1月13日，据《财经》报道，其从荣耀（Honor）方面获悉，泡泡玛特将与荣耀合作，推出新手机。据 悉，双方合作的新机为荣耀500系列，定位"行业首款潮玩手机"。这款手机计划于1月19日发布，属于荣 耀手机数字系列；届时，荣耀还将推出一系列联名设计系列新品。 此前，据《科创板日报》报道，荣耀手机近期将与泡泡玛特进行IP联名合作。 根据行业惯例，手机厂商的IP联名主要分为两大类型：一类是侧重 "贴牌属性" 的轻量级合作，比如在 手机壳、外包装盒、开机界面等载体上植入IP元素；另一类则是贯穿产品全链路的整机深度定制，合作 方会深挖IP的文化内核，将其全方位渗透至产品外观设计、系统UI乃至专属功能开发等环节，还会在营 销推广层面与IP方协同联动。 此前，泡泡玛特在手机数码领域的合作都倾向于前者。比如，2025年8月，泡泡玛特旗下人气IP ZSIGA 和vivo手机在东南亚合作，推出联名手机壳、手机袋及特制手机挂绳等系列周边。2024年8月，泡泡玛 特旗下人气IP SKULLPANDA和华为合作，共同推出联名款的蓝牙耳机产品FreeBuds 6。 为了更大化旗下众多IP的商业价值，早在2020年，泡泡玛特就成立了IP授 ...

Group 1 - The core viewpoint expressed by Duan Yongping is that while he acknowledges the success of Pop Mart, he questions the sustainability of its business model and the long-term demand for its products [1][3]. - Duan Yongping highlights that the blind box concept may not be applicable to all products, suggesting that not every brand can successfully implement this model [1]. - He emphasizes that the emotional value associated with products like Pop Mart's offerings is significant, but he personally does not understand the broader appeal of such products [3]. Group 2 - The timing of Duan Yongping's comments is notable, as they coincide with a significant decline in Pop Mart's stock price, which was reported at 197.00 HKD per share, with a total market capitalization of 264.56 billion HKD as of January 12, 2026 [4]. - Pop Mart's stock price had previously reached a high of 335.40 HKD per share on August 26, 2025, with a market cap exceeding 450 billion HKD, indicating a substantial drop in value [4].

近日，知名投资人段永平在雪球上回应网友提问时，再度谈及对泡泡玛特的看法。 图片来源：段永平雪球账号 段永平解释称，如果投资者坚信人们会一直需要，且业务会一直成长，那当然是不错的投资。但他把潮玩归类到了自己"无法理解"的范畴——就像他不理 解"女生买包"和"天价名画"一样。虽然这些需求客观存在，但在他的逻辑里看不透，所以选择"不懂不碰"。 他提到，自己大致看过泡泡玛特，觉得他们确实蛮厉害的，"不过，我依然无法理解人们为什么会需要这个东西，万一过两年大家都不要了呢？如果你能 认为人们会一直需要，他们的业务会一直成长，那对你来说这当然是个还不错的投资。" 一位雪球用户认为泡泡玛特的商业模式非常好，99元一个的毛绒玩具大家都想要，且泡泡玛特2025年半年报的资产负债表也很"干净"，几乎没有任何与经 营无关的长期负债。因此请教段永平为何会看不懂泡泡玛特，该公司是否存在什么风险？ 对此，段永平回复称，"如果你有足够多的钱，你愿意按市值把这家公司买下来吗？当你这么想的时候，你会比较容易想长远。" 此外，针对近日市场流传的"泡泡玛特将推出潮玩手机"一事，公司方面已于1月12日明确回应：并无自主研发手机的计划。近期会和知名手机 ...

在智能手机行业进入"存量竞争"的当下，单纯的硬件参数堆砌已难以为中端机型带来议价能力。有分析 人士向记者指出，荣耀此举意在打破"卷参数"的行业惯性，转而向年轻消费者提供稀缺的"情绪价值"。 考虑到泡泡玛特的用户画像中18-35岁女性占比较高，这和荣耀数字系列主打的"颜值"与"人像摄影"受 众高度重叠，双方合作具有用户基础。 1月12日，针对市场流传的"泡泡玛特将发布首款手机"一事，泡泡玛特方面回应表示，公司并无自主研 发手机的计划，而是与知名手机品牌进行的IP深度联名合作。 同日，南都湾财社记者也从荣耀方面获悉，旗下的荣耀500系列将与泡泡玛特核心IP"Molly"达成合作， 并将于1月19日正式发布行业首款"潮玩手机"。 据悉，此次联名不是品牌Logo叠加，而是双方在产品定义阶段进行共创，合作机型将基于去年11月发 布的荣耀500系列，该系列定位中端，起售价为2699元。 荣耀方面透露，此次联名款将从ID设计、外包装、系统主题、开机动画到铃声进行全链路定制，并配 备包含Molly限定手办、定制手机壳等周边的礼盒套装。 对于泡泡玛特而言，此次跨界手机圈则是其商业版图扩张的又一尝试。作为"潮玩第一股"，泡泡玛特 ...

Core Insights - The seventh edition of "Company Secrets" is now available for pre-sale, focusing on in-depth financial analysis rather than superficial business advice [1] - The publication aims to uncover the underlying logic of companies' profitability and losses, featuring case studies from various companies [1] Summary by Topics Company Performance - NIO's L90 achieved a monthly sales figure of 15,000 units, attributed to a pricing strategy of 260,000 and platform-based production, marking a significant recovery from 5,000 monthly sales to over 40,000 [1] - Pop Mart's revenue reached 3.4 billion, with profits surpassing global toy giant Mattel, driven by the normalization of IP blockbuster products [1] - Bawang Tea's revenue increased by 167% within a year, supported by a high-end positioning strategy and expansion into lower-tier markets [1] Industry Trends - The publication also addresses challenges faced by Nintendo with the Switch, Hengrui's transformation in centralized procurement, and Cambrian's resurgence in AI computing power [1]

来源：环球网 摩根士丹利报告指出，泡泡玛特正在从过去两年的"爆发式增长"阶段，过渡到未来的"可持续增长"阶 段。该机构预测泡泡玛特2026年Labubu的收入增速将显著放缓，增长引擎将由单一爆款转向非Labubu IP的多元化驱动。 最新财报显示，2025年第三季度泡泡玛特整体收入同比增长245%至250%。其中，中国市场收入同比增 长185%至190%；海外市场表现更为强劲，收入同比增长365%至370%。2025年上半年，该公司营收达 到138.8亿元，同比增长204.4%；经调整净利润47.1亿元，同比增长362.8%；公司拥有人应占溢利45.74 亿元，同比增长396.5%。 【环球网科技报道 记者 王楠】1月13日，针对"泡泡玛特将推出'潮玩手机'"的市场消息，记者向泡泡玛 特相关人士求证，对方称："公司没有研发手机的计划，近期会和知名手机品牌推出IP联名合作。" 泡泡玛特创始人王宁曾说，预计2025年全年营收不低于300亿元，相比业绩数据，他更关注集团增长的 健康度，以及大数据增长背后的细节把控。 ...

来源：新浪基金∞工作室 数据显示，1月12日，港股消费(159735)获净申购2809.58万元，位居当日跨境ETF净流入排名16/207。最 新规模7.92亿元，前一日规模7.59亿元，当日资金净流入额占前一日规模的比例为3.70%。 近5日，港股消费(159735)获净申购4811.1万元，位居跨境ETF净流入排名第25/207。近10日，港股消费 (159735)获净申购4811.1万元，位居跨境ETF净流入排名第42/207。近20日，港股消费(159735)获净申购 4403.47万元，位居跨境ETF净流入排名第56/207。 流动性方面，截止1月12日，港股消费（159735）近20个交易日累计成交金额9.01亿元，日均成交金额 4506.24万元；今年以来，6个交易日，累计成交金额3.78亿元，日均成交金额6299.91万元。 港股消费（159735）现任基金经理为李宜璇。李宜璇自2021年5月25日管理（或拟管理）该基金，任职 期内收益-19.10%。 港股消费(159735)已连续3日资金获净申购，区间净流入额4811.1万元。 港股消费（159735）成立于2021年5月25日，基金全称为 ...

Core Viewpoint - The article discusses the evolving consumer behavior in China, contrasting it with Japan's "lost three decades," emphasizing a trend towards selective consumption upgrades rather than a decline in consumption quality [1][2]. Group 1: Consumer Behavior Trends - The Chinese online consumption brand index (CBI) reached 62.65 in Q3 2025, showing a 4.4% increase year-on-year and a 0.92% increase compared to the same quarter in 2024, indicating a stable growth in consumer preference for high-quality brands [2][4]. - The CBI reflects the proportion of consumers purchasing high-quality branded goods, suggesting that consumers are not entering a "consumption menopause" but are instead actively seeking quality [3][4]. - The trend of "selective consumption upgrade" is evident, where consumers pursue cost-effectiveness for necessities while being willing to pay a premium for emotional and experiential products [5][6]. Group 2: Brand Performance and Market Dynamics - Brands like DJI and Pop Mart have shown significant growth, with DJI entering the top ten for the first time, indicating a shift towards innovative products that create new demand rather than relying on price competition [7][16]. - The CBI report highlights that brands achieving high scores are not necessarily those known for low prices but those that create unique experiences and emotional value for consumers [7][18]. - The report indicates a seasonal pattern in consumer behavior, with higher CBI scores during promotional periods, but the third quarter's performance reflects a solid foundation for brands in non-promotional times [12][14]. Group 3: Platform Strategies and Market Evolution - E-commerce platforms like Taobao are shifting their focus towards supporting quality brands and original merchants, moving away from price wars to fostering product quality and service [24][25]. - The growth in the CBI index is attributed to a strategic shift in platform policies that encourage brands to enhance their value proposition rather than compete solely on price [25][26]. - The article emphasizes that a market balanced between daily sales and promotional periods is more resilient, indicating that brands are building long-term value rather than relying on short-term sales spikes [26][28].

12 January 2026 | 9:01PM HKT Equity Research CHINA IP RETAILER AND TOY TRACKER Dec update: Pop Mart saw disciplined supply in China but speeding up in Jan, US high frequency downward trend saw stabilization; Bloks accelerated product launch In this note, we provide updates on China IP retailers and toy companies, including new products/IP, sales momentum, and overseas market updates. Pop Mart's online sales growth in China decelerated in Dec with smaller supply release, but we note that the brand accelerate ...

Core Insights - The article highlights the top short-selling ratios and amounts for various companies, indicating significant market sentiment against these stocks [1][2]. Short-Selling Ratios - AIA Group Limited (友邦保险-R) has the highest short-selling ratio at 100.00% [2]. - China Resources Beer (华润啤酒-R) follows with a short-selling ratio of 93.73% [2]. - Great Wall Motor (长城汽车-R) has a short-selling ratio of 91.63% [2]. Short-Selling Amounts - Xiaomi Group (小米集团-W) leads in short-selling amount with 2.532 billion [2]. - Alibaba Group (阿里巴巴-W) has a short-selling amount of 2.493 billion [2]. - Tencent Holdings (腾讯控股) reports a short-selling amount of 1.976 billion [2]. Deviation Values - China Ping An (中国平安-R) has the highest deviation value at 44.83%, indicating a significant difference from its average short-selling ratio [2]. - Hong Kong Exchanges and Clearing (香港交易所-R) has a deviation value of 44.09% [2]. - AIA Group Limited (友邦保险-R) shows a deviation value of 41.14% [2].