Core Insights - The stock price of Pop Mart has been declining since reaching a peak market value of HKD 440 billion two months ago, currently stabilizing around HKD 350 billion, raising questions about the sustainability of the blind box business [1][11][13] Company Performance - Pop Mart reported its best half-year performance since inception in August 2023, with revenue of HKD 13.88 billion, a year-on-year increase of 204.4%, and a net profit of HKD 4.574 billion, up 396.5% [11] - The LABUBU series, part of THE MONSTERS franchise, contributed HKD 4.814 billion in revenue, increasing its share of total revenue from 13.7% in 2024 to 34.7% [11] - Following the strong performance, Pop Mart's stock price surged to approximately HKD 340, pushing its market value above HKD 440 billion [11] Market Dynamics - Despite the initial success, Pop Mart's stock price experienced a significant correction, dropping over 25% from its peak by mid-September 2023 [11][13] - The company faced challenges with its jewelry brand popop, which saw lackluster sales compared to its toy products, and a decline in the secondary market prices for LABUBU collectibles [13] Brand and IP Development - The LABUBU character gained global popularity after being featured by BLACKPINK member Lisa on social media in April 2024, leading to a surge in demand [9] - The company has expanded its international presence, particularly in Southeast Asia, where LABUBU has garnered a substantial fan base [7][9] Future Outlook - The current stock price adjustment may be a minor setback in the broader context of industry development, with potential for future growth if Pop Mart continues to innovate and develop strong IP [15]

Core Viewpoint - Apple CEO Tim Cook's visit to Shanghai for the 10th anniversary of Pop Mart's THE MONSTERS exhibition highlights the growing influence and recognition of Pop Mart in the consumer market, particularly with its LABUBU character gaining significant popularity [1][5][9]. Company Overview - Pop Mart's market capitalization has recently fallen to approximately HKD 350 billion after experiencing a stock price correction, yet it remains one of the most remarkable consumer companies of the year [3][12]. - The company has seen a substantial increase in revenue, with a reported income of HKD 13.88 billion for the first half of 2025, representing a year-on-year growth of 204.4% [9]. - LABUBU, as the fastest-growing IP under Pop Mart, contributed approximately HKD 4.814 billion to the total revenue, increasing its share from 13.7% in 2024 to 34.7% in 2025 [9]. Market Dynamics - Following a peak in stock price, Pop Mart's shares have experienced a decline of over 25% from their record high, with the current stock price around HKD 265 [10][12]. - The launch of Pop Mart's jewelry brand, popop, has not met the same level of excitement as its toy products, indicating a potential shift in consumer interest [10]. - Despite concerns over declining prices in the secondary market for LABUBU, analysts suggest this is a result of rapid production expansion rather than a decrease in IP popularity [11].

Core Viewpoint - Apple CEO Tim Cook's visit to Shanghai for the 10th anniversary of Pop Mart's THE MONSTERS exhibition highlights the growing influence and recognition of Pop Mart in the consumer market, particularly with its LABUBU character [1][5][7]. Company Overview - Pop Mart, a leading player in the trendy toy market, has seen its market capitalization drop to approximately HKD 350 billion after a recent stock price correction, yet it remains one of the most remarkable consumer companies of the year [3][9]. - The company went public in Hong Kong in 2020 and has experienced significant fluctuations in its stock price, including a notable low of HKD 9.4 [7]. Financial Performance - In August 2023, Pop Mart reported its best performance since inception, with revenue for the first half of 2025 reaching RMB 13.88 billion, a year-on-year increase of 204.4%, and a net profit of RMB 4.574 billion, up 396.5% [7]. - The LABUBU character, part of the THE MONSTERS series, contributed approximately RMB 4.814 billion to the total revenue, increasing its share from 13.7% in 2024 to 34.7% in 2025 [7]. Market Trends - Following the surge in popularity of LABUBU, Pop Mart's stock price soared to around HKD 340, with a market cap exceeding HKD 440 billion [7]. - However, the stock has since experienced a decline, dropping to approximately HKD 265, resulting in a loss of nearly HKD 100 billion in market value over two months [9][10]. Cultural Impact - The collaboration between Pop Mart and artist Kasing Lung, creator of LABUBU, has led to a significant cultural phenomenon, with the character gaining international attention, particularly after a social media post by BLACKPINK member Lisa [5][8].

Group 1 - COMEX gold futures prices rose to $3702.8 per ounce on September 17, marking a nearly 10% increase from $3378 per ounce on August 18 [1] - Popop, a jewelry brand under Bubble Mart, launched its first solid gold series featuring products like gold beads, pendants, gold bars, and ornaments [1] - Within three days of launch, foot traffic in two Popop stores significantly increased, leading to a noticeable rise in sales [1] Group 2 - The new solid gold series is not a limited edition, with prices ranging from 1300 to 1700 RMB per gram, indicating a premium over market prices [5] - Unlike traditional gold brands that use a "gold price + processing fee" pricing strategy, Popop employs a fixed price model for its products [5] - The demand for emotional value from consumers has contributed to the rising popularity of Bubble Mart's IP, reflected in the company's performance [5] Group 3 - Bubble Mart reported a revenue of 13.88 billion RMB for the first half of 2025, a year-on-year increase of 204.4% [5] - The adjusted net profit for the same period was 4.71 billion RMB, showing a year-on-year growth of 362.8% [5] - The company's revenue surpassed 10 billion RMB in the first half of the year, with net profit exceeding the total for the entire year of 2024 [5]

Core Insights - The article highlights the launch of the first gold series product by Popop, a jewelry brand under Pop Mart, featuring the IP Baby Molly [1] - The product line includes gold beads, pendants, gold bars, and ornaments, aimed at appealing to consumers looking for unique gifts [1] Sales Performance - Within just three days of the launch, Popop's two offline stores experienced a significant increase in customer traffic, leading to a noticeable rise in store sales [1] - Consumers expressed enthusiasm for the Baby Molly design, with one mentioning the product's suitability for gifting occasions such as a baby's full moon celebration [1] Consumer Sentiment - New mothers are particularly drawn to the Baby Molly series, as they find a personal connection with the character, enhancing the product's appeal [1] - The IP association adds charm to the products, making them more attractive to potential buyers [1]

Core Viewpoint - The recent launch of popop's gold jewelry series, leveraging the popularity of the IP Baby Molly, has resulted in significant consumer interest and sales growth, coinciding with a rising gold price trend [1][7][10]. Group 1: Product Launch and Market Response - Popop, a jewelry brand under Pop Mart, has officially released its first gold jewelry series, featuring products like gold beads, pendants, and decorative items, priced between 980 yuan and 56,800 yuan [1][7]. - The most expensive item in the series is a 41-gram gold bottle ornament, priced at 56,800 yuan [1]. - Within three days of the launch, popop's two offline stores experienced a notable increase in customer traffic and sales [1]. Group 2: Industry Context and Market Potential - The Chinese jewelry market is projected to reach a scale of approximately 778.8 billion yuan in 2024, indicating significant growth potential despite current challenges such as demand fatigue and product homogeneity [7][12]. - The gold jewelry market is facing a decline in consumption, with a reported 3.54% decrease in gold consumption and a 26% drop in gold jewelry demand in the first half of 2025 [12][15]. - The recent surge in gold prices, with COMEX gold futures reaching over 3,700 USD per ounce, has led to increased retail prices for gold jewelry, with some brands pricing gold at 1,092 yuan per gram [12][13]. Group 3: Company Performance and Strategic Direction - 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%, with net profit exceeding the total for the entire year of 2024 [9]. - The company aims to redefine jewelry as a medium for emotional expression and personal sentiment, focusing on creating wearable art that resonates with consumers [15][16]. - The strategy of integrating IP with jewelry is seen as a pathway to attract younger consumers and create trendy products, as evidenced by collaborations with well-known IPs by leading jewelry brands [15][16].

Core Viewpoint - The stock price of Pop Mart has experienced a significant decline, dropping 23.78% from its historical high of 339.8 HKD per share, leading to a market capitalization loss exceeding 100 billion HKD, while the Hang Seng Index has risen by 2.16% during the same period [2][3]. Group 1: Stock Performance - On September 15, Pop Mart's stock price fell by 6.43%, closing at 259 HKD per share, with an intraday drop of 8.96%, resulting in a total market value of 347.8 billion HKD [1]. - Since reaching its peak, the stock has seen a continuous decline, indicating a lack of investor confidence [2][4]. Group 2: Market Sentiment and Product Demand - Morgan Stanley downgraded Pop Mart's stock rating to "neutral," citing a lack of clear growth catalysts and unattractive current valuation levels [4]. - Recent product launches, such as the SKULLPANDA series, have not generated the expected consumer interest, with reports of minimal queues for new releases, contrasting sharply with previous sales events [4][5]. - The online sales performance of new products has been volatile, with significant fluctuations in sales numbers, suggesting potential issues with high return rates [5]. Group 3: Secondary Market Trends - Data from second-hand trading platforms indicate a decline in the popularity of Pop Mart's IPs, with average transaction prices for Labubu products dropping significantly [5]. - A notable percentage of users on trading platforms believe prices will continue to decline, prompting some resellers to pause their purchasing strategies [5]. Group 4: Industry Insights - An economist highlighted the correlation between toy companies' stock prices and market demand, warning that the current situation reflects an irrational bubble that could lead to prolonged price declines [7]. - The sustainability of IPs is crucial, and companies must continuously innovate and diversify their offerings to meet varying consumer preferences [7].

Group 1 - Pop Mart's jewelry brand popop launched a gold series featuring the IP Baby Molly, with prices ranging from 980 yuan to 56,800 yuan, adopting a fixed-price model similar to traditional gold shops [1] - The series includes various products such as gold beads, pendants, gold bars, and decorative items, with the most expensive item being a 41g gold bottle priced at 56,800 yuan [1] - This move reflects Pop Mart's ambition to explore differentiated competition in the gold market and tap into new profit points by leveraging its IP value [1] Group 2 - The 2025 film box office in China surpassed 40 billion yuan by September 13, 2025, 76 days earlier than in 2024, with over 88.8% of the revenue coming from domestic films [2] - The top ten films of the year are all domestic productions, indicating a strong recognition of local content among audiences [2] - The rapid growth in box office revenue is attributed to increased quality content supply, policy support, and seasonal boosts from major holiday releases [2] Group 3 - The trademark "Qianhe 0+" of Qianhe Flavor Industry was declared invalid by the National Intellectual Property Administration, which may impact the company's brand positioning and market reputation [3] - The invalidation is based on the trademark law, indicating that descriptive terms lack distinctiveness and are at risk of being invalidated [3] - This situation may prompt Qianhe Flavor Industry to reassess its brand identity and rely more on product strength for market expansion [3] Group 4 - Huace Film and DataEye announced the establishment of a 100 million yuan micro-short drama investment fund, focusing on high-quality projects and the "micro-short drama+" direction [4][5] - This initiative aims to promote the micro-short drama industry towards high quality and professionalism, reflecting strategic foresight in a rapidly expanding market [4][5] - By investing in premium projects, Huace Film seeks to enhance market share and profitability through diverse business models [5] Group 5 - Estée Lauder's China Innovation R&D Center has been recognized as a global R&D center by the Shanghai Municipal Commission of Commerce, meeting specific investment and project criteria [6] - This recognition underscores the company's commitment to local innovation and high-end research in the Chinese market, enhancing its competitive edge in the Asia-Pacific beauty sector [6] - The upgrade of the foreign R&D center reflects China's growing strategic importance in the global beauty industry and its attractiveness in the global supply chain and innovation network [6]

Core Viewpoint - Pop Mart officially launched its gold jewelry brand popop on September 12, introducing a series of solid gold products, marking a significant expansion into the jewelry market [2]. Group 1: Product Launch and Sales - The popop brand currently sells its products only in two physical stores located in Beijing and Shanghai, with no online sales channels available yet [7]. - On the first day of the launch, the sales of the solid gold series were relatively quiet compared to the immediate sell-out of Pop Mart's toy series, with no queues reported at the Beijing store [10]. - Store staff indicated that while there was no rush to purchase, many customers inquired about the new gold products, suggesting a potential interest in future purchases [10]. Group 2: Pricing and Market Positioning - The pricing of the newly launched solid gold products is lower than previous collaborations, such as the "Traveling Dream" series with Chow Sang Sang, where a 0.8-gram gold bead was priced at approximately ¥1748, translating to about ¥2185 per gram [10]. - Prior to the introduction of solid gold items, popop's products primarily used lower-value materials like S925 silver and zircon, with prices ranging from ¥319 to ¥2699, targeting the light luxury market alongside brands like Pandora and Swarovski [10][12]. Group 3: Revenue and Growth Potential - The revenue from Pop Mart's IP-derived products is projected to grow by 67% year-on-year in 2024, accounting for 29% of total revenue, indicating a strong market demand for its IP products [12]. - The founder of Pop Mart expressed a desire to explore various product categories, with jewelry being a significant area of focus for expansion [12].

Core Viewpoint - Pop Mart is aggressively entering the gold jewelry market with its new brand popop, aiming to capture a share of the market traditionally dominated by established gold brands [4]. Group 1: Pop Mart's New Initiatives - Pop Mart launched its first gold series products under the popop brand on September 12, featuring items like gold beads, pendants, and ornaments, utilizing its IP Baby Molly [4]. - The popop brand is part of Pop Mart's strategy to expand its boundaries, with significant investments in store locations and design [4]. - The introduction of gold products signifies a direct competition with traditional gold brands, although experts suggest that a full-scale battle is still distant [4]. Group 2: Stock Performance and Market Reactions - Despite the launch of popop's gold products, Pop Mart's stock price has declined by 15.74% since reaching a peak of 339.8 HKD per share on August 26, closing at 276.8 HKD on September 12 [4]. - The decline in stock price is attributed to significant price fluctuations in the labubu plush series in the secondary market, with prices dropping from around 600 RMB to 133 RMB for certain items [5]. Group 3: Supply Strategy and Market Impact - Pop Mart's change in supply strategy, which involved a significant increase in the production of labubu plush products, led to a market oversupply, affecting the stability of secondary market prices [6]. - The monthly production capacity for labubu plush products has surged to 30 million, a tenfold increase compared to early 2025 [6]. - The influx of products has prompted resellers to offload their inventory, further driving down prices and impacting investor confidence [6][8]. Group 4: Long-term Strategy and IP Management - Pop Mart's management aims to diversify its IP portfolio to reduce reliance on a single product, which is seen as a risky strategy [7]. - The company prefers to enhance the liquidity of its IPs rather than relying on their resale value in the secondary market [7]. - The decision to adjust supply strategies is viewed as an opportunity to reshape the secondary market dynamics and regain investor confidence [8].