Core Viewpoint - The recent launch of the "PUCKY Knock Knock Series" plush blind boxes and Valentine's Day limited products has gained significant popularity among consumers, leading to sold-out status on official platforms and substantial price increases on secondary markets [1][8]. Product Highlights - The "PUCKY Knock Knock Series" features plush blind boxes with 6 regular characters and 1 hidden character, priced at 99 yuan per box and 594 yuan for a full set [1]. - The product's unique selling point is its ability to produce a clear wooden fish sound when tapped, appealing to young consumers seeking stress relief [1][8]. - Valentine's Day limited hidden variants "Together White-Head" and "Together Grow Old" have seen prices soar from 89 yuan to 699 yuan, marking a nearly 7-fold increase, the highest premium for a product since 2026 [8]. Market Performance - On the "DeWu" platform, the hidden variant "Success" has increased from 99 yuan to 396 yuan, a 3-fold premium, while the most popular regular variant "Wisdom" rose from 99 yuan to 209 yuan, a 1-fold premium [4]. - The overall market trend indicates that while regular variants have modest premiums, hidden variants are priced significantly higher, often above 250 yuan [4]. Company Actions - On January 21, the company announced a share buyback of 500,000 shares for a total of 96.49 million HKD, with a buyback price range of 191.1 to 194.9 HKD [9]. - Following the product's success, the company's stock price saw a notable increase, rising nearly 7% on January 23, with a market capitalization reaching 295.4 billion HKD [9].

来源：财经读数 启动回购以来，泡泡玛特市值提升近600亿港元，此前股价距离高点已下跌近50% 文|《财经》特约撰稿人 成孟琦 编辑|郭楠 陆玲 1月22日，泡泡玛特（09992.HK）领涨恒指成分股，截至收盘，泡泡玛特股价报206港元，上涨5.97%， 单日成交额达42．5亿港元。1月23日，泡泡玛特开盘继续上涨7%，市值逼近3000亿港元。 值得注意的是，自1月19日启动2026年首次股份回购以来，周内泡泡玛特股价从176．4港元攀升至220港 元，累计涨幅超23%，市值较回购前已提升将近600亿港元。 两次回购是泡泡玛特近期股价回升的重要推动因素。泡泡玛特分别在1月19日、1月21日出手回购，合计 回购股份190万股，斥资近3.5亿港元。 1月22日下午，新华社官方微博宣布，泡泡玛特创办人王宁的专访节目将于1月24日播出。此外，泡泡玛 特近期推出的"PUCKY敲敲系列"毛绒挂件盲盒，因内置电子木鱼功能成为社交平台热议焦点，新品热 度持续走高，多次登上微博热搜。 两次回购是泡泡玛特近期股价回升的重要推动因素。泡泡玛特分别在1月19日、1月21日出手回购，合计 回购股份190万股，斥资近3.5亿港元。 投行对 ...

智通财经获悉，泡泡玛特(09992)再涨超7%，截至发稿，涨7.18%，报220.8港元，成交额20.67亿港元。 值得一提的是， 昨日下午新华社官方微博宣布，节目《扬声》将于1月23日中午12点播出，由新华社记 者张扬对话泡泡码特创办人王宁。此外，泡泡玛特近日连续回购股份 累计金额近3.5亿港元。华泰证券 指，本轮回购的单笔金额及股数均超过以往，彰显公司对成长前景信心。公司在门店运营精细度、场景 氛围、情感体验等方面不断精进，已长期论证的IP创新、品类创新能力持续发力，不断带动新IP、新玩 法出圈。 本文源自：智通财经 消息面上，1月22日，泡泡玛特带着新品再次登上热搜。这款产品是泡泡玛特于1月推出的PUCKY敲敲 系列电子木鱼（毛绒挂件盲盒），将传统木鱼改造为毛绒玩具，敲击头部即可触发逼真的木鱼音效，主 打情绪解压功能。此外，其2026年新品"马力全开"系列毛绒盲盒线上发售1分钟内即售罄。同时，1月22 日，泡泡玛特发布2026年情人节限定款盲盒"星星人怦然星动"系列，该毛绒挂件是星星人首个情人节系 列盲盒产品，一经发售迅速售罄。 ...

泡泡玛特 | 坚定推荐 #提示后续重要的时间催化，包括1月23日王宁专访，2月公司年会，3月下旬年报发布与业绩指引，4月下旬一季度 经营情况披露。 1，近期PUCKY敲敲毛绒盲盒出圈，内置拟木鱼发声装置，在传统的包挂显示之外，还有互动声音乐趣，我们认 为这显示公司有持续的品类创新能力。 目前系列在小程序/抖音/天猫均售罄。 我们认为2026年增长的确定性非常高。 核心逻辑包括，海外继续拓店，Labubu 4.0星星人Crybaby宝拉等IP的新品，IP联名拓展 3，按照26年普遍180亿~200亿的净利润预期，目前估值只有12~14x，作为全球稀缺的头部IP运营平台，我们认为 当前估值是罕见的错误定价，底部坚定推荐。 近期学习笔记/开店数量跟踪等，欢迎联系 后续公司在产品层面还有毛绒 泡泡玛特 | 坚定推荐 #提示后续重要的时间催化，包括1月23日王宁专访，2月公司年会，3月下旬年报发布与业绩指引，4月下旬一季度 经营情况披露。 1，近期PUCKY敲敲毛绒盲盒出圈，内置拟木鱼发声装置，在传统的包挂显示之外，还有互动声音乐趣，我们认 为这显示公司有持续的品类创新能力。 目前系列在小程序/抖音/天猫均售罄。 后续 ...

在某电商平台上潮玩店铺售卖的泡泡玛特毕奇敲敲毛绒挂件隐藏款售价为327元左右，溢价率高达230%。此外，二手交易平台上该款标价在245元及以上。 近日，泡泡玛特"PUCKY敲敲系列"产品登上热搜。因轻拍即可发出清脆木鱼声，被网友戏称为"电子木鱼"。目前泡泡玛特官网"毕奇敲敲系列"为搪胶毛绒 挂件，该系列盲盒采用6款常规角色 + 1款隐藏款的配置，单盒售价为99元，整盒（6个）售价为594元。目前官网显示已售罄。 | ( W | 泡泡玛特(9992) | | | | --- | --- | --- | --- | | | 01-23 09:34:49 通 | | | | 222.200 | 额 17.7亿 股本 13.42亿 市盈 40.1 | | 月得 | | 16.200 7.86% | 换 0.60% 市值 2981亿 市净 19.17 | | | | 分时 王目 | 周Ｋ 月K 更多 | | | | 叠加 | 均价:220.023 盘口 成3 | | | | 225.000 | 9.22% 卖10 224.400 460( | | | | | 卖9 224.200 2.007 | | | | | 卖8 ...

港股通 回购彰显成长信心，产品持续出奇创新 证券研究报告 泡泡玛特 (9992 HK) | 华泰研究 | | | 动态点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 1 月 | 22 日│中国香港 | 消费轻工 | 目标价(港币): | 410.00 | 公司近日开启股份回购，1 月 19 日、21 日两次回购合计 190 万股，回购金 额 3.1 亿港元。公司曾于 4M23-2M24 持续回购，累计约 2465 万股，金额 约 4.6 亿港元，平均单笔 36 万股。本轮回购的单笔金额及股数均超过以往， 彰显公司对成长前景信心。公司在门店运营精细度、场景氛围、情感体验等 方面不断精进，已长期论证的 IP 创新、品类创新能力持续发力，不断带动 新 IP、新玩法出圈。我们看好公司在 26 年加快 IP 结构多元化、均衡化， 乐园、动画内容、甜品、饰品等业态加快落地，培育新增长点并强化 IP 情 感连接，缓解市场对时尚风险的担忧。维持"买入"评级，继续重点推荐。 新品玩法、创意不断出新，持续验证 IP 运营能力 近期公司多 ...

Core Viewpoint - The rising popularity of new IPs has led to a significant increase in the stock price of Pop Mart (9992.HK), which surged over 9% to reach 225 HKD, marking a new high since early December 2025 [1] Group 1: Product Launch - On January 22, Pop Mart announced the release of the 2026 Valentine's Day limited edition blind box series "Star People Heartbeat," which is the first Valentine's series for the Star People brand [1] - The hidden variants "Together Until Old" and "Together to Grow Old" have seen their transaction prices rise from 89 RMB to 699 RMB, representing a premium of 6.8 times, making it the highest premium product for Pop Mart in 2026 [1] - Among the regular variants, the "Heartbeat Signal" has also increased in transaction price to 289 RMB, reflecting a premium of 2.2 times [1]

Core Viewpoint - Pop Mart (09992) has seen a significant stock price increase of 7.18%, reaching HKD 220.8, with a trading volume of HKD 2.067 billion, driven by new product launches and share buybacks [1][4]. Product Launches - On January 22, Pop Mart's new PUCKY series electronic wooden fish plush blind box gained attention, transforming traditional wooden fish into plush toys that produce realistic sounds when tapped, focusing on emotional relief [1][4]. - The 2026 "Full Throttle" series plush blind box sold out within one minute of its online release [1][4]. - Additionally, the 2026 Valentine's Day limited edition blind box "Starry Person's Heartbeat" series was quickly sold out, marking the first Valentine's series product for the Starry Person brand [1][4]. Share Buybacks - Pop Mart has recently conducted share buybacks totaling nearly HKD 350 million, with the latest buyback transactions exceeding previous amounts, indicating the company's confidence in its growth prospects [1][4]. Operational Excellence - The company continues to enhance its store operations, scene atmosphere, and emotional experiences, demonstrating its long-term capabilities in IP innovation and category innovation, which are driving new IPs and gameplay to gain popularity [1][4].

Core Viewpoint - Pop Mart (09992) has seen a significant stock increase of over 7%, currently trading at 220.8 HKD with a transaction volume of 2.067 billion HKD, driven by the launch of new products and strong consumer demand [1] Product Launch and Sales Performance - On January 22, Pop Mart's new PUCKY Knock Knock electronic wooden fish plush blind box was trending, designed to provide emotional relief through realistic sound effects when tapped [1] - The "Full Throttle" plush blind box series for 2026 sold out within one minute of its online release [1] - The Valentine's Day limited edition blind box series "Starry Person's Heartbeat" was also quickly sold out upon release [1] Media Engagement and Share Buyback - A program titled "Sound of Yang" featuring an interview with Pop Mart's founder Wang Ning is scheduled to air on January 23, enhancing the company's media presence [1] - Pop Mart has conducted share buybacks totaling nearly 350 million HKD, with recent buyback amounts and share counts exceeding previous levels, indicating strong confidence in the company's growth prospects [1] Operational Excellence - The company continues to refine its store operations, scene atmosphere, and emotional experiences, demonstrating sustained capabilities in IP innovation and category innovation, which are driving new IPs and gameplay to gain traction [1]

值得一提的是， 昨日下午新华社官方微博宣布，节目《扬声》将于1月23日中午12点播出，由新华社记 者张扬对话泡泡码特创办人王宁。此外，泡泡玛特近日连续回购股份 累计金额近3.5亿港元。华泰证券 指，本轮回购的单笔金额及股数均超过以往，彰显公司对成长前景信心。公司在门店运营精细度、场景 氛围、情感体验等方面不断精进，已长期论证的IP创新、品类创新能力持续发力，不断带动新IP、新玩 法出圈。 智通财经APP获悉，泡泡玛特(09992)再涨超7%，截至发稿，涨7.18%，报220.8港元，成交额20.67亿港 元。 消息面上，1月22日，泡泡玛特带着新品再次登上热搜。这款产品是泡泡玛特于1月推出的PUCKY敲敲 系列电子木鱼（毛绒挂件盲盒），将传统木鱼改造为毛绒玩具，敲击头部即可触发逼真的木鱼音效，主 打情绪解压功能。此外，其2026年新品"马力全开"系列毛绒盲盒线上发售1分钟内即售罄。同时，1月22 日，泡泡玛特发布2026年情人节限定款盲盒"星星人怦然星动"系列，该毛绒挂件是星星人首个情人节系 列盲盒产品，一经发售迅速售罄。 ...