Summary of Pop Mart (9992.HK) Conference Call Company Overview - **Company**: Pop Mart International Group Ltd - **Industry**: Pop toy industry - **Market Cap**: HK$361,948 million (US$46,316 million) [6] Key Points 1. IP-Centric Diversification Strategy - Pop Mart's strategy focuses on diversifying its intellectual property (IP) portfolio to mitigate cyclical risks and stimulate new demand. The recent collaboration, Skullpanda x My Little Pony, has shown significant interest, particularly on social media platforms like Instagram [1][3]. 2. Growth in APP Engagement - There has been a notable increase in mobile app downloads and active users, particularly in China and the US, attributed to new product releases. This trend is expected to continue during the upcoming Chinese New Year Golden Week [2][10]. 3. Emerging IPs Beyond LABUBU - Other IPs such as SKULLPANDA, TWINKLE TWINKLE, and CRYBABY are becoming significant growth drivers, with over 400 million units sold across all IPs in 2025. The interest in these non-LABUBU IPs in international markets may be underestimated [3][4]. 4. Overseas Market Potential - The sustainability of Pop Mart's growth is debated, particularly regarding the US market. The company is focusing on localized operations and collaborations to enhance its global presence. The total addressable market (TAM) for overseas markets is substantial, and improvements in organizational structure and supply chain are expected to drive expansion [4][22]. 5. Financial Performance - **Earnings Summary**: - 2023: Net Profit of RMB 1,082 million, EPS of RMB 0.807 - 2024: Net Profit of RMB 3,125 million, EPS of RMB 2.346 - 2025E: Net Profit of RMB 13,549 million, EPS of RMB 10.158 - 2026E: Net Profit of RMB 18,357 million, EPS of RMB 13.763 - 2027E: Net Profit of RMB 23,163 million, EPS of RMB 17.366 [5][8]. 6. Investment Recommendation - Pop Mart is rated as a "Buy" with a target price of HK$415, representing a potential upside of 53.8%. The expected total return is 55.5%, with a dividend yield of 1.7% [6][24]. 7. Risks - Key risks include rising competition in the pop toy market, potential disappointments in global expansion, challenges in IP commercialization, and regulatory changes. Despite a high-risk rating, qualitative factors such as execution capability support the investment thesis [25][26]. 8. Market Position - Pop Mart is recognized as the largest pop toy company in China, with a growing global footprint. The company aims to capture the emerging trend of "spiritual consumption" among younger consumers, particularly Gen Z, through its diverse IP characters and marketing strategies [22][23]. 9. Valuation Metrics - The company trades at a premium compared to global peers due to its rapid growth driven by overseas expansion. The valuation is supported by a strong growth profile and execution capabilities [24]. 10. Future Outlook - The company is expected to continue its growth trajectory through innovative product offerings and effective IP management, with significant revenue growth projected for the coming years [1][4][23].

Core Viewpoint - Pop Mart has announced significant growth in its global sales and revenue for 2025, driven by its successful IPs, particularly THE MONSTERS series, which has become a global phenomenon [3][4]. Group 1: Sales and Revenue Performance - In 2025, Pop Mart's global sales of all IP products are expected to exceed 400 million units, with THE MONSTERS series alone surpassing 100 million units [3]. - For the first half of 2025, Pop Mart reported revenue of 13.88 billion yuan, a year-on-year increase of 204.4%, and an adjusted net profit of 4.71 billion yuan, up 362.8% [3]. - By the third quarter of 2025, revenue is projected to grow by 245%-250%, with domestic revenue increasing by 185%-190% and overseas revenue by 365%-370% [4]. Group 2: Key IP Performance - In the first half of 2025, 13 IPs generated over 100 million yuan in revenue, with 5 IPs exceeding 1 billion yuan, including THE MONSTERS, MOLLY, SKULLPANDA, CRYBABY, and DIMOO [4]. - THE MONSTERS series, particularly LABUBU, achieved the highest revenue of 4.81 billion yuan, a staggering year-on-year growth of 668.0%, accounting for 34.7% of total revenue [4]. Group 3: Market Trends and Competitive Landscape - The global trend toy market is projected to grow from $20.3 billion in 2020 to $52 billion by 2025, with a compound annual growth rate of 19.8% [5]. - Competitors in the trend toy sector, such as Miniso and 52TOYS, are intensifying their efforts, prompting Pop Mart to solidify its competitive advantages and build a strong market position [5]. Group 4: Strategic Recommendations - To maintain IP engagement, it is suggested that Pop Mart learn from Disney by enriching IPs with deeper stories and cultural elements, and by fostering closer connections with consumers [5]. - Developing proprietary IPs and enhancing membership benefits are seen as crucial strategies for extending customer loyalty and lifecycle [5].

2月以来，泡泡玛特股价累计涨超20%。2月10日午间收盘时，其股价报268.4港元/股，当日涨幅4.35%， 总市值达3601亿港元，有望实现连续第七个交易日上涨，创下2024年10月以来最长连涨纪录。 消息面上，2月9日泡泡玛特向港交所提交公告，披露2025年全年核心销售数据：全IP全品类产品全球销 量突破4亿只，旗下THE MONSTERS全品类产品全球销量超1亿只。 本文源自：市场资讯 作者：观察君 此前在2月6日的公司年会上，泡泡玛特创始人王宁已提前披露2025年度核心运营数据：全球员工伙伴超 1万人，全球注册会员超1亿人，LABUBU全年销量超1亿只，全品类全IP产品销量超4亿只。目前泡泡玛 特业务已覆盖100余个国家和地区，全球门店超700家，拥有6大供应链基地，创造超20万个就业岗位。 1月30日，泡泡玛特宣布将伦敦定为欧洲总部，计划在英国新增伯明翰、卡迪夫及伦敦牛津街旗舰店等7 家线下门店，同时在欧洲各地拓展20家门店，相关投资将为英国创造超150个就业岗位。近期其新品表 现亮眼，PUCKY敲敲系列、星星人怦然星动系列市场反响热烈。 为回应投资者对增长可持续性的疑虑，1月19日泡泡玛特斥资2. ...

Market Overview - The Hang Seng Index rose by 467 points or 1.76%, closing at 27,027 points, after reaching a high of 27,111 points during the day [3][4] - The total market turnover was 255.14 billion HKD, with a net outflow of 1.887 billion HKD from northbound trading [3] Key Stock Performances - Among the 88 blue-chip stocks, 70 saw an increase, with notable gains from Alibaba (up 1.9% to 157.9 HKD), Tencent (up 2.3% to 560 HKD), and Baidu (up 3.2% to 142.2 HKD) [4] - Kuaishou experienced a decline of 2.7%, closing at 69.3 HKD, while China Mobile fell by 2.1% to 78.5 HKD, marking it as one of the weaker performers [4] Real Estate Market Insights - DBS Bank indicated that the commercial real estate market in Hong Kong is under pressure, with office and retail sectors still finding their floor, and transactions occurring at discounted prices [8] - The bank noted that despite some ongoing transactions, the influx of new developments continues to exert pressure on office inventory [8] Employment Regulations - The Ministry of Human Resources and Social Security in China has initiated administrative guidance for 16 major platform companies, including Meituan and JD, to ensure compliance with labor management and protect workers' rights [9] Entertainment Industry Projections - The domestic box office for the upcoming Spring Festival is expected to reach between 7 billion to 8 billion RMB, with optimistic forecasts suggesting it could exceed 8 billion RMB [10] - Eight films have been scheduled for release during this period, with "Fast Life 3" anticipated to perform well based on its previous popularity [10] Company-Specific Developments - Pop Mart reported global sales of over 400 million units across all IP categories in 2025, with the "THE MONSTERS" category alone exceeding 100 million units [11] - China Resources Pharmaceutical is initiating the sale of a 17.87% stake in Hefei Tianmai Biotechnology, with a starting price of approximately 1.42 billion RMB [12] - Yingda Real Estate reported a 51% increase in revenue, with total income from continuing operations reaching 1.046 billion HKD [13] - Hong Kong Telecom is establishing a new AI data center in the Lok Ma Chau area, aiming to enhance cross-border connectivity and meet the growing demand for fiber optics [14]

【#泡泡玛特2025年销量#，全IP全品类产品全球销售超4亿只】 据同花顺报道，2月9日，泡泡玛特公告，2025年，本集团全IP全品类产品全球销售超4亿只，其中， THE MONSTERS全品类产品全球销售超1亿只。#泡泡玛特去年卖超4亿只# 此前，据新华社报道，记者对话泡泡玛特创始人王宁。当谈到LABUBU商业化时，王宁说：才刚刚开 始，故事、电影都有挖掘的空间，拒绝快速消耗IP。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責,對其準確性 或完整性亦不發表任何聲明,並明確表示,概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 POP MART POP MART INTERNATIONAL GROUP LIMITED 泡泡瑪特國際集團有限公司 (於開曼群島註冊成立的有限公司) (股份代號:9992) 自願公告 業務資料更新 本公告由泡泡瑪特國際集團有限公司(「本公司」,連同其附屬公司及併表聯屬實 體統稱「本集團」董事會(「董事會」自願作出,以告知本公司股東及潛在投資者 本集團最新業務更新。 2025年,本集團全IP全品類產品全球銷售超4億隻,其中 ...

2月9日，泡泡玛特（09992.HK）发布公告，披露2025年全年核心销售数据，全IP全品类产品全球销量 突破4亿只，其中THE MONSTERS全品类产品全球销售超1亿只。 2月10日，泡泡玛特股价一度涨幅接近5%，截至午盘收盘，涨幅4.35%，报每股268.4港元，总市值3601 亿港元。 此次核心销售数据的披露，早于公司完整年报发布，此前，2月7日泡泡玛特创始人王宁在公司年会上已 提前透露相关核心数据，引发市场关注。2月9日，泡泡玛特日内一度涨超8%。今年以来股价已累计上 涨近38%。 王宁表示，2025年泡泡玛特全球员工伙伴超1万人、注册会员超1亿人、LABUBU全年销量超1亿只、全 品类全IP产品销量超4亿只，业务覆盖超100个国家和地区、全球门店超700家、拥有6大供应链基地。 1月30日，泡泡玛特宣布将伦敦定为欧洲总部所在地，未来将在英国新增伯明翰、卡迪夫及伦敦牛津街 旗舰店等7家线下门店，同时计划在欧洲各地拓展20家门店。 泡泡玛特2025年上半年财报显示，泡泡玛特海外各区域收入呈现高速增长：美洲市场收入22.65亿元， 同比增长1142.3%，欧洲及其他地区收入4.78亿元，同比增长729. ...

格隆汇2月10日｜延续近期涨势，泡泡玛特(9992.HK)今日盘中再度涨近5%至270港元，股价创去年10月 以来新高，且较今年1月19日的最低价(174.3港元)反弹55%。 公司日前公告，2025年，集团全IP全品类产品全球销售超4亿只，其中，THE MONSTERS全品类产品全 球销售超1亿只。 华西证券近日发布研报称，近期公司多款新品在国内和海外取得亮眼表现，该行预计公司业绩有望迎来 新年开门红，看好IP运营平台长期商业价值；维持"买入"评级。 摩根士丹利发表研报指，泡泡玛特旗下新IP产品Twinkle Twinkle和Skullpanda的强大受欢迎程度，将持 续推动其IP产品运转。大摩认为泡泡玛特今年在产品设计方面将迎来更多惊喜，而集团旗下IP产品 Labubu与Moynat的合作、据报Labubu电影将由索尼影业制作，加上LVMH中国区CEO加入公司董事 会，显示泡泡玛特的文化影响力日益受到顶尖行业领导者的认可，并相信公司已为其即将推出的新产品 争取到更有效的营销资源，这对提升其IP受欢迎程度至关重要。大摩予泡泡玛特目标价325港元，评 级"增持"，认为随着中国及海外市场销售动能持续，加上产品线 ...

Core Viewpoint - Pop Mart aims to achieve global sales of over 400 million units across all IP and product categories by 2025, with the "THE MONSTERS" category expected to exceed 100 million units [1] Group 1: 2025 Growth Drivers - The company is experiencing a typical "single super IP + category breakthrough" growth model, with revenue expected to expand nearly threefold year-on-year, driven primarily by the global popularity of Labubu and significant monetization efficiency from plush toys [1] - HSBC's analyst Lina Yan predicts that while the hyper-growth from Labubu will fade, the platform's capabilities will persist, marking 2026 as a year for "re-establishing the baseline" [1] - UBS believes that the data alleviates market concerns regarding reliance on a single hit product, with new IP Twinkle showing strong initial performance in early 2026, providing a window for continued growth [1] Group 2: Revenue and Profit Forecast Adjustments - HSBC has lowered its revenue and profit growth forecasts for 2026, citing a decline in member repurchase intensity and growth rate, while emphasizing that valuations have already accounted for IP lifecycle risks [2] - The company’s revenue growth in 2025 is expected to be significantly driven by repeat member purchases, with ARPU from repeat members contributing nearly half of the revenue growth in mainland China [3] Group 3: 2026 Growth Framework - HSBC anticipates that the normalization of ARPU for repeat members will shift growth from explosive to a more standard retail expansion trajectory, leading to a reduction in revenue growth forecast from 30.6% to 23.7% for 2026 [4] - The expected revenue growth for 2026 in mainland China is approximately 13.0%, while overseas growth is projected at around 35.7%, with a focus on expanding retail POS locations [4] Group 4: Execution Risks and Market Dynamics - The risks identified are primarily execution-related, including supply chain issues, price inflation from scalpers, and competition, which could impact the brand and sales [5] - HSBC notes that the market has already begun to price in the lifecycle risks associated with Labubu, with a significant drop in forward PE ratios despite a rise in forward EPS [6] Group 5: New IP and Market Validation - The success of new IPs like Twinkle and their interaction with overseas markets will be critical for sustaining growth post-Labubu, with initial sales figures indicating strong performance [6][7] - Both HSBC and UBS view upcoming quarterly sales data as crucial for validating market performance, particularly in the U.S., and emphasize the importance of sustainable membership management and product expansion [7]

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]

Core Viewpoint - Pop Mart (09992) has officially opened its first store in Canada, marking a significant step in its expansion into the North American market [1][5]. Group 1: Store Opening and Market Response - The new store is located in Richmond Center, Vancouver, and features popular IP products such as THE MONSTERS, MOLLY, SKULLPANDA, and DIMOO, attracting considerable consumer interest [1][5]. - The opening generated a buying frenzy, with queues extending to nearby stores within just two days [1][5]. - Pop Mart's Americas business representative noted that there has been substantial demand from Canadian consumers on social media and e-commerce platforms prior to the store opening [1][5]. Group 2: Expansion Plans - Pop Mart currently operates over 60 physical stores in the United States [1][5]. - The company plans to open additional stores in Vancouver by early 2026 and will also enter the Toronto market, completing its presence in key cities on both coasts of Canada [1][5].