格隆汇1月14日丨泡泡玛特(09992.HK)公告，于2026年1月14日，公司根据首次公开发售后股份奖励计划 的条款向承授人授出代表相同数量相关股份的24,972份奖励，惟须待接纳后方可作实。授出奖励旨在奖 励承授人的过往表现及对集团的贡献，透过持有股份、股息及其他股份分派及╱或股份价值的增加，令 承授人的利益与集团的利益保持一致，并鼓励及挽留承授人为集团的长期增长及溢利作出贡献。 ...

泡泡玛特(09992)公布，于2026年1月14日，公司根据首次公开发售后股份奖励计划的条款向承授人授出 代表相同数量相关股份的24,972份奖励，惟须待接纳后方可作实。 ...

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） 根據首次公開發售後股份獎勵計劃授出獎勵 本公告由本公司根據上市規則第17.06A、17.06B及17.06C條作出。董事會宣佈， 於2026年1月14日，本公司根據首次公開發售後股份獎勵計劃的條款向承授人授 出代表相同數量相關股份的24,972份獎勵，惟須待接納後方可作實。 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。 授出獎勵之詳情 收市價： 1 授出日期： 2026年1月14日 授出獎勵數目： 向本集團僱員合共授出代表相同數量相關股份的24,972 份獎勵。 授出獎勵之購買價： 無 股份於授出日期之 每股股份192.00港元。 獎勵之歸屬期： 24,972份獎勵將於授出日期第一個週年歸屬。 表現目標： 於歸屬日期歸屬的獎勵取決於承授人於歸屬日期前的績 效評估中是否達到規定的閾值。 授出獎勵 ...

Group 1 - The core exhibition "Zsiga: Becoming Seen" will open to the public on January 15 at the Pop Mart Gallery in Beijing's 798 Art District, showcasing the creative journey of the popular IP Zsiga from concept to final product [1][3] - The exhibition will run until May 17, with tickets priced at 59 yuan, and features a narrative structure divided into three stages: backstage, waiting area, and opening [1][3] - Zsiga, a popular IP under Pop Mart, is projected to achieve over 100 million yuan in revenue in the first half of 2025 [3] Group 2 - The designer of Zsiga, Wudan Dan, explained that the name means "life force" in Hungarian, symbolizing the importance of maintaining inner strength and soft growth in real life [5] - The gallery, previously known as innerflow art space, underwent an upgrade in December last year, reflecting a growing trend of integrating IP with art galleries and museums [7] - Industry experts note that through immersive experiences like exhibitions, IPs are evolving beyond mere products to become emotional symbols that allow for deep interaction with audiences [7]

天眼查工商信息显示，近日，杭州葩趣文化创意有限公司成立，法定代表人为代雨茹，注册资本100万 人民币，经营范围含日用百货销售、日用品销售、互联网销售、人力资源服务、商务代理代办服务、个 人商务服务、电子产品销售、机械设备租赁等。股东信息显示，该公司由泡泡玛特旗下杭州泡泡玛特贸 易有限公司全资持股。 ...

Core Viewpoint - The investment sentiment towards Pop Mart is shifting, with concerns about the sustainability of demand for its products and a significant decline in secondary market prices for its core IP, Labubu [2][3][6]. Company Analysis - Pop Mart's business model is perceived as strong, with a clean balance sheet and minimal unrelated long-term liabilities [1][5]. - The company's Labubu series has seen a drastic drop in market interest, with secondary market prices for the Labubu Sit Sit Party series falling from an original price of 594 yuan to around 632 yuan, and some single items dropping below their original price of 99 yuan [3][6]. - The stock price of Pop Mart has decreased significantly, from a historical high of 339.8 HKD on August 29, 2025, to 191.3 HKD on January 13, 2026, representing a cumulative decline of over 40% [7]. Industry Trends - The craze for collectible toys, particularly in the潮玩 (trendy toy) sector, is waning, as evidenced by the increased availability of Labubu products on secondary platforms and the presence of discounts in retail stores [4][6]. - The market dynamics indicate a potential oversupply of previously sought-after items, leading to price reductions and a shift in consumer interest [4][6].

Core Viewpoint - Bank of America Securities projects multiple growth drivers for Pop Mart by 2026, including significant monetization potential for existing IPs and the introduction of new variants of popular IPs [1] Group 1: Growth Drivers - Existing IPs like the Monsters series have substantial upside potential, with plans to further monetize them and globalize IPs such as Skullpanda and Hirono [1] - New IP launches are expected to regain momentum this year, particularly those targeting overseas markets [1] Group 2: Financial Outlook - The firm anticipates improved visibility for Pop Mart by the time of the March earnings announcement, which may trigger a revaluation of the company [1] - A "buy" rating is maintained with a target price set at 300 HKD [1] Group 3: Market Expansion - Pop Mart's global recognition from last year is expected to lead to strategic partnerships with more well-known global consumer brands [1] - Sales growth in regions outside of China, including other parts of Asia, the United States, and Europe, is projected to surpass that of China, with overseas sales expected to account for over 50% of total sales [1]

Core Viewpoint - Honor Mobile has announced a collaboration with Pop Mart to launch the Honor 500 Pro MOLLY 20th Anniversary Limited Edition Gift Box, set to be officially released on January 19 at 19:30 [1] Group 1 - The collaboration centers around the 20th anniversary of Pop Mart's IP MOLLY, integrating fantasy and fun elements into the design of the limited edition gift box [1] - Specific product details will be revealed during the launch event [1]

Core Insights - The article discusses the transformation of Chinese brands from being known as "Made in China" to becoming global brand leaders through emotional connections and cultural exports, highlighting four key characteristics of this shift [1][10][14]. Group 1: Brand Globalization - The speed of brand globalization has significantly increased, with the time required to establish brand recognition in overseas markets reduced from ten years to just 3-5 years [14]. - Enhanced infrastructure, including cross-border e-commerce platforms and social media marketing, has facilitated this rapid expansion, shifting the approach from a "prolonged battle" to a "lightning war" [14][15]. Group 2: Evolution of Export Categories - The scope of exports has evolved from physical products to include cultural IP and services, with IP product exports growing at a rate of 8%, surpassing the average growth of consumer goods exports [15][19]. - This evolution signifies a transition for Chinese brands from being mere suppliers to becoming co-creators of value through deeper interactions with consumers [15][19]. Group 3: Deepening Export Models - The export model has shifted from simple trade to a comprehensive global supply chain layout, indicating that Chinese brands are moving from being participants in the global market to becoming network builders [16]. - Companies are now integrating R&D and production globally, enhancing their competitiveness and embedding themselves within local economic ecosystems [16]. Group 4: Consumer Connection Channels - Brands are moving away from reliance on third-party platforms like Amazon, adopting a multi-channel operation system that includes DTC (Direct-to-Consumer) models [17]. - This transition allows brands to directly reach consumers, gain insights into their needs, and accumulate user assets more effectively [17]. Group 5: Regional Market Opportunities - The Asia-Pacific market is experiencing rapid demand growth, particularly in beauty and fashion sectors, due to localized innovation and cost advantages [22]. - In contrast, the North American and European markets prioritize technology, design, and sustainability, making consumer electronics and high-end appliances more likely to gain acceptance [23]. - Latin America presents opportunities for high-cost performance products like smartphones and white goods, while the Middle East and Africa focus on basic needs, with daily necessities and communication devices achieving scale through cost optimization [24]. Group 6: Strategic Paths for Exporting Companies - Companies are forming three strategic paths based on their strengths: - A-class "Scale Guardians" like Haier focus on global supply chain integration and localized operations to enhance value in existing markets [21]. - B-class "Value Heights" brands like Miniso leverage IP collaborations and localized co-creation to build emotional connections with consumers [21]. - C-class "New Star Disruptors" like Huaxizi utilize "super products + cultural symbols" strategies to rapidly capture market attention and occupy niche segments [21]. Group 7: Case Studies - Haier has successfully established a localized operational system, achieving overseas revenue of 143.81 billion yuan in 2024, marking a 5.43% increase [33]. - Miniso's overseas revenue grew by 41.9% to 6.68 billion yuan in 2024, with a focus on flagship stores in prime locations to enhance brand experience [38]. - Huaxizi has entered over 110 countries, with significant sales in Japan, leveraging unique product designs and cultural narratives to build brand recognition [42][43].

前十大沽空比率排行 安踏体育-R(82020)、联想集团-R(80992)、快手-WR(81024)上一交易日沽空比率位于前三位，分别为 100.00%、78.04%、71.83%。阿里巴巴-W(09988)、腾讯控股(00700)、小米集团-W(01810)的沽空金额位 居前三，分别为29.68 亿元、17.00 亿元、15.88 亿元。中国建材(03323)、江苏宁沪高速公路(00177)、中 国联塑(02128)的偏离值位居前三，分别为33.68%、31.58%、22.77%。 | 股票名称 | 沽空金额 | 沽空比率↓ | 偏离值 | | --- | --- | --- | --- | | 安踏体育-R(82020) | 70.25 万元 | 100.00% | 17.72% | | 联想集团-R(80992) | 282.04 万元 | 78.04% | 1.94% | | 快手-WR(81024) | 101.95 万元 | 71.83% | 9.65% | | 商汤-WR(80020) | 171.38 万元 | 69.28% | 15.22% | | 九龙仓集团(00004) | 2408.9 ...