Investment Rating - The report assigns a positive investment rating to Pop Mart (9992.HK), indicating a favorable outlook for the company's growth and market position [4]. Core Insights - The market perception of Pop Mart is evolving from a "blind box company" to a "global IP full industry chain group," reflecting a significant transformation in its business model and market strategy [4]. - The report addresses key concerns regarding the extension of IP lifecycle, breakthrough in the North American market, and the transition of valuation systems [4]. Summary by Sections Q1: Sustainability of Labubu's Growth - Labubu's strong growth is deemed sustainable due to proactive product rhythm adjustments, supply chain optimization, and the promotion of an IP family strategy, transitioning from a phenomenon to a core IP [5]. - Healthy growth is characterized by a decline in secondary market prices, which is seen as a positive clearing rather than a collapse, laying the foundation for long-term growth [5]. Q2: Capability of Mass Producing "Medium IP" - The company has established an industrialized and replicable IP incubation system, enabling it to mass-produce medium-sized IPs [6]. - The new IP, represented by "Twinkle Twinkle," achieved revenue of 390 million yuan in the first half of 2025, complementing Labubu and ensuring continuous product iteration [6]. Q3: Growth Potential in North America - The North American market presents significant growth potential, driven by strategic store expansion and localized operations [7]. - Pop Mart plans to open approximately 270-550 stores in North America, with a focus on a multi-store network to enhance regional penetration [7]. Q4: Market Penetration in Europe - The European market is rapidly penetrating, with revenue reaching 478 million yuan in the first half of 2025, a year-on-year increase of 729% [8]. - The strategy emphasizes "cultural output" by collaborating with art landmarks and enhancing brand tone through localized marketing [8]. Q5: Progress in New Business Layouts - New business initiatives like POP BAKERY and POPOP are designed to extend consumption scenarios around IP, creating high-frequency consumption opportunities [9]. - POP BAKERY offers themed desserts priced between 39-199 yuan, while POPOP features luxury jewelry priced from 249-2699 yuan, enhancing customer value [9]. Q6: Performance Growth Outlook for 2026 - The company anticipates steady growth in 2026, with total revenue projected to reach 51 billion yuan and adjusted net profit of 18 billion yuan, driven by overseas market expansion and domestic store renewal strategies [10].

动作流畅有力，员工们连连称师。 年会上还总结了泡泡玛特过去一年的年度数据，全球员工伙伴超1万人，注册会员超1亿人，LABUBU 全年销量超1亿只，全品类全IP产品销量超4亿只，业务覆盖100+国家和地区，全球门店超700家。（来 源：大象新闻编辑：尚骏翼） 责任编辑：张恒星 2月6日，泡泡玛特2026年年会变身巨星派对，多位明星现身与泡泡玛特创始人王宁同台互动，引发热 议。 创始人王宁亲自在年会舞台表演了一段完整的咏春拳。 动作流畅有力，员工们连连称师。 年会上还总结了泡泡玛特过去一年的年度数据，全球员工伙伴超1万人，注册会员超1亿人，LABUBU 全年销量超1亿只，全品类全IP产品销量超4亿只，业务覆盖100+国家和地区，全球门店超700家。（来 源：大象新闻编辑：尚骏翼） 责任编辑：张恒星 2月6日，泡泡玛特2026年年会变身巨星派对，多位明星现身与泡泡玛特创始人王宁同台互动，引发热 议。 创始人王宁亲自在年会舞台表演了一段完整的咏春拳。 ...

Group 1 - The top three stocks with the highest short-selling ratios are New World Development Co. Ltd. (80016) at 100.00%, SenseTime Group Inc. (80020) at 80.12%, and Great Wall Motor Co. Ltd. (82333) at 75.14% [1][2] - The highest short-selling amounts are recorded for Xiaomi Corporation (01810) at 1.731 billion, Alibaba Group Holding Ltd. (09988) at 1.550 billion, and Meituan (03690) at 1.518 billion [1][3] - The top three stocks with the highest deviation values are New World Development Co. Ltd. (80016) at 44.46%, SenseTime Group Inc. (80020) at 35.88%, and China National Offshore Oil Corporation (80883) at 26.39% [1][3] Group 2 - The detailed short-selling ratio rankings show New World Development Co. Ltd. (80016) leading with a short-selling amount of 345,900 and a deviation value of 44.46% [2][3] - SenseTime Group Inc. (80020) follows with a short-selling amount of 257,500 and a deviation value of 35.88% [2][3] - Great Wall Motor Co. Ltd. (82333) has a short-selling amount of 70,700 and a deviation value of -3.29% [2] Group 3 - The short-selling amount rankings indicate Xiaomi Corporation (01810) at 1.731 billion with a short-selling ratio of 39.72% and a deviation value of 21.05% [3] - Alibaba Group Holding Ltd. (09988) has a short-selling amount of 1.550 billion with a short-selling ratio of 16.68% and a deviation value of 4.47% [3] - Meituan (03690) shows a short-selling amount of 1.518 billion with a short-selling ratio of 39.18% and a deviation value of 22.10% [3]

Group 1 - Major blue-chip stocks mostly rose, with HSBC Holdings closing at HKD 141.801, up 1.8% from the previous close [2] - Tencent Holdings closed at HKD 561.139, reflecting a 0.2% increase from the previous close [2] Group 2 - Tencent Holdings (00700) latest price is HKD 560.000, with an increase of HKD 12.500 or 2.28% [3] - Alibaba Group (09988) latest price is HKD 157.900, up HKD 2.900 or 1.87% [3] - HSBC Holdings (00005) latest price is HKD 139.300, up HKD 4.500 or 3.34% [3] - AIA Group (01299) latest price is HKD 86.350, up HKD 2.850 or 3.41% [3] - Meituan (03690) latest price is HKD 91.050, down HKD 0.350 or 0.38% [3] - China Ping An (02318) latest price is HKD 73.000, up HKD 3.400 or 4.89% [3] - Hong Kong Exchanges (00388) latest price is HKD 418.600, up HKD 11.000 or 2.70% [3] - Baidu Group (09888) latest price is HKD 142.200, up HKD 4.400 or 3.19% [3] - Kuaishou Technology (01024) latest price is HKD 69.300, down HKD 1.950 or 2.74% [3]

2月9日【港股Podcast】恆指、泡泡瑪特 、中芯國際 、紫金礦業、美團、匯豐控股 1、恆生指數：多空觀點交織下的區間博弈 Simon：今日（9日）市場對恆指後市走勢呈現出典型的博弈格局。部分投資者判斷指數將在26000至27000點區間維持震盪整理，並據此部署收回價設在 25300點的牛證產品，以期在震盪市中獲取收益。與此同時，持謹慎態度的投資者則選擇持有熊證過夜，其策略基於對市場可能面臨技術性調整的預判，預 期指數或低開約200點，並注意到26300點下方仍聚集較多未平倉牛證，這部分倉位可能在未來波動中形成壓力。 從全日報收情況看，恆生指數今日表現較為積極，收盤成功收復27000點整數關口，報27027點。從技術結構觀察，收盤價不僅重回關鍵心理位，亦站穩於日 線圖保利加通道中軌上方。市場成交額較上周五略有回升，但相較於前期活躍階段仍顯溫和，顯示資金追漲意願暫未全面復蘇。 當前技術信號匯總顯示市場短期情緒偏謹慎，"賣出"信號數量以10比4領先於"買入"信號。指數短期關鍵支撐區域位於26500點附近，主要阻力則位於27500 點一帶，構成約500點的核心震盪區間。若後市跌破26500點支撐，下一支撐參考位下 ...

智通财经APP讯，泡泡玛特(09992)发布公告，2025年，集团全IP全品类产品全球销售超4亿只，其中， THE MONSTERS全品类产品全球销售超1亿只。 ...

泡泡玛特(09992)发布公告，2025年，集团全IP全品类产品全球销售超4亿只，其中，THE MONSTERS 全品类产品全球销售超1亿只。 ...

格隆汇2月9日丨泡泡玛特(09992.HK)公告，2025年，集团全IP全品类产品全球销售超4亿只，其中， THE MONSTERS全品类产品全球销售超1亿只。 ...

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） 自願公告 業務資料更新 本公告由泡泡瑪特國際集團有限公司（「本公司」，連同其附屬公司及併表聯屬實 體統稱「本集團」）董事會（「董事會」）自願作出，以告知本公司股東及潛在投資者 本集團最新業務更新。 2025年，本集團全IP全品類產品全球銷售超4億隻，其中，THE MONSTERS全品 類產品全球銷售超1億隻。 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 承董事會命 泡泡瑪特國際集團有限公司 執行董事、董事會主席及行政總裁 王寧 香港，2026年2月9日 於本公告日期，執行董事為王寧先生、劉冉女士、司德先生及文德一先生，非執 行董事為屠錚先生及吳越先生，以及獨立非執行董事為張建君先生、吳聯生先生 及顏勁良先生。 本公司之股東和潛在投資者買賣本公司證券時務請審慎行事。 ...

Core Viewpoint - On February 9, 2026, Tencent Holdings, Alibaba-W, and the Yingfu Fund were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 4.681 billion, 3.740 billion, and 2.531 billion respectively [1] Group 1: Southbound Stock Connect Trading - Tencent Holdings ranked first in Southbound Stock Connect trading with a total trading amount of 4.681 billion and a net buying amount of 0.904 billion [2] - Alibaba-W ranked second with a trading amount of 3.740 billion and a net selling amount of 0.100 billion [2] - The Yingfu Fund ranked third with a trading amount of 2.531 billion and a significant net selling amount of 2.515 billion [2] Group 2: Deep Southbound Stock Connect Trading - Tencent Holdings also led in Deep Southbound Stock Connect trading with a trading amount of 3.490 billion and a net buying amount of 0.896 billion [2] - The Yingfu Fund was second with a trading amount of 2.051 billion and a net selling amount of 2.040 billion [2] - Alibaba-W ranked third with a trading amount of 1.611 billion and a net buying amount of 0.151 billion [2]