Core Viewpoint - The report from Credit Lyonnais highlights Pop Mart's efforts to create a compatible IP platform showcased at the Beijing Pop Toy Show in August, indicating strong demand for both established and emerging IPs [1] Group 1: Sales Drivers - Key sales drivers for Pop Mart include the strong demand for its iconic IP products such as The Monsters, Skullpanda, and Molly, as well as the monetization of emerging IPs like Twinkle Twinkle and Crybaby [1] - The company is also benefiting from ongoing overseas expansion and category diversification, which is expected to further penetrate customer life cycles [1] Group 2: Financial Forecasts - Credit Lyonnais has raised its sales and adjusted net profit forecasts for Pop Mart for the years 2025 to 2027 by 17% to 22% and 31% to 36%, respectively [1] - The adjusted net profit is projected to reach 10.1 billion yuan in 2025 [1] Group 3: Target Price and Rating - The target price for Pop Mart has been increased from 300 HKD to 318 HKD, based on the company's mid-term potential in building a sustainable IP incubation and monetization platform [1] - The rating is maintained at "Outperform" [1]

Core Viewpoint - Citic Lyon has raised the target price for Pop Mart (09992) by 6% from HKD 300 to HKD 318, maintaining an "outperform" rating [1] Group 1: Market Performance - The report highlights that Pop Mart showcased its commitment to building a compatible IP platform at the Beijing Pop Toy Expo held in August [1] - There is strong demand observed for emerging IPs such as Twinkle Twinkle, Crybaby, and KeyA [1] Group 2: Sales Growth Projections - The company is expected to benefit from a year-on-year growth of 113% in the domestic market and 412% in overseas markets [1] - Sales are projected to increase by 202% year-on-year in the first half of 2025 [1]

Group 1 - Citic Securities raised the target price for Pop Mart (09992) by 6% from HKD 300 to HKD 318, maintaining an "outperform" rating [1] - The report highlights the strong demand for emerging IPs such as Twinkle Twinkle, Crybaby, and KeyA, observed during the Beijing Pop Toy Expo held in August [1] - The company is expected to benefit from significant year-on-year growth in both domestic and overseas markets, with increases of 113% and 412% respectively, and anticipates a 202% year-on-year sales growth in the first half of 2025 [1]

在这个Labubu狂奔，Lafufu紧追的2025年，泡泡玛特势头正猛。 周四，泡泡玛特一度大涨近6%，最高触及293.40港元，刷新历史新高，截止8月8日收盘，总市值达到3733亿元。 图源来自泡泡玛特微博官方 在情绪消费的烘托下，泡泡玛特凭借其独特稀缺机制，以及引发的"错失恐惧症"效应，精准激发消费者的收藏和购买热情，Labubu一举成为年轻人不可或缺 的时尚单品。 图源来自泡泡玛特微博官方 然而，当投资者还在计算其单一IP天花板时，专业机构已把目光投向了更深处——那个能持续孵化新"Labubu"、催生下一个爆款的系统能力。 爆款IP以外，泡泡玛特又一个隐形引擎 时间回溯至两年前，当时的Labubu仅占集团销售额6%，而Crybaby和Twinkle Twinkle系列更是尚未起步。 而最近的北京潮玩展现场，Twinkle Twinkle展位前人头攒动，现场出售的IP相关手办、绘画作品、包袋和配饰等产品火速售罄，系列产品热度随之水涨船 高。 Crybaby的表现也同样亮眼，其生活方式产品线包括服装、配饰和家居用品，平均售价达到250元人民币以上。 2024年财报显示，CRYBABY（哭娃）的相关收入同比增 ...

Summary of Conference Call Records Industry or Company Involved - **Consumer Sector**: Focus on new and traditional consumer stocks - **Specific Companies**: Bubble Mart, Giant Bio, Yum China, Anta, Old Paved Gold, Chow Tai Fook, Haidilao, China Duty Free Group (CDFG), Macau Gaming Industry Core Points and Arguments 1. **Consumer Stock Performance**: New consumer stocks underperformed the market, while traditional consumer stocks remained flat, influenced by policy expectations against "involution" [1][2] 2. **Investment Focus**: Emphasis on fundamental analysis for the second half of the year, with consumer confidence recovering but spending not significantly increasing [1][3] 3. **Stock Selection Criteria**: Maintain focus on performance reversal, high growth potential, and high return certainty [1][3] 4. **Recommendations**: - Dairy industry expected to balance supply and demand, leading to price recovery - Bubble Mart and Giant Bio identified as high-growth stocks - Yum China and Anta recommended for their strong governance and long-term holding potential [1][4][6][7] 5. **Bubble Mart's Performance**: After a strong earnings report, the stock experienced profit-taking, but is expected to see a profit growth of 40%-45% by 2026, with a PE ratio of 21-22 [1][11][12] 6. **Giant Bio's Growth**: Sales performance is strong, but faces high base pressure in Q4; potential for 20% profit compound growth over the next two years [1][17] 7. **Gold and Jewelry Sector**: High demand for premium products, but stable gold prices may affect growth rates; Old Paved Gold faces margin pressure [1][18][19] 8. **Macau Gaming Industry**: Exceeded expectations with GGR growth of 19% in June and July, driven by increased visitor numbers; full-year GGR growth target raised to 10% [1][24][25] 9. **Yum China's Stock Decline**: Stock price drop attributed to cautious revenue growth expectations; despite challenges, still viewed as a long-term holding [1][10] 10. **Haidilao's Challenges**: Facing pressure from macroeconomic factors and competition from food delivery platforms, leading to expected revenue decline [1][21] 11. **China Duty Free Group's Performance**: Underperformed expectations with an 8% revenue decline; future growth dependent on stability in Hainan and airport sales [1][22] 12. **Hotel Industry Outlook**: Poor performance in summer 2025, with RevPAR down 1-2%; future growth uncertain [1][23] Other Important but Possibly Overlooked Content 1. **Bubble Mart's Supply Chain Strategy**: Focus on increasing capacity utilization and direct-to-consumer sales to balance supply and demand [1][15] 2. **Giant Bio's Innovation**: Emphasis on new product development and research to maintain competitive edge [1][17] 3. **Chow Tai Fook vs. Old Paved Gold**: Differing strategies in brand positioning and expansion, with Chow Tai Fook being more aggressive [1][20] 4. **Consumer Behavior Trends**: Shift in consumer perception towards collectible toys, with adults increasingly purchasing Bubble Mart products [1][26]

Core Viewpoint - Morgan Stanley's report highlights the potential growth and undervalued platform value of Pop Mart, particularly following their participation in the recent international toy exhibition in Beijing [1] Group 1: Product Performance - The Twinkle Twinkle product booth attracted significant crowds, with items such as figurines, artwork, bags, and accessories selling out quickly, indicating that Twinkle Twinkle could start contributing significantly to sales from 2024 onwards [1] - The Crybaby product line, including T-shirts, baseball caps, cushions, and slippers, was also well-received, with an average selling price exceeding 250 yuan [1] Group 2: Market Potential - Morgan Stanley believes that Pop Mart's platform value may be underestimated, noting that the company currently sells products in four regions, with its primary IP sources being Greater China, along with Crybaby from Thailand and Peach Riot from the United States [1] - There is significant potential for Pop Mart to tap into rich artistic resources in the United States, Europe, Japan, and Southeast Asia, suggesting that the company's IP and product portfolio will become more culturally diverse over the next 3-5 years [1] Group 3: Valuation and Rating - The intrinsic value of Pop Mart is considered to far exceed its current IP holdings, a point that the market has overlooked, leading Morgan Stanley to maintain an "overweight" rating with a target price of 365 HKD, which corresponds to a projected price-to-earnings ratio of 46 times for this year [1]

消息面上，8月1日-3日，由泡泡玛特主办的2025PTS北京国际潮流玩具展在国家会议中心举办，据追风 交易台，摩根士丹利分析师在参观北京潮玩展后维持泡泡玛特"增持"评级，强调其平台价值被市场低 估。分析师认为，投资者过度关注单一IP天花板，而忽略了公司背后的平台孵化能力这一核心长期投资 价值。大摩在最新报告指出，泡泡玛特的成功在于其平台能力而非单一IP。仅仅两年前，Labubu仅占集 团销售额6%，Crybaby和Twinkle Twinkle尚未起步，如今Labubu已享誉全球，后两者也获得强劲关注， 预计将成为重要的收入来源。分析师将其列为首选股票。 此外，星展近期发布研报称，泡泡玛特受Labubu、Molly等自有IP强劲需求推动，预期今年收入及盈利 分别增长逾1.4倍及1.8倍。 基于公司的流行文化影响力增长及中期稳健前景，该行首予"买入"评级，目 标价312港元，预期2024至26年收入及盈利的年均复合增长率分别达81%及99%。 本文源自智通财经网 智通财经获悉，泡泡玛特(09992)涨超5%，截至发稿，涨5.37%，报270.6港元，成交额18.84亿港元。 ...

泡泡玛特(09992)涨超5%，截至发稿，涨5.37%，报270.6港元，成交额18.84亿港元。 消息面上，8月1日-3日，由泡泡玛特主办的2025PTS北京国际潮流玩具展在国家会议中心举办，据追风 交易台，摩根士丹利分析师在参观北京潮玩展后维持泡泡玛特"增持"评级，强调其平台价值被市场低 估。分析师认为，投资者过度关注单一IP天花板，而忽略了公司背后的平台孵化能力这一核心长期投资 价值。大摩在最新报告指出，泡泡玛特的成功在于其平台能力而非单一IP。仅仅两年前，Labubu仅占集 团销售额6%，Crybaby和Twinkle Twinkle尚未起步，如今Labubu已享誉全球，后两者也获得强劲关注， 预计将成为重要的收入来源。分析师将其列为首选股票。 此外，星展近期发布研报称，泡泡玛特受Labubu、Molly等自有IP强劲需求推动，预期今年收入及盈利 分别增长逾1.4倍及1.8倍。 基于公司的流行文化影响力增长及中期稳健前景，该行首予"买入"评级，目 标价312港元，预期2024至26年收入及盈利的年均复合增长率分别达81%及99%。 ...

消息面上，8月1日-3日，由泡泡玛特主办的2025PTS北京国际潮流玩具展在国家会议中心举办，据追风 交易台，摩根士丹利分析师在参观北京潮玩展后维持泡泡玛特"增持"评级，强调其平台价值被市场低 估。分析师认为，投资者过度关注单一IP天花板，而忽略了公司背后的平台孵化能力这一核心长期投资 价值。大摩在最新报告指出，泡泡玛特的成功在于其平台能力而非单一IP。仅仅两年前，Labubu仅占集 团销售额6%，Crybaby和Twinkle Twinkle尚未起步，如今Labubu已享誉全球，后两者也获得强劲关注， 预计将成为重要的收入来源。分析师将其列为首选股票。 此外，星展近期发布研报称，泡泡玛特受Labubu、Molly等自有IP强劲需求推动，预期今年收入及盈利 分别增长逾1.4倍及1.8倍。 基于公司的流行文化影响力增长及中期稳健前景，该行首予"买入"评级，目 标价312港元，预期2024至26年收入及盈利的年均复合增长率分别达81%及99%。 智通财经APP获悉，泡泡玛特(09992)涨超5%，截至发稿，涨5.37%，报270.6港元，成交额18.84亿港 元。 ...

Core Viewpoint - The success of Pop Mart is attributed to its platform capabilities rather than a single IP, with emerging IPs like Twinkle Twinkle and Crybaby expected to significantly contribute to revenue in the coming years [1][3][4]. Summary by Sections Platform Value - Morgan Stanley emphasizes that the market underestimates Pop Mart's platform value and its IP incubation capabilities, which are seen as the core long-term investment value [3][6]. - The focus on a single IP's ceiling has led investors to overlook the company's broader platform capabilities [3][6]. Emerging IP Growth Potential - Twinkle Twinkle has shown strong market demand, with products selling out quickly at the Beijing Toy Expo, indicating its potential as a major revenue contributor from 2025 onwards [4]. - Crybaby's lifestyle product line, with an average price exceeding 250 RMB, demonstrates significant sales growth potential, despite supply constraints on plush toys [4]. Globalization and IP Diversification - Pop Mart is expanding its IP diversity through global operations, with existing IPs primarily from Greater China, while also tapping into artists from Thailand and the U.S. [5]. - The company aims to leverage local markets to incubate local artists and their creations as international market scales grow [5]. Core Investment Value - The intrinsic value of Pop Mart lies in its platform capabilities, which enable the success of its IPs, a factor that is often overlooked by the market [6]. - The report suggests a reasonable valuation based on a projected 46 times price-to-earnings ratio for 2025, indicating a PEG ratio of approximately 1.4 for a high-growth consumer company with global expansion potential [6].