POP MART HK SDR 20to1

The business struggled to lap last year's high base. The ongoing overseas reorg further weighed on results, dragging overall performance below expectations.

1H revenue was RMB 17.17bn (+23.8% YoY). The company also announced a RMB 2–5bn buyback over the next six months.

0820 | Dolphin Research Focus: 🐬 Macro/Industry — 1) U.S. Treasury data show that as of Tue close, U.S. public debt outstanding reached $40.05TN, breaching $40TN for the first time. The structural expansion of Gov. debt implies a persistently rising UST supply.

Aug 19 | Dolphin Research Focus: 🐬 Macro/Industry

0616 | Dolphin Focus: 🐬 Macro/Industry — 1) NBS data show May retail sales fell 0.6% YoY and 0.38% MoM, with goods consumption soft while F&B and rural retail posted modest gains. Industrial value-added (above designated size) rose 4.5% YoY, up 40bps vs. Apr as new growth drivers strengthened the production side.

Supply and demand diverged: the recovery in domestic demand remained weak, while manufacturing upgrade and transformation accelerated. Near term, this weighs on valuations across consumer plays.

However, computing power and new energy equipment—representative high-end manufacturing—show resilient fundamentals. The data underscore ongoing pressure on internal demand repair...

Jun 12 | Dolphin Research Focus: 🐬 Stock #1, $BABA-W(09988.HK) — Reports say Alibaba plans to bid $1.5bn for front-warehouse grocer Pupu. Earlier chatter suggested Meituan and JD were in the running, but both have denied it. Pupu generates approx. RMB 30bn in annual revenue, is steadily profitable, and focuses on 30‑min on-demand delivery across multiple South China cities.

0513 | Dolphin Research Focus: 🐬 Macro/Industry 1) On May 12, the Bureau of Labor Statistics reported April CPI rose 0.6% MoM and 3.8% YoY, with core CPI at 2.8% YoY, all higher vs. prior. Energy and shelter remain the key drivers.