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。 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。 ...

每经AI快讯，泡泡玛特再涨超3%，截至发稿涨3.98%，报224.8港元，成交额15.69亿港元。 ...

Group 1 - The core viewpoint of the article highlights that Pop Mart (09992) has shown strong market performance with a stock price increase of over 4%, currently trading at 224.8 HKD, with a transaction volume of 1.569 billion HKD [1] - The company has demonstrated confidence in its growth by executing share buybacks, repurchasing 1.4 million shares for a total of 250 million HKD on January 19 and 500,000 shares for 96.49 million HKD on January 21 [1] - Morgan Stanley notes 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] Group 2 - Citigroup has reiterated a "Buy" rating for Pop Mart, forecasting that breakthroughs in IP diversification, product innovation, and multi-field monetization will support growth momentum through 2026 [1] - Citigroup believes that the market has undervalued Pop Mart's IP vitality and incubation capabilities, especially with the positive response to new products outside the LABUBU series and the recent share buyback plan [1] - Pop Mart remains a top buy recommendation in the Chinese consumer sector for Citigroup, with a target price set at 415 HKD [1]

Summary of the Conference Call for Pop Mart Company Overview - **Company**: Pop Mart - **Industry**: Toy and Collectibles Key Points and Arguments Company Performance and Market Sentiment - Pop Mart has restarted share buybacks, with two buybacks on January 19 and 21, totaling 1.9 million shares at a cost of approximately HKD 346 million, indicating management's confidence in the stock price [2][3] - The company expects a revenue growth of about 30% in 2026, with a current valuation of 15 times earnings potentially increasing to 20 times, suggesting a strong safety margin and growth potential [2][3] Product Innovation and IP Management - The Biki series has revitalized its IP through innovative designs, transitioning from hardline products to plush toys and the latest electronic products, showcasing adaptability to market demands [4] - The new Starry People series has performed exceptionally well in domestic and Asia-Pacific markets, achieving single-channel sales of 110,000 units, comparable to well-known IPs like Labubu [2][4] North American Market Insights - There are discrepancies in market expectations for the North American market, with some investors downgrading forecasts based on third-party credit card data, which may be biased due to small sample sizes [5] - The company anticipates a sequential increase in North American sales in 2025, with a need to evaluate online and offline channels separately [5] Global Expansion Strategy - Pop Mart faces challenges in balancing online and offline channel development in overseas markets, particularly in the U.S., while leveraging flagship store effects to enhance sales certainty [6] - The success of the flagship store in Thailand can be replicated in other countries, providing a significant opportunity for international market expansion [6] Future of Labubu IP - The success of Labubu in 2025 is attributed to long-term emotional connections rather than short-term speculation, indicating that its growth potential is just beginning [7] - The company believes that the commercialization wave for Labubu is still in its early stages, with many unlaunched collaboration projects indicating future growth potential [5][7] Growth Drivers for 2026 - Key growth drivers for 2026 include the performance of Labubu and Starry People, as well as category expansions into desserts and accessories [8] - Starry People is expected to grow significantly, with revenue projected to increase from over 1 billion in 2025 to 4-5 billion in 2026 [8] Product Category Expansion - Pop Mart is diversifying its product categories beyond figures and plush toys to include desserts and accessories, with plans for pop-up stores in major cities [9] Global Market Plans - The company anticipates growth across all regions in 2026, with overseas growth expected to outpace that in China [10] - Specific plans include increasing the number of stores in the U.S. to over 100 by the end of 2025 and expanding into new markets such as the Middle East, North Africa, South America, and South Asia [10] Overall Business Outlook - The outlook for Pop Mart is positive, with expectations of a 30% revenue growth in 2026 and ongoing catalysts for growth [11] - The company has made significant internal improvements in 2025, including global supply chain development, which may not yet be fully reflected in the capital market [11]

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。该行预期泡泡玛特在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。 花旗在中国、日本、美国、英国及澳洲对约1500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。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。 ...

Core Insights - The consumer survey conducted by Citi Research indicates that Pop Mart's user growth, repurchase loyalty, and IP appeal remain resilient despite market concerns about declining demand and secondary market price fluctuations [1][3]. Group 1: User Demographics and Behavior - 76% of respondents purchased Pop Mart products for the first time within the past year, with 45% being new customers in the last three months, particularly evident in markets like China and Japan [2]. - The survey shows that 34% of respondents buy Pop Mart products monthly, and 29% do so every three months, with 87% indicating they are likely to continue purchasing in the next three months [6][9]. - The average spending per respondent is highest in Australia at approximately $132, followed by China at $130, the US at $110, the UK at $108, and Japan at $95 [18]. Group 2: Market Dynamics and Purchasing Channels - Only 9% of respondents have purchased Pop Mart products through secondary markets, with the figure being just 2% in China and 15% in the US, indicating that official channels dominate consumption [10][13]. - The survey highlights that the "blind box" mechanism is crucial, with 80% of respondents valuing the element of surprise in their purchasing experience [19]. Group 3: IP Appeal and Product Preferences - LABUBU remains the most attractive core IP, with 47% of respondents owning LABUBU products, while other IPs like Twinkle Twinkle and Skullpanda show higher appeal in overseas markets than previously expected [14][17]. - The survey indicates that 93% of respondents plan to continue purchasing Pop Mart products, with 26% intending to increase their purchase frequency, driven by new series launches and limited editions [6][14]. Group 4: Consumer Satisfaction and Future Intentions - The demographic profile shows that 41% of Pop Mart users are aged 18-34, with a balanced gender distribution [20]. - High satisfaction levels are reported, with 54% of respondents being "very satisfied" and only 7% indicating they would not purchase again, supporting the brand's long-term loyalty [20].

Core Viewpoint - The recent stock price rebound of Pop Mart is driven by a combination of capital buybacks and strong IP operations, indicating a re-evaluation of the company's valuation and showcasing its operational strengths in both IP management and capital operations [2][8]. Group 1: Capital Buyback and Market Confidence - Pop Mart executed two significant buybacks totaling approximately HKD 350 million within three days, signaling to the market that its current valuation is underestimated [3]. - The buyback actions are seen as a response to market skepticism regarding the sustainability of IP popularity, reinforcing the company's long-term confidence in its development [3][4]. - Analysts from multiple brokerages have noted that the buybacks could attract more investors, with firms like Morgan Stanley and Huatai Securities maintaining positive ratings based on the company's strong growth and clear driving factors [3][4]. Group 2: IP Operations and Market Dynamics - The resurgence of the "Biqi" IP and the emergence of the "Star People" IP demonstrate Pop Mart's robust IP operational capabilities [5][6]. - The "Biqi" series, which integrates interactive elements, has resonated with consumers seeking stress relief, showcasing the company's ability to innovate and adapt to market demands [5]. - The "Star People" IP has quickly become one of Pop Mart's fastest-growing IPs, projected to contribute 8% to sales by 2027, up from 2.8% in 2025, indicating strong market potential [6]. Group 3: Platform-Based IP Ecosystem - Pop Mart's platform-based approach allows for continuous innovation and support for both new and existing IPs, creating a sustainable cycle of IP development and revitalization [7]. - The company's ability to manage a diverse IP portfolio and maintain a strong fan ecosystem is seen as a significant competitive advantage, with analysts highlighting its potential to navigate market fluctuations [7][8]. - The recent market changes reflect a correction in investor perception, recognizing that Pop Mart's core strength lies in its comprehensive IP management rather than reliance on individual hit products [8][9]. Group 4: Future Growth Potential - As Pop Mart continues to enhance its IP ecosystem and penetrate overseas markets, its long-term growth prospects remain promising [9][10].

阿里巴巴-W（09988）、中国移动（00941）、中国太保（02601）南向资金净流出金额位列市场前三， 分别净流出-14.88 亿、-7.45 亿、-4.66 亿 智通财经APP获悉，1月23日,泡泡玛特（09992）、小米集团-W（01810）、快手-W（01024）南向资金 净流入金额位列市场前三，分别净流入7.45 亿、6.09 亿、5.35 亿 前10大净流入比榜 | 股票名称 | 净流入比↓ | 净流入(元) | 收盘价 | | --- | --- | --- | --- | | 民生银行(01988) | 68.65% | 1.26 亿 | 3.820（+0.53%） | | 美的置业(03990) | 60.58% | 227.38 万 | 4.060（-0.25%） | | 环球新材国际(06616) | 51.04% | 2634.44 万 | 8.600（-2.82%） | | 四川成渝高速公路 | 50.36% | 504.87 万 | 5.200（+1.76%） | | --- | --- | --- | --- | | (00107) | | | | | 江苏宁沪高速公路 | 5 ...

其中，以泡泡玛特（09992.HK）为代表的龙头企业，在营收增长、全球扩张以及IP运营等方面构筑起 颇具行业标杆意义的案例；赛道上其他玩家如 52TOYS、名创优品（ 09896.HK）及其旗下的TOPTOY 等也通过渠道与产品进一步整合和创新，并企图走向港股市场竞争；与此同时，跨界选手如奇梦岛 （NASDAQ：HERE）通过收购IP及其工作室进军这一产业，不断扩大的中国市场也吸引了乐高这类跨 国企业加入。 在业内看来，资本市场对潮玩产业的偏好，在一定程度上加速了企业产品研发、渠道拓展和国际团队建 设的节奏。然而，当IP的火爆与否成为潮玩企业市值或估值的重要叙事要素时，也意味着，热门IP的补 位及内容生态建设成为这一行业面临的新挑战。 资本争相加注 中国潮玩赛道正在迎来"黄金年代"。 中经记者 黎竹 张靖超 北京报道 2025年，中国潮玩产业继续成为新消费领域最受关注的板块之一。随着资本市场对潮玩企业的持续热 捧、全球布局战略的深入推进，以及IP模式在商业化路径上的不断迭代，这一产业正从"潮流文化符 号"向"全球消费文化品牌"迈进。 从2025年年初至今，港股市场成为中国潮玩企业赴海外资本市场上市的重要战场， ...

"中国品牌出海正迎来一场前所未有的'速度革命'。" 近日，全球管理咨询公司科尔尼发布报告称，以往，一个中国品牌在海外建立知名度往往需要10年甚至更长时间，而如今，这一周期正被大幅压缩至3 至5年。这场变化并非偶然，而是由跨境电商、社交媒体以及高度成熟的供应链体系共同催化的结构性转折。 报告还指出，近年来，泡泡玛特旗下Labubu系列等多个IP在全球市场持续掀起消费热潮。这股热潮折射了中国消费品出海范式的变革。 从"卖产品"到"建生态"，从贸易出海到供应链与资产出海，从依赖平台到构建全渠道体系。围绕中国品牌出海的变化，《国际金融报》记者近日专访了 科尔尼董事陈沛祎，试图还原这场"速度革命"背后的真实路径与隐性挑战。 外部不确定下的路径转变 当前全球经贸环境正经历深刻重塑，地缘政治、贸易摩擦与本土保护主义抬头，显著提高了中国企业全球化的不确定性。 面对这一复杂局面，陈沛祎明确指出："外部不确定性已成为当前中国品牌出海的'新常态'，但这不会改变出海的基本方向，而是深刻改变了出海的路 径选择与成功逻辑。" 她进一步阐释了这种路径转变的具体内涵："过去出海主要利用中国供应链成本优势；而现在，为规避关税，已从'产品出海' ...