Core Insights - The collaboration between Heytea and Pop Mart's popular IP, Starry People, officially launched on December 22, featuring a "Winter with Stars" theme [2][6] - Starry People, created by illustrator and designer Da Xin, symbolizes courage, longing, and love, aiming for individuals to find themselves in different Starry People [1][6] - The partnership spans over 100 Heytea stores globally, including regions in mainland China, Hong Kong, Macau, and overseas markets like the USA, UK, and Canada [1][6] Product Offerings - Heytea introduced a range of collaborative products, including customized Starry People imagery, themed beverages, and exclusive merchandise [2][3] - New product offerings include Tiramisu Yinghong and AOP Tiramisu Croissant Tart, alongside classic items like Roasted Brown Sugar Bubble Milk [3][7] - Exclusive packaging featuring the new Starry People design includes drink cups, paper bags, and cup sleeves, along with limited-edition items like inspiration cards, stickers, badges, and tea bowls [7] Marketing and Engagement - The collaboration features themed decorations in Heytea stores, interactive installations like photo zones and Starry People receipt machines [3][6] - Heytea organized pop-up events in major cities such as Beijing, Shanghai, and Shenzhen to enhance customer engagement [3][6] - The overseas business of Heytea has seen rapid growth, with the number of international stores increasing over sixfold, surpassing 100 locations [7]

Group 1 - The core point of the news is that Pop Mart (9992.HK) has seen a significant stock price increase, surpassing 4% to reach 200 HKD, with a total market capitalization of 269.66 billion HKD [1] - The Crybaby exhibition in Shanghai is scheduled from December 20, 2025, to January 25, 2026, at the West Bund Dream Center, which is expected to attract a diverse audience and enhance brand visibility [1] - The exhibition will feature large-scale art installations and limited edition products that require online purchase for in-store pickup, providing new revenue streams beyond product sales [1] Group 2 - Guotai Junan Securities noted that the exhibition could lead to increased social media engagement, enhancing brand presence and extending the IP lifecycle through diverse operational strategies [1] - Morgan Stanley's recent report indicates that the appointment of Wu Yue to Pop Mart's board reflects the company's successful resource acquisition for new business development and recognition of its IP in fashion and entertainment [1] - This recognition boosts confidence in Pop Mart's ability to deploy impactful marketing and product resources [1]

新消费概念股普遍活跃，截至发稿，蜜雪集团(02097)涨7.29%，报423.8港元；老铺黄金(06181)涨 5.02%，报691港元；锅圈(02517)涨5.09%，报3.51港元；泡泡玛特(09992)涨3.89%，报200.4港元；布鲁 可(00325)涨2.96%，报71.3港元；沪上阿姨(02589)涨2.78%，报94.15港元。 东兴证券指出，2025年新消费投资情绪经历了从狂热到谨慎的过程。2026年政策的持续加码有望提振消 费信心，对于新消费领域的投资将从纯粹的短期叙事回归商业模式与盈利壁垒，投资者会倾向寻找那些 真正能够构建稳固的商业模式，盈利模式可持续的公司。该行认为新消费行业会向三个趋势和两个维度 的方向发展。三个趋势是健康化、新实用主义和情绪消费，两个维度是智能化和消费出海，建议积极关 注相关方向的投资机会。 消息面上，近期消费有关政策频出。中央经济工作会议提出八项明年经济工作的重点任务，其中第一项 重点任务为坚持内需主导，建设强大国内市场。12月15日，《求是》杂志发表文章《扩大内需是战略之 举》，文章强调要"牢牢把握扩大内需这一战略基点"，阐明了扩大内需对发展全局的基础支撑作用 ...

本文源自：金融界AI电报 泡泡玛特(9992.HK)盘初快速拉升，目前涨超4%股价重回200港元，总市值2696.6亿港元。 ...

东兴证券指出，2025年新消费投资情绪经历了从狂热到谨慎的过程。2026年政策的持续加码有望提振消 费信心，对于新消费领域的投资将从纯粹的短期叙事回归商业模式与盈利壁垒，投资者会倾向寻找那些 真正能够构建稳固的商业模式，盈利模式可持续的公司。该行认为新消费行业会向三个趋势和两个维度 的方向发展。三个趋势是健康化、新实用主义和情绪消费，两个维度是智能化和消费出海，建议积极关 注相关方向的投资机会。 智通财经APP获悉，新消费概念股普遍活跃，截至发稿，蜜雪集团(02097)涨7.29%，报423.8港元；老铺 黄金(06181)涨5.02%，报691港元；锅圈(02517)涨5.09%，报3.51港元；泡泡玛特(09992)涨3.89%，报 200.4港元；布鲁可(00325)涨2.96%，报71.3港元；沪上阿姨(02589)涨2.78%，报94.15港元。 消息面上，近期消费有关政策频出。中央经济工作会议提出八项明年经济工作的重点任务，其中第一项 重点任务为坚持内需主导，建设强大国内市场。12月15日，《求是》杂志发表文章《扩大内需是战略之 举》，文章强调要"牢牢把握扩大内需这一战略基点"，阐明了扩大内需对发 ...

摩根士丹利日前发布的研报认为，吴越加入泡泡玛特董事会意味着公司过去两年的成功为发展新业务赢得了更多资源，也意味着公司旗下IP在时尚和娱乐领 域获得了高度认可，这增强了其对于泡泡玛特有能力部署具有影响力的营销和产品资源的信心。 泡泡玛特(9992.HK)盘初快速拉升，目前涨超4%股价重回200港元，总市值2696.6亿港元。消息上，泡泡玛特Crybaby特展上海站将于2025年12月20日至2026 年1月25日在上海西岸梦中心梦工场举行。 国金证券指出，此次特展不仅有适合打卡分享的大型装置艺术，还设有需线上抢购后到店取限量商品和限量周边，有望吸引多样化的人群参展并分享。不仅 拓展了泡泡玛特除商品销售以外的变现手段（展览门票收入），更有望通过参展人员在社交媒体平台的自发打卡分享实现信息传播裂变，保持品牌的"在场 感"的同时增加信息"触点"，通过成熟且多样化的运营手段延长IP生命周期、提高IP高度。 ...

Group 1: Xiaomi Group - Xiaomi Group has launched the MiMo-V2-Flash model, optimizing inference costs and speed, and accelerating the implementation of AI in the physical world across various scenarios including mobile, IoT, and automotive [1][2] - The MiMo model serves as an AI ecosystem entry point, with Xiaomi being the only company to establish a comprehensive ecosystem integrating mobile, automotive, and home [2] - The performance and cost-effectiveness of the MiMo-V2-Flash model are highlighted, with innovations in structure and post-training paradigms enhancing model inference and agent capabilities [2] Group 2: Bubble Mart - The Crybaby exhibition by Bubble Mart will take place in Shanghai from December 20, 2025, to January 25, 2026, with ticket prices set at 109 yuan for regular and 258 yuan for VIP [3] - The exhibition aims to extend the IP lifecycle through ticket sales and social media engagement, enhancing brand presence and increasing touchpoints [3] Group 3: Industry Trends - The pet food and supplies sector is seeing growth, with Petty's New Zealand factory products expected to launch in Q1 2026, potentially improving performance after previous capacity constraints [4] - The silver economy is being supported by a new action plan from various health authorities aimed at enhancing elderly care services [4] - The AI and 3D printing sector is experiencing significant growth, with exports increasing by 89% in quantity and 136% in value year-on-year, indicating a robust industry outlook [4]

港股新消费概念股集体走高，蜜雪集团、老铺黄金、布鲁可涨超4%，卫龙美味、古茗、泡泡玛特涨超 3%。 | 代码 | 名称 | 最新价 | 涨跌幅 > | | --- | --- | --- | --- | | 02097 | 蜜雪集团 | 414.200 | 4.86% | | 00325 | 布鲁可 | 72.200 | 4.26% | | 06181 | 老铺黄金 | 685.000 | 4.10% | | 09992 | 泡泡玛特 | 199.700 | 3.53% | | 02015 | 理想汽车-W | 67.450 | 3.06% | | 09985 | 卫龙美味 | 11.550 | 3.13% | | 01364 | 古客 | 25.060 | 3.04% | | 02517 | 据 | 3.410 | 2.10% | | 09868 | 小鹏汽车-W | 78.150 | 1.96% | | 05252 | 茶白道 | 7.200 | 1.12% | 个股消息面上，北京时间12月20日，蜜雪冰城洛杉矶好莱坞店正式营业。据悉，门店位于星光大道"中 国剧院"对面，凭借1.19美元冰淇淋等平价产品与 ...

Summary of the Conference Call for Pop Mart Company Overview - **Company**: Pop Mart - **Industry**: Toy and IP (Intellectual Property) Management Key Points and Arguments Business Performance - **2023 H2 Turning Point**: Pop Mart experienced an upward turning point in business performance in the second half of 2023, with successful market expansion into Southeast Asia in 2024 and North America in the first half of 2025 [2][5] - **Core IP Growth**: The core IP, Labubu, has seen significant growth, contributing to stock price increases [2][6] - **Supply and Demand Dynamics**: Despite an increase in supply from scalpers, stores in China remain generally out of stock, indicating a tight supply-demand balance [2][7] Market Concerns - **North America Market Worries**: Concerns exist regarding the North American market due to pessimistic guidance from companies like Sea of Treasure, Mattel, and Disney for 2026, leading to stock price adjustments. However, North America only accounts for about 20% of revenue, and data has stabilized in the second half of the year [2][8] - **China Market Confidence**: Strong confidence in the Chinese market, with expectations of adding approximately 10 new stores in 2026 and e-commerce growth projected at 22%-30% [2][9] Expansion Plans - **Store Expansion**: Plans to open around 20 new stores in the Asia-Pacific region, 30 in North America, and 20-25 in Europe, with overall performance expected to maintain around 18 billion [2][9] - **Future Development Logic**: Focus on deepening offline operations and continuous overseas expansion, with a rapid store opening pace in North America and significant potential in Europe, Japan, and the Middle East [2][10] Product and Innovation Strategy - **Supply Logic**: The company employs a "70% full" supply logic to prevent inventory issues and extend product life cycles, with a controlled frequency of new product releases [5][15] - **Platform Capability**: Pop Mart's platform capability is a core competitive advantage, allowing for the continuous creation of long-lasting IP and the development of multiple tiers of IP [4][16] Future Outlook - **Long-term Growth**: The company is in a multi-category and multi-IP expansion phase, with a stable foundation despite potential declines in single-store performance. Long-term valuation is expected to reach 20-25 times compared to traditional toy companies [2][17][18] Additional Insights - **IP Heat in Global Markets**: Analysis shows a balanced IP structure in Southeast Asia, while the popularity of Labubu has stabilized in the US, UK, and France. Japan relies heavily on Labubu's popularity [2][14] - **Theme Park Developments**: The company is progressing with theme park projects, which are expected to enhance emotional connections with consumers [4][13] This summary encapsulates the key insights from the conference call, highlighting Pop Mart's current performance, market dynamics, expansion strategies, and future outlook in the toy and IP industry.

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report emphasizes the importance of expanding domestic demand as a strategic initiative, with multiple policies aimed at boosting consumption being introduced. The central economic work conference highlighted the need for a strong domestic market and specific measures to stimulate consumption [4] - The official launch of the Hainan Free Trade Port marks a new phase in China's high-level opening-up, with significant increases in flight bookings to Hainan, indicating a positive trend in consumer behavior [4] - The report notes a robust growth in the beauty and skincare sector, with top brands maintaining their positions and new domestic brands showing significant growth, reflecting changing consumer preferences among younger generations [5][17] Summary by Sections Industry Performance - The new consumption sector saw a weekly increase of 6.66% in the retail index from December 15 to December 19, 2025 [8] - The beauty and personal care sector increased by 2.87% during the same period [8] Policy Developments - The central government has introduced various measures to enhance service consumption, including promotional activities and optimizing service availability to meet diverse consumer needs [4] - A joint notification from multiple government departments aims to strengthen collaboration between commerce and finance to boost consumption in key areas [4] Market Trends - In the beauty and skincare market, the top five brands include Proya, L'Oreal, Han Shu, Lancôme, and Estée Lauder, with domestic brands like Proya showing strong performance [5] - The report highlights a significant increase in sales for Hainan's duty-free shops, with a 90% year-on-year growth on the first day of the free trade port's operation [5] Investment Recommendations - The report suggests focusing on high-quality domestic brands in beauty and skincare, traditional gold jewelry brands favored by younger consumers, and strong tea beverage brands with extensive market coverage [17]