格隆汇1月9日丨泡泡玛特(09992.HK)宣布，于2026年1月9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52,082份奖励，惟须待接纳后方可作实。 ...

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。 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9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52,082份獎勵，惟須待接納後方可作實。 授出獎勵之詳情 收市價： 獎勵之歸屬期： (i)授予吴越先生的8,609份獎勵將於授出日期第一個週年 歸屬，及(ii)43,473份獎勵將於授出日期第二個週年至第 四個週年期間分批歸屬。 授出獎勵旨在（其中包括）獎勵承授人的過往表現及對本集團的貢獻，透過持有股 份、股息及其他股份分派及╱或股份價值的增加，令承授人的利益與本集團的利 益保持一致，並鼓勵及挽留承授人為本集團的長期增長 ...

Group 1 - The 2025 China Brand Person Annual Conference will be held from December 28 to 30 in Shenzhen, focusing on the theme "Who Earns Respect for China" [1][10] - The event will include a series of activities such as an opening ceremony, main forum, honor ceremony, and closed-door discussions to review the history of Chinese brand development and explore new trends and opportunities in brand building [1][10] Group 2 - The "Top Brand 2025 China Brand Person 500" list was released by Lv Dapeng, Vice President of the China Public Relations Association, highlighting the overall characteristics and industry trends of the listed individuals [10][12] - This list has been publicly released for the seventh consecutive year, continuously recording and promoting the growth and influence of Chinese brand figures [10][12] Group 3 - The top three individuals in the 2025 China Brand Person 500 are Ren Zhengfei, Liu Qiangdong, and Yu Chengdong, with Dong Mingzhu, He Xiaopeng, Li Shufu, Wang Chuanfu, Jack Ma, Liang Wenfeng, and Wang Ning following in positions 4 to 10 [3][12] - The selection process involved analyzing over 5,000 influential brand figures based on criteria such as industry authority, social influence, sense of social responsibility, public image, and attention [3][12]

Core Viewpoint - The collaboration between Heytea and Pop Mart's IP "Starry Person" has emerged as a significant event in the beverage industry, marking a successful global launch of a new product line that has generated substantial consumer interest and engagement [6][11]. Group 1: Collaboration Highlights - The partnership represents the first global collaboration in the tea beverage industry, covering multiple dimensions including product, materials, space, and international markets [7]. - The new product "Tiramisu · Rich Chocolate" was launched on December 29, 2023, and sold out quickly, with social media discussions reaching over 40 million views [6][7]. - The collaboration features a series of themed products, including drinks and pastries, enhancing the consumer experience through unique design elements that encourage social sharing [7][9]. Group 2: Market Impact - The collaboration has been strategically timed to coincide with the Christmas and New Year period, allowing for a synchronized global launch across multiple countries, including Malaysia and the United States [9][17]. - Heytea has expanded its international presence, with over 100 overseas stores, including more than 30 in the United States, providing a broader market reach for the collaboration [9][11]. - The partnership is expected to significantly contribute to Pop Mart's revenue, with predictions indicating that "Starry Person" could account for 8% of total sales by 2027 [6][11]. Group 3: Strategic Approach - Heytea's cautious yet flexible approach to collaborations has allowed for focused marketing efforts, with only two IP collaborations launched in 2025, ensuring high levels of attention and engagement [14][15]. - The innovative use of materials and interactive marketing strategies has enhanced the consumer experience, allowing for creative expressions of the "Starry Person" brand [15][17]. - The collaboration exemplifies a shift in both brands towards becoming cultural symbols, moving beyond their original product categories to create a broader lifestyle narrative [17][18].

转自：中国商报 （来源：中国商报） 【Labubu不再是"理财产品"！多系列线下门店大补货，消费者排队买"娃"，直呼太爽！】Labubu不 再"一布难求"。据记者了解，1月8日，泡泡玛特全国多家门店在社群内发布补货通知，其中包括Labubu 象棋大冒险系列的两款产品、Labubu可口可乐系列以及旗下另一热门IP crybaby的SHINY SHINY系列。 记者实探多家门店发现，补货通知一出，全国多地线下门店开启抢购热潮，即便在工作日的上午，多门 店内消费者也排起了长队，等待选购。去年7月以来，由于Labubu热度飙升，二手市场价格猛涨，线下 排队抢购严重，官方基本取消了线下发售。有资深玩家表示，Labubu近期的补货力度明显加大，不定 时的补货越来越频繁。该玩家也注意到，发售规则也出现松动，从早期仅限线上抢购，转变为消费者可 以直接进店购买。高频的补货也让Labubu的二手市场价格回归理性。从"一娃难求"到"惊喜相遇"，以 Labubu为代表的潮玩市场正在往理性与健康的方向回归。有业内人士认为，泡泡玛特正通过稳定的产 品供给不让Labubu成为昙花一现的流行产品，本质上这是品牌夺回定价权的举措，同时也是IP ...

Core Insights - The article highlights the rise of Henan brands in the consumer market, emphasizing their deep integration into daily life and their unique growth model rooted in local consumer needs [3][4][10]. Group 1: Brand Performance - The sales of the retail chain "胖东来" (Pang Dong Lai) have shown significant growth, with projected sales reaching 235.31 billion yuan by 2025, marking a 38.71% increase [6]. - "胖东来" achieved approximately 70 billion yuan in sales in 2022, increasing to about 107 billion yuan in 2023, and expected to reach 170 billion yuan in 2024 [7]. - "巴奴火锅" (Ba Nu Hot Pot) is positioned as a high-end brand with a customer unit price of 138 yuan, significantly higher than competitors like 海底捞 (Haidilao) at 97.9 yuan [8]. Group 2: Global Expansion - "蜜雪冰城" (Mixue Ice City) opened its first store in Los Angeles, marking a significant step in its global strategy, with a total of 53,014 stores worldwide as of mid-2025 [12]. - "泡泡玛特" (Pop Mart) has expanded its global presence with over 500 stores across more than 80 countries, reporting a 365%-370% increase in overseas revenue in Q3 2025 [15]. Group 3: Supply Chain and Production - Henan's agricultural strength supports its brands, with the province producing 1/10 of the country's grain and housing major companies like 牧原股份 (Muyuan Food) and 双汇集团 (Shuanghui Group) [10][18]. - "蜜雪冰城" operates five production bases, with the largest capable of supplying 121 million tons of beverage ingredients annually, supported by a logistics system that can deliver within 12 hours [18]. Group 4: Consumer Behavior and Market Positioning - Henan brands cater to a large population, with a focus on cost-effective products that resonate with local consumers' practical spending habits [19]. - The founders of these brands often come from humble beginnings, which helps them understand consumer needs and market dynamics better [20]. Group 5: Challenges and Market Dynamics - Despite their success, brands like "巴奴" and "胖东来" have faced scrutiny over product quality and service, highlighting the challenges of maintaining trust during rapid expansion [25][26]. - The article emphasizes the need for these brands to balance fast growth with product integrity and consumer trust in a changing market landscape [27].

Key Points - Multiple automakers have announced their sales targets for 2026, with Geely aiming for 3.45 million units this year, representing a 14% growth rate, making it the highest among disclosed targets [4] - Dongfeng Group has set a target of 3.25 million units for 2026, with an estimated growth rate exceeding 30%, including 1.7 million electric vehicles [4] - Chery Group aims for 3.2 million units, a 14% increase from 2025, while Great Wall Motors has lowered its target from 2.49 million to 1.8 million units, reflecting a 36% growth from last year [5] - NIO's sales target for 2026 is set between 456,000 and 489,000 units, indicating a growth rate of 40-50% [5] Domestic News - Lei Jun, founder of Xiaomi, expressed his discomfort with being labeled a "marketing master," emphasizing that Xiaomi's success is rooted in product and technology rather than marketing [7] - Changan Automobile refuted rumors about canceling year-end bonuses, confirming a plan to distribute bonuses equivalent to 4.3 months' salary plus a fixed amount of 3,000 yuan [10][11] - Realme will return to OPPO as a sub-brand, with CEO Sky Li overseeing all sub-brand operations, aiming for better resource integration [13] International News - Tesla faced a significant decline in European sales for 2025, with a 27.8% drop from approximately 326,000 units in 2024 to about 235,000 units [35] - The decline was particularly severe in Germany, where sales plummeted by 48.4%, and in France, where new policies negatively impacted sales by 37.5% [36][37] - Despite the overall downturn, Tesla saw a 41.3% increase in Norway, although this growth is expected to be short-lived due to upcoming changes in electric vehicle incentives [37] Company Developments - IKEA China announced the closure of seven stores as part of a strategy to optimize its channel layout and enhance business resilience [14] - Huawei's spun-off business, xFusion, is set to initiate an IPO, with a valuation estimated at nearly $9 billion [15] - Roborock unveiled a concept cleaning robot at CES 2026, featuring a unique design that allows it to navigate stairs [30]

南方财经 21世纪经济报道记者赖镇桃 泰国曼谷报道 这两年，Labubu、Dimoo这些可爱治愈的潮玩IP，正成为行走的中泰"友谊大使"。2024年，Dimoo被官 方授予"中泰建交50周年特邀挚友" 的荣誉称号。泰国旅游局在曼谷素万那普机场专门为Labubu举行了 欢迎仪式，还给这位顶流授予了"神奇泰国体验官"的身份，官方专门给一个人偶称号，在泰国史上都是 首次。 Labubu们走出国门，火速圈粉的同时，也展现出了强劲的"吸金"力。泡泡玛特在2025年10月底公布的财 报显示，去年第三季度，泡泡玛特整体收益较上年同期增长245%-250%，其中中国收益同比增长185% 至190%，海外收益同比猛增365%至370%，亚太区同比增长170%-175%。 拍摄：章启良 出品：SFC国际传播中心 21财经工作室 "Labubu之前在泰国真的'抢疯'了，缺货的时候找黄牛买，通常要加价两三倍，限量款最高炒到人民币 3000元左右。"一位正在泰国的中企人士还对此前的"Labubu热"印象深刻。即使现在泰国的泡泡玛特门 店终于实现"买bu自由"，但他提及，泰国年轻人在TikTok上分享拆盒视频、带上Labubu的话题标签 ...

Core Insights - The annual words "Rage bait" and "brain rot" reflect how digital platforms reshape thoughts and behaviors, highlighting the significant role of emotions in driving interactions and commercial outcomes [1] - The concept of "emotional value" has gained prominence, influencing consumer behavior and brand perception, as seen in the success of products like LABUBU and the backlash against brands that misalign with public sentiment [2][3] Group 1: Emotional Value and Consumer Behavior - LABUBU's popularity illustrates a shift in consumer behavior, where emotional satisfaction and participation in trends become key drivers of success, especially in a context of economic slowdown [3][4] - The rapid rise and subsequent decline of LABUBU in the second-hand market indicate that once a product becomes ubiquitous, its appeal diminishes, emphasizing the need for uniqueness in consumer goods [4][6] - The term "emotional value" is often used to describe non-utilitarian satisfaction derived from products, but its vague nature necessitates deeper exploration to understand its various implications [6][7] Group 2: Media Influence and Public Sentiment - The rise of social media and algorithm-driven content has amplified emotional responses, particularly anger, which can lead to rapid dissemination of sentiments and potential backlash against brands [15][18] - The phenomenon of "old school" or "老登" reflects a societal shift towards critiquing traditional narratives and embracing micro-narratives, indicating a growing desire for authenticity and relatability in public discourse [10][12] - The decline of traditional media has resulted in a polarized public discourse, where the absence of neutral reporting exacerbates tensions and complicates brand management in the face of public scrutiny [26][27] Group 3: Brand Management and Public Relations - The emergence of entrepreneur IPs, characterized by relatable and down-to-earth personas, highlights the importance of authenticity in brand representation, though it carries risks if personal missteps occur [22][23] - Companies face challenges in managing public perception, especially in an environment where emotional responses can quickly escalate into crises, necessitating a more strategic approach to communication [24][26] - The lack of a mediating voice in public discourse can lead to increased pressure on brands and entrepreneurs, making it essential for companies to navigate the complexities of modern communication effectively [27][28]

Core Viewpoint - The second-hand market prices for LABUBU, a popular IP under Pop Mart, have significantly declined, with some products selling below their official prices, indicating a shift in market dynamics from speculative investment to consumer-driven demand [1][6]. Group 1: Price Trends - On January 7, the resale price for the LABUBU 3.0 "Frontline High Energy" series dropped to 400 yuan for a set of six boxes, a notable decrease from the official price [1]. - The average transaction price for LABUBU products fell from 83.5 yuan on December 30, 2025, to 78.5 yuan by January 7, 2026 [2][3]. - Over 60% of users surveyed expressed a bearish outlook on the future price trends of LABUBU products [4]. Group 2: Market Dynamics - Analysts attribute the price decline to a rational market correction, moving away from the "investment" narrative back to the essence of "consumer goods" [1][6]. - Factors influencing this shift include market saturation, insufficient appeal of new products, and changes in the macroeconomic environment [6]. Group 3: Sales Strategy Adjustments - Pop Mart has adjusted its sales strategy, allowing direct purchases of certain LABUBU products online, with some series selling over 500,000 units [7]. - However, the "Frontline High Energy" series remains unavailable for direct purchase, indicating a disparity in product availability [7]. Group 4: Global Expansion and Strategy - Pop Mart is accelerating its global expansion, with overseas revenue growth reported at 365%-370% year-on-year for Q3 2025, including significant increases in various regions [9]. - The company is adopting strategies from the luxury goods sector, focusing on scarcity and cultural value to transition from blind box products to a luxury brand [10].