Core Insights - The consumer base of Pop Mart continues to expand, with 76% of respondents having made their first purchase in the past year, and 45% being new buyers in the last three months [1][4][5] - The survey indicates strong future purchasing intent, with 87% of respondents likely to buy Pop Mart products in the next three months, driven by new series, limited editions, and seasonal releases [1][4] - LABUBU remains the most attractive core IP, with 47% of respondents owning LABUBU products, and nearly half of the respondents first encountered Pop Mart through LABUBU [2][5] Consumer Behavior - Approximately 90% of respondents purchased at least two Pop Mart items, with 42% owning between 2 to 5 items, and only 9% indicating they would buy from second-hand platforms [1][4] - The primary reasons for purchasing Pop Mart products include emotional satisfaction, trend-following, gifting, collecting, and personal interest [1][5] Demographics and Spending - 41% of Pop Mart users are aged 18-34, with a balanced gender distribution in the US, UK, and Australia [2][5] - Average spending varies by country, with Australian respondents spending approximately $132 (about 916 RMB), followed by China at $130, the US at $110, the UK at $108, and Japan at $95 (about 659 RMB) [2][5] Market Performance and Future Outlook - Despite a decline in LABUBU's popularity and secondary market prices, user growth, repurchase loyalty, and IP appeal show strong resilience [2][5] - Citi Research projects that Pop Mart's breakthroughs in IP diversification, product innovation, and multi-field monetization will support continued growth through 2026, setting a target price of HKD 415 and a buy rating [2][5] - On January 28, Pop Mart's stock rose by 7.03% to HKD 231.4, following two share buybacks totaling nearly HKD 350 million [6]

"四大创新创想"指面向产业边界拓展，天府长岛规划了一系列创新创想：拟筹办"数字文创国际动画 周"，对标国际产业论坛与电影市场模式，链接全球资源与华语市场，打造中国动画产业的对接枢纽； 携手泡泡玛特等头部IP推出常态化"数字文创慢闪市集"，激活夜间经济与消费活力，为企业提供面向C 端的展示与转化平台；建设"产业人才培育实训基地"，贯通教育链、人才链与产业链，通过定制培训与 企业直聘缓解人才缺口；同步计划建设数字文创产业共性技术服务平台，针对西南地区数字文创产业在 高端制作环节存在的共性技术缺口，包括但不限于动作捕捉、录音制作、后期调色与音效处理等多项专 业基础设施，弥补西南地区在高标准后期制作与专业动捕服务方面的空白，切实解决企业创作落地难 题。 （文章来源：每日经济新闻） 日前，诞生了"哪吒"等著名IP的成都高新区天府长岛数字文创园（以下简称"天府长岛"）发布了"2026 十件事"，包括筹办"数字文创国际动画周"，携手泡泡玛特等头部IP推出常态化"数字文创慢闪市 集"等，将为成都高新区数字文创产业注入开放协同、共创共享的持久动能。 "六大核心计划"具体指：园区将推动品牌形象焕新升级，以数字"像素"为灵感设计全 ...

Core Viewpoint - The MOLLY 20th Anniversary Global Tour, organized by Pop Mart and artist Kenny Wong, celebrates the evolution of the MOLLY IP, showcasing its impact on culture and tourism in Hong Kong through various interactive events and exhibitions [1][9]. Group 1: Exhibition Overview - The exhibition will take place in Hong Kong from January 24 to February 10, 2026, featuring a theme of "A Constant Star" to review the 20-year development of the MOLLY IP [1]. - The exhibition is divided into five chapters, detailing MOLLY's growth and evolution, including the initial story of "Hi, Molly" and the creative process behind the figures [3][5]. - The event will also display rare sketches and original artworks by Kenny Wong, including a special piece created for the anniversary [5]. Group 2: Community Engagement and Charity - The exhibition includes a "MOLLY Charity Painting Activity" every weekend, with all proceeds donated to art education projects for special children, enhancing the IP's role in social responsibility [7]. - Kenny Wong's previous personal donation of 1 million HKD for disaster recovery in Hong Kong adds a layer of warmth to the MOLLY brand [7]. Group 3: Cultural Impact and Tourism - The event is supported by the Hong Kong Tourism Board, aiming to attract visitors and showcase Hong Kong's creative culture through various interactive checkpoints across the city [13][14]. - The celebration includes art installations at five iconic locations in Hong Kong, integrating MOLLY's diverse imagery into the urban landscape [14]. Group 4: Brand Evolution and Market Presence - Since its inception in 2006, MOLLY has evolved from a niche collectible to a global emotional symbol, with significant market presence and consumer engagement [16][20]. - The brand has expanded its product offerings, including plush toys and collectibles, and has successfully penetrated various markets, including a notable presence in mainland China [17][18]. Group 5: Future Prospects - The global tour will continue beyond Hong Kong, with plans to reach cities like Shanghai and Beijing, further expanding MOLLY's influence [9][20]. - The company aims to maintain its focus on IP development and innovation, ensuring that MOLLY remains a beloved figure in the hearts of fans worldwide [20].

泡泡玛特(9992.HK)今日表现强势，午后涨幅进一步扩大至超9%，报236港元，股价创2025年10月底以 来新高。 消息面上，有媒体称泡泡玛特正在筹划一项新的海外线下布局：进入北美奥特莱斯及大型购物中心体 系。这一动作此前并未出现在公司公开披露的扩张规划中。据悉，泡泡玛特正在接触北美成熟的购物中 心体系，其选址范围不再局限于传统核心商场，而是延伸至奥特莱斯及大型综合购物中心。一位接近泡 泡玛特的知情人士表示，泡泡玛特确实已与美国商业地产集团Simon展开合作，计划在全美超过20家 Simon购物中心及The Mills购物中心新增线下门店。此次拓展的核心目标，在于扩大泡泡玛特核心IP在 北美主流消费场景中的覆盖范围，而并非短期销量冲刺。 另外还值得注意的是，泡泡玛特分别在1月19日及21日回购股份，合计190万股，涉资3.46亿港元。 ...

2025年春节档《哪吒之魔童闹海》的热映，带动了一批IP衍生品企业的关注，但真正借势冲击资本市场 的，目前或许只有桑尼森迪一家。 作为一家长期服务于国际食品企业的配套玩具外贸商，2023年至2024年，这家公司的营收分别为1.07亿 元和2.45亿元。 到2025年前三季度，桑尼森迪生产的IP玩具产品销量近6000万件，收入达3.86亿元，增速达134.7%，呈 现爆发式增长。 其中，仅《哪吒2》等头部国潮IP衍生品就贡献收入约1.96亿元，占总营收50.8%，撑起公司"半壁江 山"。 强劲增长引来了资本注目。 2025年9月，高瓴资本以2.35亿元投资将公司投后估值推至34亿元。 当泡泡玛特手办盲盒价格逐步由69元上探至79元时，桑尼森迪仍坚持让消费者"69元买一整端"。 市场也因此将二者对照，期待其凭借供应链效率与渠道覆盖，讲好"8.8元正版潮玩"的规模化故事。 不过与潮玩行业主要玩家相比，桑尼森迪显得势单力薄。既无垄断性的自有IP，也缺乏深度绑定的产业 资本为其铺路。 要站稳"平价版泡泡玛特"这一定位，它必须在C端市场找到真正可持续的竞争支点。 借"哪吒"东风 桑尼森迪的起点是典型的中国制造故事。 创始 ...

Core Viewpoint - Pop Mart (09992) has shown strong market performance with a recent stock price increase of over 4%, reflecting investor confidence driven by share buybacks and positive market sentiment [1] Group 1: Stock Performance - As of the latest report, Pop Mart's stock price rose by 3.98% to HKD 224.8, with a trading volume of HKD 1.569 billion [1] - The company has executed share buybacks, purchasing 1.4 million shares for HKD 250 million on January 19 and 500,000 shares for HKD 96.49 million on January 21 [1] Group 2: Analyst Insights - Morgan Stanley notes that the recent share buybacks are the first since early 2024 and are expected to attract more investors, particularly those looking for stock price catalysts [1] - Citigroup has reiterated a "Buy" rating for Pop Mart, forecasting growth momentum through 2026 driven by IP diversification, product innovation, and monetization capabilities [1] - Citigroup believes that the market undervalues Pop Mart's IP vitality and incubation capabilities, with recent product launches and share buyback initiatives likely to boost investor confidence [1] - Pop Mart remains a top buy recommendation in the Chinese consumer sector for Citigroup, with a target price set at HKD 415 [1]

在线下热闹场景的背后，盲盒市场开始回归理性、迎来深度调整。一些消费者或许发现，国内一些 热门系列盲盒已经可以在线上平台轻松买到，部分限量隐藏款产品二手市场价格出现"跳水"，不少基础 款产品二手成交价也跌破了零售价。 这一市场变化不禁引发追问：被年轻人追捧的潮流消费新符号——盲盒，它的吸引力是否还在？盲 盒背后的情绪消费、潮玩消费该如何持续？ 事实上，盲盒二手市场价格的变化，本质是投机泡沫破裂后向消费品本质的回归，其核心吸引力并 未消失，而是脱离热度与流量，回归到情感价值、IP文化本身。此外，泡泡玛特等潮玩品牌也在通过大 幅扩产、全渠道补货等方式，改变市场供需情况、挤压投机空间，推动行业回归理性发展轨道。这种调 整并非吸引力减退的信号，而是让消费者以合理价格买得到、买得好，让潮玩行业从供给端优化产品供 给，丰富消费选择、提升消费体验。 近期，以"Labubu"而风靡全球的潮玩品牌泡泡玛特，在加拿大温哥华开设了首家门店，开业仅两天 便引发抢购热潮。稍早之前，泡泡玛特在菲律宾核心商圈开设的首家线下门店正式开业，吸引了大量消 费者前来体验打卡。 泡泡玛特线下门店持续落地海外，国内潮玩门店的热度也是居高不下。 笔者近日 ...

Group 1: Hong Kong Stock Market Performance - Most property stocks in Hong Kong rose, with China Jinmao (00817) up 7.95%, Greentown China (03900) up 5.79%, and China Overseas Macro Yang Group (00081) up 4.62%. Vanke Enterprises (02202) also saw a gain of 2.49% following significant progress in debt resolution, with the extension proposals for two medium-term notes totaling 5.7 billion yuan approved [1][1]. - Pop Mart (09992) increased by over 4.8%, reflecting confidence in its development as it recently repurchased shares for the first time since early 2024, which is expected to attract more investors [1][1]. - Nanshan Aluminum International (02610) rose over 4.7% after announcing plans to invest approximately 4.37 billion USD (about 30.56 billion yuan) in a new aluminum project in Indonesia [1][1]. Group 2: Notable Company Announcements - Alibaba Health (00241) rose over 3.3% after launching a new feature for its AI medical application "Hydrogen Ion" [2][2]. - GCL Global (GCL.US) increased by 9.91% ahead of its earnings call scheduled for January 30, 2026 [5][5]. - Ericsson (ERIC.US) continued its upward trend with a 4.03% increase after reporting a strong Q4 2025 financial performance, with adjusted EBITA rising 24% year-on-year [5][5]. Group 3: Market Trends and Price Adjustments - The gold market saw a significant rise, with spot gold prices surpassing 5200 USD, leading to a 7.38% increase in the shares of Wan Guo Gold Group (03939) [2][2]. - The semiconductor sector showed strong performance, with stocks like Naxin Micro (02676) up 10.62% and a price adjustment announcement from Zhongwei Semiconductor indicating a price increase of 15% to 50% due to supply-demand pressures [3][4]. - The storage sector also experienced a pre-market surge, with Micron Technology (MU.US) up 5.44% as price increases spread across the storage market [7][7].

Core Viewpoint - Pop Mart's stock price has increased by 5.09%, currently trading at HKD 227.20, with a trading volume of HKD 1.569 billion, reflecting investor confidence in the company's recent share buybacks [1][4] Group 1: Share Buybacks - The company has demonstrated its confidence in growth through recent share buybacks, repurchasing 1.4 million shares for a total of HKD 250 million on January 19 and 500,000 shares for HKD 96.49 million on January 21 [1][4] - Morgan Stanley noted that this is the first share buyback since early 2024, which is expected to attract more investor attention, particularly from those looking for stock price catalysts [1][4] Group 2: Analyst Ratings and Growth Potential - Citigroup reiterated a "Buy" rating for Pop Mart, anticipating that breakthroughs in IP diversification, product innovation, and multi-field monetization will support growth momentum through 2026 [1][4] - The market is perceived to undervalue Pop Mart's IP vitality and incubation capabilities, with the recent launch of significant new products outside the LABUBU series generating positive responses [1][4] - The company remains a top buy recommendation in the Chinese consumer sector, with a target price set at HKD 415 [1][4]

有87%的受访者表示未来三个月"有可能"或"非常可能"购买泡泡玛特产品; 新系列产品、限量版及季节 性发售是推动下次购买的关键因素。另外，送礼及收藏和兴趣是受访者购买泡泡玛特的主要原因，其次 为情感满足及追随潮流。其角色设计、情感连结及稀有和独特性最受受访者重视。 调查显示，前五大受欢迎IP产品分别为LABUBU(47%)、Twinkle Twinkle(27%)、Skullpanda(25%)、 Crybaby(23%)及Molly(22%)。该行认为海外市场对非LABUBU IP的兴趣可能被低估，尤其是Twinkle Twinkle在美国的拥有率超出该行预期。 智通财经APP获悉，花旗发布研报称，预期泡泡玛特(09992)在IP多元化、产品创新及多领域变现方面的 突破，将支持2026年持续增长。现予目标价415港元及"买入"评级，续列作中国消费板块首选。 该行在中国、日本、美国、英国及澳洲，对约1,500名泡泡玛特的消费者进行问卷调查。结果显示，泡 泡玛特的客户基础持续扩大，76%的受访者在过去一年内首次购买泡泡玛特产品，其中45%更是近三个 月或更短时间内的新客户。只有9%的受访者表示会从二手平台购买。 ...