近日，泡泡玛特"PUCKY敲敲系列"产品登上热搜。 据悉，这是泡泡玛特1月新推出的"PUCKY敲敲系列"毛绒挂件盲盒。因其将传统木鱼改造为电子发声装置，所以敲击头部可触发音效，主打情绪解压功 能，被网友戏称为"电子木鱼"，短短数日便席卷社交网络。 "PUCKY敲敲系列"毛绒挂件盲盒采用6款常规角色加1款隐藏款的配置，单盒售价为99元，整盒(6个)售价为594元。发售不久，盲盒便在官网渠道售罄，转 售市场溢价数倍。 目前，泡泡玛特官网小程序显示已售罄。记者查看得物APP发现，该系列发售之初，隐藏款"成功"市场成交价由99元上涨至396元，溢价3倍。常规款中， 销量最高的是"智慧"，该产品市场成交价由99元上涨至209元，溢价1倍。 网友评论：怪不得Labubu不缺货了！ 产品爆火也传导至资本市场。1月22日午后，此前股价低迷的泡泡玛特港股快速拉升，涨幅一度超6%，截至收盘上涨5.97%，报206港元/股，市值攀升至 2764亿港元。 值得关注的是，1月21日晚间，泡泡玛特发布公告称，公司当日以9649万港元回购公司50万股股份，回购价格为191.1港元至194.9港元。这是公司本周内第 二次回购股份，累计回购金 ...

Group 1 - "Xibei" completed a new round of financing, increasing registered capital from approximately 89.9 million RMB to about 102 million RMB, a growth of about 13% [3] - "WITH 1000 AI" received strategic investment from Shengbela, focusing on AI-driven automation and personalized user operations in the maternal and infant service industry [4][5] - "Today Yixiu" announced the completion of seed round financing amounting to several tens of millions RMB, with plans to launch a series of hardware and software products later this year [6] - "Noumena" secured several tens of millions RMB in Pre-A round financing, developing an AI-native marketing agent system to help brands achieve sustainable growth [7] - "Qingchuyulan" completed angel and A round financing, focusing on social experience and efficiency transformation in the AI era [8] Group 2 - "AtomForm" completed a new round of financing exceeding 100 million RMB, with a cumulative financing scale reaching several hundred million RMB, focusing on consumer-grade 3D printing solutions [10] - "Nature Select" raised over 30 million USD in a new financing round, developing the world's first 3D AI companionship application, EVE [11] - "Banmu Huatian" submitted an IPO application to the Hong Kong Stock Exchange, reporting revenues of 1.199 billion RMB, 1.499 billion RMB, and 1.895 billion RMB for 2023, 2024, and the first three quarters of 2025 respectively [12] - "Mingming Hen Mang" is set to go public, attracting a luxurious lineup of cornerstone investors and planning to issue 14.1011 million shares, raising 195 million USD [14] - "Raising a Cow" reported revenue exceeding 7 billion RMB for 2025, maintaining a steady growth trajectory with a self-sufficiency rate of over 95% for milk sources [17] Group 3 - "Pop Mart" launched a new dessert brand "POP BAKERY," expanding its product offerings into daily life scenarios [19][22] - "Wenxian" opened its first store for the high-end fragrance brand "Guibao Xiangju," aiming to integrate traditional Chinese fragrance culture into modern life [23] - "Dongbian Yaoshou" collaborated with "PANE" to launch a New Year gift box, emphasizing the relationship between hands and feet [25] - Roland Berger's report highlighted ten trends in China's consumer goods and retail industry, noting a shift towards value co-creation and the emergence of new channels [28][29] - A report by Airae revealed a significant decline in global consumer spending intentions for 2026, with a negative expectation of 18 percentage points [30]

中新网香港1月24日电 (记者 刘玥晴)知名IP"Molly"20周年特展24日在香港开幕，以"一颗不变的星"为主 题，首次系统公开其设计师王信明(Kenny Wong)自2006年以来的手稿与原画，以及为此次特展特别创作 的绘画作品《不变的星》。 1月23日，知名IP"Molly"20周年特展在香港举行传媒预览。图为展览展出的"Molly"设计师王信明的创 作手稿。 中新网记者 李志华 摄 "Molly"由香港艺术家王信明创作，是潮玩品牌泡泡玛特旗下的经典IP，在全球拥有高人气。自2006年 诞生至今，"Molly"延展出"Space Molly""Baby Molly""Angry Molly"等多样形象。 本次特展梳理了"Molly"的发展轨迹，不仅讲述了该IP诞生的故事，还高度还原艺术家工作室场景，生 动呈现一个手办从概念到成型的全过程。 1月23日，知名IP"Molly"20周年特展在香港举行传媒预览。图为大人与小孩在"Molly"艺术装置前合 影。 中新网记者 李志华 摄 同时，泡泡玛特联合香港旅游发展局共同发起文旅合作项目，在太平山顶、西九文化区等标志性地点设 立"Molly"艺术装置。 王信明 ...

《公司的秘密7》年度研报合集 "穿越热点，看到秘密" 预售已开启 2026年1月25日之后开始发货 01 所有人都在追的热点公司， 在《第一财经》杂志内部，研报长期被视为一种"静态报道"。 所谓静态，不追逐当下热度，不围观股价起伏；看长线、看基本面，看那些暂时不喧哗但真正重要的变 量。 而它们往往不会是社交媒体上最热闹的那一批，过去6册《公司的秘密》几乎都遵循了这一逻辑。 在即将发布的第7册里，这个规律被打破了。 我们把它拆解给你看 回看 2025 年我们发表的 12 篇研报，你会发现一个明显变化——它们几乎全部围绕年度商业热点展开。 △ 点击即可预订《公司的秘密7》 当然，这些公司之所以能被《第一财经》杂志选中成为研报对象，并不是因为声量，而是因为足够重要 和有趣。 和以往一样，编辑和记者做的，并不是复述新闻、放大情绪，而是持续做一件"有点反直觉"的事：从财 报、采访和公开数据里，挖掘那些被常规商业报道有意或无意忽略的信息。 你会看到—— 寒武纪，在夏天一度超越茅台，成为中国 A 股市值第二 泡泡玛特出海业绩增长超 400%，Labubu 成为全球级网红 霸王茶姬、地平线、Figma，完成各自行业里具有标志 ...

泡泡玛特近两年来的首次股票回购行动未能动摇空头的信心，即便股价出现急剧反弹，使得这些头寸的 风险越来越大，空头也依然不为所动。 根据标普全球最新数据，截至1月22日泡泡玛特的空头头寸占自由流通股的比例约8%，高于一周前的 6%。当前空头押注已达到2023年7月以来最高水平。此前泡泡玛特股价创下5个月来最大涨幅，公司为 提振遭遇重挫的股价，采取了强有力的股票回购措施。 "美国市场仍持续产生相当规模的空头仓位，当地销售趋势在1月继续放缓，"Bernstein亚洲消费股分析 师Melinda Hu表示。"而本周的股价反弹并非由基本面因素推动，我怀疑他们可能借机进一步加仓。" 标普全球数据显示，截至1月22日泡泡玛特的空头头寸约为6000万股，高于一周前的4400万股。泡泡玛 特暂未对此置评。 泡泡玛特试图重振投资者信心的同时，相当一部分交易员对其长期发展前景持续存疑，而当前市场格局 的分化，凸显双方的博弈日益加剧。多头强调新品推出以及具有吸引力的估值水平，而空头则越来越关 注海外关键市场需求降温的迹象。 ...

Group 1 - IKEA launches instant retail service in partnership with JD.com, marking its entry into the instant retail sector, covering 13 stores across 9 cities in China [7] - Bubble Mart's Valentine's Day limited edition series "Star People" sees prices surge nearly 7 times, with popular hidden items selling for up to 699 yuan [5] - Ideal Auto plans to close underperforming stores as part of a strategic evaluation, with the number of closures yet to be determined [4] Group 2 - Tencent's anti-fraud department reported over 90 employees were dismissed for violating company policies, with some cases referred to law enforcement [4] - Intel's CFO indicates the company is operating at a "hand to mouth" state, focusing on high-end products due to supply constraints, which may affect market share in lower-end segments [4] - Amazon is set to initiate another round of layoffs affecting thousands of employees as part of a broader plan to reduce its workforce by approximately 30,000 [5] Group 3 - Tesla's Full Self-Driving (FSD) system is expected to be approved in China as early as next month, although the company has not confirmed any specific updates [6] - The Chinese securities regulator imposed a record fine exceeding 1 billion yuan on individual Yu Han for manipulating the stock market [7] - Toyota has incurred an additional cost of approximately 5.1 trillion yen over the past four and a half years due to rising prices in the automotive industry [10]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Viewpoints - The demand for trendy toys is not a false need; entertainment is a necessity. The "Kidult" trend, driven by demographic changes, media evolution, and consumer psychology, is a long-term trend in the toy industry, exemplified by the increasing market share of companies targeting adult consumers [1][14] - The global entertainment and media industry is projected to reach approximately $3 trillion by 2024, indicating a growing market for diversified entertainment offerings [1][35] Supply-Side Growth Potential - Store Expansion: The company has significant room for growth in retail locations, with a projected increase in global retail stores from 571 in 2025, with a substantial portion located in China [2][58] - Increased Store Traffic: Domestic single-store membership is expected to rise from 145,000 to nearly 200,000, indicating potential for higher customer traffic [2] - Higher Member Spending: The maturity of IPs is expected to drive up member spending, as seen with the SKULLPANDA IP, where the cost to collect all items increased significantly from 5,922 RMB in 2021 to 47,430 RMB in 2025 [2] Demand-Side Competitive Barriers - Artist Talent Barrier: The company has established relationships with mature toy artists, creating a long-term competitive advantage [3] - Marketing Resource Barrier: The company's business model relies on top-tier brand collaborations and celebrity endorsements, which are core competitive barriers [3] - User Data Asset Barrier: The company's direct sales channels enhance its ability to control user data and market feedback, improving operational efficiency [3] Valuation Safety Margin - The company's valuation is expected to be significantly above 10X PE, given its growth stage and the rising influence of China's cultural output on its growth trajectory [3] Profit Forecast and Valuation - The company is projected to achieve revenues of 369.57 billion RMB, 551.72 billion RMB, and 678.11 billion RMB for the years 2025-2027, with adjusted net profits of 123.76 billion RMB, 173.73 billion RMB, and 226.85 billion RMB, reflecting year-on-year growth rates of 295.98%, 40.37%, and 30.58% respectively [4][7] - The target price is set at 359.72 HKD, based on a 25X PE for 2026 [4]

Market Overview - The US stock market indices showed mixed performance on Friday, with the Hang Seng Index ADR closing at 26,719.08 points, down by 30.43 points or 0.11% compared to the Hong Kong close [1]. Major Blue-Chip Stocks - HSBC Holdings closed at HKD 130.896, up by 0.69% from the Hong Kong close [2]. - Tencent Holdings closed at HKD 598.184, up by 0.54% from the Hong Kong close [2]. Stock Performance Summary - Tencent Holdings (HKD 595.000) saw a decrease of HKD 2.500, or -0.42%, with its ADR price at HKD 598.184, reflecting an increase of HKD 3.184 or 0.54% [3]. - Alibaba Group (HKD 168.500) increased by HKD 3.700, or 2.25%, with its ADR price at HKD 168.834, up by HKD 0.334 or 0.20% [3]. - HSBC Holdings (HKD 130.000) rose by HKD 0.300, or 0.23%, with its ADR price at HKD 130.896, up by HKD 0.896 or 0.69% [3]. - Xiaomi Group (HKD 36.240) increased by HKD 1.000, or 2.84%, with its ADR price at HKD 36.287, up by HKD 0.047 or 0.13% [3]. - AIA Group (HKD 83.050) rose by HKD 0.550, or 0.67%, with its ADR price at HKD 83.077, up by HKD 0.027 or 0.03% [3]. - Meituan (HKD 97.550) increased by HKD 0.550, or 0.57%, with its ADR price at HKD 97.735, up by HKD 0.185 or 0.19% [3]. - Kuaishou (HKD 81.250) rose by HKD 2.150, or 2.72%, with its ADR price at HKD 82.648, up by HKD 1.398 or 1.72% [3]. - Ctrip Group (HKD 485.400) increased by HKD 3.800, or 0.79%, with its ADR price at HKD 490.273, up by HKD 4.873 or 1.00% [3].

2025年是中国国潮品牌的"高光之年"，其影响力从国内延伸到海外。在中国，整个夏天，泡泡玛特的拉 布布（LABUBU）一"布"难求;冬天，"星星人"又跟喜茶联名推出奶茶。这一年，黄金品牌老铺黄金在 新加坡开设首家海外门店；喜茶"三倍厚抹"被海外消费者视为"时髦单品"，一度卖到售罄。在泰国， LABUBU还被授予"神奇泰国体验官"的称号，其在曼谷MEGA BANGNA商场开设的主题店，首日营业 额就突破千万元人民币。 没有语言门槛，无需背景介绍，仅凭一句简单的"LABUBU"、一杯印着小人头像的奶茶，就能够在世界 范围引起共鸣，中国国潮成为不同国家消费者之间进行跨文化交流的语言。 喜好大不同 艾媒咨询最新发布的《2025年中国国潮经济消费行为调查数据》显示，中国消费者对潮流品牌的偏好主 要集中在国内品牌上，占比高达85.79%，远超国外品牌。这表明国内潮流品牌在中国市场上具有较高 的认可度和影响力，已在消费者心中占据主导地位。 从各国消费者的留言来看，他们对中国国潮商品的喜爱主要源于对可爱设计、美学价值、卓越品质、健 康属性以及情绪价值的普遍追求。正是这些全世界消费者共通的情感，让国潮得以跨越地理和文化边 界。 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The demand for trendy toys is not a false need; entertainment is a necessity. The "Kidult" trend, driven by demographic changes, media evolution, and consumer psychology, is a long-term trend in the toy industry, exemplified by the increasing market share of companies targeting adult consumers [1][14] - The global entertainment and media industry is projected to reach approximately $3 trillion by 2024, indicating a growing market for diversified entertainment offerings [1][35] Supply-Side Growth Potential - Store Expansion: The company has significant room for growth in retail locations, with a projected increase in global retail stores from 571 in 2025, with a substantial portion located in China [2][58] - Increased Store Traffic: Domestic single-store membership is expected to rise from 145,000 to nearly 200,000, with the opening of the first U.S. store in September 2023 [2] - Higher Member Spending: The maturity of IPs is expected to drive up the average spending per member, as seen with the SKULLPANDA IP, where the cost to purchase all products increased significantly from 5,922 RMB in 2021 to 47,430 RMB in 2025 [2] Demand-Side Competitive Barriers - Artist Talent Barrier: The company has established partnerships with mature toy artists in Hong Kong, creating a long-term competitive advantage [3] - Marketing Resource Barrier: The company's business model relies on top-tier brand collaborations and celebrity endorsements, which are core competitive barriers [3] - User Data Asset Barrier: The company has strong control over user data and market feedback due to its direct sales channels, enhancing operational efficiency [3] Valuation Safety Margin - The company's valuation is expected to be significantly above 10X PE, given its growth stage and the rising cultural influence of China on the global stage [3] Profit Forecast, Valuation, and Rating - Revenue projections for 2025-2027 are 36.96 billion, 55.10 billion, and 67.74 billion RMB, with adjusted net profits of 12.38 billion, 17.35 billion, and 22.66 billion RMB, reflecting growth rates of 295.98%, 40.21%, and 30.59% respectively [4][7] - The target price is set at 359.72 HKD, based on a 25X PE for 2026 [4]