IP Toys Monthly Tracker - April

研报英文原文证据摘录

IP Toys Monthly Tracker - April

China (PRC) | China Consumer EquityMayResearch11, 2026

Figure 1 - Pop Mart Labubu 1.0 second handIP Toys Monthly Tracker - April

price in mainland China

Pop Mart is scheduled to host its 1Q26 operational update call on 13 May. 300250 (RMB) Labubu 1.0 Macaron - Second Hand Px

We expect investor focus to center on 1Q26 regional performance and 150

100updates to full-year guidance, particularly on the margin outlook. Notably, 50

0Mr. Duan Yongping, a well-known investor, stated on social media that he

began investing in Pop Mart on 7 May; we believe his comments may have Toffee Soymilk Lychee Berry Sea Salt

been behind the stock’s recent share price performance. .Source:GreenChaowanzu,Grape Jefferies.Sesame Note: Retailofficialpx retail price is RMB99

China Figure 2 - Pop Mart Instagram Interaction

Index

Second-hand prices: Labubu plush second-hand prices remained weak, including the 100)=3,5003,000 Instagram Engagement•

2,500 new Sanrio collaboration. Of the top 30 most wanted products on second-hand exchange 2024

platforms, 29 are from Pop Mart; we have noticed Pop Mart's collaboration with K-pop JanAvg.2,0001,500

1,000 group aespa has gained traction since its launch in Apr. (Indexed,

E-commerce sales: Meritco has not released Apr data yet; based on its 1Q26 data, Pop 500-•

Mart’s e-commerce sales grew +52% YoY in Mar and +107% YoY in 1Q26. Bloks’ e- Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24GlobalOct-24 Nov-24 Dec-24ThailandJan-25 Feb-25 Mar-25 USApr-25 May-25 UKJun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26

commerce sales increased +24% YoY in 1Q26. .Source: Listen First, Jefferies, Note: Jan-2024 = 100,

interactions include likes, comments, and forwards.

Overseas