策划/林晔晗 苏依绚 董柳 统筹/陈虹伶 贾蓉慧 鄢敏 执行/全小晴 曾洁赟 许晓琪 文/鄢敏 通讯员 全小晴 图/记者 邓鼎园 站在热闹的潮玩门店，看着排队购买文创产品的顾客，北京泡泡玛特文化创意有限公司门店有关负责人 林某不禁感慨："公司发展前景越来越看好，离不开法治的保障。"提及去年在深圳法院审理的著作权纠 纷案，林某向记者表示，"这份判决带给我们的不仅是胜诉，更是创作的信心。" 案件缘起于两款潮玩人偶"撞脸"了。 "没有作品抄袭，就合法吗？"这是北京泡泡玛特文化创意有限公司诉深圳市前海欢某科技有限公司著作 权侵权及不正当竞争纠纷案的焦点问题，同时暴露出文创产业发展中面临的一大难点：如何为盲盒玩偶 类产品知识产权保护划定边界？ 案件回顾：盲盒人偶"撞脸" 故事的"主人公"是一款名为"夜某城"的系列人偶盲盒，来自北京泡泡玛特文化创意有限公司（以下简 称"泡泡玛特公司"），一上线便凭借独特设计和艺术风格成为市场热门。 两个看起来相似，但细节存在差异的潮玩人偶，构成仿冒吗？为回答这个关键问题，前海法院审判团队 走进潮玩展随机邀请消费者和经营者填写调查问卷。 "您好，麻烦看看这个形象，您觉得它可能出自哪个品牌或 ...

Market Overview - The Hang Seng Index (HSI) closed at 26,752.51, down by 13.01 points or 0.05% as of January 26, 16:00 Eastern Time [1] - The index reached a high of 26,826.45 and a low of 26,622.25 during the trading session, with a trading volume of 35.7947 million [1] - The 52-week high for the index is 27,275.90, while the 52-week low is 19,335.70, indicating a trading range of 0.76% [1] Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 132.695, up by 1.29% compared to the Hong Kong market close [2] - Tencent Holdings closed at HKD 600.708, reflecting a slight increase of 0.2% from the Hong Kong market close [2] - Alibaba Group (BABA) saw a decline of 1.96%, closing at HKD 165.200 [3] - Xiaomi Group (01810) decreased by 2.81%, closing at HKD 35.220 [3] - AIA Group (01299) remained unchanged at HKD 83.050 [3] Notable Stock Movements - New World Development (00016) experienced a significant increase of 3.93%, closing at HKD 119.000 [3] - Kuaishou Technology (01024) fell by 3.26%, closing at HKD 78.600 [3] - JD.com (09618) rose by 1.05%, closing at HKD 116.000 [3] - Ctrip Group (09961) increased by 1.40%, closing at HKD 492.200 [3]

Core Insights - The article highlights the recognition of 3 "Special Contribution Entrepreneurs" and 20 "2025 Entrepreneurs" who exemplify long-termism and innovation across various industries in China, including liquor, manufacturing, energy, agriculture, internet, AI, and new consumption [1][2]. Group 1: Special Contribution Entrepreneurs - Ji Keliang, former chairman of Kweichow Moutai Group, transformed traditional brewing techniques into scientific data over 60 years, emphasizing quality over speed, which laid the foundation for Moutai's billion-dollar brand value [4][10][12]. - Zhang Ruimin, founder of Haier Group, is known for his continuous self-disruption and innovation, leading Haier from a struggling factory to a global leader in home appliances with over 400 billion yuan in revenue [18][20][21]. - Jiang Baoquan, founder of Nanjing Gold Foil Holdings, turned a failing workshop into the world's largest gold foil producer, emphasizing resilience and innovative management theories [25][27][29]. Group 2: 2025 Entrepreneurs - Ma Huateng, chairman of Tencent, focuses on "technology for good," committing to social responsibility and innovation in digital technology to drive high-quality economic development [31][34][41]. - Wang Ning, founder of Pop Mart, capitalizes on emotional value and consumer psychology, creating a successful business model around collectible toys that resonate with young consumers [43][45][46]. - Wang Xingxing, founder of Yushutech, leads advancements in humanoid robotics, achieving significant market presence and profitability while promoting technological innovation [48][49][51]. - Fang Hongbo, chairman of Midea Group, has successfully transformed Midea into a global technology group through strategic restructuring and a focus on efficiency and innovation [54][56]. - Liu Yonghao, chairman of New Hope Group, maintains a long-term vision in agriculture, achieving growth even during economic downturns by embracing new technologies [67][69][70]. - Liu Qiangdong, founder of JD.com, integrates the concept of "common prosperity" into business practices, ensuring fair profit distribution among stakeholders while enhancing supply chain efficiency [73][75][78]. - Li Dongsheng, founder of TCL, exemplifies global leadership in semiconductor display and photovoltaic sectors, driving innovation and sustainable growth through strategic partnerships [110][111].

Summary of Pop Mart International Group Conference Call Company Overview - **Company**: Pop Mart International Group (Ticker: 9992.HK) - **Industry**: China/Hong Kong Consumer - **Market Cap**: US$37,826 million - **Current Share Price**: HK$219.60 (as of January 23, 2026) - **Price Target**: HK$325.00, indicating a potential upside of 48% from the current price Key Points Sales and Product Performance - The new product series "Twinkle Twinkle" is expected to account for over 50% of Labubu sales in China in 2026, indicating strong market momentum [2][2] - Proactive supply ramping will allow Pop Mart to better meet demand surges, smoothing sales curves and capping resale premiums [2][2] - China accounts for 55-60% of group sales, with the market being undersupplied in the second half of 2025 [2][2] - Popular product restocking and new releases in the "Twinkle Twinkle" series present potential upside surprises in the Chinese market [2][2] Regional Market Insights - The Asia Pacific momentum is expected to continue, particularly in Japan, which is projected to be significantly larger than Southeast Asian markets in the long term [2][2] - The US and European offline markets are anticipated to be key growth drivers, while online sales will face a high base comparison in Q3 2026 [2][2] Investment Sentiment and Valuation - Pop Mart is viewed as a productive platform for various intellectual properties (IPs) to grow, suggesting that a surge in demand for specific IPs is not a prerequisite for stock ownership [2][2] - The strong growth of "Twinkle Twinkle" serves as a catalyst for momentum investors to reassess their investment thesis regarding Pop Mart [2][2] - Share buybacks have positively influenced investor sentiment, with notable buying interest from investors waiting for catalysts [2][2] Financial Projections - **Revenue Estimates**: - 2025: Rmb 37,890 million - 2026: Rmb 47,884 million - 2027: Rmb 58,076 million - **Net Income Estimates**: - 2025: Rmb 12,717 million - 2026: Rmb 15,424 million - 2027: Rmb 18,574 million - **Earnings Per Share (EPS)**: - 2025: Rmb 9.59 - 2026: Rmb 11.63 - 2027: Rmb 14.00 - The current P/E ratio is 80.9, with projected ratios decreasing to 20.5 in 2025 and 16.9 in 2026 [3][3] Risks and Challenges - Upside risks include faster overseas growth, successful new product rollouts, and sustained momentum in China [2][2] - Downside risks involve a weak macroeconomic environment, uncertainties related to new products, and challenges in overseas expansion [2][2] Additional Insights - The plush toy "Crush on You" from the "Twinkle Twinkle" series sold out quickly on Tmall and Douyin, with significant unit sales indicating strong consumer interest [6][6] - Comparatively, the plush toy "Have a Good Run" sold 20,000+ units on its launch day, showcasing the competitive landscape of product launches [6][6] This summary encapsulates the key insights and financial projections for Pop Mart International Group, highlighting its market position, growth potential, and associated risks.

Core Insights - The interview with Wang Ning highlights the journey of the company, showcasing both the challenges and successes faced in building the brand, particularly with the Labubu character gaining immense popularity [2][45] - The narrative emphasizes the importance of humility and perseverance in the face of adversity, illustrating how the company has transformed ordinary individuals into extraordinary contributors [2][45] Group 1: Company Background and Evolution - The company started with a retail venture during Wang Ning's university days, which laid the foundation for future business endeavors [4][50] - A significant turning point occurred in 2014 when the company lost a major brand partnership that accounted for 30% of sales, prompting a strategic shift towards developing original IPs [14][60] - The company has evolved from a focus on external partnerships to creating its own unique characters and stories, such as Labubu, which has become a global IP [21][64] Group 2: Business Philosophy and Strategy - The company operates on a principle of saying "no" to many opportunities, focusing instead on quality and strategic growth rather than rapid expansion [32][75] - Emphasis is placed on the importance of design and emotional value in products, positioning the company as a design-centric entity rather than just a merchandise seller [27][70] - The company aims to break down barriers that prevent adults from enjoying playful products, fostering a sense of nostalgia and emotional connection [67][69] Group 3: Market Position and Future Outlook - The company recognizes the cyclical nature of the IP industry, believing that successful IPs can endure and evolve over generations [14][57] - There is a commitment to maintaining a stable management team, which is seen as crucial for long-term success and continuity in vision [36][79] - The company aspires to create a culture where ordinary people can achieve extraordinary results, emphasizing teamwork and shared vision [36][80]

成交活跃股方面，今日上榜个股中，南向资金成交金额最多的是阿里巴巴-W，合计成交额56.22亿港 元，腾讯控股、中国海洋石油成交额紧随其后，分别成交43.07亿港元、33.93亿港元。以净买卖金额统 计，净买入的个股共有5只，腾讯控股净买入额为10.15亿港元，净买入金额居首，该股收盘股价上涨 0.76%，小米集团-W净买入额为8.22亿港元，泡泡玛特净买入额为6.13亿港元。净卖出金额最多的是中 国移动，净卖出11.77亿港元，该股收盘股价下跌0.88%，紫金矿业、盈富基金遭净卖出10.77亿港元、 10.36亿港元。 今日上榜个股中，腾讯控股、小米集团-W、钧达股份等7只股同时上榜港股通（深）、港股通（沪）成 交活跃股， 腾讯控股合计成交额43.07亿港元，成交净买入10.15亿港元，小米集团-W合计成交额30.90 亿港元，成交净买入8.22亿港元。紫金矿业合计成交额33.65亿港元，成交净卖出10.77亿港元，阿里巴 巴-W合计成交额56.22亿港元，成交净卖出2.35亿港元。 1月26日恒生指数上涨0.06%，南向资金全天合计成交金额为1145.35亿港元，其中，买入成交568.55亿 港元，卖出成交 ...

| 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 09988 | 阿里巴巴-W | 港股通(沪) | 374381.67 | -12829.26 | -1.96 | | 00700 | 腾讯控股 | 港股通(沪) | 256404.25 | 47186.91 | 0.76 | | 02899 | 紫金矿业 | 港股通(沪) | 234866.76 | -160485.92 | 4.35 | | 01810 | 小米集团-W | 港股通(沪) | 202530.35 | 52716.55 | -2.81 | | 02865 | 钧达股份 | 港股通(沪) | 200947.57 | 22193.94 | -6.56 | | 00941 | 中国移动 | 港股通(沪) | 199564.94 | -117692.48 | -0.88 | | 00981 | 中芯国际 | 港股通(沪) | 197489.33 | 18826.54 | -3.27 | | 09988 | 阿里巴巴-W ...

Investment Rating - The industry is rated positively, with expectations of overall returns exceeding the CSI 300 Index by more than 5% in the next six months [24]. Core Views - The food and beverage sector is currently at a phase of bottoming out, with a focus on the upcoming Spring Festival inventory buildup as a catalyst for growth [1][5]. - The liquor sector is experiencing a slow recovery in demand, with a focus on stabilizing expectations before discussing recovery, particularly for leading brands like Kweichow Moutai and Shanxi Fenjiu [6][19]. - The snack sub-sector has shown strong performance, with significant growth in companies like Mingming Hen Mang, which plans to go public in Hong Kong [20][22]. Summary by Sections Sub-industry Ratings - No ratings for liquor, beverages, and food sectors [3]. - Recommended companies include: - Kweichow Moutai: Buy - Shanxi Fenjiu: Buy - Guming: Buy - Mixue Group: Increase Holding - Ximai Food: Buy - Dongpeng Beverage: Buy - Wancheng Group: Buy - Pop Mart: Buy [3]. Industry Performance - The food and beverage sector saw a decline of 1.57%, ranking 28th among 31 sub-industries [5][14]. - The top-performing sub-sectors were snacks, pre-processed foods, and cooked foods, with increases of 6.44%, 5.02%, and 4.25% respectively [5][14]. - The top five stocks in the sector included: - Haoxiangni (+19.59%) - Weizhi Xiang (+17.23%) - Wancheng Group (+14.32%) - Quanyuan (+13.57%) - CITIC Nia (+9.69%) [5][14]. Liquor Sector Insights - The liquor index fell by 2.80%, with a focus on the upcoming Spring Festival for potential recovery [6][19]. - Current prices for Moutai products are: - Feitian Moutai (loose bottle): 1560 RMB, up 10 RMB from last week - Pu'er Moutai: 810 RMB, unchanged from last week [6][19]. Consumer Goods Sector Insights - Several companies are planning IPOs in Hong Kong, with Mingming Hen Mang aiming to raise between 32.37 billion to 33.36 billion HKD [20][22]. - The company reported a GMV of 661 billion RMB for the first three quarters of 2025, a 74.5% year-on-year increase [20][22]. - Dongpeng Beverage plans to issue 40.89 million H shares, with an expected listing date of February 3, 2026 [20][22].

Group 1 - The core viewpoint of the articles highlights the significant increase in the popularity and price of the PUCKY "Electronic Wooden Fish" product from Pop Mart, which has led to a 20% rise in the company's stock price over a week [1] - The PUCKY "Electronic Wooden Fish" product, launched on January 15, features a unique electronic sound mechanism and is marketed with themes of good fortune, resulting in high demand and limited availability in stores [1] - The resale market for the PUCKY "Electronic Wooden Fish" has seen substantial price increases, with the hidden variant's market price rising from 99 yuan to 396 yuan, representing a threefold premium [1] Group 2 - Many consumers are actively seeking the PUCKY "Electronic Wooden Fish" product, with reports of long interactions with display items in stores due to the unavailability of stock [2] - Store employees have indicated uncertainty regarding restocking timelines for the popular PUCKY series, reflecting ongoing supply challenges [2]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][6][22] Core Viewpoints - The management's recent share buybacks demonstrate confidence in the company's future and stock price [3][4] - The company's new product series, PUCKY and Starry People, have shown strong demand, with sold-out status on official platforms and significant price premiums on secondary markets, indicating potential for IP value enhancement during the upcoming holiday season [3][5] - The company is expected to see substantial profit growth, with projected net profits for 2025-2027 at 120.2 billion, 170.5 billion, and 208.9 billion respectively, reflecting year-on-year growth of 284.4%, 41.9%, and 22.6% [3][10][15] Summary by Relevant Sections Share Buyback - The company announced a buyback of 500,000 shares at a price of 192.97 yuan per share and the cancellation of 1.4 million shares at 179.60 yuan per share, indicating a total buyback amount of approximately 347.9 million yuan [2][5] Product Performance - Recent trends show that the PUCKY and Starry People series have sold out on official websites, with price premiums on secondary markets ranging from 2-3 times for hidden versions and 70-200% for regular versions, suggesting strong market demand [3][5][9] Financial Projections - The company has revised its profit forecasts, expecting revenues of 356.2 billion, 512.5 billion, and 634.5 billion for 2025-2027, with corresponding year-on-year growth rates of 173.2%, 43.9%, and 23.8% [10][19] - The gross margin is projected to exceed 70% in the first half of 2025, with a steady gross margin of around 71% expected through 2027 [12][19]