Core Viewpoint - Pop Mart (09992) announced a share buyback plan totaling HKD 96.49 million to repurchase 500,000 shares at a price range of HKD 191.1 to 194.9 per share [1] Group 1 - On January 19, Pop Mart previously announced a buyback plan of HKD 251 million to repurchase 1.4 million shares, which led to a more than 10% increase in stock price the following day [1] - This week, Pop Mart's total buyback amount has reached nearly HKD 350 million [1]

格隆汇1月21日｜1月21日，泡泡玛特发布公告称将斥资9649万港元回购50万股股份，每股回购价191.1- 194.9港元。就在1月19日，泡泡玛特曾发布公告称将斥资2.51亿港元回购140万股股份，带动次日开盘大 涨超10%。本周，泡泡玛特累计回购金额近3.5亿港元。 ...

Core Viewpoint - Pop Mart (09992) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1: Share Buyback Details - The company will repurchase 500,000 shares at a total cost of HKD 96.4896 million [1] - The buyback price per share ranges from HKD 191.1 to HKD 194.9 [1] - The buyback is scheduled for January 21, 2026 [1]

Group 1 - The company, Pop Mart (09992.HK), announced a share buyback of 500,000 shares at a cost of HKD 96.49 million on January 21 [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 泡泡瑪特國際集團有限公司 呈交日期： 2026年1月21日 第 2 頁 共 7 頁 v 1.3.0 FF305 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09992 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 ...

Core Viewpoint - The stock price of Pop Mart has dropped over 40% since reaching a peak of HKD 339.80 per share on August 26, 2022, primarily due to the decline in the premium of its phenomenon and IP LABUBU [1][3]. Group 1: Stock Performance and Market Sentiment - Pop Mart's stock has seen a significant decline, with the average transaction price of a single LABUBU blind box dropping by 23% compared to its highest price in the last 90 days [1]. - The number of short-sold shares of Pop Mart has sharply increased, nearing 10,000 shares since August 2025, indicating market anxiety [3]. - Following a share buyback announcement, Pop Mart's stock price increased by 7.96% since January 19, 2026, when the buyback was announced [12]. Group 2: Company Strategy and Product Management - Pop Mart has initiated a share buyback of 1.4 million shares for HKD 2.51 billion, signaling management's confidence to investors [3]. - The company has actively worked to combat scalpers and increase product availability, with LABUBU's sales potentially reaching 10 million units monthly [6]. - Pop Mart has successfully regained pricing power, allowing consumers to purchase regular products at near official prices while maintaining the scarcity of limited editions [6]. Group 3: Financial Performance and Future Outlook - LABUBU's revenue in the first half of 2025 reached CNY 4.81 billion, accounting for nearly one-third of Pop Mart's total revenue [5]. - Deutsche Bank reported that LABUBU's production capacity increased from 10 million units in the first half of 2025 to an average of 50 million units per month by the end of the year, potentially generating an adjusted net profit of approximately CNY 14.5 billion in 2025 [7]. - Analysts predict that Pop Mart's net profit will reach CNY 12.6 billion in 2025, supported by the recent share buyback [11].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has announced a share buyback plan, spending HKD 251 million to repurchase 1.4 million shares at a price range of HKD 177.7-181.2 per share [1] - The domestic market is experiencing upward momentum, with a large and sticky user base, and a diversified IP matrix maintaining its popularity [2] - The company is actively adjusting its supply and production to balance the market, reclaiming pricing power and fostering a healthy commercial ecosystem based on real consumer demand [2] - The overseas market presents significant potential, with many global markets still in their early stages and a strong certainty for future channel expansion [2] - The company is focusing on resolving supply chain and logistics issues before prioritizing IP product layout for long-term overseas development [2] Financial Projections - The projected net profit for the company from 2025 to 2027 is expected to be CNY 135.1 billion, CNY 179.0 billion, and CNY 216.1 billion respectively, with corresponding P/E ratios of 18.0X, 13.6X, and 11.3X [3] - Key financial indicators show a significant increase in revenue, with expected revenues of CNY 38.891 billion in 2025, CNY 50.835 billion in 2026, and CNY 61.142 billion in 2027, reflecting growth rates of 198%, 31%, and 20% respectively [5] - The company's earnings per share (EPS) are projected to rise from CNY 10.07 in 2025 to CNY 16.11 in 2027 [5]

Core Viewpoint - Pop Mart, a leading player in the trendy toy market, has repurchased approximately 1.4 million shares for about HKD 251 million, indicating a strategic move to stabilize its stock price amid recent declines [1][5]. Group 1: Share Buyback Details - The share buyback occurred on January 19, 2026, with a total expenditure of approximately HKD 251 million [1]. - Following the buyback, Pop Mart's market capitalization stands at HKD 257.04 billion [1]. - The total number of issued shares decreased from 1,342,943,150 to 1,341,543,150 after the buyback [2]. Group 2: Market Performance and Concerns - Pop Mart's stock price has been on a downward trend since reaching a peak of HKD 339.8 in late August 2025 [5]. - There are concerns regarding a potential slowdown in domestic revenue growth in Q4 2025, with some products experiencing inventory buildup in specific retail locations [5]. - The market has shown reduced interest in older product lines, leading to significant price drops for certain items, reflecting consumer behavior trends [21].

Group 1 - The core point of the news is the collaboration between Pop Mart and Honor to launch the "Honor 500 Pro MOLLY 20th Anniversary Limited Edition" smartphone, priced at 4,499 yuan, with a net price of 3,999 yuan after subsidies, set to be officially released on January 25 [1][3] - Following the announcement, Pop Mart's stock surged, with an increase of over 10% at one point, closing at a 9.07% rise, valued at 197.2 HKD per share and a market capitalization of 264.6 billion HKD [1] - Pop Mart clarified that it does not have plans to develop its own smartphone but is engaging in a deep co-creation partnership with a well-known mobile brand, moving beyond simple logo placements [1][3] Group 2 - In the context of the smartphone industry facing saturation, Honor aims to provide emotional value to young consumers rather than just competing on hardware specifications, targeting the demographic of 18-35-year-old women, which aligns with Pop Mart's user profile [3] - For Pop Mart, this collaboration represents an important attempt to find a "second growth curve" for IP monetization, especially as the novelty of blind box products diminishes and some new products face price drops in the secondary market [3] - Additionally, Honor also launched the highly anticipated ultra-light flagship model, the Honor Magic 8 Pro Air, weighing 155g and measuring 6.1mm in thickness, featuring a 6.31-inch OLED display and starting at a price of 4,999 yuan [3]

| 股票名称 | 沽空金额↓ | 沽空比率 | 偏离值 | | --- | --- | --- | --- | | 泡泡玛特(09992) | 10.08 亿元 | 17.14% | -7.69% | | 小米集团-W(01810) | 8.25 亿元 | 10.26% | -11.52% | | 美团-W(03690) | 7.77 亿元 | 17.49% | 1.85% | | 中国人寿(02628) | 7.18 亿元 | 23.90% | 3.47% | | 洛阳钼业(03993) | 6.87 亿元 | 35.31% | 21.99% | | 百度集团-SW(09888) | 6.24 亿元 | 21.01% | -5.12% | | 阿里巴巴-W(09988) | 6.13 亿元 | 6.91% | -7.34% | | 比亚迪股份(01211) | 4.97 亿元 | 20.25% | 0.39% | | 腾讯控股(00700) | 4.79 亿元 | 3.27% | -7.53% | | 中国平安(02318) | 3.47 亿元 | 16.40% | -12.96% | 前十大沽空偏离值排行 ...