（文章来源：每日经济新闻） 泡泡玛特于2020年在港交所上市，截至8月22日收盘，泡泡玛特每股报价320.4港元，总市值超过4300亿 港元，今年以来，泡泡玛特股价涨幅超过258%。根据其8月19日发布的2025年上半年财报显示，实现营 收138.8亿元，同比增长204.4%，经调整净利润47.1亿元，同比增长362.8%。半年营收突破百亿，净利 润超2024全年，集团业绩再创新高，各项经营指标表现优异。在业绩说明会上，泡泡玛特董事长兼CEO 王宁曾表示集团全年营收预计不低于300亿元。 港股消费ETF（513230）跟踪中证港股通消费主题指数，一键打包互联网电商龙头+新消费，成分股近 乎囊括港股消费的各个领域，包括泡泡玛特、老铺黄金、蜜雪集团等新消费龙头，又包含小米、阿里巴 巴、腾讯、美团等互联网电商龙头，科技+消费属性突出。 8月22日，恒生指数公司公布最新季度检讨结果，决定将中国电信、京东物流、泡泡玛特纳入恒生指 数，成分股数目由85只增至88只，调整将于9月8日生效。这是泡泡玛特首次被纳入恒生指数，体现了资 本市场对于泡泡玛特综合实力的高度认可。此前，泡泡玛特曾多次被列入恒生指数潜在候选股。 就在纳入 ...

星星人随心配系列、MOLLY面包脑袋系列、CRYBABY飞天小女警系列……在近日于台北举行的2025 台湾旅游展秋季展（简称"秋季旅展"）现场，多款风靡两岸的大陆潮玩IP吸引了台湾民众的关注，大家 纷纷前往对应展区打卡参观。 这一亮相于秋季旅展的热门展区由海峡两岸旅游交流协会台北办事处（简称"海旅会台北办"）携手潮玩 品牌泡泡玛特共同推出，主题为"跟着潮玩去旅行"，共设8个展位，以泡泡玛特旗下的"星星人"为主视 觉，集中展示多款颇受欢迎的潮玩商品。 在"星星人"展台前，来自台北的邱小姐捧起一只"星星人"玩偶，向记者介绍起它的特点和自己收藏泡泡 玛特手办的经历。邱小姐说，自己和朋友都特别喜欢泡泡玛特，她已经"入坑"一年多，先后买了十几个 产品。"每个系列的设计特点都不一样，背后都有故事。特别是忙碌一天后，我下班回家看到它们就会 很高兴。希望有一天能去北京的泡泡玛特城市乐园游玩，和LABUBU来一场亲密互动。" "年轻人对潮玩IP有着极大的消费热情。希望让年轻人与潮玩IP之间有着更深入的情感连接，丰富自己 的精神世界，感受到更多生活中的美好。"泡泡玛特国际集团副总裁陈晓芸说，泡泡玛特城市乐园已成 为消费者线下沉浸 ...

新闻荐读 二手炒到1400元， 溢价达到3倍， 当玩家还在追逐LABUBU时， 泡泡玛特的另一个IP 已经被黄牛炒出"天价"。 新品上线瞬间，泡泡玛特官方小程序及各大电商平台渠道的库存在数秒内售罄。不少网友也特意卡点蹲守购买，瓶窑网友雨田就是其中之一。"我本来是 想端盒（购买一整盒）的，但是就慢了一步，付款失败了。" 无独有偶，网友小台为了抢购这次的新品，提早设定了闹钟，一到十点就"冲进"购买链接，显示排队已经达到百人。小台表示，抢这种热门系列，除非排 队到前2位，不然几乎没概率买到的。 | | | | × | | | | | | × | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ¥474 | | | | | ¥79 | | | | | | 限购12个 | | 购买得积分 | | | 限购12个 | 购买得积分 | | | | | 选择规格 | | | | 选择规格 | | | | | | | 单个盲盒随机发货 | | 整盒含6个盲盒 | | 单个盲盒随机发货 | | 整盒含6个盲盒 | | | | | 购买方式 | | | ...

Core Viewpoint - The article discusses the recent adjustments to the Hang Seng Index and its implications for investors, highlighting the inclusion and exclusion of specific stocks and the expected capital flows resulting from these changes [2][3][5]. Group 1: Hang Seng Index Adjustments - The Hang Seng Index has included China Telecom, JD Logistics, and Pop Mart, with respective weights of 1.44%, 0.51%, and 0.22%, increasing the total number of constituent stocks to 88 [3]. - The Hang Seng China Enterprises Index has added Pop Mart with a weight of 2.10%, while Jitu Express has been removed, maintaining the total number of constituent stocks at 50 [3]. - The Hang Seng Technology Index saw no changes, keeping its 30 constituent stocks unchanged [3]. Group 2: Capital Flow Implications - For the Hang Seng Index, the expected capital inflows from the newly included stocks are approximately $160 million for China Telecom, $68.74 million for JD Logistics, and $45 million for Pop Mart, with respective inflow durations of 4.4 days, 3.5 days, and 1.0 day [3]. - The potential capital outflow from China Bank due to weight changes could reach $12 million, with an outflow duration of about 0.6 days [3]. - In the Hang Seng China Enterprises Index, Pop Mart is expected to bring in $15 million, with an inflow duration of approximately 0.3 days, while Jitu Express may see an outflow of about $4.993 million over 1.2 days [4]. Group 3: Hong Kong Stock Connect Adjustments - The article anticipates 20 new stocks to be included in the Hong Kong Stock Connect, with 19 stocks likely to be removed, aligning closely with previous predictions [5]. - The potential new additions include companies such as China Foods, Caocao Travel, and Nanshan Aluminum International, while removals include companies like Xirui and Youkang Vision [5]. Group 4: Implementation Timeline - The adjustments will be implemented on September 5 and will officially take effect on September 8, with passive funds expected to rebalance their portfolios on the implementation date, leading to significant trading volume increases [7].

有少网友直呼"这么贵到底是谁在买""简直比黄金还离谱"。 不止一名"黄牛"告诉记者，如今LABUBU3.0的价格持续走低，除了新品其他很难卖出高价了，"但星星人很可能成为下一个爆款IP，后期价格预计还会上 涨"。 近日，泡泡玛特线上首发了多款新品，其中包括旗下新款毛绒挂件盲盒"星星人好梦气象局系列"（以下简称"星星人"）。 该系列盲盒单个79元，整盒474元；场景手办盲盒"点亮系列"，单个79元，整盒711元。 还有未卖先火的MOKOKO搪胶毛绒挂件，单个售价199元。 新品上线瞬间，泡泡玛特官方小程序及各大电商平台渠道的库存在数秒内售罄。由于瞬时流量过大，一些平台甚至出现卡顿和短暂崩溃的情况。 不少用户反馈："页面还没完全加载出来，甚至购物车按钮都还没亮起，就已经显示没货了。" 记者注意到，此次上新的星星人IP备受市场追捧。由于现货一盒难求，盲盒在二手市场上价格迅速飙升。 例如在千岛App上，星星人有整盒成交价达1350元的，溢价约3倍；单个平均价约150元，溢价约2倍；隐藏款价格高达478元，溢价更是超过6倍。 一名"黄牛"坦言，当天星星人的订单量远超预期，多到根本发不完，"简直和两个月前LABUBU3. ...

要闻速递 国常会：听取实施大规模设备更新和消费品以旧换新政策情况汇报 国务院总理李强8月22日主持召开国务院常务会议，听取实施大规模设备更新和消费品以旧换新政策情 况汇报，研究释放体育消费潜力进一步推进体育产业高质量发展的意见，审议通过《"三北"工程总体规 划》，部署开展海洋渔船安全生产专项整治工作。 事关平台经济，价格行为将进一步规范 国家发展改革委等部门联合起草《互联网平台价格行为规则（征求意见稿）》，要求平台经营者、平台 内经营者严格遵守明码标价规定、提高价格规则透明度、及时公示收费变更情况，更好接受社会监督。 据玉渊谭天，文件并不是针对"外卖大战"推出的文件。文件也没有任何叫停补贴的表述，只有要求平台 公示补贴促销活动规则、不得虚假宣传和夸大补贴金额的相关表述。 中国光伏行业协会：坚决抵制以低于成本的价格开展恶性竞争 中国光伏行业协会倡议发布关于进一步加强行业自律，共同维护公平竞争、优胜劣汰的光伏市场秩序的 倡议。一、企业严格遵守《中华人民共和国价格法》《中华人民共和国反垄断法》《中华人民共和国招 标投标法》《中华人民共和国反不正当竞争法》等法律法规，坚决抵制以低于成本的价格开展恶性竞 争。电站企业优 ...

「Going Global 出海周报」 是创业邦推出的出海系列栏目，旨在为出海领域的创业者和投资人精选 整理丨薛皓皓 本周（2025. 08.18-2025.08.24）出 海大事件包括： Temu 联手奥地利邮政，在中欧市场推出便 捷取送货服务；速卖通首款AI Agent上线；TikTok Shop跨境电商全球黑五大促定档；比亚迪将在阿 根廷生产汽车；泡泡玛特上半年营收138.8亿元人民币；DeepSeek发布V3.1版本；特朗普政府收购 英特尔10%的股份；特朗普手机广告被指套用iPhone照片；特斯拉在英国销量萎靡，计划开拓租车 和供电服务。 出海大事件、海外大公司、投融资消息，本篇 为栏目第 297 篇 报道。 出海四小龙 Temu 联手奥地利邮政，在中欧市场推出便捷取送货服务 日前，据外媒报道，拼多多旗下跨境电商平台 Temu 将在今年与奥地利邮政合作推出一个便捷取送货 服务（PUDO），从而进一步改善消费者的购物体验。 Temu 自2023年进入奥地利市场以来，一直与奥地利邮政保持着紧密的合作关系，两者计划将合作 扩展到匈牙利和保加利亚等新市场，以及更多中东欧国家。 "我们很高兴能够将PUDO服务 ...

2025 年 08 月 24 日 公司研究 评级：买入(维持) | 研究所： | | | --- | --- | | 证券分析师： | 杨仁文 S0350521120001 | | | yangrw@ghzq.com.cn | | 证券分析师： | 方博云 S0350521120002 | | | fangby@ghzq.com.cn | | 证券分析师： | 吴倩 S0350525070006 | | | wuq05@ghzq.com.cn | [Table_Title] 线上和海外高速增长，毛绒成最大品类 ——泡泡玛特（9992.HK）2025H1 业绩点评 最近一年走势 | 相对恒生指数表现 | | 2025/08/22 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 泡泡玛特 | 27.9% | 44.1% | 570.9% | | 恒生指数 | 0.8% | 7.6% | 43.6% | | 市场数据 | 2025/08/22 | | --- | --- | | 当前价格（港元） | 320.40 | | 52 周价格区间（港元） | 4 ...

Group 1 - The core point of the article is that Pop Mart has been included in the Hang Seng Index's China Enterprises Index, effective September 8, 2025, marking its first inclusion in the index [1] - The capital market's recognition is closely tied to Pop Mart's performance and product offerings, as evidenced by the launch of several new product series [1] - Pop Mart's revenue for the first half of 2025 reached 13.88 billion yuan, representing a year-on-year growth of 204.4%, while the adjusted net profit was 4.71 billion yuan, up 362.8% year-on-year [1] Group 2 - New products from Pop Mart, such as the "Starry People Good Dream Meteorological Bureau" series and "MOKOKO Sunbathing Summer" series, have seen high demand, with some items being resold at significantly higher prices on secondary markets [1] - For instance, a plush pendant from the "Starry People Good Dream Meteorological Bureau" series originally priced at 79 yuan is being sold for 170 yuan on second-hand platforms, while a MOKOKO plush pendant originally priced at 199 yuan is listed for as high as 1,314 yuan [1] - The high resale prices indicate strong market demand and consumer interest in Pop Mart's products, contributing to the company's financial success [1]

Core Insights - The MOKOKO plush toys from Pop Mart have generated significant pre-sale hype, with prices on secondary markets soaring from the original price of 199 yuan to as high as 799 yuan, indicating a fourfold increase in value [1][4] - The phenomenon of "pre-sale speculation" is driven by a supply-demand imbalance, with scalpers actively promoting their services to secure these limited-edition items for resale at inflated prices [3][7] - Despite the speculative frenzy, Pop Mart's financial performance remains strong, with a reported revenue of 13.84 billion yuan in the first half of 2025, reflecting a year-on-year growth of 204.4% [14] Market Dynamics - The upcoming release of the MOKOKO series and other products has led to a surge in demand, with some items being resold for prices significantly higher than their retail value, such as the blind box series priced at 79 yuan being sold for 200 to 1979 yuan [4][5] - Scalpers are utilizing technology and manpower to secure large quantities of these products upon release, further exacerbating the supply-demand imbalance [8] - Historical precedents, such as the Labubu 3.0 series, demonstrate that speculative prices can collapse when supply increases, as seen when prices dropped from 1500-2800 yuan to 650-800 yuan [10] Consumer Behavior - Many consumers express frustration over the difficulty of purchasing popular items at retail prices, often resorting to secondary markets where prices are inflated [16] - The unique scarcity and collectible nature of blind box toys, combined with social media influence, contribute to speculative behavior in the secondary market [16] - There is a call for rational consumption among consumers, urging them to resist the urge to participate in the speculative frenzy and to wait for prices to stabilize [16]