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。 ...

Core Insights - The company, Pop Mart (09992.HK), announced that by 2025, its global sales of all IP and product categories are expected to exceed 400 million units, with sales of THE MONSTERS product category projected to surpass 100 million units [1] Group 1 - The company aims for significant growth in global sales, targeting over 400 million units by 2025 [1] - THE MONSTERS product line is expected to contribute notably, with sales projected to exceed 100 million units [1]

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]

恒指报收27027.16点，涨1.76%，恒生科技指数报收5417.6点，涨1.34%，泡泡玛特、紫金矿业涨逾5%， 中芯国际、中国平安涨逾4%，中国人寿、华虹半导体、百度集团涨逾3%。（AI生成） 恒指报收27027.16点，涨1.76%，恒生科技指数报收5417.6点，涨1.34%，泡泡玛特、紫金矿业涨逾5%， 中芯国际、中国平安涨逾4%，中国人寿、华虹半导体、百度集团涨逾3%。（AI生成） ...

Core Viewpoint - Southbound funds experienced a net outflow of approximately 18.87 billion HKD today, ending a seven-day inflow trend, despite the overall Hong Kong stock market showing signs of recovery [2][3]. Southbound Fund Activity - Today's southbound trading volume reached about 1004.32 billion HKD, an increase of approximately 120 billion HKD compared to the previous day, accounting for 39.37% of the total turnover of the Hang Seng Index [2]. - The net outflow from the Shanghai-Hong Kong Stock Connect was about 16.44 billion HKD, while the Shenzhen-Hong Kong Stock Connect saw a net outflow of approximately 2.42 billion HKD [2]. ETF Performance - The two major ETFs, the Tracker Fund of Hong Kong (盈富基金) and the Hang Seng China Enterprises Index ETF (恒生中国企业), faced net sell-offs of 45.54 billion HKD and 10 billion HKD, respectively, indicating a short-term trading style favoring "buy low, sell high" [2]. Individual Stock Performance - Tencent Holdings (腾讯控股) saw a significant net buy of 18 billion HKD and an increase in stock price by 2.28%, with a five-day accumulation of 913,000 shares [2][4]. - Longi Green Energy (长飞光纤光缆) experienced a net buy of 1.69 billion HKD and a price increase of 15.31%, with a five-day accumulation of 143,000 shares [2][4]. - Semiconductor Manufacturing International Corporation (中芯国际) had a net buy of 1.48 billion HKD and a price increase of 4.07%, although it remained primarily in a net outflow position over the short term [3][4]. - Kuaishou Technology (快手-W) faced a net outflow of 5.67 billion HKD and a price drop of 2.74%, with a five-day reduction of 802,000 shares [3][4]. - China Mobile (中国移动) saw a net outflow of 2 billion HKD and a price decrease of 2.12%, despite a five-day accumulation of 585,000 shares [3][4].

Group 1 - Southbound funds recorded a net sell of HKD 18.87 billion in Hong Kong stocks today [1][3] - Notable net purchases included Tencent Holdings at HKD 1.8 billion, Southern Hang Seng Technology at HKD 639 million, and Xiaomi Group-W at HKD 209 million [1] - Significant net sales were observed in the Tracker Fund of Hong Kong at HKD 4.555 billion, Hang Seng China Enterprises at HKD 1 billion, and Kuaishou-W at HKD 568 million [1] Group 2 - Southbound funds have consistently net bought Xiaomi for 8 consecutive days, totaling HKD 3.82029 billion [1] - Tencent has seen net purchases for 6 consecutive days, amounting to HKD 17.192 billion [1] - Alibaba has been net bought for 4 consecutive days, totaling HKD 4.43042 billion, and Pop Mart has also seen net buying for 4 days, amounting to HKD 1.22911 billion [1]

Core Viewpoint - Huaxi Securities maintains its profit forecast for Pop Mart (09992), projecting revenues of 38.384 billion, 52.768 billion, and 65.698 billion CNY for 2025-2027, with net profits of 13.291 billion, 18.599 billion, and 23.91 billion CNY respectively, and EPS of 9.91, 13.86, and 17.82 CNY, corresponding to PE ratios of 22, 16, and 12X, maintaining a "Buy" rating [1]. Group 1: Event Overview - On February 6, 2026, Pop Mart held its "Ride the Wave" theme annual meeting in Beijing, reviewing key breakthroughs and highlights from 2025 while outlining a clearer direction for 2026 [2]. - The company has seen impressive performance from several new products both domestically and internationally, leading to expectations of a strong start to the new year [2]. Group 2: 2025 Performance Review - The annual meeting highlighted significant expected revenue growth, with LABUBU's annual sales projected to exceed 100 million units and total product sales across all IPs expected to surpass 400 million units [3]. - The company has expanded its business coverage to over 100 countries and regions, with more than 700 global stores, up from 571 stores in the first half of 2025 [3]. - Supply chain capabilities have been strengthened, with the company currently operating six major supply chain bases [3]. Group 3: Strategic Vision - The founder emphasized the importance of art and culture in providing meaning in today's rapidly changing world, stating that the company should play a more significant role in offering spiritual comfort [4]. - Company executives indicated a future focus on operational details, expanding landmark stores, and incubating new businesses in overseas markets [4]. Group 4: New Product Performance - New products have performed well, with significant growth in GMV on domestic platforms like Douyin in January [5]. - The top-selling products include various new series, forming a strong multi-IP matrix to support the new year's performance [5]. - The company has partnered with Simon Property Group to open over 20 new standard retail stores across the U.S., indicating a strong channel expansion outlook for 2026 [5]. Group 5: Brand Universe Development - The company is diversifying into various sectors, including amusement parks, desserts, jewelry, and entertainment, to establish a comprehensive Pop Mart brand universe [6]. - The Pop Mart amusement park has attracted a significant number of visitors, ranking sixth among popular inbound tourism destinations in Beijing for 2025 [6]. - The dessert brand POPBakery has launched in multiple cities, with plans for further expansion [6].

Market Overview - The Hong Kong stock market experienced a rebound on February 9, with the Hang Seng Index closing at 27,027.16 points, up 467.21 points, a rise of 1.76% [2] - The Hang Seng Tech Index closed at 5,417.60 points, increasing by 71.40 points, a gain of 1.34% [4] Company Highlights - Pop Mart (HK09992) saw its stock rise over 8% during the day, closing up more than 5%, reaching a three-month high [6] - Citic Securities released a report on Pop Mart, stating that the company has established a "one strong, multiple strong" IP pattern, with Labubu's influence solidified and new IPs like Starry People and Crybaby driving high growth. The plush product category's production capacity is expected to exceed five times that of 2025 by 2026, with significant expansion opportunities in South America and the Middle East [7] - Zijin Mining (HK02899) also rose over 5% [8] - Zijin Mining announced its three-year (2026-2028) production planning, projecting gold production of 105 tons, copper production of 1.2 million tons, silver production of 520 tons, and lithium carbonate equivalent production of 120,000 tons by 2026. The company aims to rank among the top three globally in copper and gold production by 2028 [10] Sector Performance - Electric equipment stocks were strong throughout the day, with Dongfang Electric (HK01072) rising over 14% [11] - In the tech sector, Baidu rose over 3%, Tencent over 2%, and Alibaba and NetEase both increased by over 1%, while Kuaishou fell over 2% [12] Investment Trends - Southbound funds recorded a net sell of HKD 1.887 billion after a significant buying spree the previous week [12] - Dongwu Securities noted that the Hang Seng Tech Index had a poor performance last week, dropping 6.5%, the worst since November 2025, influenced by concerns over overseas AI capital expenditure and tech stock corrections [15] - The total scale of ETFs directed towards Hong Kong stocks from the mainland has increased to HKD 423.2 billion, with TMT, technology, manufacturing, and pharmaceuticals being the main sectors for fund inflows [15] - The amount of stock buybacks in Hong Kong increased by HKD 3.2 billion to HKD 4.3 billion, and IPO scale rebounded to HKD 27 billion, indicating a marginal improvement in corporate confidence [15]

Core Viewpoint - Huaxi Securities maintains its profit forecast for Pop Mart (09992), projecting revenues of 38.384 billion, 52.768 billion, and 65.698 billion CNY for 2025-2027, with net profits of 13.291 billion, 18.599 billion, and 23.91 billion CNY respectively, and an EPS of 9.91, 13.86, and 17.82 CNY, corresponding to PE ratios of 22, 16, and 12X, maintaining a "Buy" rating [1][2]. Group 1: Event Overview - On February 6, 2026, Pop Mart held its "Ride the Wave" theme annual meeting in Beijing, reviewing key breakthroughs and highlights from 2025 while outlining a clearer direction for 2026 [2]. - The company has seen impressive performance from several new products both domestically and internationally, leading to expectations of a strong start to the new year [2]. Group 2: 2025 Performance Review - The annual meeting highlighted significant revenue growth, with LABUBU's annual sales expected to exceed 100 million units and total product sales across all IPs projected to surpass 400 million units, indicating substantial revenue increases [3]. - The company has expanded its business to over 100 countries and regions, with more than 700 global stores, up from 571 stores in the first half of 2025 [3]. - Supply chain capabilities have been strengthened, with the company currently operating six major supply chain bases [3]. Group 3: Strategic Vision - The founder emphasized the importance of art and culture in providing meaning in today's rapidly changing world, stating that the company should play a more significant role in offering spiritual comfort [4]. - Company executives indicated a future focus on operational details, expanding landmark stores, and incubating new businesses in overseas markets [4]. Group 4: New Product Performance - New products have performed well, with significant growth in GMV on domestic platforms like Douyin in January [5]. - The company has launched several new series, which have ranked among the top sales on Douyin, supporting strong performance for the new year [5]. - Pop Mart has partnered with Simon Property Group to open over 20 new standard retail stores across the U.S., indicating continued channel expansion [5]. Group 5: Brand Universe Development - The company is diversifying into various sectors, including amusement parks, desserts, jewelry, and entertainment, to establish a comprehensive Pop Mart brand universe [6]. - The Pop Mart amusement park has attracted a significant number of visitors, ranking sixth among popular tourist destinations in Beijing for inbound tourism in 2025 [6]. - The dessert brand POPBakery has launched in multiple cities, with plans for further expansion [6].