Investment Rating - The report maintains a "Strong Buy" rating for Pop Mart (09992.HK) with a target price of HKD 319.85 [2][7]. Core Insights - The company has conducted two share buybacks, demonstrating confidence in its long-term growth logic. The buybacks occurred on January 19 and 21, 2026, costing HKD 251 million and HKD 96 million, respectively, with average prices of HKD 179.60 and HKD 192.98 per share [2]. - The financial projections indicate significant revenue growth, with total revenue expected to reach HKD 13,038 million in 2024, growing to HKD 64,823 million by 2027, reflecting a compound annual growth rate (CAGR) of 106.9% in 2024 and 23.4% in 2027 [2][8]. - Net profit attributable to shareholders is projected to increase from HKD 3,125 million in 2024 to HKD 21,734 million in 2027, with a remarkable growth rate of 188.8% in 2024 and 24.4% in 2027 [2][8]. - The report highlights the company's strong IP platform and diversified product matrix, which are expected to continue meeting the demand in the trendy toy market. The ability to sustain and innovate across various IPs is emphasized as a key strength [2][7]. Financial Summary - Total revenue (in million HKD) is forecasted as follows: - 2024: 13,038 - 2025: 37,195 - 2026: 52,533 - 2027: 64,823 [2][8] - Net profit (in million HKD) projections are: - 2024: 3,125 - 2025: 12,235 - 2026: 17,475 - 2027: 21,734 [2][8] - Earnings per share (in HKD) are expected to grow from 2.33 in 2024 to 16.20 in 2027 [2][8]. - The price-to-earnings (P/E) ratio is projected to decrease from 84 in 2024 to 12 in 2027, indicating improved valuation as earnings grow [2][8].

Core Viewpoint - The MOLLY 20th Anniversary Global Tour, organized by Pop Mart and artist Kenny Wong, celebrates the evolution of the MOLLY IP, highlighting its cultural significance and connection to the city of Hong Kong [1][3]. Group 1: Event Overview - The first stop of the MOLLY 20th Anniversary Global Tour will take place in Hong Kong from January 24 to February 10, 2026, under the theme "A Constant Star" [1]. - The exhibition is supported by Octopus and the West Kowloon Cultural District, aiming to inject new charm into urban tourism through IP storytelling [1]. Group 2: MOLLY's Cultural Impact - Over the past two decades, MOLLY has witnessed significant technological advancements and cultural shifts, evolving from a local Hong Kong character to a global cultural icon [3]. - MOLLY serves as a bridge connecting the past and present, as well as art and urban life, embodying warmth and courage in a changing world [3]. Group 3: Exhibition Highlights - The exhibition features five chapters that chronologically narrate MOLLY's growth, including the initial story of her creation and the artistic process from concept to final product [4]. - It showcases a circular exhibition space displaying classic figures from 2016 onwards, allowing visitors to experience a "space adventure" with MOLLY [4]. Group 4: Artistic Contributions - The exhibition publicly reveals Kenny Wong's valuable sketches and original artworks since 2006, including a special piece created for the 20th anniversary titled "The Unchanging Star" [5]. - A documentary at the exhibition allows visitors to reconnect with MOLLY through Kenny's perspective, emphasizing her journey and future aspirations [5]. Group 5: Community Engagement - The exhibition includes a "MOLLY Charity Painting Activity" every weekend, with all proceeds donated to art education projects for special needs children, reflecting the IP's commitment to social responsibility [5]. - Kenny Wong has previously donated 1 million HKD for disaster recovery efforts in Hong Kong, adding a layer of warmth to the MOLLY brand [5].

智通财经APP获悉，国信证券发布研报称，看好潮玩龙头的IP运营能力和出海空间，当前业绩与估 值低位具备修复空间，维持泡泡玛特(09992)"优于大市"评级。公司的IP势能和海外扩张仍在加速，该行 上调盈利预测，预计2025-2027年归母净利润分别为120.2/170.5/208.9亿(原为98.7/128.6/154.0亿)，同比 增长284.4%/41.9%/22.6%，当前股价对应PE=23/16/13x。 门店扩张不及预期;潮玩材料成本上行;IP生命周期风险等。 国信证券主要观点如下： （责任编辑：郭健东 ） 近期事件 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 1月21日，公司发布公告，以每股192.97元的价格回购50万股已发行股份，占现有发行股份的 0.0373%。1月19日，公司发布公告，以每股179.60元的价格购回并注销140万股已发行股份，占当时已 发行股份的0.1042%。 观 ...

国信证券主要观点如下： 风险提示 近期事件 国信证券发布研报称，看好潮玩龙头的IP运营能力和出海空间，当前业绩与估值低位具备修复空间，维 持泡泡玛特(09992)"优于大市"评级。公司的IP势能和海外扩张仍在加速，该行上调盈利预测，预计 2025-2027年归母净利润分别为120.2/170.5/208.9亿(原为98.7/128.6/154.0亿)，同比增长 284.4%/41.9%/22.6%，当前股价对应PE=23/16/13x。 1)1月19日至21日公司管理层回购190万股股份，其中140万份已经注销，充分显示管理层对股价及公司 未来发展的信心;2)从近期趋势来看，公司的PUCKY敲敲系列、星星人怦然心动系列均出现官网售罄、 二手平台大幅溢价的现象，该行看好春节假期和爆款带动下IP势能的提升;3)公司的IP打造与运营能力得 到持续验证、海外渠道维持迅猛成长;同时IP乐园、联名活动等有望提升IP运营深度，长线IP打造与运 营、商业化变现能力有望持续增强;当前业绩与估值低位，具备估值上修空间。 1月21日，公司发布公告，以每股192.97元的价格回购50万股已发行股份，占现有发行股份的0.0373%。 ...

华润啤酒-R(80291)、安踏体育-R(82020)、李宁-R(82331)上一交易日沽空比率位于前三位，分别为 100.00%、100.00%、100.00%。泡泡玛特(09992)、小米集团-W(01810)、阿里巴巴-W(09988)的沽空金额 位居前三，分别为12.09 亿元、10.75 亿元、9.74 亿元。中国中车(01766)、李宁-R(82331)、中国平安- R(82318)的偏离值位居前三，分别为42.51%、38.82%、30.07%。 前十大沽空比率排行 | 股票名称 | 沽空金额 | 沽空比率↓ | 偏离值 | | --- | --- | --- | --- | | 华润啤酒-R(80291) | 19.28 万元 | 100.00% | 25.37% | | 安踏体育-R(82020) | 9.50 万元 | 100.00% | 12.50% | | 李宁-R(82331) | 10.09 万元 | 100.00% | 38.82% | | 联想集团-R(80992) | 456.22 万元 | 82.43% | 2.97% | | 中国平安-R(82318) | 397.47 ...

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]

责编 | 贾宁排版| 沐言 第 9411 篇深度好文：20094字 |25分钟阅读 商业人物 笔记君说： 岁末年初，《企业家》杂志再度联合权威专家学者与业内资深人士，从战略布局、技术创新、成长速度、社会影响、责任担当等维度，推选出3位"特别贡 献企业家"和20位"2025年度企业家"（以姓氏笔画为序）。他们不仅是商业浪潮的领航者，也是中国经济的参与者和见证者。 他们有人一辈子只做一件事，把一滴酒酿成一个时代的标志；有人一次次"砸掉自己"，把一家工厂改造成全球管理范式；有人在最传统的行业里死磕品 质，也有人在最前沿的科技中重构系统。 在AI爆发、产业重构、经济换挡 的关键节点，这23位领航者横跨白酒、制造、能源、农业、互联网、AI、机器人、新消费等多个领域，几乎覆盖了中国 经济的主干版图。他们的共同点只有一个：不追风口，不走捷径，把长期主义落实到每一个产品、每一次决策中。 有人用六十年时间，把凭经验的手艺变成可量化的科学；有人在行业最内卷的时候选择减速，只为守住质量底线；有人拒绝参数竞赛，从系统层重新设计 智能的未来；也有人把情绪价值、审美力与商业结合，开辟出全新的消费赛道。 在他们身上，你几乎看不到投机与浮躁 ...

Our take: 1) We estimate Twinkle Twinkle will account for >50% of Labubu sales in China in 2026, and the momentum of this new series is a clear signpost. 2) With proactive supply ramp, PPMT will better cater to the demand surge. Its faster restocking should smoothen the sales curve and effectively cap resale premium. It won't have to do long-dated pre-sale again, which is against its product lifecycle management. 3) G. China accounts for 55-60% of group sales; the market was undersupplied in 2H25. With popu ...

来源：笔记侠 商业思维 笔记君说： 这段时间，泡泡玛特旗下Labubu（拉布布）爆火，一娃难求，一些联名或限量 1月23日，《扬声·第2季》上线了王宁访谈视频。纪录片由新华网、腾讯视频出品，新华社记者张扬主 持。 通过访谈视频，看到了王宁的许多面。不只有梦想的一面，还有诸多难的一面，比如北京第一家店，过 年被员工集体炒鱿鱼；上海第一家店，被日本潮玩品牌取消代理权。 曾经少年，依然少年，因为热爱不变。不让成长止于骄傲，却因谦虚更加克制；汇聚一群可能平凡的 人，变成不平凡的人，做成一件件不平凡的事……这就是王宁。 45分钟的访谈视频，以下，是王宁的自述精华版（几乎完整版）。 一、一个北漂青年的觉醒和笃定 我在大学时代开了店，出社会在北京找工作的那个时候，店还没关，还在继续营业。我有太多的零售业 的问题，管理上的问题，一直都是在自己摸索。 当我去屈臣氏，看到屈臣氏厚厚的SOP（标准作业程序）手册的时候，每天怎么开门、锁门，怎么做收 银管理、门店运营，我觉得每一页都像《圣经》一样，我想要去学。 在朋友的引荐之下，我去屈臣氏面试，我说我想来当店员也行，店长更好。他们一看我简历，说你从教 育公司和新浪过来面试店员，是不是 ...