Z世代正在推动一场席卷全球的玩具消费热潮，为相关企业带来显著业绩增长。全球消费洞察公司 Circana数据显示，2025年成为"成年人购买玩具最火爆的一年"，其中76%的18至34岁英国Z世代消费者 为自己或其他成年人购买玩具。 以中国泡泡玛特和英国Jellycat为代表的品牌成为这股风潮的核心驱动力。泡泡玛特2025上半年业绩尤 为突出，净利润激增近400%，营收同比增长204.4%至138.8亿元人民币。 "看到不同年龄段的人们对我们的新角色做出如此热烈的反响，真是太棒了。" "彼得潘效应"反映成年压力 Circana的Symonds将这一趋势归因于"彼得潘效应"，即成年人难以成长并承担责任的心理综合征。她解 释道："当你还是孩子时，你迫不及待地想要长大，但当你成为成年人时，你意识到童年是你生命中最 美好的时光。" 泡泡玛特和Jellycat业绩爆发式增长 毛绒玩具热潮为相关企业带来了显著的财务收益。泡泡玛特在2025年上半年收入达到138.8亿元人民币 （约19.3亿美元），净利润增幅接近400%。仅Labubu玩偶一项就为该公司2024年全球收入贡献了约 4.23亿美元。 Jellycat同样表现亮眼 ...

Core Insights - The core of the article emphasizes the unique business model of Pop Mart, which leverages strong IP and a light asset structure to create a highly profitable commercial empire with a gross margin of 70.3% in the first half of the year and a loyal customer base of 59 million contributing over 90% of sales [1][17]. Group 1: Pop Mart's Business Model - Pop Mart's success is attributed to its strong IP and high repurchase rates, with customers making an average of 6.8 purchases per year and a repurchase rate exceeding 50%, significantly higher than luxury brands like LV [1][17]. - The emotional economy plays a crucial role in Pop Mart's rise, paralleling historical trends in Japan and the U.S. where similar consumer behaviors emerged during economic downturns [2][18]. Group 2: Competitors and Market Dynamics - Card Game (卡游) is the largest competitor to Pop Mart, reporting revenue of 10.057 billion and a net profit of 4.466 billion, with a gross margin of 68.2% [3][19]. - Despite its success, Card Game faces challenges due to its heavy reliance on IP licensing, with 73% of its revenue coming from Ultraman-related products, raising concerns about sustainability if licensing fees increase [19][20]. - 52TOYS, another competitor, has a gross margin of 68.2% and is noted for its potential to go public, but it missed critical opportunities in IP development compared to Pop Mart [5][20][22]. Group 3: Market Trends and Emotional Economy - The emotional economy is expanding beyond toys, with significant growth in pet-related products and services, reflecting changing consumer needs as birth rates decline [27][30]. - Companies like pidan and PETKIT are capitalizing on the emotional needs of pet owners, with pidan achieving sales of 830 million and a gross margin of 58% in 2024 [29][30]. - The rise of emotional value as a core competitive advantage is evident across various sectors, indicating a shift in consumer behavior towards products that fulfill emotional needs [26][32].

Core Viewpoint - The recent Central Economic Work Conference emphasizes the need for a shift in business paradigms to resist "involution" competition and focus on value creation and high-quality development [2][26]. Group 1: Transition from Scale to Quality - Chinese enterprises have achieved significant growth, with 130 companies entering the Fortune Global 500 this year, but now must transition from speed and scale to quality and efficiency [4][29]. - The criteria for measuring development quality include investment returns, market presence, profitability, employee income, government tax revenue, and environmental improvement [4][29]. - Companies like Midea are focusing on modern governance to ensure stable development, projecting a profit of 38.5 billion yuan in 2024 with a market value of 630 billion yuan [4][29]. Group 2: Focus on Core Competencies - Companies should prioritize strengthening their core business rather than blindly expanding into unrelated areas, as many issues arise from straying from core competencies [6][31]. - The principle of business core focus suggests eliminating non-core and loss-making operations to maintain clarity and efficiency [6][31]. - For instance, CATL focuses solely on its core business of power batteries, projecting a profit of 50.7 billion yuan in 2024 with a market value of 1.8 trillion yuan [6][31]. Group 3: Shift from Management to Strategic Operations - The current era requires businesses to focus on strategic operations rather than just management, emphasizing the importance of making the right business decisions to enhance profitability [7][32]. - Effective leadership involves setting strategic direction and resource acquisition while delegating management tasks to subordinates [7][32]. - The distinction between management and operations is crucial, with a focus on generating revenue and market engagement being paramount [7][32]. Group 4: Value-Driven Pricing Strategies - Companies must transition from cost-based pricing to value-based pricing, focusing on the value delivered to customers rather than merely production costs [13][40]. - The importance of understanding the relationship between price, volume, and cost is highlighted, with a focus on maintaining price stability in over-saturated markets [17][42]. - Successful brands like Pop Mart leverage emotional and social value in their products, achieving significant revenue growth and market capitalization [41]. Group 5: Moving Towards Cooperative Competition - The need for a shift from harmful competition to cooperative competition is emphasized, where companies focus on creating value rather than engaging in destructive price wars [18][43]. - The concept of "prisoner's dilemma" illustrates the need for industry players to prioritize collective industry benefits over individual gains [19][44]. - Promoting a cooperative ecosystem within industries can lead to sustainable growth and mutual benefits for all stakeholders involved [19][44].

"菲律宾一直是我们在亚太地区高度关注的市场"，相关负责人表示，"此前，我们曾在当地多次开展限定快闪活动，每次活动都收获了超出预期的热烈反 响，这更加坚定了我们在此开设门店的决心。"泡泡玛特此前曾在SM Mall of Asia、SM Makati等马尼拉高端商场落地多场主题快闪活动，积累了稳定的消费 者基础与品牌口碑。 近期，泡泡玛特还在菲律宾的SM North Edsa开设了"咖啡工厂"主题快闪店，这也是迄今为止在菲律宾开设的最大规模快闪店。快闪店以咖啡馆为门店设计 理念，陈列、灯光与周边产品都充满生活咖啡风格，并展示了一系列具有咖啡属性的香氛、抱枕等衍生产品。 12月19日，泡泡玛特菲律宾首家线下门店盛大开业，门店位于首都马尼拉的核心商圈SM Megamall，开业期间迅速成为本地潮流消费与文化生活的新焦点， 吸引了大量消费者体验打卡。首店落地不仅彰显了泡泡玛特深耕菲律宾市场的决心，更标志着其亚太地区布局进入了深度本土化与精细化运营的新阶段。 SM Megamall不仅是菲律宾规模超大的购物中心，更以其丰富的业态、超高的客流量位列全球第七大商场，是全球品牌争相入驻的商场之一。据了解，菲律 宾首店面积近30 ...

12月23日，港股三大指数集体高开，恒指开盘涨0.29%，恒科指涨0.14%，国企指数涨0.29%。盘面上， 科网股涨跌不一，黄金股延续涨势，锂电池板块活跃，汽车股部分上涨。港股消费板块早盘较为活跃， 港股消费ETF（513230）现小幅上扬。 12月22日，喜茶与泡泡玛特旗下IP星星人联名的新品上市，此次新品及周边上新覆盖全球范围内的超 100家喜茶门店。据相关媒体报道，在新品开售2分钟左右，相关门店订单已经达到100多单，5分钟左 右，北京多家门店进入繁忙状态，线上暂停接单。 中信建投表示，港股在经历了9月的单边上涨后，10月以来随着海外宏观预期反复的影响经历了震荡调 整。当前AH两地正同步完成中期调整，港股部分优质资产重新进入高性价比区间，在北水持续配置、 盈利预期修复及年末海内外宏观环境改善的共振下，港股正迎来一个不容忽视的岁末交易窗口。 中国银河表示，建议关注：（1）科技板块仍是中长期投资主线，经历前期调整后估值回落，在多重利 好因素提振下，有望反弹回升；（2）消费板块有望获得较大力度政策支持，且当前估值处于相对低 位，中长期上涨空间较大，后续需关注政策落地力度及消费数据改善情况。 每日经济新闻 ...

01 被获利资本集体抛售 泡泡玛特的股价还在低位徘徊。 截至12月19日收盘，泡泡玛特每股报收192.9港元，在恒生指数收涨0.75%的背景下，仍录得0.16%的下跌；拉长时间轴看，自4个月前每股创下339.8港元 的历史高点后，泡泡玛特股价就开始走下坡路，累计跌幅已达43.23%，市值一共蒸发1972亿港元。 12月22日，泡泡玛特股价上涨4.61%，每股重回200港元，总市值为2710亿港元。 股价涨跌，本是常态。同为"港股三姐妹"的其他两家——老铺黄金和蜜雪集团，股价与高点相比均有所回落。但相比较而言，泡泡玛特的股价起伏里，夹 杂了更多情绪和争议。 泡泡玛特股价疯涨时，各路资本出于害怕踏空或盲从的本能，蜂拥而至。如今股价回落，原先被淹没的理性、质疑又卷土重来。 在投资者平台上，自泡泡玛特股价下跌以来，讨论异常活跃。12月20日，"你看好泡泡玛特的未来吗？"话题一度登上雪球热点榜TOP 2。大家争论的焦 点，不外乎"泡泡玛特是不是泡沫""这波股价下跌，究竟是被错杀的机会，还是理性的回归"。持两种对立观点的人各占一半，彼此难以被说服。 随着产能大幅提升，泡泡玛特的稀缺性消失了。随之而来的是机构做空的声音此起 ...

Group 1 - The top short-selling ratios are led by China Resources Beer (80291) at 100.00%, Meituan (83690) at 93.03%, and CNOOC (80883) at 85.70% [1][2] - The highest short-selling amounts are recorded for Alibaba (09988) at 1.293 billion, Tencent (00700) at 1.242 billion, and Xiaomi (01810) at 1.084 billion [1][3] - The highest deviation values are noted for Far East Development (00035) at 56.81%, CNOOC (80883) at 55.68%, and Meituan (83690) at 52.53% [1][2] Group 2 - The top short-selling amount rankings show Alibaba at 1.293 billion with a short-selling ratio of 15.00%, Tencent at 1.242 billion with a ratio of 14.58%, and Xiaomi at 1.084 billion with a ratio of 16.39% [3] - The short-selling ratio rankings indicate that China Resources Beer has the highest ratio at 100.00%, followed by Meituan at 93.03%, and CNOOC at 85.70% [2] - The deviation values highlight that Far East Development has the highest deviation at 56.81%, followed by CNOOC at 55.68%, and Meituan at 52.53% [3]

证券时报·数据宝统计显示，12月22日港股通（包括沪市港股通及深市港股通）成交活跃股合计成交 315.99亿港元，占当日港股通成交金额的35.82%，净买入金额17.47亿港元。 上榜的成交活跃股中，阿里巴巴-W成交额为63.20亿港元，成交金额居首；其次是中芯国际、小米集团- W，成交金额分别为56.70亿港元、40.84亿港元。 以上榜次数统计，12月22日上榜个股中，近一个月上榜次数最多的是阿里巴巴-W、腾讯控股等，近一 个月均上榜21次，最受港股通资金关注。 石药集团为近一个月首次上榜，当日港股通成交额为5.84亿港元，成交净买入0.16亿港元，该股当日收 盘上涨0.61%。（数据宝） 12月22日上榜港股通成交活跃榜个股中，石药集团为近一个月首次上榜。 | 证券 | 证券简称 | 成交金额（亿 | 净买入金额（亿 | 近一个月上榜 | 最新收盘价 | 日涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 代码 | | 港元） | 港元） | 次数 | （港元） | （%） | | 00700 | 腾讯控股 | 38.08 | 5.97 | 21 | ...

据弗若斯特沙利文报告数据，截至 2024 年，铜师傅在中国铜质文创工艺产品市场按总收入计位列第一，市场份额达 35%。 若成功上市，铜师傅将成为 " 铜文创第一股 "。 纯铜文创产品年入 5 亿 上半年，年轻人买爆了泡泡玛特 LABUBU，其实，一直被忽视的中年男人们也有自己的 " 泡泡玛特 "。 近日，杭州铜师傅文创（集团）股份有限公司（以下简称：铜师傅）再度递表港交所冲击上市。铜师傅主营铜质文创产品，专注于将传统工艺与 现代设计和使用场景相结合。其主要消费人群为 30 岁至 55 岁的男性，因此也被业内称为 " 中年男人的泡泡玛特 "。 都说 " 男性消费力不如狗 "，但铜师傅为男性消费力正名。 创始人俞光曾透露：" 我们疯狂的铜粉，一年可以买我们的产品一百多万。" 招股书数据显示，2022 年至 2024 年，铜师傅的收入持续稳定增长，分别为 5.03 亿元、5.06 亿元及 5.71 亿元；净利润分别为 5693.8 万元、4413.1 万元和 7898.2 万元，同期毛利率分别为 32.2%、32.4% 及 35.4%。 2025 年上半年，铜师傅营收 2.92 亿元，较 2024 年同期同比减少 ...

智通财经APP获悉，2025年12月22日当天，阿里巴巴-W(09988)、中芯国际(00981)、小米集团-W(01810) 位居沪港通（南向）成交额前3位，成交额分别为42.74 亿元、34.72 亿元、26.23 亿元；中芯国际 (00981)、阿里巴巴-W(09988)、腾讯控股(00700) 位居深港通（南向）成交额前3位，成交额分别为21.98 亿元、20.46 亿元、14.61 亿元。 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 中芯国际(00981) | 21.98 亿元 | +4.72 亿元 | | 阿里巴巴-W(09988) | 20.46 亿元 | +5.62 亿元 | | 腾讯控股(00700) | 14.61 亿元 | +1.70 亿元 | | 小米集团-W(01810) | 14.60 亿元 | +3.82 亿元 | | 长飞光纤光缆(06869) | 13.70 亿元 | +1.14 亿元 | | 中国移动(00941) | 8.05 亿元 | -1.38 亿元 | | 中国海洋石油(00883) | 7.10 亿元 | +1.67 ...