Group 1 - The new consumption concept stocks in the Hong Kong market have shown significant gains, with Mixue Group (02097.HK) rising over 5% [1] - Pop Mart (09992.HK) and Laoputang Gold (06181.HK) both increased by more than 4% [1] - Other stocks such as Blukoo (00325.HK), Guming (01364.HK), and Li Auto (02015.HK) also experienced upward movement [1]

Core Viewpoint - Pop Mart (09992) experienced a nearly 5% increase in stock price, closing at 202.6 HKD with a trading volume of 1.752 billion HKD, following the announcement of a collaboration with Heytea featuring the popular IP "Starry People" [1] Group 1: Collaboration and Market Response - The collaboration between Heytea and Pop Mart's IP "Starry People" was officially launched on December 22, featuring a winter-themed concept that includes customized merchandise, drinks, themed stores, and pop-up events [1] - The market reacted positively to the collaboration, as evidenced by the stock price increase of 5.13% [1] Group 2: IP Development and Competitive Advantage - According to a report from Zhongyin International, Pop Mart is exploring a self-sustaining and replicable path in IP creation and operation, exemplified by the "Starry People" IP, which was created by illustrators Da Xin and Ali and has shown promising market response within just one year of signing [1] - The company's core competitive advantage lies in its continuous IP exploration and operational capabilities, which can maintain stable fan bases for existing IPs while also nurturing new IPs with high growth potential [1] - There may be a discrepancy in market expectations regarding Pop Mart's IP ecosystem incubation and operational capabilities, suggesting potential value for investors amid a weak market sentiment and significant prior corrections [1]

Core Viewpoint - Pop Mart (09992) has seen a nearly 5% increase in stock price, closing at 202.6 HKD with a trading volume of 1.752 billion HKD, indicating positive market sentiment following a collaboration with Heytea [1] Group 1: Collaboration and Market Response - On December 22, Heytea launched a collaboration with Pop Mart's popular IP, the Starry People, featuring a "Winter with Stars" theme across global stores [1] - The collaboration includes customized Starry People imagery, co-branded beverages, merchandise, themed stores, and pop-up events, enhancing brand visibility and consumer engagement [1] Group 2: IP Development and Market Potential - According to a report from CCB International, Pop Mart is exploring a self-sustaining and replicable path in IP creation and operation, exemplified by the Starry People, which was created by illustrators Da Xin and A Li and has received positive market feedback within just one year of signing [1] - The company's core competitive advantage lies in its continuous IP exploration and operational capabilities, maintaining stable fan bases for existing IPs while having high growth potential for new IPs [1] - Despite a weak market sentiment and significant prior corrections, Pop Mart may possess certain allocation value, suggesting potential for future growth [1]

Group 1 - The Hong Kong new consumption sector continued to strengthen in the afternoon on December 22, with significant gains observed in several companies [2] - Mixue Group (02097.HK) saw an increase of over 13% [2] - Lao Pu Gold (06181.HK) rose by 6% [2] - Pop Mart (09992.HK) experienced a 4% increase [2]

Core Viewpoint - The Hong Kong stock market saw a strong performance in new consumption concept stocks, with several companies experiencing significant gains on December 22, including Mijia Group, which rose nearly 10% [1] Group 1: Stock Performance - Mijia Group (02097) increased by 9.97%, reaching a latest price of 434.400 with a total market capitalization of 164.9 billion and a year-to-date increase of 114.52% [2] - Laopu Gold (06181) rose by 5.24%, with a latest price of 692.500 and a market cap of 122.15 billion, showing a year-to-date increase of 209.43% [2] - Guoquan (02517) saw a 4.49% increase, with a latest price of 3.490 and a market cap of 9.195 billion, reflecting a year-to-date increase of 96.09% [2] - Blukoo (00325) increased by 3.75%, with a latest price of 71.850 and a market cap of 17.858 billion, showing a year-to-date increase of 19.06% [2] - Pop Mart (09992) rose by 3.58%, with a latest price of 199.800 and a market cap of 268.32 billion, reflecting a year-to-date increase of 125.10% [2] - Guming (01364) increased by 3.04%, with a latest price of 25.060 and a market cap of 59.597 billion, showing a year-to-date increase of 178.14% [2] - Shanghai Auntie (02589) rose by 2.84%, with a latest price of 94.200 and a market cap of 9.91 billion, but has a year-to-date decrease of 16.17% [2] - Maogeping (01318) increased by 2.57%, with a latest price of 89.950 and a market cap of 44.092 billion, reflecting a year-to-date increase of 56.50% [2] - Weilon Delicious (09985) rose by 2.50%, with a latest price of 11.480 and a market cap of 27.91 billion, showing a year-to-date increase of 71.73% [2]

Core Viewpoint - The collaboration between Heytea and Pop Mart has led to the launch of a new winter beverage, "Tiramisu Yinghong," which utilizes Yingde black tea as its base, marking a significant milestone as Yingde black tea's industry value surpasses 10 billion yuan [3][24]. Group 1: Product Launch and Market Response - Heytea and Pop Mart's collaboration features the new product "Tiramisu Yinghong," which combines traditional coffee elements with specially crafted milk tea and cocoa, creating a unique flavor profile [9][10]. - The product was sold out shortly after its launch in Guangzhou and surrounding areas, indicating strong market demand [5][6]. - The new beverage aims to provide a rich tasting experience with a blend of salty cheese flavor and cocoa powder topping, enhancing the overall sensory experience [10][11]. Group 2: Industry Impact and Achievements - Yingde black tea has achieved a total industry value of 10.2 billion yuan, with a significant increase in tea garden area to 186,500 acres and a dry tea production of 18,000 tons [24][25]. - The collaboration with Heytea is not the first; previous partnerships have also resulted in high sales, with over 800,000 cups sold on the first day of a prior launch, boosting brand visibility by 217% [14][15]. - Yingde black tea has been recognized as a leading brand in the national red tea category, with a brand value of 5.178 billion yuan [21].

Group 1 - The new consumption sector in the Hong Kong stock market is experiencing a strong rebound, with notable gains in several companies [1] - Mixue Group (02097.HK) has seen its stock price increase by over 10% [1] - Both Laopu Gold (06181.HK) and Guoquan (02517.HK) have each risen by more than 5% [1] Group 2 - Other companies such as Blukoo (00325.HK), Guming (01364.HK), and Pop Mart (09992.HK) are also witnessing upward movement in their stock prices [1]

Core Insights - The collaboration between Heytea and Pop Mart's popular IP, Starry People, officially launched on December 22, featuring a "Winter with Stars" theme [2][6] - Starry People, created by illustrator and designer Da Xin, symbolizes courage, longing, and love, aiming for individuals to find themselves in different Starry People [1][6] - The partnership spans over 100 Heytea stores globally, including regions in mainland China, Hong Kong, Macau, and overseas markets like the USA, UK, and Canada [1][6] Product Offerings - Heytea introduced a range of collaborative products, including customized Starry People imagery, themed beverages, and exclusive merchandise [2][3] - New product offerings include Tiramisu Yinghong and AOP Tiramisu Croissant Tart, alongside classic items like Roasted Brown Sugar Bubble Milk [3][7] - Exclusive packaging featuring the new Starry People design includes drink cups, paper bags, and cup sleeves, along with limited-edition items like inspiration cards, stickers, badges, and tea bowls [7] Marketing and Engagement - The collaboration features themed decorations in Heytea stores, interactive installations like photo zones and Starry People receipt machines [3][6] - Heytea organized pop-up events in major cities such as Beijing, Shanghai, and Shenzhen to enhance customer engagement [3][6] - The overseas business of Heytea has seen rapid growth, with the number of international stores increasing over sixfold, surpassing 100 locations [7]

Group 1 - The core point of the news is that Pop Mart (9992.HK) has seen a significant stock price increase, surpassing 4% to reach 200 HKD, with a total market capitalization of 269.66 billion HKD [1] - The Crybaby exhibition in Shanghai is scheduled from December 20, 2025, to January 25, 2026, at the West Bund Dream Center, which is expected to attract a diverse audience and enhance brand visibility [1] - The exhibition will feature large-scale art installations and limited edition products that require online purchase for in-store pickup, providing new revenue streams beyond product sales [1] Group 2 - Guotai Junan Securities noted that the exhibition could lead to increased social media engagement, enhancing brand presence and extending the IP lifecycle through diverse operational strategies [1] - Morgan Stanley's recent report indicates that the appointment of Wu Yue to Pop Mart's board reflects the company's successful resource acquisition for new business development and recognition of its IP in fashion and entertainment [1] - This recognition boosts confidence in Pop Mart's ability to deploy impactful marketing and product resources [1]

Group 1 - New consumption concept stocks are generally active, with notable increases in stock prices for companies such as Mixue Group (+7.29% to HKD 423.8), Laopu Gold (+5.02% to HKD 691), Guoquan (+5.09% to HKD 3.51), and Pop Mart (+3.89% to HKD 200.4) [1] - Recent policies related to consumption have been frequently released, with the Central Economic Work Conference emphasizing the importance of domestic demand and the construction of a strong domestic market as a key task for the upcoming year [1] - An article in "Qiushi" magazine highlights the strategic significance of expanding domestic demand, underscoring its foundational role in overall development [1] Group 2 - Dongxing Securities notes that the investment sentiment in new consumption will transition from enthusiasm to caution by 2025, with continued policy support in 2026 expected to boost consumer confidence [2] - The new consumption industry is anticipated to evolve towards three trends: health-oriented consumption, new pragmatism, and emotional consumption, alongside two dimensions: intelligence and overseas consumption [2] - Investors are encouraged to focus on companies that can establish solid business models and sustainable profit mechanisms in the new consumption sector [2]