潮玩行業 - 泡泡瑪特核心五問五答

（以下内容从天风国际证券《潮玩行業 - 泡泡瑪特核心五問五答》研报附件原文摘录）
　　China Consumer Discretionary 潮玩行业 - 泡泡玛特核心五问五答 Trendy toy industry: Five questions and answers about Pop Mart 投资要点/Investment Thesis 投资要点/Investment Thesis Q1：如何看待泡泡玛特旗下的IP生命周期？ - 泡泡玛特通过持续迭代设计、多元化产品线和高频上新策略，有效延长旗下IP生命周期。以Molly爲例，公司不断迭代设计、焕新IP形象以引领/适应不同时期的审美，20年起公司通过打造多元产品线（Mega、衍生品）+稳定上新满足不同用户需求。 Q1: What are your views on the life-cycle of Pop Mart‘s IPs? ·We believe Pop Mart has been effective in extending the life-cycle of its IPs through various means, including iterative designs and diverse product lines with high-frequency new launches. Take Molly for example: the company iteratively designed and refreshed the IP image according to the aesthetics of different periods. Pop Mart has been diversifying product lines since 2020 (Mega and derivatives) amid a steady stream of innovative launches that fulfill the requirements of a variety of consumers. Q2：泡泡玛特是否具有持续推出受欢迎IP的能力？ - 公司已经形成从IP获取到IP筛选及IP变现的全链条体系。IP获取：公司通过市场地位和品牌力，平均每年吸纳约14-15个新IP，并成功自研如Nyota等热门IP。IP筛选能力（已形成体系，可复制）：泡泡玛特的完备分析预测体系和市场趋势把握，确保IP筛选和推广的有效性。IP矩阵完善：通过收购和自研，构建丰富多元的IP储备池，提高热门IP产出的概率。 Q2: Will Pop Mart be able to keep rolling out popular IPs? The company‘s full-chain IP coverage ranges from acquisitions and screening to monetization: ·IP acquisitions: on the strength of Pop Mart‘s market positioning and brand power, the company pulls about 14-15 new IPs every year on average. It has successfully developed popular IPs such as Nyota. ·IP screening: the company has completed the setting up of its IP screening system, which it can then replicate. We believe that Pop Mart‘s comprehensive analytical and predictive system, as well as its sure grasp of market trends, will continue to ensure timely and effective IP screening and promotions. ·IP matrix: Pop Mart has built up a rich and diverse pipeline of IPs through proprietary R&D and acquisitions. This suggests high probability of successful future IP rollouts. Q3：泡泡玛特海外拓展思路和进展？怎麽看待後续空间？ - 泡泡玛特海外拓展遵循“展会曝光-试点-门店入驻”路径，先亚洲後欧美，已完成重点市场首店布局。2023年海外收入占比达17%，门店及机器人商店数量显著增长。看好其本土化策略和全渠道销售网络，我们预计海外市场门店空间约400家，仍具增长空间。 Q3: What about the strategic roadmap and progress of Pop Mart‘s foreign market expansion? How sizable is the future market growth potential? ·Penetration strategy: Pop Mart‘s foreign market strategy typically starts with market exposure through exhibitions, followed by pilot runs and finally setting up stores. Its international outreach began in Asia, went to Europe and then the US. It has completed building out a network of first stores in key foreign markets. ·Growing network: the international market accounted for 17% of total revenue in 2023, with the foreign store network, including Roboshops, growing quickly. We are bullish about Pop Mart‘s localization strategy and omnichannel sales network. We expect its foreign store network will grow to about 400 stores in view of their fast-growth potential. Q4：新业务方面，怎麽看待泡泡玛特乐园、遊戏业务的进展和增量？ - 城市乐园爲公司打造以IP爲核心的沉浸式体验空间，增强IP的内容和故事性。我们预计乐园一期将爲公司贡献2-4亿元流水，後续二期投入运营或爲乐园带来规模增长。自研手遊《梦想家园》上线表现亮眼，有望增强粉丝与IP的互动性和故事性，可以视作公司线上宣发渠道，未来或可通过遊戏测试形象/场景的接受度并将其实物化。我们预计贡献5-2亿元流水。 Q4: How are Pop Mart‘s new businesses progressing at the Pop Land theme park and the games business in terms of incremental growth? ·Pop Land theme park: the leisure park business provides an immersive IP-centric experience to flesh out Pop Mart‘s IP content and storytelling. We expect phase 1 will contribute turnover of RMB200m-400m and subsequent phase 2 operations will likely expand the business scale. ·Proprietary mobile game: Dream Home has done well online. Since it enhances interactivity between IPs and their fans through storytelling, we regard this business as an online publicity channel. The game provides a means for Pop Mart to pretest market acceptance of new IPs‘ image and scenarios before they become physical products. We expect the games business will contribute RMB150m-200m turnover. Q5：泡泡玛特後续新产品线的探索？ - 泡泡玛特积极探索新产品线，如泡泡积木（POP BLOCKS）和卡牌（POP CARDS），旨在增强产品可玩性和互动性。积木品线对标乐高，结合自有IP，开拓高增长市场。卡牌业务结合集换式玩法和热门IP，开拓蓝海市场。这些新探索有望爲公司贡献新的业绩增量，拓宽收入来源。 Q5: Any color on Pop Mart‘s explorations and new product pipeline? Pop Mart‘s latest product innovations include Pop Blocks and Pop Cards, which score well in playability and interactivity: ·Pop Blocks, essentially building blocks, are benchmarked against Lego. Embellished by Pop Mart‘s own IPs, we believe they represent a high-growth market. ·Pop Cards combine twin attractions of gameplay trading cards and popular IPs, which we believe represent a blue ocean market. We expect these product initiatives will contribute incremental growth to Pop Mart and widen its revenue stream. 风险提示：潮玩行业竞争加剧风险；IP的表现不及预期；新业务扩展表现不及预期。 Risks: intensifying competition in the trendy toy industry; weaker-than-expected IP monetization; new business is expanding more slowly than expected. 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