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POP MART HK SDR 20to1

Today’s Key News Recap

GOOGL

CVAC

GOOG

03690

83690

HMTD

MPNGY

09992

HPPD

00941

80941

HCMD

600941

INTC

04335

01211

81211

HYDD

002594

BYDDF

BYDDY

0326 | Dolphin Research Focus: 🐬 Macro/Industry 1) Data show U.S. import prices rose 1.3% MoM in Feb, beating the 0.5% consensus and marking the biggest increase since 2022, driven by higher fuel and rising import costs for AI-related semiconductors and computers. The print signals a clear pickup in imported inflation, with signs of a second leg up, and higher import costs are likely to pass through to consumer prices. On the same day, Fed Governor Michael Barr said rates will stay on hold until there is sustained progress toward 2% inflation...

Alphabet

Meta Platforms

Citigroup

CureVac BV

Alphabet - C

MEITUAN

MEITUAN-WR

Meituan HK SDR 5to1

Meituan

POP MART

CHINA MOBILE

CHINA MOBILE-R

CN Mobile HK SDR 5to1

China Mobile

Intel

INTEL-T

BYD COMPANY

CITIGROUP INC 6.250 NON CUM SER II PFD WI

BYD COMPANY-R

BYD HK SDR 10to1

BYD Company Limited

BYD Company

SpaceX IPO Push: Latest Update; GOOGL Unveils AI Memory-Compression Game-Changer | Daily News Recap

Pop Mart

Financial Analysis

MART

NFLX

2026 guidance signals a marked slowdown

Allianzim US Large Cap Buffer10 Mar ETF

Netflix

Pop Mart: Revenue Surges, Shares Plunge — Who Got It Wrong?---

Conference Minutes

SONY

6758

09618

89618

HJDD

BYTED

Below is Dolphin Research's Trans of the FY25 earnings call for $POP MART(09992.HK). This section provides a recap of the core takeaways.1) Shareholder returns: the company plans to distribute 25% of net income attributable to shareholders as dividends. This implies a total payout of RMB 3.194bn and DPS of RMB 2.38.2) Guidance: for 2026, management targets revenue growth of at least 20%, prioritizing healthy, sustainable growth over aggressive expansion. It aims to avoid revenue growth without profit. The company will add quarterly business updates in May and Nov to increase disclosure frequency...

Sony

Sony Group Corporation

JD-SW

JD-SWR

JD HK SDR 10to1

JD.com

ByteDance

POP MART (Trans): 2026 'pit stop to refuel and change tires'

POP MART 25H2 First Take: After the print, the stock slumped 22% in the afternoon. On a 2H-only view, results were broadly in line with Bloomberg consensus but below some aggressive buyside models, which Dolphin Research believes had front‑run the move.Setting the quarter aside, another disappointment was management’s conservative 2026 guide at 20% growth. Excluding new overseas store openings, the implied same‑store growth looks low single‑digit, which together fueled the afternoon selloff.1、Overseas revenue below expectations. In 25H2, POP MART delivered revenue of RMB 23.2bn (+174% YoY), a slowdown from the 200%+ pace in H1. Domestic revenue reached RMB 12.6bn (+183% YoY), accelerating vs. H1 on stronger omni‑channel execution with outsized online contribution, beating the Street.Overseas grew 281% YoY but decelerated vs. H1, especially in North America. Versus 10x+ growth in Q3, channel checks indicate offline sales softened after Nov. Black Friday promotions failed to deliver the expected surge, with growth falling below 500%, weighing on overseas performance.2、Rising contribution from The Monsters. With Labubu capacity ramping in H2, The Monsters’ mix rose from 34.7% in H1 to 40%. New IP launches received mixed reviews, raising concerns about dependence on a single IP; on the positive side, the Xingxing Ren series became the fastest‑growing IP, up from under 3% to 7.2%.3、Plush is now the largest category. The share of figures led by blind boxes continued to decline, while plush toys with higher GPM surged. Beyond The Monsters, many other IPs adopted plush designs, lifting plush’s overall mix from 44% in H1 to 54%.4、GPM at a record high. A richer overseas mix and the rapid rise of higher‑margin plush pushed GPM to 73% in 25H2, a new high.5、Operating leverage kicking in. The sales expense ratio fell as the company leaned into lower‑cost customer acquisition on overseas online platforms (Instagram, TikTok), and G&amp;A also declined on disciplined spending and improved internal decision efficiency, lifting core OPM to 48%。$POP MART(09992.HK)

09988

89988

BABA

HBBD

KBAB

BABO

BABX

0223 | Dolphin Research Focus: Macro/Sector. 1) Major shift in U.S. tariff policy in Feb 2026, as the Supreme Court struck down global tariffs imposed under the International Emergency Economic Powers Act (IEEPA) as unconstitutional.The White House then announced a 10% temporary tariff on all global imports effective Feb 24 (later raised to 15%). The measure lasts 150 days and requires Congress approval for extension, with exemptions for critical minerals, pharmaceuticals, and other items.Approx. $175 bn of previously collected tariffs may be refunded. Near term, trade could face disruption, while longer-term cost pressures may ease...

BABA-W

BABA-WR

Alibaba

Alibaba HK SDR 5to1

KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

HK stocks on fire; Pop Mart launches 'After-school Merodi' | Daily News Recap

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00700

80700

HTCD

TCEHY

TCTZF

0202 | Dolphin Research Focus: 🐬 Macro/Industry 1) International precious metals have sold off sharply since the weekend, with gold and silver down materially on a hawkish Fed chair nominee, a stronger USD and higher UST yields, concentrated profit-taking, and deleveraging by levered funds. The violent swings highlight fragile risk sentiment; near term, the market likely chops in a consolidation range with elevated vol risk.2) EV startups posted their first Jan delivery prints with wide divergence in YoY growth, and Leapmotor led the pack with 32,059 units. ...

LEAPMOTOR

TENCENT

TENCENT-R

Tencent HK SDR 10to1

Tencent

Tencent Holdings Limited

Unity Software

BOYD Gaming

Gold and silver slump, cooling the market; BABA's Qwen adds RMB 3 bn for Lunar New Year | Daily News Recap

COMP

NWSA

FOUR

NVDA

ORCL

01810

81810

HXXD

XIACY

TSLA

AMZN

FOUR-A

0123 | Dolphin Research Focus: 🐬 Stock 1, $BABA-W(09988.HK). After BIDU's Kunlun Chip moved toward an IPO, reports last night said Alibaba is weighing a restructuring of its T-Head semiconductor unit and an independent listing; the company has not commented.T-Head focuses on chip design, offering a full-stack lineup including Xuantie CPUs and Yitian server chips. Its PPU delivers standout performance and is already in large-scale commercial use, with the headlines lifting Alibaba shares by over 2%.Stock 2, $POP MART(09992.HK). Pop Mart has rallied for several consecutive sessions, and on the news side...

Compass

News

Shift4 Payments

NVIDIA

Oracle

XIAOMI-W

XIAOMI-WR

Xiaomi HK SDR 2to1

Xiaomi Corporation

Tesla

Amazon

SHIFT4 PAYMENTS INC 6.00% SER A MAND CONV PREF STK

Blind-box craze and buybacks fuel POP MART surge; Musk says 'Robotaxi will be ubiquitous in the US this year' | Daily News Recap

09898

K3SD

09888

89888

BIDU

HBUD

AAPL

0122 | Dolphin Research Focus: 🐬 Macro/Industry 1) Trump announced in Davos that he and NATO Sec.-Gen. Rutte reached a framework on Greenland and the Arctic, centered on access for mineral development and Arctic defense cooperation. Both parties stated that Greenland's sovereignty was not on the table. On that basis, he deferred the tariff hikes on eight European countries that were scheduled for Feb 1.In the near term, this eases US‑EU trade frictions and lowers volatility risk for global supply chains and US/EU export plays. However, it remains only a framework with no implementing clauses, so longer‑term geopolitical and trade uncertainty persists...

WB-SW

Weibo

BIDU ADR US

BIDU-SW

BIDU-SWR

Baidu

Baidu HK SDR 10to1

Apple

AppLovin

AppLovin firmly rejects short-seller report; BIDU debuts ERNIE 5.0 | Daily News Recap

01880

601888

0120 | Dolphin Research Focus: 🐬 Macro/Industries 1) On Jan 20, the State Council Information Office held a press briefing on implementing the Central Economic Work Conference. The goal is to ensure a solid start to the 15th Five‑Year Plan (2026–2030).The NDRC will draft the 2026–2030 implementation plan to expand domestic demand, working on both supply and demand. Measures include consumer goods trade‑in programs backed by RMB 62.5bn ultra‑long special Gov. bonds, a national M&amp;A fund, and efforts to curb cut‑throat 'involution' competition, aiming to build a domestic‑demand‑led growth model.2) Today, the Ministry of Finance issued five policy documents (...). The release was consolidated.

CTG DUTY-FREE

Discover Financial

Policy blitz to spur consumption, boost domestic demand; APP hit by another short attack | Daily News Recap

LULU

1230 | Dolphin Research Focus: 🐬 Macro/Sector. HK and A-share robotics stocks rallied in tandem today.The move was likely driven by two market rumors. First, the Trump administration is said to plan an executive order (EO) on robotics in 2026, which could unlock policy tailwinds.Second, supply-chain firms have recently made intensive visits to North America, and the market expects Tesla's Optimus humanoid robot program to award contracts soon. Institutions forecast phased deliveries starting in Q1 2026, covering annual capacity of 80–100k units, and related component suppliers have begun to ramp up...

Lululemon

Robotics rally, BIDU surges, POP MART 'stalls' again｜Daily News Recap

Jefferies Reiterates Buy Rating on POP MART with Target Price of HKD 227.60

Pop Mart repurchased 3.94 million shares for about 600 million HKD

POP MART HK SDR 20to1 released FY2025 9 Months earnings on March 25, 2026 (SGT), actual revenue SGD 2.516 B, actual EPS SGD 0.6218

POP MART HK SDR 20to1 released FY2025 Q3 earnings on March 25, 2026 (SGT), with actual revenue of SGD 2.106 B and EPS of SGD 0.5574

POP MART HK SDR 20to1 released FY2025 earnings on March 25 During-Market SGT, actual revenue SGD 6.746 B (forecast SGD 6.897 B), actual EPS SGD 1.741

POP MART HK SDR 20to1 released FY2025 Q4 earnings on March 25 During-Market (SGT), actual revenue SGD 2.134 B, actual EPS SGD 0.5647

PopMart's Chief Growth Officer Announces Market Expansion Plans for 2026

泡泡玛特 to launch home appliances next month

Popmart's Owner's Profit Soars 308.8% to 1.2775 Billion Yuan in 2025

Pop Mart Announces Annual Revenue of 3.712 Billion Yuan

POP MART HK SDR 20to1 to release FY2025 earnings on March 25, 2026, during market hours (SGT), with forecast revenue of SGD 6.929 B

Morgan Stanley Sees Upside for Pop Mart Stock Through April

Citibank Releases Survey Report on PopMart Consumers

POP MART HK SDR 20to1 released FY2025 Q1 earnings on August 19, 2025 (SGT), with actual revenue of SGD 1.281 B and EPS of SGD 0.3167

POP MART HK SDR 20to1 released FY2025 Semi-Annual Earnings on August 19 During-Market (SGT), actual revenue SGD 2.516 B (forecast SGD 2.455 B), actual EPS SGD 0.6218

POP MART HK SDR 20to1 released FY2025 Q2 earnings on August 19 During-Market (SGT), actual revenue SGD 1.235 B, actual EPS SGD 0.3051

POP MART HK SDR 20to1 to Release FY2025 Semi-Annual Earnings on August 19, 2025 (SGT), Forecast Revenue SGD 2.456 B

Pop Mart International Group Limited released FY2023 earnings on April 23, 2025 (SGT), with actual revenue of SGD 1.186 B (forecasted SGD 1.152 B), actual EPS of SGD 0.1522

Pop Mart International Group Limited released FY2023 9 Months Earnings on April 23, 2025 (SGT) with actual revenue of SGD 860.16M and EPS of SGD 0.1097

Pop Mart International Group Limited released FY2023 Q4 earnings on April 23, 2025 (SGT), with actual revenue of SGD 324.18 M and EPS of SGD 0.0422

S&P 7200MBeCW260619

$ IX BiopharmaW260718

Courage Investment

IX Biopharma

Salt Investments

Assurance HC

The Place Hldg

SGX MB eCW260630

China Mining

Meta Health

Pop Mart 2025 Mid-Year Performance Release Conference

欧佳时

利华控股

免税国际

隆辉礼品國際

新加坡缅甸投资

Style Score

Growth Score

Revenue YoY

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POP MART HK SDR 20to1(HPPD.SG)

POP MART HK SDR 20to1 Stock Performance Chart