11.3X [3] - The company's revenue is forecasted to grow significantly, with expected revenues of CNY 38.891 billion in 2025, CNY 50.835 billion in 2026, and CNY 61.142 billion in 2027, reflecting growth rates of 198%, 31%, and 20% respectively [5] - The earnings per share (EPS) are projected to increase from CNY 10.07 in 2025 to CNY 16.11 in 2027 [5] Key Financial Metrics - The company's operating income is expected to reach CNY 13,038 million in 2024, with a growth rate of 107% [5] - The gross margin is projected to be 66.79% in 2024, increasing to 78.24% by 2027 [8] - The return on equity (ROE) is expected to be 29.26% in 2024, decreasing to 41.85% by 2027 [8]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has announced a share buyback plan, spending HKD 251 million to repurchase 1.4 million shares at a price range of HKD 177.7-181.2 per share [1] - The domestic market is experiencing upward momentum, with a large and sticky user base, and a diversified IP matrix maintaining its popularity [2] - The company is actively adjusting its supply and production to balance the market, reclaiming pricing power and fostering a healthy commercial ecosystem based on real consumer demand [2] - The overseas market presents significant potential, with many global markets still in their early stages and a strong certainty for future channel expansion [2] - The company is focusing on resolving supply chain and logistics issues before prioritizing IP product layout for long-term overseas development [2] Financial Projections - The projected net profit for the company from 2025 to 2027 is expected to be CNY 135.1 billion, CNY 179.0 billion, and CNY 216.1 billion respectively, with corresponding P/E ratios of 18.0X, 13.6X, and 11.3X [3] - Key financial indicators show a significant increase in revenue, with expected revenues of CNY 38.891 billion in 2025, CNY 50.835 billion in 2026, and CNY 61.142 billion in 2027, reflecting growth rates of 198%, 31%, and 20% respectively [5] - The company's earnings per share (EPS) are projected to rise from CNY 10.07 in 2025 to CNY 16.11 in 2027 [5]

Group 1 - The first潮玩 (trendy toy) buyer's store in Chengdu has opened at the Perfect Cultural Park, showcasing a unique "front store, back broadcast" operational model [3] - The store features a collection of top domestic and international IPs such as LABUBU, MOLLY, and DIMOO, creating a new ecosystem that integrates offline experiences, social interaction, and online content co-creation [3] - The park has transformed from an old pharmaceutical factory warehouse and is recognized as an industrial heritage site, aiming to build a comprehensive ecosystem for the music, film, and animation industries [3] Group 2 - The store includes multiple standardized professional live broadcast rooms, facilitating a seamless integration of retail and live streaming [3] - These broadcast rooms serve not only for the brand's daily live streams and product launches but are also available for local creators to rent, acting as a content hub connecting offline consumption with online dissemination [3] - The Perfect Cultural Park plans to further integrate elements such as film production, music creation, sound design, and copyright trading to establish a highland for audio-visual content creation and production [3]

Group 1 - Samsung Electronics Chairman Lee Jae-Yong visited the JD MALL in Beijing and reportedly purchased 100 Labubu figures, which sparked significant online discussion [1] - Samsung later clarified that Lee's visit was solely for market inspection and that no purchases were made [1] - Pop Mart representatives stated they were unaware of the reported purchase and confirmed that their brand is not present in the JD MALL Beijing store [1] Group 2 - The JD MALL store features various Pop Mart IP products, including Starry People, DIMOO, and THE MONSTERS, sold at a premium of 2-3 times the original price [1]