Core Viewpoint - Pop Mart has denied rumors of developing a mobile phone, stating that it will collaborate with a well-known mobile brand for an IP co-branded product targeting young consumers [1]. Group 1: Product Development and Collaborations - Pop Mart has no plans to develop a mobile phone but will launch an IP co-branded product with a popular mobile brand [1]. - The upcoming product is expected to combine elements of trendy toys with smart device functionalities, aimed at young consumers [1]. - Pop Mart's jewelry brand, POPOP, is set to officially open in September 2025, featuring products themed around its popular IP BabyMolly [1]. Group 2: Financial Performance - In Q3 2025, Pop Mart reported a 245% to 250% year-on-year increase in overall revenue, with China revenue growing by 185% to 190% and overseas revenue increasing by 365% to 370% [1]. - Revenue from offline channels in China grew by 130% to 135%, while online channels saw a growth of 300% to 305% [1]. - In the first half of 2025, the IP THE MONSTERS, including Labubu, generated revenue of 4.81 billion yuan, marking a 668% year-on-year increase and accounting for 34.7% of total revenue [2]. Group 3: Market Performance - As of January 12, Pop Mart's stock price decreased by 0.2%, trading at 196.6 HKD per share [3].

新浪科技讯 1月12日晚间消息，今日，段永平在社交平台面对网友关于泡泡玛特的话题时表示，我大致 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。 段永平回复网友的内容为：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。我大致看过泡泡玛特，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。 此前，段永平接受王石夫妇访谈，对话中谈及泡泡玛特，他表示虽然自己看不懂泡泡玛特，不会投资和 购买其股票，但"高度认可它把情绪价值产品做成这样的能力，不是随便的成功，也不能归为运气"。 责任编辑：何俊熹 新浪科技讯 1月12日晚间消息，今日，段永平在社交平台面对网友关于泡泡玛特的话题时表示，我大致 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 ...

Core Viewpoint - Pop Mart is launching a collaboration with Honor, a leading smartphone brand, to create a trendy toy-themed smartphone, which has generated significant interest in both the toy and tech communities [2][4]. Group 1: Collaboration Details - The collaboration is not a self-developed phone by Pop Mart but an IP co-branding partnership with Honor [2]. - The specific collaboration model between Honor and Pop Mart has not been disclosed yet, but it could range from lightweight branding to deep customization across the product lifecycle [4]. - Pop Mart is known for its "IP + blind box" model, successfully creating and operating several popular IPs, including MOLLY and SKULLPANDA, and has established three core business segments: consumer products, service experiences, and entertainment [4]. Group 2: Financial Performance - In the first half of 2025, Pop Mart reported revenue of 13.88 billion yuan, a year-on-year increase of 204.4%, and an adjusted net profit of 4.71 billion yuan, up 362.8% [5]. - The THE MONSTERS series, which includes the LABUBU IP, generated revenue of 4.81 billion yuan, marking a 668% increase and accounting for 34.7% of total revenue [5]. - Other IPs like MOLLY, SKULLPANDA, CRYBABY, and DIMOO also surpassed 1 billion yuan in revenue [5][6]. Group 3: Market Context - Honor, originally a sub-brand of Huawei, has become a leading smartphone brand in China, holding a market share of 19.5% in Q2 2022, 19.4% in Q3 2023, and 17.1% in Q1 2024 [6]. - The Chinese smartphone market is experiencing intense competition, with Honor facing challenges from brands like vivo, Apple, and Huawei, which have recently outperformed it in terms of shipment volumes [7][8]. - The overall smartphone market in China saw a slight decline in shipments, with a total of approximately 68.5 million units shipped in Q3 2025, down 0.5% year-on-year [8][9].

经济观察网1月12日，荣耀(HONOR)与潮玩品牌泡泡玛特(POP MART)确认将进行IP联名合作，产品为 同样定位年轻潮流的荣耀500系列。 ...

1月12日下午，观察者网从荣耀方面获悉，荣耀500系列将与泡泡玛特进行IP联名合作，新机定位行业首 款潮玩手机，将于1月19日亮相。 荣耀称，此次与泡泡玛特的合作并非简单贴图，而是从ID设计、包装、系统主题到专属配件进行共 创。 此次联名为泡泡玛特核心IP中的Molly。合作款手机系统内置Molly专属主题、图标、开机动画及铃声。 同时还会推出包含联名手机、Molly限定手办、定制手机壳、贴纸等周边的礼盒。 公开资料显示，泡泡玛特成立于2010年，2020年在港交所挂牌上市。泡泡玛特的联名策略非常广泛，横 跨影视、游戏、奢侈品、服装、餐饮等多个圈层。华为也曾与泡泡玛特合作推出过联名款的蓝牙耳机产 品FreeBuds 6i，不过该品牌联名手机尚属首次。 荣耀500系列发布于去年11月下旬，分为标准版和超级Pro版两个版本，起售价分别为2699元、3599元。 芯片采用骁龙8系，标准版搭载骁龙8s Gen4芯片，超级Pro版搭载骁龙8至尊芯片。影像方面，全系配备 2亿像素1/1.4英寸大底主摄，Pro版还带来5000万潜望长焦。 有观点认为，在竞争格外激烈的中端市场，单纯的"卷硬件"、"卷参数"已经较难打动消费者 ...

Investment Rating - The report gives a "Buy" rating for Pop Mart (9992.HK) for the first time [1]. Core Views - Pop Mart is a leading cultural and entertainment company in China, focusing on IP incubation, consumer engagement, and the promotion of trendy toys [3]. - The company has established a comprehensive operational platform covering the entire trendy toy industry chain, leveraging its strong brand and designer partnerships [10]. Summary by Sections Company Overview - Pop Mart was founded in 2010 and has developed a robust platform around five key areas: global artist discovery, IP incubation, consumer engagement, trendy toy culture promotion, and related industry investment integration [3][10]. - The company has signed renowned designers and collaborated with global brands to create popular trendy toy products, building a strong fan base [10][14]. Horizontal Performance: IP Leadership in the Trendy Toy Market - The Chinese IP derivative and toy market is expected to grow significantly, with the market size projected to increase from RMB 99.4 billion in 2020 to RMB 174.2 billion by 2024, representing a compound annual growth rate (CAGR) of 15.1% [5][17]. - Pop Mart holds a market share of 11.5% in the trendy toy sector, positioning itself as a benchmark enterprise with strong global layout and IP operation capabilities [23]. Vertical Performance: Channel Growth Driving Revenue - The company has diversified its sales channels both domestically and internationally, utilizing offline retail stores, online platforms, and wholesale channels [35]. - In 2024, Pop Mart's revenue is expected to reach RMB 13.04 billion, a year-on-year increase of 106.9%, with a gross margin of 66.8% [35][58]. - The company has seen significant growth in its online sales, particularly through its blind box machines and e-commerce platforms like Douyin and Tmall [37][41]. Investment Recommendations - The report forecasts that Pop Mart's overall revenue will reach RMB 33.83 billion, RMB 47.92 billion, and RMB 61.83 billion in 2025, 2026, and 2027, respectively, with growth rates of 159.5%, 41.7%, and 29.0% [54][58]. - The net profit attributable to shareholders is projected to be RMB 7.95 billion, RMB 10.81 billion, and RMB 13.82 billion for the same years, reflecting year-on-year growth of 154.2%, 36.0%, and 27.9% [54][58].

每经AI快讯，有报道称，泡泡玛特近期会与知名手机品牌推出IP联名合作。1月12日，荣耀方面对记者 确认，荣耀数字500系列将与泡泡玛特进行IP联名合作，新机定位为行业首款潮玩手机，将于1月19日发 布。（中证金牛座） ...

Core Insights - The report emphasizes the rise of "small content" as a key trend to address brand anxiety in the context of media transformation and rational consumer values [1][3] - Small content is characterized by its social engagement, rapid dissemination, and relatability to consumer life scenarios, moving away from traditional advertising [1][2] Group 1: Necessity of Small Content - Traditional large-scale advertising is becoming less effective as consumers seek authenticity and real connections, leading to a decline in trust towards overtly promotional content [11] - The shift towards small content is driven by changing consumer values, budget constraints, and the need for brands to adapt to new media forms while maintaining effective communication [12][14] Group 2: Characteristics and Definition of Small Content - Small content is defined as lightweight, human-centric, highly interactive, and easily shareable, facilitating dialogue between brands and users [18] - It emphasizes the importance of specific, relatable moments over grand narratives, allowing brands to connect more deeply with consumers [26][45] Group 3: Insights and Strategies for Brands - Brands are encouraged to adopt a friend-like approach in their interactions with consumers, focusing on long-term content IP management and value co-creation to build sustainable brand influence [3][39] - The transition from promotional messaging to user dialogue is crucial, as brands can embed their values into everyday scenarios, achieving efficient communication with lower costs [2][12] Group 4: Case Studies and Practical Applications - Procter & Gamble's emotional storytelling across 12 countries illustrates the effectiveness of small content in conveying brand warmth [2] - McDonald's creation of engaging IPs like "McNugget Hero" demonstrates how familiar language can build brand memory [2] - The use of localized dialects in outdoor advertising by STACCATO shows how small content can resonate with diverse audiences [24]

2025年以来，泡泡玛特多次传出跨界进军AI玩具、家电等领域的消息。 针对今日数码博主爆料"泡泡玛特将推出潮玩手机"的传言，泡泡玛特相关负责人1月12日对证券时报记 者表示，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。 1月12日午间，有数码博主在社交平台上爆料称：泡泡玛特这个月会出一款"潮玩手机"，大概率会与一 家比较年轻化的主流手机品牌合作。 随后该博主又在评论区补充称："划一下范围，国产TOP5主流手机品牌，最近势头很猛那家，懂？" 另一个爆料博主则称，泡泡玛特正在与一家知名手机品牌洽谈合作，计划通过IP联名的形式，将潮玩元 素与手机外观设计相结合，以"潮玩+数码"的跨界形式，推出潮玩手机壳或联名机型。 对此，泡泡玛特相关负责人1月12日对证券时报记者表示，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。 记者注意到，在去年8月举行的中期业绩发布会上，泡泡玛特展示了即将发售的mini版Labubu，并表示 未来Labubu产品会适用于更加多元化的场景。泡泡玛特高管称："大家除了可以将Labubu挂在包上，还 可以挂在手机上，相信新品能够成为非常受欢迎的超级爆款。" 20 ...

随后该博主又在评论区补充称："划一下范围，国产TOP5主流手机品牌，最近势头很猛那家， 懂？" 针对今日数码博主爆料"泡泡玛特将推出潮玩手机"的传言，泡泡玛特相关负责人1月12日 对证券时报记者表示，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。 1月12日午间，有数码博主在社交平台上爆料称：泡泡玛特这个月会出一款"潮玩手机"，大概率 会与一家比较年轻化的主流手机品牌合作。 另一个爆料博主则称，泡泡玛特正在与一家知名手机品牌洽谈合作，计划通过IP联名的形式，将 潮玩元素与手机外观设计相结合，以"潮玩+数码"的跨界形式，推出潮玩手机壳或联名机型。 对此，泡泡玛特相关负责人1月12日对证券时报记者表示，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。 记者注意到，在去年8月举行的中期业绩发布会上，泡泡玛特展示了即将发售的mini版Labubu， 并表示未来Labubu产品会适用于更加多元化的场景。泡泡玛特高管称："大家除了可以将 Labubu挂在包上，还可以挂在手机上，相信新品能够成为非常受欢迎的超级爆款。" 2025年10月，苹果CEO蒂姆·库克参观上海泡泡玛特展览，与泡泡玛特 ...