Pop Mart's Skyrocketing Auction； Why Is Bilibili Soaring?｜Today's Important News Recap

0611 ｜Dolphin Research Focus:

🐬 Macro/Industry

1. The Ministry of Commerce's international trade negotiator stated: The two sides have in principle reached a framework to implement the consensus from the June 5th call between the two countries' leaders and the Geneva talks consensus, involving three major areas: tariff adjustments (possibly including the removal of some pharmaceutical product tariffs), technology export controls (potential easing of semiconductor equipment exports), and supply chain cooperation (key minerals such as rare earths). Reaching a framework agreement helps stabilize global industrial and supply chains, reducing cost increases due to tariff uncertainties. For companies in both countries, lowering tariffs can directly enhance profit margins and stimulate trade volume growth.

2. Several major domestic car manufacturers (including GAC, FAW, Dongfeng, Geely, BYD, XPeng, etc.) collectively announced that they will unify the payment period to suppliers to within 60 days, in response to the State Council's revised "Regulations on Guaranteeing Payments to Small and Medium Enterprises." Previously, the average payment period for Chinese car companies exceeded 180 days (with some exceeding 240 days). Car companies have long transferred cost pressures by extending payment periods, leading to tight cash flow for suppliers and even supply disruption risks. This adjustment will help shift car companies from "price wars" to supply chain collaboration.

🐬 Individual Stocks

1.$Tencent Music(TME.US)

Tencent Music announced last night that it plans to acquire 100% of Himalaya for approximately $2.8 billion, consisting of $1.26 billion in cash and about 5.2% of Tencent Music's equity (valued at approximately $1.587 billion based on current stock prices). Combined with recent investment news in SM, Tencent Music's recent upward trend is quite impressive, with a slight pullback today after the positive news. Dolphin Research has already published a commentary on this event last night, which can be viewed in "Tencent Music Keeps Buying, Is the Music Kingdom Boundless?".

2.$POP MART(09992.HK)

On June 10th, a unique mint-colored LABUBU appeared at the Yongle 2025 Spring Auction, with a hammer price of 1.08 million yuan, and the auction concluded. This auction result highlights Pop Mart's strong brand influence in the trendy toy field. The high-price auction event serves as an excellent brand promotion, further enhancing the brand's visibility in the high-end collectibles market, attracting more collectors' attention, and driving products towards high added value. However, caution is needed against the speculative risks brought by an overheated market.

3.$Bilibili(BILI.US)

Bilibili experienced an unexpected surge in the afternoon, driven not only by the overall positive market environment but also by an unverified rumor: Bilibili might launch a Labubu animation. Recently, Labubu has been gaining significant popularity, with its THE MONSTERS series generating 3.04 billion yuan in revenue in 2024, a year-on-year increase of 726.6%. Additionally, Pop Mart has registered the script copyright for the first season of the "Labubu and Friends" animation series on March 18, 2025, potentially expanding its influence through animation. However, there is currently no clear information indicating Bilibili's involvement in the production or broadcasting of the Labubu animation, and future cooperation remains to be seen.

4.$Tesla(TSLA.US)

Tesla CEO Elon Musk announced that Tesla's Robotaxi service will undergo an initial trial in Austin, tentatively starting on June 22nd for public service. The trial will deploy 10 to 20 unmodified factory-direct Model Y vehicles operating within a geofenced area. If successful, it will open a new business model, becoming a significant profit growth point for Tesla. However, safety and the reliability of autonomous driving technology in complex road conditions remain key consumer concerns.

🐬 Leading Sectors

Shanghai and Shenzhen: Precious metals and minerals, tobacco, video games, and multimedia;

Hong Kong Stocks: Media, agricultural products, diversified metals and mining;

U.S. Stocks: Marine ports - operators, motorcycle manufacturers, automobile manufacturers.

🐬 Focus for Tomorrow

1. U.S. PPI year-on-year rate.

Risk disclosure and statement of this article: Dolphin Research Disclaimer and General Disclosure