POP MART INTERNATIONAL GROUP LIMITED 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） 董事會成員名單與其角色和職能 泡泡瑪特國際集團有限公司董事會（「董事會」）成員載列如下： 執行董事 屠錚先生 吴越先生 獨立非執行董事 張建君先生 吳聯生先生 顏勁良先生 審核委員會 吳聯生先生 （主席） 屠錚先生 顏勁良先生 薪酬委員會 張建君先生 （主席） 吳聯生先生 王寧先生 提名委員會 張建君先生 （主席） 吳聯生先生 劉冉女士 王寧先生 （主席） 劉冉女士 司德先生 文德一先生 非執行董事 香港，2025年12月10日 ...

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 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） (I)非執行董事辭任 (II)非執行董事委任；及 (III)提名委員會組成變動 非執行董事辭任 泡泡瑪特國際集團有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈， 何愚先生（「何先生」）因其他工作安排已辭任非執行董事，自2025年12月10日起 生效。 吴先生的履歷詳情載列如下： 吴越先生，69歲，自2005年11月起擔任LVMH大中華區集團總裁，負責監督 LVMH多品牌組合在中國市場的業務。在此之前，彼曾於2000年2月至2005年10 月擔任索尼國際音樂娛樂集團亞洲區副總裁，負責其在中國的業務；及於1993年 8月至2000年2月擔任LVMH集團旗下Parfums Christian Dior品牌的總經理及董事 總經理，負責其在中 ...

封面来源 | 企业提供 "她在花车上。" 当地时间11月27日，家住纽约的雅各布参加了梅西百货感恩节大游行，他原以为LABUBU会以巨型气球的形态亮相，没想到除了大气球，LABUBU明星 朋友也出现在花车上。 在纽约留学的李悦也同样感到惊讶。"泡泡玛特和迪士尼的花车经过的时候，全场欢呼声非常响亮。我以为知道LABUBU的都是中国人，但显然很多美国 人对LABUBU也非常感兴趣。" 今年的游行队伍中，共包括34个大型气球、28辆花车。 其中，泡泡玛特的花车以"Friendsgiving in Pop City"为主题，16英尺高的LABUBU与MOKOKO以毛绒气模形态登场，同时携手SKULLPANDA、MOLLY、 DIMOO、PEACH RIOT和DUCKOO等IP一同亮相。 作为全美瞩目的文化盛事，能登上梅西感恩节大游行花车的IP，大多已是世界级的文化符号：无论是米老鼠、超级马里奥、史努比，还是海绵宝宝、巴斯 光年和宝可梦，在上个世纪就已经诞生，陪伴几代全球粉丝成长，并展现出持久的全球影响力与商业价值。 一位行业人士表示，LABUBU等一众IP以"新面孔"的姿态亮相，引发当地消费者的热情欢呼，一定程度上也 ...

暴跌的直接导火索是海外做空势力集中发难。 港交所数据显示，12月8日泡泡玛特沽空金额达10.92亿港元，较前一交易日激增210.58%，沽空比率攀 升至19.23%，创2023年8月以来新高。卖空仓位占流通股比例突破6%，显示做空资金对海外业务增长可 持续性的强烈质疑。 核心IP"Labubu"的稀缺性消失是导致股价下跌的重要原因。德意志银行的最新调研显示，为应对上半年 供不应求，公司把Labubu(拉布布)的月产量从1,000万只提高到5,000万只，结果市场溢价快速缩水。 隐藏款价格较峰值腰斩，常规款3.0、4.0已跌破官方零售价；新品"The Monsters1a.m."系列发售即破 发。大规模量产被视为"潮流疲劳"的前兆，引发市场对增长持续性的担忧。 自2025年8月股价触及339.8港元历史高点后，泡泡玛特(09992.HK)陷入持续下跌通道。截至12月9日收 盘，公司股价累计跌幅达44%，市值蒸发超2000亿港元(约合人民币1800亿元)。 作为中国潮流玩具行业的领军企业，泡泡玛特的股价在短时间内大幅下跌，从高点回落约40%。股价暴 跌直接源于海外做空势力集中发难，市场质疑其海外业务增长可持续性及 ...

Core Viewpoint - Pop Mart is experiencing a dynamic "economic relay," where while Labubu's sales growth in North America is expected to decline significantly, the emergence of new IPs like Star People indicates that Pop Mart's overall growth strategy remains robust and adaptable to changing consumer emotions [1][3]. Group 1: Market Dynamics - Labubu's sales growth in North America is projected to drop from 1200% to 500% during the Black Friday period, raising concerns about its longevity [1]. - The emergence of Star People, which achieved nearly 400 million in sales within just six months, suggests a shift in consumer preferences and highlights Pop Mart's ability to adapt [3]. - The strategy of capturing mainstream emotions allows Pop Mart to continuously engage young consumers, as evidenced by the high resale prices of Star People products in the secondary market [5][6]. Group 2: Emotional Consumption Strategy - Pop Mart's approach diverges from traditional IP models by focusing on "controllable randomness" to activate emotional consumption, indicating a new path for sustaining interest in its products [5]. - The evolution of IPs reflects societal emotional changes, with Star People resonating with current youth sentiments, contrasting with the earlier popularity of Labubu [6][8]. - The company has successfully identified and nurtured IPs that align with societal emotions, leading to a clear growth pattern in its product offerings [8][10]. Group 3: Global and Local Adaptation - Pop Mart's global IPs resonate with diverse cultural backgrounds, allowing for emotional expression without the need for a shared narrative, which is crucial for international appeal [10][14]. - Localized IP strategies, such as using softer aesthetic characters in regions with different cultural values, demonstrate Pop Mart's adaptability in various markets [14][17]. - The company's growth strategy is rooted in understanding local economic conditions and cultural sentiments, maximizing the value derived from emotional consumption [17][20]. Group 4: IP Development Mechanism - Pop Mart employs a systematic approach to IP development, utilizing a "anchor-reserve-race-test-heat" mechanism to identify and cultivate potential hits [18][24]. - The company has established a robust pipeline of over 350 artists globally, ensuring a continuous influx of creative IP ideas [20][22]. - The success rate of new IPs at Pop Mart has reached 68%, significantly higher than the industry average of 30%, showcasing the effectiveness of its development strategy [30]. Group 5: Long-term Vision - Pop Mart is positioned as a long-term player in the market, focusing on social emotions as a guiding principle for growth and employing industrial standards to refine its entire operational chain [30][31]. - The company aims to become a global IP factory, continuously evolving its strategies to capture and respond to changing consumer sentiments [31].

Group 1 - The top short-selling stocks include Sun Hung Kai Properties-R (80016), China Resources Beer-R (80291), and AIA Group-R (81299), all with a short-selling ratio of 100.00% [1][2] - The highest short-selling amounts are from Xiaomi Group-W (01810) at 2.161 billion, Alibaba-SW (09988) at 793 million, and Tencent Holdings (00700) at 733 million [1][2] - The highest deviation values are from China Resources Beer-R (80291) at 39.83%, followed by Jianfa Property (02156) at 37.09%, and AIA Group-R (81299) at 35.65% [1][2] Group 2 - The top ten short-selling ratio rankings show that all stocks listed have significant short-selling activity, with Anta Sports-R (82020) also at 100.00% [2] - The top ten short-selling amounts highlight Xiaomi Group-W leading significantly, with a short-selling ratio of 28.48% [2] - The top ten deviation values indicate that China Resources Beer-R (80291) has the highest deviation, suggesting a notable difference from its historical short-selling average [2]

Market Overview - On December 9, the Hang Seng Index fell by 1.29%, closing at 25,434.23 points, with a net inflow of HKD 531 million through the southbound trading channel [1][2] - The total trading volume for the southbound trading on December 9 was HKD 96.695 billion, with a net buying of HKD 531 million [1] Southbound Trading Details - In the Shanghai Stock Exchange southbound trading, the total trading amount was HKD 60.3 billion, with a net selling of HKD 35.2 million; in the Shenzhen Stock Exchange, the total trading amount was HKD 36.396 billion, with a net buying of HKD 88.3 million [1] - The top active stocks in the southbound trading included Alibaba-W, Xiaomi Group-W, and Tencent Holdings, with trading amounts of HKD 41.15 billion, HKD 33.21 billion, and HKD 29.30 billion respectively [1][2] Stock Performance - In terms of net buying, Tencent Holdings led with a net buying amount of HKD 112.56 million, despite a closing price drop of 0.41% [1][2] - The stock with the highest net selling was Pop Mart, with a net selling amount of HKD 43.83 million, closing down by 5.04% [1][2] - In the Shenzhen Stock Exchange, Alibaba-W had a trading amount of HKD 32.37 billion, followed by Tencent Holdings and SMIC with amounts of HKD 19.87 billion and HKD 15.03 billion respectively [2] Summary of Active Stocks - The top ten active stocks in the southbound trading included: - Alibaba-W: Trading amount of HKD 411.5 million, net buying of HKD 83.45 million, down by 1.63% - Xiaomi Group-W: Trading amount of HKD 332.1 million, net buying of HKD 156.18 million, down by 3.10% - Tencent Holdings: Trading amount of HKD 293.0 million, net buying of HKD 112.56 million, down by 0.41% - Pop Mart: Trading amount of HKD 188.0 million, net selling of HKD 43.83 million, down by 5.04% [2]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The Chinese潮玩 (trendy toys) industry has rapidly evolved into a significant cultural consumption form, becoming a vital part of modern youth's lifestyle and aesthetic values [4][5][11] - The market size of the潮玩 industry is projected to exceed 100 billion RMB by the end of 2024, with a compound annual growth rate (CAGR) of over 20% [21][22] - The潮玩 market is characterized by diverse product categories, including blind boxes, art pieces, and customized toys, catering to various consumer preferences [7][21] Industry Overview -潮玩 is defined as a new cultural consumption form that integrates fashion, art, and trend elements, appealing primarily to young consumers [4][5] - The潮玩 industry has distinct categories such as figurines, blind boxes, art ornaments, customized toys, and co-branded toys, each fulfilling different consumer needs [7][10] -潮玩 differs from traditional toys in its cultural attributes and consumer positioning, focusing on artistic value and cultural identity rather than just functionality and safety [10][11] Industry Development History - The潮玩 industry in China began in the early 2010s, initially relying on imported products, with significant growth occurring from 2015 onwards due to the rise of local designers and the influence of social media [13][14] - Key milestones include the first large潮玩 exhibition in 2016, which marked the industry's entry into public awareness, and significant capital investments in 2018 that accelerated brand development [15][16] - The COVID-19 pandemic in 2020 led to a surge in online sales and innovative marketing strategies, particularly for blind box products [17][18] Current Industry Analysis - The潮玩 market is expected to continue expanding, with a focus on brand building, intellectual property protection, and product innovation [21][22] - Major market players include leading brands like泡泡玛特 (POP MART), which holds over 40% market share, and emerging brands that focus on niche markets and unique designs [25][64] - The潮玩 industry encompasses a complete supply chain, including design, production, marketing, and distribution, which are crucial for sustained growth [27][28] Market Environment Analysis - The stable growth of the Chinese economy and the rising disposable income of consumers are creating a favorable environment for the潮玩 industry [30][31] - Young consumers are increasingly seeking personalized and culturally rich products, driving demand for潮玩 [32][33] - Government policies supporting cultural and creative industries are enhancing the development of the潮玩 market [34][35] Market Demand Analysis - The primary consumer demographic for潮玩 is aged 18 to 35, with a balanced gender ratio and a concentration in first-tier and new first-tier cities [43][46] - Consumers are motivated by self-expression, social interaction, and the desire for collectible items, with limited editions and blind box mechanisms driving engagement [48][50] - The潮玩 market is influenced by the rise of social media, which facilitates cultural dissemination and community building among consumers [41][42] Demand Trend Forecast - Future潮玩 products are expected to diversify in style and material, incorporating more cultural elements and innovative designs [57][58] - The integration of online and offline shopping experiences will become a dominant trend, enhancing consumer engagement and satisfaction [60][61] - IP collaborations are anticipated to play a crucial role in the潮玩 industry, leveraging popular culture to enhance brand recognition and consumer loyalty [62][63]

Market Overview - The Hong Kong stock market experienced a decline on December 9, with the Hang Seng Index falling by 1.29% to close at 25,434.23 points [1] - The Hang Seng Tech Index decreased by 1.90%, while the State-Owned Enterprises Index dropped by 1.62% [1] Sector Performance - Technology stocks faced widespread declines, with companies such as Bilibili, Xiaomi, and Baidu each dropping over 3% [1] - Kuaishou and Meituan saw declines exceeding 2%, while NetEase, Alibaba, Lenovo, and JD.com fell by more than 1% [1] - Gold and non-ferrous metal stocks were under pressure, with Zijin Mining experiencing a drop of over 4% [1] - The real estate sector weakened significantly, highlighted by a decline of over 18% for Yaloo Group [1] - The semiconductor sector was notably weak, with Huahong Semiconductor falling by more than 5% [1] - New consumption concept stocks also faced declines, with Pop Mart dropping over 5% [1]

Core Insights - The report emphasizes the growth potential of overseas markets and selective domestic demand as key investment themes for 2026, highlighting the high certainty of performance growth driven by international expansion and the favorable valuation of core targets [2][4][8]. - The report identifies a divergence in performance among leading companies in the new consumption sector, with a focus on those capable of overseas production and distribution [8]. Industry Overview - The light industry manufacturing sector saw a growth of approximately 12% from January to November 2025, ranking 17th among 31 sub-sectors [12][18]. - Key drivers for the sector's performance included asset restructuring and the emergence of new consumption trends, particularly in segments like tiles, flooring, and home furnishings [12][18]. Sub-industry Investment Recommendations - **Packaging**: Companies like Yutong, Inke, and Baosteel are recommended for their strong overseas delivery capabilities and cost advantages [8]. - **Export**: Companies with robust overseas manufacturing and multi-market operations, such as Gongchuang Turf and Yongyi Co., are highlighted [8]. - **Paper**: The report suggests investing in leading firms like Sun Paper and Nine Dragons Paper, as the paper cycle is at a low point with price increases expected [8]. - **Pet Products**: The sector is anticipated to stabilize, with recommendations for brands transitioning to premium products, such as Yiyi Co. [8]. - **Trendy Toys**: Companies like Pop Mart are recommended due to their strong market position and expansion potential in overseas markets [8]. - **Tobacco**: The report is optimistic about the HNB industry and recommends companies like Smoore International [8]. - **Home Furnishings**: Despite ongoing pressures in the real estate sector, companies like Bull Group and Gujia Home are expected to find growth opportunities [8]. - **Personal Care**: The report sees potential in brands adapting to online strategies and new retail channels, recommending companies like Baiya Co. and Dengkang Oral [8]. Financial Performance Review - The packaging and printing sector showed strong recovery with double-digit growth, while the personal care sector experienced structural differentiation in performance [22][23]. - The report provides a detailed financial performance overview, indicating a recovery in revenue growth and profitability metrics across various segments [23][24]. Fund Holdings Analysis - The fund holding ratio for the light industry sector decreased to 2.08% in Q3 2025, with notable declines in the paper, packaging, and personal care segments [28][31]. - Leading companies in fund holdings include Pop Mart, Sun Paper, and Xiangxin Home, reflecting investor sentiment towards growth-oriented firms [31][33].