• 1H26 revenue declined 19.4% YoY to US$65.4mn, driven by a decline in active users and
flat ARPU growth. Net loss narrowed to US$1.6mn from US$4.6mn in 1H25, supported
by ongoing cost-optimisation efforts. 1H26 revenue accounted for 45% of our FY26e
forecast, while earnings remained below our expectations as the company continued to
be loss-making, versus our FY26e PATMI forecast of US$3.8mn.
• 17LIVE plans to diversify revenue through live commerce and short-drama/AI-driven
drama production, primarily targeting Japan via revenue-sharing partnerships with short
drama platforms. It will also strengthen its core livestreaming business by launching AI
Co-Host and rolling out 17Animaker more broadly to enhance streamer productivity and
user engagement.
• Following this report, we will be ceasing coverage of 17LIVE due to the reallocation of
coverage resources.

Overview BLOKS is a leader in China’s assembly character toys market. The company holds over 500 patents, possesses original IP capabilities, and has non-exclusive licenses for approximately 50 well-known IPs. Its product positioning is “high quality at a reasonable price.” Leveraging its product strength and supply chain advantages, BLOKS maintains cost competitiveness while continuously expanding its product categories. The company has established a multi-channel sales network, and since 2022, has primarily focused on offline channels centered on distributors. According to...
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Overview POP MART is primarily engaged in the design and development of trendy toys. It operates a comprehensive platform covering the entire industry chain of intellectual property (IP) for trendy toys, with businesses including IP incubation and operation, trendy toys and retail, theme park and experiences, and digital entertainment. The company’s products include blind boxes, figurines, ball-jointed dolls (BJD), MEGA, plush toys, and derivatives, among others. Its self-developed products primarily feature artist-owned IPs such as THE MONSTERS, MOLLY, SKULLPANDA, and...
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