Investment Rating - The report maintains an investment rating of "Buy" with a target price of HKD 410.00 for the company [1]. Core Insights - Recent market expectations for the company have been influenced by short-term high-frequency tracking data, leading to concerns about IP popularity and sustainable performance growth. However, the company's Q4 domestic and overseas performance shows strong resilience, supported by its IP matrix after the sales peak of Labubu 3.0. The report identifies three potential discrepancies in market expectations: comprehensive judgment of high-frequency data, growth potential of new IPs, and the potential of content and IP ecosystem layout [1]. Summary by Sections Q4 Overseas Market Performance - The report anticipates that Q4 overseas performance, particularly in North America, will exceed market pessimism. Despite a projected 10% decline in Tik Tok sales in Q4, improved inventory levels in stores are expected to enhance offline sales significantly compared to Q3. In Southeast Asia, while some countries saw a year-on-year decline in sales, this is attributed to natural channel structure changes, with strong growth anticipated in overall channel sales [2][3]. New IP Growth Potential - The report highlights that the diversification of IPs in Q4 has been successful, with new IPs like Star People and Crybaby gaining traction, reducing the sales share of Labubu. In Southeast Asia, the sales share of Labubu has dropped below 40%, with new IPs collectively accounting for over 50% in some markets. The report suggests that the company's channel layout in domestic and Southeast Asian markets is robust, allowing for the transmission of popularity from established to emerging IPs [3][4]. Ecosystem Development and Content Layout - The company's IP content layout is entering a practical implementation phase, with plans for animated shorts and potential feature films to enhance IP influence. The report draws parallels with the success of Sanrio's Hello Kitty in leveraging content to boost brand recognition and sales. The content strategy is expected to become a new tool for breaking into broader markets, complementing existing strengths in product offerings and fan engagement [4][5]. Profit Forecast and Valuation - The report maintains profit forecasts, projecting adjusted net profits of RMB 135 billion, 185 billion, and 237 billion for 2025-2027. The target price is based on a PE ratio of 27x for 2026, reflecting the company's high barriers to entry and ongoing diversification of IP and business models [5].

今天开盘，泡泡玛特大涨超10%，股价逼近200港元。昨天，泡泡玛特公告，将斥资2.51亿港元回购140 万股股份，每股回购价177.7-181.2港元。多家投行对泡泡玛特此次回购给予认可，大摩表示，泡泡玛特 首次回购股份，预计能够吸引更多投资者关注，特别是那些等待股价催化剂的投资者。目前泡泡玛特业 绩增长强劲，驱动因素清晰，长期逻辑明确。该行预计泡泡玛特2025年净利润达126亿元人民币，且在 去年末有200亿元的现金，表明公司拥有充足财务资源给股东带来更多回报。此外，有分析师指出，泡 泡玛特此次大力度回购有望为股价托底。 今天开盘，泡泡玛特大涨超10%，股价逼近200港元。昨天，泡泡玛特公告，将斥资2.51亿港元回购140 万股股份，每股回购价177.7-181.2港元。多家投行对泡泡玛特此次回购给予认可，大摩表示，泡泡玛特 首次回购股份，预计能够吸引更多投资者关注，特别是那些等待股价催化剂的投资者。目前泡泡玛特业 绩增长强劲，驱动因素清晰，长期逻辑明确。该行预计泡泡玛特2025年净利润达126亿元人民币，且在 去年末有200亿元的现金，表明公司拥有充足财务资源给股东带来更多回报。此外，有分析师指出，泡 泡 ...

摩根士丹利发布研报称，泡泡玛特(09992)报表披露，昨日(19日)在联交所购回140万股，每股作价介乎 177.7至181.2港元，涉及总额约2.51亿港元，而上一次回购发生在2024年2月，正值业绩公布前。该行估 算泡泡玛特在2025年录得净利润126亿元人民币，并于2025年底持有200亿元的净现金人民币，显示公司 具备充裕的财务资源以进一步回馈股东。 历史纪录显示，泡泡玛特在2022年回购3,430万股，金额约7.35亿港元，当年调整后净利润为5.74亿元人 民币。公司于2023年则回购1,990万股，金额约3.71亿港元，当年调整后净利润为12亿元人民币。一如既 往，公司并未设定明确的回购规模或时间表，而是根据当时的市场情况作出评估。根据股东大会决议， 泡泡玛特最多可回购已发行股份总数的10%。公司可持续进行回购，直至业绩公布前30天，除非获得豁 免。 ...

历史纪录显示，泡泡玛特在2022年回购3,430万股，金额约7.35亿港元，当年调整后净利润为5.74亿元人 民币。公司于2023年则回购1,990万股，金额约3.71亿港元，当年调整后净利润为12亿元人民币。一如既 往，公司并未设定明确的回购规模或时间表，而是根据当时的市场情况作出评估。根据股东大会决议， 泡泡玛特最多可回购已发行股份总数的10%。公司可持续进行回购，直至业绩公布前30天，除非获得豁 免。 智通财经APP获悉，摩根士丹利发布研报称，泡泡玛特(09992)报表披露，昨日(19日)在联交所购回140 万股，每股作价介乎177.7至181.2港元，涉及总额约2.51亿港元，而上一次回购发生在2024年2月，正值 业绩公布前。该行估算泡泡玛特在2025年录得净利润126亿元人民币，并于2025年底持有200亿元的净现 金人民币，显示公司具备充裕的财务资源以进一步回馈股东。 ...

Group 1 - The core point of the news is that Pop Mart (09992.HK) experienced a significant stock price increase, rising over 8% after a strong performance in the Hong Kong market for new consumption concepts [1][3] - On January 19, Pop Mart announced a share buyback plan, spending HKD 251 million to repurchase 1.4 million shares at prices ranging from HKD 177.7 to HKD 181.2 per share, marking the company's first buyback of 2024 [3] - The same day, Honor announced a collaboration with Pop Mart to launch the "Honor 500Pro MOLLY 20th Anniversary Limited Edition" smartphone, priced at CNY 4,499, with a net price of CNY 3,999 after national subsidies, set to be officially released on January 25 [3] Group 2 - Huatai Securities believes that Pop Mart's global and IP group strategy leverages its unique business model advantages, driving rapid growth in performance and positioning the company as a leading global platform for trendy toys [3]

Group 1 - Pop Mart (09992.HK) experienced a significant stock increase, rising over 10% at one point and closing up more than 8% on January 20 [2] - The company announced a share buyback of 2.51 billion HKD for 1.4 million shares, with a repurchase price ranging from 177.7 HKD to 181.2 HKD per share, marking its first buyback of 2024 [3] - The collaboration with Honor to launch the "Honor 500 Pro MOLLY 20th Anniversary Limited Edition" smartphone, priced at 4,499 RMB (3,999 RMB after subsidies), is set to officially go on sale on January 25 [4] Group 2 - Huatai Securities believes that Pop Mart's globalization and IP group strategy will leverage its unique business model to drive rapid growth, positioning it as a leading global platform for trendy toys [4]

Core Viewpoint - Pop Mart (09992.HK) has made significant moves in the market, including a stock buyback and a collaboration with Honor for a limited edition phone, indicating a strong growth strategy in the global collectible toy market [4]. Group 1: Stock Performance - On January 20, Pop Mart's stock surged, with an intraday increase of over 10%, closing up more than 8% [3]. - The new consumer concept stocks in the Hong Kong market also showed strength, with related stocks like Blukoo rising over 7% [3]. Group 2: Company Actions - On January 19, Pop Mart announced a buyback of 1.4 million shares for a total of HKD 251 million, with a buyback price ranging from HKD 177.7 to HKD 181.2 per share [4]. - This buyback marks the company's first repurchase since the beginning of 2024 [4]. Group 3: Strategic Partnerships - Pop Mart has partnered with Honor to launch the "Honor 500 Pro MOLLY 20th Anniversary Limited Edition" smartphone, priced at RMB 4,499, with a net price of RMB 3,999 after subsidies, set to be released on January 25 [4]. - This collaboration is part of Pop Mart's strategy to leverage its unique business model and expand its global presence [4].

恒指跌0.04%，恒生科技指数跌0.66%，家庭电器及用品、建筑、地产板块领涨，半导体、软件服务、 汽车板块领跌。个股方面，泡泡玛特涨8.46%，兆易创新涨4.69%，中国东方航空股份涨4.56%， MINIMAX-WP涨4.18%，中国中免涨4.06%，中国海外发展涨4.0%；药捷安康-B跌9.77%，新世界发展 跌10.57%；IFBH涨16.65%，沪上阿姨涨10.77%。 ...

Group 1 - Hong Kong's Hang Seng Index fell by 0.04%, down 11 points, closing at 26,552 points, while the Hang Seng Tech Index decreased by 0.66% with a trading volume of HKD 129.8 billion in the morning session [1] - Pop Mart (09992) surged over 8% as the company repurchased shares worth HKD 251 million [1] - Major airlines continued to rise, with strong expectations for industry growth; China Southern Airlines (01055) increased by 3.72%, China Eastern Airlines (00670) by 4.56%, and Air China (00753) by 2.5% [1] Group 2 - Weisheng Holdings (03393) rose nearly 9%, reaching new highs as the State Grid increased its investment scale, indicating a favorable phase for smart meter investments [2] - Health Road (02587) increased by over 4% after the controlling shareholder extended the lock-up period, and the company repurchased 327,000 shares recently [3] - Blucube (00325) rose against the trend by 3.95%, benefiting from the expansion of China's trendy toy industry and the enrichment of its IP system and product matrix [4] Group 3 - Hou Shang Ayi (02589) saw a rise of over 10% as its 25-year performance forecast exceeded expectations, with net profit expected to grow by up to 60% year-on-year [5] - Gigadevice (03986) increased by over 5%, reaching a new high as Micron reported worsening shortages of memory chips, indicating that supply tightness will persist beyond this year [6] - Damai Entertainment (01060) rose over 4% after announcing its entry into the museum sector, positioning itself to benefit from the upgrading of consumer structures [7] Group 4 - The commercial aerospace sector experienced declines, with Asia Pacific Satellite (01045) dropping by 6.9% and Goldwind Technology (02208) falling by over 3% [8] - Jiayuan Ankang-B (02617) fell over 9% as it proposed a placement to raise HKD 190 million, primarily for core product development [9]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1月20日开盘，泡泡玛特大涨超10%，报价199港元。就在1月19日，泡泡玛特发布公告称将斥资2.51亿 港元回购140万股股份，每股回购价177.7-181.2港元。 大摩表示，泡泡玛特自2024年初以来首次回购股份，预计能够吸引更多投资者的关注，特别是那些等待 股价催化剂的投资者。 该行预计泡泡玛特2025年净利润达126亿元人民币，且在去年末有200亿元的净现金。 1月20日开盘，泡泡玛特大涨超10%，报价199港元。就在1月19日，泡泡玛特发布公告称将斥资2.51亿 港元回购140万股股份，每股回购价177.7-181.2港元。 大摩表示，泡泡玛特自2024年初以来首次回购股份，预计能够吸引更多投资者的关注，特别是那些等待 股价催化剂的投资者。 该行预计泡泡玛特2025年净利润达126亿元人民币，且在去年末有200亿元的净现金。 责任编辑：高佳 责任编辑：高佳 ...