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POP MART

Today’s Key News Recap

AMZN

MSFT

002245

OpenAI

DXYZ

09992

09988

PLTR

NVDA

BABA

89988

AMZU

MSFL

MSFO

MSFD

MSFU

MSFX

MSFY

KBAB

BABO

HPPD

HBBD

1104 ｜Dolphin Research Focus: 🐬 Stocks 1、$Amazon(AMZN.US) Amazon Web Services (AWS) announced the signing of a $38 billion (approximately RMB 270 billion) computing power contract with OpenAI. OpenAI will immediately utilize hundreds of thousands of NVIDIA GPUs from AWS, which can be expanded to tens of millions of CPUs in the future. AWS will also build dedicated infrastructure to support model training and inference tasks. For AWS, this move is a key response to the rapid growth of Microsoft Azure and Google Cloud...

Amazon

Microsoft

Jiangsu Azure Corporation

Destiny Tech100

BABA-W

Palantir Tech

NVIDIA

Alibaba

BABA-WR

Direxion Daily AMZN Bull 2X Shares

GraniteShares 2x Long MSFT Daily ETF

YieldMax MSFT Option Income Strategy ETF

Direxion Daily MSFT Bear 1x Shares

Direxion Daily MSFT Bull 2X Shares

T-Rex 2X Long Microsoft Daily Target ETF

Kurv Yield Premium Strategy Microsoft MSFT ETF

KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

POP MART HK SDR 20to1

Alibaba HK SDR 5to1

AWS & OpenAI Ink Computing Agreement; Ele.me Starts Name Change｜Today's Important News Recap

AAPL

07299

06181

NFLX

GOLD

GOOGL

TSLA

AAPB

AAPD

AAPU

AAPX

AAPY

APLY

GGLS

GOOG

1022 | Dolphin Research Focus: 🐬 Macro/Industry 1. Recently, gold prices have experienced a significant decline. The French presidential office issued a joint statement with several European countries supporting the U.S. proposal for an immediate ceasefire between Russia and Ukraine. The Ukrainian president also indicated that the conflict is nearing an end, breaking the market's expectation of a prolonged geopolitical conflict. Coupled with recent mild tariff signals, risk aversion sentiment has cooled. Previously, gold prices had been rising continuously and were at a high level. When negative news emerged, the technical adjustment demand was activated, and long positions took profits and exited, leading to a drop in gold prices. 🐬 Individual Stocks 1. $LAOPU GOLD(06181.HK) Lao Pu Gold announced...

Apple

Coca Cola

FL2CSOPGOLD

SPDR Gold Shares

LAOPU GOLD

Netflix

ETFS Capital Ltd.

Barrick Gold

Alphabet

Tesla

GraniteShares 2x Long AAPL Daily ETF

Direxion Daily AAPL Bear 1x Shares

Direxion Daily AAPL Bull 2X Shares

T-Rex 2X Long Apple Daily Target ETF

Kurv Yield Premium Strategy Apple Aapl ETF

YieldMax AAPL Option Income Strategy ETF

Direxion Daily Googl Bear 1x Shares

Alphabet - C

OpenAI showcases 'AI Browser' aiming at Chrome; Laopu Gold plans discounted share placement for financing | Today's Important News Recap

SHOP

0930 Dolphin Research Key Focus: 🐬 Macro/Industry 1. The White House meeting on September 29th failed to reach an agreement on the temporary funding bill. The Democrats demanded that the Obamacare subsidies extension be tied to the budget bill, while the Republicans insisted on a 'clean' extension until November 21st. Federal funds will run out at 12:01 AM Eastern Time on October 1st. If no agreement is reached within 24 hours, the federal government will partially shut down, and the release of the September non-farm payroll data may be delayed. However, the market currently has high expectations that the two parties will reach a temporary agreement before the deadline, with limited impact...

Shopify 

HKEX launches PPMT stock options; ChatGPT introduces instant shopping feature | Today's important news recap

Pop Mart

Conference Minutes

The following are the minutes of the FY25Q2 earnings call of Pop Mart organized by Dolphin Research. For the earnings interpretation, please refer to &#34;Pop Mart: Sewing Machine 'Smoking', Can Pop Mart Continue to Soar? - &#34;

Pop Mart (Minutes): The net profit margin in 2025 is expected to be around 35%.

Financial Analysis

On the evening of August 19th, Beijing time, Pop Mart (9992.HK) released its H1 2025 performance report. Both revenue and profit exceeded the levels of the entire previous year, making it a commendable report. Compared to the recently announced earnings forecast, the revenue remained stable, with a key highlight being the nearly 400% year-on-year increase in profit (the forecast indicated no less than 350%), surpassing market expectations.

Pop Mart: The sewing machine is "smoking", can the bubble continue to soar?

Pop Mart 25H1 Quick Interpretation: Overall, compared to the previously announced forecast, the revenue remained basically flat, with a key focus on the profit increasing by nearly 400% year-on-year (the forecast indicated no less than 350%), exceeding market expectations. What surprised Dolphin Research was that despite LABUBU's explosive popularity overseas in the second quarter, the overall proportion of THE MONSTERS series only increased by 6% compared to the second half of last year, reaching 35%, indicating a relatively healthy IP matrix. 1. Domestic offline stores exceeded expectations. In 25H1, Pop Mart achieved a total revenue of 13.88 billion yuan, a year-on-year increase of 204%. Breaking it down, domestic revenue reached 8.28 billion yuan, a year-on-year increase of 135.2%, exceeding market expectations. The core reason is that with the improvement of the company's brand awareness and the introduction of diversified product categories &amp; IPs, the customer traffic in offline retail stores was significantly higher than the same period last year. In overseas regions, due to the explosive popularity of LABUBU, market expectations were relatively high. However, the first half of the year is a low consumption season in developed countries such as Europe and the United States, so the performance was not as bright as expected. 2. The contribution of various IPs to performance is relatively healthy. Due to the explosive popularity of Labubu in developed countries such as Europe and the United States, THE MONSTERS series became one of the most popular IPs globally in the first half of the year, with its proportion further increasing to 35%. In addition, other IPs maintained relatively strong vitality through image evolution and iteration, with a total of 13 IPs generating over 100 million yuan in revenue, indicating a relatively healthy overall IP matrix. Besides, the Xingxingren series became the company's fastest-growing IP, currently accounting for nearly 3%. 3. Plush toys have become the largest category. From a category perspective, the proportion of figurines represented by blind boxes continued to decline, replaced by the explosive growth of plush toys with higher gross margins. Besides the surge in sales of THE MONSTERS series, many other IPs under the company have gradually adopted plush toy designs, with the overall proportion soaring from less than 10% in the same period last year to 44%. 4. Gross profit margin reached a record high. Due to the increase in the proportion of high-margin overseas business and the company's supply chain optimization in the first half of the year, the gross profit margin of 25H1 reached 70%, a record high. 5. Operating leverage released, profit far exceeded expectations. In terms of sales expenses, due to the company's increased traffic on overseas online platforms (Ins, TikTok, etc.), the customer acquisition cost through these channels was much lower than traditional channels, resulting in a significant decrease in the sales expense ratio. The management expense ratio also significantly decreased due to the company's restrained investment and improved internal decision-making efficiency, ultimately leading to core operating profit exceeding market expectations. $POP MART(09992.HK)

ASML

0716 | Dolphin Research Focus: 🐬 Macro/Industry 1. According to data released by the U.S. Bureau of Labor Statistics, the U.S. core CPI in June rose by 2.9% year-on-year, in line with expectations. The month-on-month increase slightly rebounded from 0.1% in the previous month to 0.2%, but was below the expected 0.3%, marking the fifth consecutive month of being below expectations. After the data was released, U.S. stock futures expanded their gains, U.S. Treasury yields fell across the board, and the dollar index temporarily declined. The market was relatively satisfied with the moderate inflation performance. For the Federal Reserve's monetary policy, although the month-on-month increase in core CPI met its target...

Pop Mart's high growth fails to prevent a decline in its stock price, while ASML sees an order rebound but still faces stock price pressure  | Today's Important News Review

$POP MART(09992.HK) Dolphin Research briefly discusses Pop Mart's recently released 25H1 semi-annual performance forecast, which overall has once again exceeded Dolphin Research's expectations.First, let's look at the performance. Revenue in the first half of the year grew by no less than 200%. Compared to the company's Q1 performance released in April (revenue increased by 165%-170% year-on-year), this means that Q2 accelerated again on the basis of Q1. The acceleration in revenue, combined with the release of operating leverage, resulted in Pop Mart's profit growth of no less than 350%.The essence behind such &#34;explosive&#34; performance is still the accelerated release of the product cycle brought about by the continuous surge in the global popularity of Pop Mart's IP. Although the forecast did not disclose specific domestic and overseas performance, Dolphin Research speculates that the sequential acceleration in Q2 was mainly contributed by the overseas market. On one hand, based on channel research information, the current number of overseas stores has exceeded 180, with North America surpassing 50 stores, doubling the number at the beginning of the year. Additionally, from the perspective of single-store efficiency, as Labubu has become a sensation in the overseas market, sparking a buying frenzy, combined with the company's increased proportion of high-premium categories such as Tanggou plush and MEGA, Dolphin Research speculates that the efficiency of overseas stores has comprehensively accelerated.Finally, returning to valuation, based on this performance forecast, Dolphin Research has revised up its earnings forecast. From a relative valuation perspective, since the company's performance in 2025 and 2026 is still in a high-growth phase, Dolphin Research assumes in a neutral scenario that this wave of Labubu's product cycle will continue until 2026, with single-store efficiency entering a stable growth period starting in 2027. Therefore, we use 2026 as a time node, assigning a 28x PE (Dolphin Research's calculated CAGR for 2026-2029), and then discount it back to the present at a WACC of 12.8%, corresponding to a stock price of 330 (excluding net cash). The DCF calculation is basically consistent with the relative valuation calculation, indicating at least a 25% upside potential in the stock price.

0620 | Dolphin Research Key Focus: 🐬 Macro/Industry 1. The White House stated that Trump will decide within two weeks whether to take military action against Iran. The escalation of geopolitical tensions has significantly suppressed market risk appetite, with investors concerned that an escalation of the conflict could increase global economic uncertainty, thereby affecting corporate earnings and market confidence. Additionally, the conflict could also lead to an increased risk of oil supply disruptions, pushing up oil prices, further exacerbating inflation expectations, and creating dual pressures on the global economy and financial markets. 2. According to relevant departments...

Taiwan Semiconductor

Masayoshi Son Seeks to Partner with TSMC to Build $1 Trillion AI Hub in Arizona; Pop Mart Shares Continue to Face Downward Pressure | Today's Important News Review

MRVL

LULU

0619 | Dolphin Research Key Focus: 🐬 Macro/Industry 1. The Federal Reserve announced that it would keep the benchmark interest rate unchanged at 4.25%-4.50%, in line with market expectations. However, the dot plot indicates that the expectation for rate cuts within the year has been reduced from twice to once. Powell emphasized &#34;data dependency&#34; and mentioned that geopolitical conflicts and tariff policies exacerbate inflation uncertainty. The continuity of this policy leaves the market with ongoing uncertainty about future economic trends, and the Hong Kong stock market sentiment remains subdued due to the influence of Fed policy and geopolitical risks. 2. The Middle East situation continues to escalate...

Marvell Tech

Lululemon

Why is the Hong Kong Stock Market Slumping? Labubu Unveils First Online Pre-Sale | Today's Important News Recap

Pop Mart Opens New Retail Store in Virginia, USA, to Expand Global Presence

Pop Mart opens its first Minnesota store at the Mall of America

Multiple collectible toy companies are accelerating their overseas expansion, battling in a new competitive field

Pop Mart to open a new store at Washington Square mall on November 8

Pop Mart Founder Wang Ning's Wealth Surges Over Three Times

Pop Mart Live Streaming Incident Sparks Controversy

Forbes Releases 2025 China Rich List, Pop Mart Founder Wang Ning's Wealth Quadruples

Southbound Trading records net selling of Pop Mart shares on November 6

Pop Mart launches THE MONSTERS UT collection in collaboration with Uniqlo

Pop Mart Appears at the 8th China International Import Expo (CIIE)

Pop Mart's new blind box series recalled due to printing error in company name

Hoiwan's Gwok Yiu recommends buying China Telecom and POP MART, China Telecom reports YTD net profit of 307.7 billion RMB, up 5%

Pop Mart to Open New Store at Mall of America

PopMart Launches Limited Edition Figure for 19,999 Yuan

Huachuang Securities Upgrades FY25-27 Profit Forecast for Pop Mart

Pop Mart Selected for Forbes China's 2025 Top 30 Flagship Brands for Globalization

New retail stocks rise against the market trend in Hong Kong, Pop Mart's stock price rebounds by over 2%

Pop Mart to Release Multiple New Blind Box Series on November 7

Southbound Trading net buys HK$9.832 billion of Hong Kong stocks today, but sells Pop Mart

LABUBU products recalled in Kuwait were confirmed to be counterfeit, not genuine Pop Mart items.