IP玩具月度追踪报告 - 六月

9oka breatheraftersoaring inMay rding the status of non-US analysts on pages 6 - 11 of this report Source: Chaowanzu, Jefferies. Note: official retail price isFigure 3-Pop Mart Instagram InteractionIndexource: Listen FirstJingjue Pei * I Equity Analyst852 3767 1224 I jingjue.pei@jefferies.comAnne Ling * I Equity Analyst852 3743 8783 I aling@jefferies.com JefferiesEcommerce sales trackersFigure 4 - Pop Mart eCommerce sales800.00 (RMBm)700.00600.00500.00400.00300.00200.00100.0022222222020444444555Taobao salesDouyin salesSource: MoojFigure 6 - Kayou eCommerce sales100908060504030Taobao sales (RMBm)JD sales (RMBm)Second hand price trackersFigure 8 - Pop Mart Labubu 1.0 sebdhand price in mainland China300 (RMB)2502001501005011/8/2024 12/8/2024 1/7/20252/6/20253/8/20254/7/20255/7/20256/6/20257/6/2025ToffeeSoymilkSource: Chaowanzu, Jefferies. Note: fficial retail price is RMBggPlease see important disclosure information on pages 6 - 11 of this report. Pop MartJD salesKayouDouyin sales (Rn/BMajor E-mmerce YoY (RHS)S仙 JefferiesFigure 10 - Pop Mart Labubu 3.0 second hand price in mainland China500 (RMB)Labubu 3.0 Big Into Energy - Second Hand Px4504003503002502001501005004/25/20255/9/2025.oyaltyLuckInteraction trackersFigure 12 - Pop Mart Tik Tok Interaction Index100)2,0001,80020241,6001,4001,2001,000800600400200Source: Listen First, Jefferies, Note: Jan-2024 = 100, interacticFigure 14 - Pop Mart Facebook Interaction Index4,0002,5001,500500Figure 16 - Pop Mart official accounts' followers on Instagram3.002.502.001.501.000.50Pop Mart GlobalPop Mart ThailandPop Mart USPop Mart UKPlease see important disclosure information on pages 6 -11 of this report. Tik Tok EngagementGlobalFacebook EngagementGlobal Thailand USUKPop Mart -Instagram JefferiesFigure 18 - Tik Tok Followers comp in June6.00 (m)5.00/Pop Mart4.003.002.00 :1.00 ;Figure 20 - Google search trends for Pop Mart and Labubu1206020Figure 22 - Google search trends for Pop Mart and Labubu120100604020Source: Google trends, JefferiesFigure 24 - Google search trends for Pop Mart and Labubu12020Sep-24 Oct-24 Nov-24 Dec-24 _Jan-25 Feb-25 Mar-25Other trackersPlease see important disclosure information on pages 6 -11 of this report. China ConsumerEquity ResearchJuly 10, 2025 Source: Google trends, JefferiFigure 21 - Google search trends for Pop Mart and Labubu12010080604020Figure 23 - Google search trends for Pop Mart and Labubu120100604020ep-23Source: Google trends, Jefferies JefferiesFigure 25 - Pop Mart blind box launchesopMartstoreinShenzherPOPMARTShare performanceFigure 29 - YTD performance300 (HKD)2502001500050Source: Factset, Jefferies. Note: As of 9 July 2025Please see important disclosure information on pages 6 - 11 of this report. Figure 30 - YTD share performance of IP toys related namesQuantaSingPop MartBloksDamai EntSanrioBandai NamcoToeiAlpha GroupMiniso JefferiesCompany Valuation/RisksBloks Group LtdOur primary valuation methodology is DCF, employing a WACC of 9.5%, including COE of 9.5%, beta of 1, and terminal growth rate of 1% (TGR isin line with our range of 0-3% set for China consumer stocks). Key risks include fashion risk and IP concentration, channel inventory. IP renewals,and competition from other brands.Pop Mart International Group LimitedOur primary valuation methodology is DCF, employing a WACC of 10.6%, including COE of 9.5%, beta of 1.0, and terminal growth rate of 1% (TGRis in line with our range of 0-3% set for China consumer stocks)in cannibalization of store salesAnalyst Certification:I, Jingjue Pei, certify that allof the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research reporI, Anne Ling, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research reportRegistration of non-US analysts: Jingjue Pei is employed by Jefferies Hong Kong Limited, a non-US affliate of Jefferies LLC and is not registered/qualifiedas a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subjectRegistration of non-US analysts: Anne Ling is employed by Jefferies Hong Kong Limited, a non-US affliate of Jefferies LLC and is not registered/qualifiedas a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRAmember firm, and therefore may not be subjectto the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.As is the case wi