To The Moon

🌟🌟🌟Pop Mart $POP MART(09992)$  just popped 8.6% today due to strong 1H 25 earnings and a positive outlook for continued growth fueled by global expansion and innovative IP strategies. 

Pop Mart's story began in 2010 when Wang Ning, Founder and CEO  of Pop Mart $POP MART(09992)$  launched a humble store in Beijing with a radical idea: that toys could be emotional art.  Today Pop Mart is a global powerhouse and its characters like the defiant nostalgic Labubu, have become cultural icons.

Pop Mart H1 25 results smashed past expectations as its Net Profit surged almost 400% in the first half, exceeding expectations. 

H1 2025 Earnings Highlights

Revenue : RMB 13.88 billion (USD 1.93 billion) up 204% YoY

Net Profit: RMB 4.57 billion (USD 636 million), up 397% YoY

Gross Margin: 70.3% compared to 64% in H1 2024

Store Count: 571 flagship stores and 2,597 robot shop vending machines across 18 countries.

Top IP Contributions:

Labubu: RMB 4.81 billion (35% of total revenue)

Molly, SkullPanda, Crybaby, Dimoo: Each exceeding RMB 1 billion.

IP as An Identity 

Pop Mart's genius lies in its IP strategy.  IP stands for intellectual property - the intangible creations that a company owns and monetises.  In Pop Mart's world, its IP isn't just a legal footnote.  The IP is the beating heart of its business. 

Why IP matters for Pop Mart 

IP drives revenue through blind box sales and limited edition drops 

IP unlocks licensing deals with brands, fashion houses and celebrities. 

IP fuels global expansion with each new market amplifying Pop Mart's IP value. 

IP as a Financial Asset 

IP appears on the balance sheet as an intangible asset.  

IP is valued by future cash flows from merchandise, licensing and collaborations. 

IP is critical for investor models and valuation multiples. 

Analysts Consensus and Caution

According to Tipranks, the average share price target for Pop Mart is HKD 324.68, a upside potential of 6%.  The general consensus is a Buy, based on 12 Wall Street Analysts. 

Morningstar's Jeff Zhang warns that H1 momentum may have peaked and expects a H2 slowdown as blind box novelty fades and discretionary spending tightens. 

The Labubu Effect 

Labubu transcends toy status.  It is the must have icon dangled from Hermes bags, decked in Van Cleef and paraded by Rihanna, Lisa and the Beckhams.  Wang Ning projects daily sales of 10 million Labubus once the autumn series drops - cementing Labubu as the single largest revenue driver.  But when collectors crave the next thrill, will Labubu's appeal endure? 

For SG Investors : Pop Mart SDR gateway

On August 1, SGX has just introduced $POP MART HK SDR 20to1(HPPD.SI)$    taking the total number of SDRs to 23.    This makes Pop Mart fully tradable in SGD sidestepping foreign exchange worries.    In addition to that, Tiger Brokers is offering zero commission, zero custodian fees as a great SG60 promotion until October 17.  Plus you stand the chances of winning attractive prizes too. 

A Strong Finish : Collect the Craze or Watch it Unfold? 

Pop Mart's H1 fireworks prove that its IP engine runs hotter than ever.  However this also carries the risk of its cooling off.   As Singapore celebrates SG60, here is your choice: Stake a claim in the next chapter of Pop Mart's Blind Box Revolution or observe from the sidelines.  The collectors who seize this moment could write the happiest endings while others may only read about their triumphs.   What will your verdict be? 

SG60: The Parallel Story 

Singapore's journey mirrors Wang Ning's in spirit.  From a colonial outpost to a global financial hub, SG60 is a celebration of reinventing, resilience and rooted ambition. 

Now with Pop Mart listed as an SDR on SGX, Singapore investors can own a slice of Wang Ning's successful company Pop Mart - traded in SGD, accessible via Tiger Brokers $Tiger Brokers(TIGR)$ and wrapped in a commission free promotion through to October 17.

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