IP Toys Monthly Tracker - May

研报英文原文证据摘录

IP Toys Monthly Tracker - May

China (PRC) | China Consumer EquityJuneResearch9, 2026

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

price in mainland China

Pop Mart’s share price has been resilient since its 1Q26 earnings release on 300250 (RMB) Labubu 1.0 Macaron - Second Hand Px

13 May. While Mr. Duan Yongping’s purchase of 81m shares (c.6% stake) 150

100in late May boosted market confidence, we do not see any material change 50

0in fundamentals. Key catalysts ahead include: (1) the launch of Labubu 4.0,

and (2) World Cup-related promotions, which could further drive overseas Toffee Soymilk Lychee Berry Sea Salt

momentum. .Source:GreenChaowanzu,Grape Jefferies.Sesame Note: Retailofficialpx retail price is RMB99

China Figure 2 - Pop Mart Instagram Interaction

Index

Instagram Engagement

1,000 Second-hand prices: Labubu plush second-hand prices stabilized MoM. Of the top 30 100)=•

800 most wanted products on the second-hand exchange platforms, we see more diversity: 2024 900

Jan 700600

three of them are non-Pop Mart products, while the Pop Mart x aespa collaboration Avg. 500

300 remains most wanted. (Indexed, 200

Ecommerce sales: Meritco has not released May data yet; Apr data shows Pop Mart's 100-•

GMV on ecommerce platforms was up 70% YoY and up 25% MoM. Meanwhile, Bloks' 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 Apr-25USMay-25 Jun-25UKJul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26

ecommerce sales were up 16% you, and Miniso's was up 11% YoY in Apr. .Source: Listen First, Jefferies, Note: Jan-2024 = 100,

interactions include likes, comments, and forwards.

Overseas

Figure 3 - Pop Mart shareholdings breakdown: