1月12日，据蓝鲸新闻消息，针对"泡泡玛特将推出'潮玩手机'"的市场消息，泡泡玛特相关人士回应称："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。" 1月12日，据蓝鲸新闻消息，针对"泡泡玛特将推出'潮玩手机'"的市场消息，泡泡玛特相关人士回应称："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。" 此前，有博主爆料称，泡泡玛特本月将推出一款"潮玩手机"。 此前，有博主爆料称，泡泡玛特本月将推出一款"潮玩手机"。 ...

对此，泡泡玛特相关人士向新浪科技回应称："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。"（闫妍） 关键词： 新浪科技讯 1月12日下午消息，近日，有数码科技博主爆料称，本月泡泡玛特会推出"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。 (资料图片) ...

人民财讯1月12日电，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。 ...

对此，泡泡玛特相关人士向新浪科技回应称："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。"（闫妍） 责任编辑：宋雅芳 责任编辑：宋雅芳 新浪科技讯 1月12日下午消息，近日，有数码科技博主爆料称，本月泡泡玛特会推出"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。 新浪科技讯 1月12日下午消息，近日，有数码科技博主爆料称，本月泡泡玛特会推出"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。 对此，泡泡玛特相关人士向新浪科技回应称："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。"（闫妍） ...

Investment Rating - The report maintains a "Buy" rating for the durable consumer goods industry [1] Core Insights - The report anticipates a long-term consumer bull market driven by new consumption trends, with four main themes expected to lead the way: AI+ consumption, overseas expansion, emotional value, and silver economy [1][8] - Historical cycles indicate that the A-share market exhibits 3-4 year cyclical fluctuations, with technology, cyclical consumption, and manufacturing rotating sequentially [1] - The report draws parallels between the upcoming "anti-involution" reforms starting in July 2025 and the "supply-side" reforms initiated in October 2015, suggesting similar transmission paths despite differing contexts [1] Summary by Sections 1. Consumer Outlook for 2026 - The report highlights that the consumer bull market led by new consumption will differ from the 2016-2019 period, focusing on AI+ consumption, overseas expansion, emotional value, and silver economy as key growth areas [8] - AI+ consumption is expected to be a major opportunity throughout 2026, with significant advancements in technology and consumer engagement [12] - The overseas expansion of brands is seen as a critical growth driver, particularly as urbanization rates plateau and the focus shifts to international markets [23] - Emotional value consumption is projected to grow significantly, driven by changing demographics and economic conditions, with sectors like pet care and collectibles gaining traction [28] - The silver economy is anticipated to reach a market size of 71 trillion yuan by 2023, with substantial growth expected as the aging population increases [40] 2. Sector Performance Tracking - The report tracks various sectors, indicating a mixed outlook: - Trend toys are showing upward momentum, with companies like Pop Mart leading the market [43] - The new tobacco sector is expected to benefit from regulatory tightening, favoring compliant manufacturers [45] - The home goods sector is experiencing pressure from weak real estate transactions, but there are signs of stabilization [47] - The paper and packaging sector is seeing price fluctuations, with expectations of recovery as supply tightens [49] - The pet food market is evolving, with a shift towards premium products and increased focus on health and wellness [31] 3. Key Data and Trends - The report provides insights into key data trends, such as the significant growth in the 3D printing market, which is projected to reach $24.61 billion by 2024 [17] - The export of 3D printers from China has seen substantial increases, with a year-on-year growth of 136.2% in export value [25] - The emotional value market is expected to continue expanding, with pet care and collectibles being highlighted as key areas of growth [28]

Investment Opportunities - Mu Xiaoma completed nearly 10 million RMB in Pre-A financing, with funds allocated for self-research of core components and new product development [3] - Canmi Bio raised 20 million RMB in angel round financing, focusing on enhancing its supply chain system [4] - Su Man Xiang secured several million RMB in A round financing, aimed at supply chain optimization and brand influence enhancement [6] - Xing Lian Future SATELLAI announced several million RMB in A round financing for AI technology development in pet health [8] - Zhang Bang Food completed 10 million RMB in angel round financing, focusing on capacity expansion and global supply chain network construction [9] Company Expansion Plans - Gu Ming exceeded its 2025 target by opening hundreds of additional stores, reaching a total of 13,000 stores by the end of 2025, with plans to open 4,000 more in 2026 [10][11] - Ming Ming Hen Mang is set to become the first "bulk snack stock" in Hong Kong, achieving a retail sales volume of 66.1 billion RMB, a 74.5% increase year-on-year [14] Market Trends - Disney's "Zootopia 2" became the highest-grossing Hollywood film in China, with box office revenue of approximately 4.25 billion RMB [19] - The domestic travel market saw 142 million trips during the New Year holiday, with total spending of 84.789 billion RMB [22]

Core Insights - The report highlights the rise of Chinese潮玩 (trendy toys) brands in the global market, driven by emotional consumption trends and innovative cultural export models [1][17] - Chinese潮玩 companies are successfully penetrating mature markets in Europe and North America, as well as emerging markets in Southeast Asia, leveraging unique IP operations and efficient supply chains [1][3] Group 1: U.S. Market Dynamics - The U.S. economy is experiencing a "K-shaped" recovery, where high-income consumers show resilience while low-income groups face pressure from inflation and employment fluctuations [2][21] - The "healing economy" trend is gaining traction, with潮玩 products like blind boxes and plush toys providing emotional value and social engagement, leading to increased demand [2][21] - Chinese潮玩 brands, such as Pop Mart, differentiate themselves by offering original IPs and innovative product formats, achieving a price range of $20 to $40, appealing to various income levels [2][21] Group 2: Southeast Asia Market Opportunities - Southeast Asia is viewed as a blue ocean market for潮玩, characterized by a young population, high internet penetration, and strong consumer upgrade intentions [3][4] - The success of Pop Mart's LABUBU toy in Thailand, following a social media endorsement by local celebrity Lisa, exemplifies the alignment of潮玩 with local youth culture [3][4] - Despite challenges such as fluctuating external tariffs and internal political complexities, Chinese brands are advancing into this market with localized designs and a multi-channel approach [3][4] Group 3: Company Strategies and Differentiation - Pop Mart focuses on building a comprehensive IP ecosystem, from creation to sales, aiming to transform short-term trends into long-lasting IPs through various media [4][5] - Miniso leverages its global retail network and supply chain efficiency to act as a high-efficiency IP monetization platform, enhancing store performance through strategic IP collaborations [4][5] - TOP TOY, as a rising player, benefits from synergies with Miniso, focusing on product development while utilizing Miniso's sales channels for rapid market expansion [5][6] Group 4: Cultural and Economic Shift - The success of Chinese潮玩 brands signifies a shift from "Made in China" to "Emotional Brands from China," emphasizing universal emotional connections rather than relying solely on traditional cultural narratives [6][17] - Chinese companies are combining mature supply chains with innovative business models and original designs, transitioning from traditional manufacturing roles to becoming key players in the global潮玩 industry [6][17]

1月9日晚间消息，今日泡泡玛特旗下POP MART Gallery在社交媒体上发文表示，即将正式开馆。 据介绍，POP MART Gallery是泡泡玛特聚焦当代IP文化与潮流艺术的展览空间。 POP MART Gallery表示，"我们以艺术家和IP形象为核心，关注大众文化的持续演进，通过展览与跨界 合作，将创意能量转化为具有时代表达的现实场景，实现青年文化精神在当代生活中的激活。空间位于 北京798艺术区，将持续性地为公众举办展览，并提供交流的公共接口。"（闫妍） 责任编辑：陈钰嘉 ...

Core Insights - The article discusses the transformation of MINISO from a retail company to a cultural and creative group, aiming to become a global leader in IP operations, akin to Disney [1][11] - The company plans to upgrade its store model and product structure, increasing the proportion of IP products from 50% to over 80% [1][11] Group 1: Company Transformation - MINISO is undergoing a significant transformation, referred to as "腾笼换鸟," which involves closing and reopening 80% of its stores, impacting nearly 6,000 locations [1][3] - The new store model will feature larger thematic immersive spaces, moving from stores under 200 square meters to those between 400-600 square meters [1][3] - The company aims to shift its focus from merely selling products to selling culture, thereby creating a more engaging consumer experience [11][12] Group 2: Market Position and Strategy - Since its inception in 2013, MINISO has rapidly expanded to over 8,000 global stores by leveraging its channel advantages [2] - The founder, Ye Guofu, recognizes the limitations of relying solely on scale and is pivoting towards an IP ecosystem to enhance competitiveness [3][11] - The competition with Pop Mart, a leading player in the collectible toy market, highlights the strategic battle for "dream-making rights" in the IP retail space [4][17] Group 3: IP Development and Future Plans - MINISO's strategy includes a dual approach to IP development, focusing on both top-tier licensed IPs and original IPs to drive growth [15][11] - The launch of MINISO LAND, a themed store concept, has shown promising results, with one store achieving over 100 million yuan in sales within nine months, with IP products contributing 80% [14][15] - The company plans to recruit top IP design talent globally to enhance its IP incubation capabilities, indicating a commitment to building a robust IP ecosystem [15][11] Group 4: Competitive Landscape - The competition between MINISO and Pop Mart represents a clash between two different business models: MINISO's channel-driven approach versus Pop Mart's content-driven strategy [21][22] - Both companies are striving to create an emotional consumption utopia, emphasizing the importance of storytelling and emotional connection in IP retail [22][24] - The future of IP retail is expected to transcend mere product sales, focusing on creating a comprehensive "IP universe" that integrates various forms of media and consumer experiences [23][24]

泡泡玛特(09992)发布公告，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5.2万份奖励，但须待接纳后方可作实。 ...