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].

Group 1 - The core viewpoint of the article is that while the investment value of Pop Mart is recognized, there are concerns regarding the long-term sustainability of its core demand [2][3] - Investor Duan Yongping acknowledges Pop Mart's impressive business performance and its successful creation of popular IPs like Labubu and Starry People, targeting young female consumers [3] - The blind box model employed by Pop Mart is attractive due to its gambling-like nature, encouraging repeat purchases as consumers seek desired items from a selection of 12 blind boxes [3] Group 2 - Duan Yongping expresses skepticism about the long-term necessity of Pop Mart's products, questioning the potential decline in demand over time [3] - He compares Pop Mart's products to luxury and art items, suggesting that their demand is based on emotional consumption, which is difficult to quantify and subject to trend changes [3] - Concerns are raised about the limitations of the blind box model, indicating that not all products can successfully adopt this approach, hinting at the dependency of Pop Mart's success on its IP and blind box strategy [3] Group 3 - Regulatory scrutiny has increased around the blind box model due to concerns over inducing excessive consumption, leading to tighter industry regulations [3] - The lifecycle of IPs is unpredictable, and while Pop Mart has developed a multi-IP strategy, its ability to continuously create new hits remains uncertain [3] - Duan Yongping emphasizes the need for Pop Mart to demonstrate its capability to navigate through "trend cycles" to become a long-term quality investment [3]

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 ...