泡泡玛特(09992)发布公告，于2025年10月15日，公司根据首次公开发售后股份奖励计划的条款向承授 人授出代表相同数量相关股份的3.83万份奖励，但须待接纳后方可作实。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 POP MART INTERNATIONAL GROUP LIMITED 泡泡瑪特國際集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9992） 根據首次公開發售後股份獎勵計劃授出獎勵 本公告由本公司根據上市規則第17.06A、17.06B及17.06C條作出。董事會宣佈， 於2025年10月15日，本公司根據首次公開發售後股份獎勵計劃的條款向承授人授 出代表相同數量相關股份的38,289份獎勵，惟須待接納後方可作實。 授出獎勵之詳情 1 授出日期： 2025年10月15日 授出獎勵數目： 向本集團僱員合共授出代表相同數量相關股份的38,289 份獎勵。 授出獎勵之購買價： 無 獎勵之歸屬期： 38,289份獎勵將於授出日期第二個週年至第四個週年期 間分批歸屬。 表現目標： 就各承授人而言，於各個歸屬日期歸屬的獎勵取決於承 授人於相關歸屬日期前的績效評估中是否達到規定的閾 值。 回撥機制： ...

Core Insights - The潮玩 industry is witnessing a collective move towards IPOs, driven by internal and external pressures, marking a significant shift in the industry landscape [4][10][12] - The潮玩 market is expected to grow significantly, with a projected total value of 110.1 billion yuan by 2026, reflecting an annual growth rate of over 20% [2] Group 1: Reasons for the IPO Rush - The潮玩 industry is facing a transformation due to changes in market dynamics, regulatory environments, and the need for companies to adapt to a more rational consumer base [4][5] - The era of relying solely on a few popular IPs and blind box strategies is over, as market saturation has led to diminished consumer excitement [5][6] - Companies are now competing on three fronts: IP reserves, channel penetration, and user engagement, which are essential for sustainable growth [6][7] Group 2: Capital Market Dynamics - The investment landscape for潮玩 has evolved, with 2018 marking a peak in VC/PE investment, and the current period being a critical exit window for investors [7][9] - The success of companies like泡泡玛特 has increased investor understanding and acceptance of潮玩, leading to favorable conditions for IPOs [8][9] Group 3: Different Business Models - TOP TOY represents a "channel-driven" model, leveraging a vast distribution network but lacking unique IP development, with over 52.8% of its revenue coming from external IPs [14][15] - 卡游 and Hitcard exemplify an "ecosystem-driven" approach, focusing on collectible card games that foster a strong user community, but face risks related to dependency on a young audience [15][16] - 泡泡玛特 follows an "IP-driven" model, achieving 99.1% of its revenue from proprietary products, but must continuously innovate to maintain consumer interest in its IPs [16][18] Group 4: Industry Challenges and Future Directions - Domestic潮玩 companies lag behind international giants like三丽鸥 and迪士尼 in building a comprehensive IP ecosystem, often relying on short-term strategies [20][21] - Key shortcomings include a lack of long-term IP management, shallow user connections, and ineffective international expansion strategies [22][23][24] - To succeed,潮玩 companies must transition from product suppliers to emotional service providers, focusing on IP co-creation, cross-media storytelling, and compliance-driven innovation [25][26]

Group 1 - The core viewpoint of the articles highlights the positive impact of the Federal Reserve's interest rate cut expectations on the Hong Kong stock market, with significant gains in major indices and tech stocks [1] - The Hang Seng Index and Hang Seng Tech Index both rose over 1% in early trading, with notable increases in stocks such as China Life (+4.93%), Haidilao (+4.52%), and Pop Mart (+4.33%) [1] - The probability of a 25 basis point rate cut by the Federal Reserve in October is reported at 97.3%, reinforcing market expectations for further rate cuts [1] Group 2 - The Hang Seng China Enterprises Index (HSCE) has its top ten weighted stocks, including Alibaba, Tencent, and Xiaomi, which collectively account for 55.78% of the index [2] - Continuous attention is recommended for the Hang Seng China Enterprises ETF (159960), which closely tracks the performance of H-shares listed in Hong Kong [2]

Group 1: Hong Kong Stocks - Lao Pu Gold (06181) rose over 5%, with Morgan Stanley reaffirming an "overweight" rating due to clear brand value enhancement trends [1] - Pop Mart (09992) increased over 3%, as Apple CEO received a special gift, and Labubu is expected to become a world-class cultural IP brand [1] - Jitu Express-W (01519) rose over 3%, reporting strong growth in parcel volume in Southeast Asia and new markets for Q3 2025 [1] - Guoquan (02517) surged over 10%, with improved restaurant sentiment and expectations for Q4 store openings [1] - Geely Automobile (00175) increased over 4%, with Geely Holding Group's quarterly sales surpassing 1 million units for the first time [1] - Rongchang Bio (09995) rose over 3%, as the application for the marketing of Tai Tasi Pi for IgA nephropathy treatment was accepted and prioritized for review [1] - Mixue Group (02097) rose over 6%, with Mixue Ice City beer trending on Weibo, and institutions optimistic about the company's brand expansion [1] - Jinli Permanent Magnet (06680) fell over 1%, despite a projected net profit increase of over 157% for the first three quarters [1] - Bilibili-W (09626) rose over 3%, officially launching a "Double 11" promotion and achieving deep data integration with Alibaba and JD [1] Group 2: US Stocks - Navitas Semiconductor (NVTS.US) surged 26.08%, with advancements in 800VDC GaN and SiC power devices [3] - Ericsson (ERIC.US) rose 20.56%, reporting a net profit of 11.15 billion SEK for Q3, nearly doubling year-on-year and exceeding analyst expectations [3] - Tesla (TSLA.US) fell 1.53%, as the NHTSA announced an investigation into approximately 2.88 million Tesla vehicles equipped with "full self-driving" systems [3] - PayPal (PYPL.US) rose 0.42%, but Goldman Sachs downgraded its rating to "sell" due to margin pressures and a slowing growth path for 2026 [3] - BP (BP.US) fell 1.75%, with expectations of increased profitability driven by upstream production growth and refining margins [3] - Intel (INTC.US) dropped 4.27%, as Bank of America downgraded its rating from "neutral" to "underperform," maintaining the target price at $34 [3] - Target (TGT.US) rose 1.85%, with D.A. Davidson lowering the target price from $115 to $108 while reiterating a "buy" rating [4] - Albertsons (ACI.US) surged 13.63%, reporting Q2 FY2025 revenue of $18.9158 billion and adjusted EPS of $0.44, exceeding expectations [4] - Arm (ARM.US) fell 2.20%, as OpenAI announced a strategic partnership with Broadcom to develop custom AI chips and network systems [4] - Walmart (WMT.US) rose 4.98%, collaborating with OpenAI to allow consumers to browse and purchase Walmart products directly through ChatGPT [4]

Group 1 - Apple's CEO Tim Cook was seen in Beijing's Gongfu Park engaging with developers [1] - On October 13, Cook attended the 10th anniversary event of THE MONSTERS in Shanghai, interacting with Pop Mart's founder Wang Ning and LABUBU series creator Long Jiasheng [1] - Cook announced that the iPhone Air will be available for pre-order in China starting at 9 AM on October 17, with official offline sales beginning on October 22 [1]

Group 1: Market Overview - The Hang Seng Index rose by 1.21%, gaining 308 points to close at 25,749 points, while the Hang Seng Tech Index increased by 1.18% [1] - Hong Kong's stock market saw a trading volume of HKD 158.6 billion in the morning session [1] Group 2: Airline Sector - Airline stocks experienced a collective rise, with growth in passenger traffic during the National Day holiday despite high base effects, indicating potential profit growth for airlines [1] - Eastern Airlines (00670) increased by 5.43%, China National Aviation (00753) rose by 4.06%, and Southern Airlines (01055) gained 3.74% [1] Group 3: Cement Sector - Cement stocks led the market gains, with a rebound expected in prices following a recent decline in several domestic markets [1] - China National Building Material (03323) rose by 6.32%, Conch Cement (00914) increased by 4.13%, and Huaxin Cement (06655) gained 3.78% [1] Group 4: Gold Sector - Lao Pu Gold (06181) surged over 7% as Morgan Stanley reaffirmed its "overweight" rating, citing a clear trend in brand value enhancement [1] - China Rare Earth Holdings (03788) rose over 5% as it completed pre-IPO fundraising and is set to list independently in Hong Kong [1] Group 5: Food and Beverage Sector - Guoquan (02517) saw a rise of over 9% as the restaurant sector's outlook improved, with expectations for store openings in Q4 [2] - Mixue Group (02097) increased by over 6%, with the brand gaining popularity and institutions optimistic about its brand expansion [4] Group 6: Consumer Goods Sector - Pop Mart (09992) rose by 3.6%, with potential to become a world-class cultural IP brand following a special gift to Apple's CEO [3] - Shangmei Co. (02145) increased by over 6%, with strong performance in domestic beauty brands in September and expectations for marginal improvement in Q4 due to the Double 11 shopping festival [3] Group 7: Gold Mining Sector - Shandong Gold (01787) fell over 5% after a profit warning, despite a potential doubling of net profit year-on-year for the first three quarters, with institutions advising caution regarding short-term adjustments in gold prices [5]

每经AI快讯，港股泡泡玛特再涨超3%，截至发稿，涨3.42%，报272港元，成交额19.62亿港元。 ...

智通财经APP获悉，泡泡玛特(09992)再涨超4%，截至发稿，涨3.42%，报272港元，成交额19.62亿港 元。 招商证券(香港)此前发布研报称，展望2025下半年，泡泡玛特董事长强调Labubu毛绒手机挂件有望成为 爆款，标志着公司正加速拓展高频生活方式SKU，以增强日常品牌互动。毛绒品类已超越手办，成为公 司最大品类，占收入比重达44%，并有助于提升整体利润率。随着品牌力持续提升、全渠道模式逐步扩 张，以及IP变现路径不断拓展，泡泡玛特有望成为世界级文化IP品牌。重申强烈增持评级，看好公司在 全球扩张加速下实现强劲的下半年业绩指引。 消息面上，10月13日下午，苹果CEO蒂姆·库克现身上海THEMONSTERS十周年巡展，这是库克此次到 访中国参观的第一站。展览现场，泡泡玛特创始人王宁、LABUBU艺术家龙家升与库克进行了亲密互 动，一起参观了LABUBU系列原创手稿和丰富多元的产品，并获赠一只拿着iPhone的Labubu玩偶。 ...

泡泡玛特(09992)再涨超4%，截至发稿，涨3.42%，报272港元，成交额19.62亿港元。 招商证券(香港)此前发布研报称，展望2025下半年，泡泡玛特董事长强调Labubu毛绒手机挂件有望成为 爆款，标志着公司正加速拓展高频生活方式SKU，以增强日常品牌互动。毛绒品类已超越手办，成为公 司最大品类，占收入比重达44%，并有助于提升整体利润率。随着品牌力持续提升、全渠道模式逐步扩 张，以及IP变现路径不断拓展，泡泡玛特有望成为世界级文化IP品牌。重申强烈增持评级，看好公司在 全球扩张加速下实现强劲的下半年业绩指引。 消息面上，10月13日下午，苹果CEO蒂姆.库克现身上海THEMONSTERS十周年巡展，这是库克此次到 访中国参观的第一站。展览现场，泡泡玛特创始人王宁、LABUBU艺术家龙家升与库克进行了亲密互 动，一起参观了LABUBU系列原创手稿和丰富多元的产品，并获赠一只拿着iPhone的Labubu玩偶。 ...