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 ...

成交活跃股方面，今日上榜个股中，南向资金成交金额最多的是阿里巴巴-W，合计成交额56.22亿港 元，腾讯控股、中国海洋石油成交额紧随其后，分别成交43.07亿港元、33.93亿港元。以净买卖金额统 计，净买入的个股共有5只，腾讯控股净买入额为10.15亿港元，净买入金额居首，该股收盘股价上涨 0.76%，小米集团-W净买入额为8.22亿港元，泡泡玛特净买入额为6.13亿港元。净卖出金额最多的是中 国移动，净卖出11.77亿港元，该股收盘股价下跌0.88%，紫金矿业、盈富基金遭净卖出10.77亿港元、 10.36亿港元。 今日上榜个股中，腾讯控股、小米集团-W、钧达股份等7只股同时上榜港股通（深）、港股通（沪）成 交活跃股， 腾讯控股合计成交额43.07亿港元，成交净买入10.15亿港元，小米集团-W合计成交额30.90 亿港元，成交净买入8.22亿港元。紫金矿业合计成交额33.65亿港元，成交净卖出10.77亿港元，阿里巴 巴-W合计成交额56.22亿港元，成交净卖出2.35亿港元。 1月26日恒生指数上涨0.06%，南向资金全天合计成交金额为1145.35亿港元，其中，买入成交568.55亿 港元，卖出成交 ...

| 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 09988 | 阿里巴巴-W | 港股通(沪) | 374381.67 | -12829.26 | -1.96 | | 00700 | 腾讯控股 | 港股通(沪) | 256404.25 | 47186.91 | 0.76 | | 02899 | 紫金矿业 | 港股通(沪) | 234866.76 | -160485.92 | 4.35 | | 01810 | 小米集团-W | 港股通(沪) | 202530.35 | 52716.55 | -2.81 | | 02865 | 钧达股份 | 港股通(沪) | 200947.57 | 22193.94 | -6.56 | | 00941 | 中国移动 | 港股通(沪) | 199564.94 | -117692.48 | -0.88 | | 00981 | 中芯国际 | 港股通(沪) | 197489.33 | 18826.54 | -3.27 | | 09988 | 阿里巴巴-W ...

Investment Rating - The industry is rated positively, with expectations of overall returns exceeding the CSI 300 Index by more than 5% in the next six months [24]. Core Views - The food and beverage sector is currently at a phase of bottoming out, with a focus on the upcoming Spring Festival inventory buildup as a catalyst for growth [1][5]. - The liquor sector is experiencing a slow recovery in demand, with a focus on stabilizing expectations before discussing recovery, particularly for leading brands like Kweichow Moutai and Shanxi Fenjiu [6][19]. - The snack sub-sector has shown strong performance, with significant growth in companies like Mingming Hen Mang, which plans to go public in Hong Kong [20][22]. Summary by Sections Sub-industry Ratings - No ratings for liquor, beverages, and food sectors [3]. - Recommended companies include: - Kweichow Moutai: Buy - Shanxi Fenjiu: Buy - Guming: Buy - Mixue Group: Increase Holding - Ximai Food: Buy - Dongpeng Beverage: Buy - Wancheng Group: Buy - Pop Mart: Buy [3]. Industry Performance - The food and beverage sector saw a decline of 1.57%, ranking 28th among 31 sub-industries [5][14]. - The top-performing sub-sectors were snacks, pre-processed foods, and cooked foods, with increases of 6.44%, 5.02%, and 4.25% respectively [5][14]. - The top five stocks in the sector included: - Haoxiangni (+19.59%) - Weizhi Xiang (+17.23%) - Wancheng Group (+14.32%) - Quanyuan (+13.57%) - CITIC Nia (+9.69%) [5][14]. Liquor Sector Insights - The liquor index fell by 2.80%, with a focus on the upcoming Spring Festival for potential recovery [6][19]. - Current prices for Moutai products are: - Feitian Moutai (loose bottle): 1560 RMB, up 10 RMB from last week - Pu'er Moutai: 810 RMB, unchanged from last week [6][19]. Consumer Goods Sector Insights - Several companies are planning IPOs in Hong Kong, with Mingming Hen Mang aiming to raise between 32.37 billion to 33.36 billion HKD [20][22]. - The company reported a GMV of 661 billion RMB for the first three quarters of 2025, a 74.5% year-on-year increase [20][22]. - Dongpeng Beverage plans to issue 40.89 million H shares, with an expected listing date of February 3, 2026 [20][22].

近日，多数门店已经无法买到PUCKY敲敲系列现货，二手平台上可以加价购入。 得物App数据显示，PUCKY敲敲系列隐藏款"成功"市场成交价由99元上涨至396元，溢价3倍。常规款 中，销量最高的是"智慧"，该产品市场成交价由99元上涨至209元，溢价1倍。千岛App显示，PUCKY敲 敲系列隐藏款"成功"近三日成交价为275元，溢价2倍以上，"财富"近三日成交价为134元。 【#泡泡玛特电子木鱼被炒到396元#、#泡泡玛特股价一周大涨20%#】近日，泡泡玛特PUCKY敲敲系 列"电子木鱼"产品登上热搜。在新品热潮与产品联名等多重因素带动下，泡泡玛特股价一周内（1月19 日～26日）大幅上涨超20%。 PUCKY敲敲系列"电子木鱼"将传统木鱼改造为电子发声装置，敲击头部可触发音效，结合"财富+1""快 乐+1"等好运标签，被网友戏称为"电子木鱼"。该系列1月15日推出，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。 "最近来问毕奇敲敲系列商品的消费者不少，许多买不到现货的消费者也会在门店与陈列产品互动许 久。"上海市某泡泡玛特门店店员告诉记者。至于何时补货，对方表示 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][6][22] Core Viewpoints - The management's recent share buybacks demonstrate confidence in the company's future and stock price [3][4] - The company's new product series, PUCKY and Starry People, have shown strong demand, with sold-out status on official platforms and significant price premiums on secondary markets, indicating potential for IP value enhancement during the upcoming holiday season [3][5] - The company is expected to see substantial profit growth, with projected net profits for 2025-2027 at 120.2 billion, 170.5 billion, and 208.9 billion respectively, reflecting year-on-year growth of 284.4%, 41.9%, and 22.6% [3][10][15] Summary by Relevant Sections Share Buyback - The company announced a buyback of 500,000 shares at a price of 192.97 yuan per share and the cancellation of 1.4 million shares at 179.60 yuan per share, indicating a total buyback amount of approximately 347.9 million yuan [2][5] Product Performance - Recent trends show that the PUCKY and Starry People series have sold out on official websites, with price premiums on secondary markets ranging from 2-3 times for hidden versions and 70-200% for regular versions, suggesting strong market demand [3][5][9] Financial Projections - The company has revised its profit forecasts, expecting revenues of 356.2 billion, 512.5 billion, and 634.5 billion for 2025-2027, with corresponding year-on-year growth rates of 173.2%, 43.9%, and 23.8% [10][19] - The gross margin is projected to exceed 70% in the first half of 2025, with a steady gross margin of around 71% expected through 2027 [12][19]