IP玩具每月追踪报告（2026年5月）

China (PRC) | China Consumer IP Toys Monthly Tracker - May Pop Mart’s share price has been resilient since its 1Q26 earnings release on13 May. While Mr. Duan Yongping’s purchase of 81m shares (c.6% stake)in late May boosted market confidence, we do not see any material changein fundamentals. Key catalysts ahead include: (1) the launch of Labubu 4.0, Source: Chaowanzu, Jefferies. Note: official retail price isRMB99 China most wanted products on the second-hand exchange platforms, we see more diversity:three of them are non-Pop Mart products, while the Pop Mart x aespa collaboration •Ecommerce sales:Meritco has not released May data yet; Apr data shows Pop Mart's GMV on ecommerce platforms was up 70% YoY and up 25% MoM. Meanwhile, Bloks'ecommerce sales were up 16% you, and Miniso's was up 11% YoY in Apr. Overseas engagement on TikTok picked up in May for its global and Thailand accounts, which wereup 49% and 67% MoM, respectively.• Global, Thailand, US, and UK accounts combined (vs. +19k in Apr; Figures 19-20).•Website traffic & app active users:Pop Mart app's active users declined in May, both globally and in the US. Global and regional Google Search Trends for Pop Mart continuedto trend downward (Figures 21-24). New Product Launches/events the post-earnings call highlighted possible margin pressure in 2026 (refer to our report).Despite this, the share price was resilient, supported by Duan Yongping’s purchase of 81mshares, representing c.6% of total shares outstanding, between 25–28 May, making him a substantial shareholder of the company (Figure 3).•On the product front, Pop Mart stepped up global marketing initiatives throughWorld Cup-related promotions,including an appearance in the music video of the official FIFA World releases feature a more diversified IP portfolio, with a particular focus onStar Wars, whilethe company continued to emphasize assembly vehicle products. Looking ahead, Bloks isexpected to launch collaborative products tied toToy Story 5ahead of the movie’s release [Continued inside.] Jingjue Pei * | Equity Analyst852 3767 1224 | jingjue.pei@jefferies.com Anne Ling * | Equity Analyst852 3743 8783 | aling@jefferies.com Ecommerce sales trackers May data will be available after 15 June. .Source: Meritco, Jefferies Second-hand price trackers Interaction trackers .Source: Listen First, Jefferies, Note: Jan-2024 = 100, interactions include likes, comments, and forwards. Source: Sensor Tower, Jefferies Research. SG for Singapore, FR for France, KR for South Korea Source: SimilarWeb, Jefferies Research Source: SimilarWeb, Jefferies Research .Source: Google trends, Jefferies .Source: Google trends, Jefferies Source: Google trends, Jefferies .Source: Google trends, JefferiesFigure 29 - Google search trends for Pop Mart and Labubu - France Source: Google trends, Jefferies Source: Google trends, Jefferies Other trackers Share performance Source: Factset, Jefferies. Note: As of 8 June 2026 Company Valuation/Risks Bandai Namco Holdings Inc. We forecast sales from main IP by analyzing the product cycle in each avenue (domestic toys, anime slates, and gaming). We project Toys &Hobby OP to be driven by anime slates of 1P/3P IP developed by internal and external studios. We expect Gaming OP to grow, driven by high-margin repeat title sales. Applying a 26.5x P/E to our revised FY3/27 EPS estimate of ¥241 yields PT of ¥6,390 (C. 10% premium to gaming Avg).Risks include (1) saturation and intensified competition in Japan mobile games; (2) slowdown in the growth of Gunpla fan base; (3) inability of the Bloks Group Ltd Our 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, MINISO Group Holding Limited Our primary valuation methodology is DCF, employing a WACC of 15.1%, beta of 1.5, and terminal growth rate of 1.0% (TGR is in line with ourrange of 0-3% set for China consumer stocks). Downside risks include lower-than-expected performance in overseas expansion, store opening vs cannibalization, inability to sustain popularityof products, YH's performance dragging Miniso's resources, and Miniso continuing to branch out to less favorable/premature investments. Pop Mart International Group Limited Our 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). Industry risks include policy risk, especially for blind boxes, and changes in consumer preferences for pop toys or blind-box consumption. Companyrisks include inability to sustain the popularity of its existing IPs, failure to develop new IPs, product quality issues, and overexpansion resulting Analyst Certification: I, Jingjue Pei, certify t