新浪科技讯 1月6日晚间消息，近日，有媒体报道称三星电子会长李在镕在参加中韩商务论坛后，在京 东MALL双井店进行考察，并购买了总计100只Labubu，相关话题迅速冲至热搜。随后，三星方面表示 李在镕此行仅为市场视察，未购买任何商品。 新浪科技讯 1月6日晚间消息，近日，有媒体报道称三星电子会长李在镕在参加中韩商务论坛后，在京 东MALL双井店进行考察，并购买了总计100只Labubu，相关话题迅速冲至热搜。随后，三星方面表示 李在镕此行仅为市场视察，未购买任何商品。 对此，泡泡玛特相关工作人员表示，"还未了解购买100个Labubu的具体情况，但品牌并未入驻京东 MALL双井店。" 责任编辑：何俊熹 对此，泡泡玛特相关工作人员表示，"还未了解购买100个Labubu的具体情况，但品牌并未入驻京东 MALL双井店。" 责任编辑：何俊熹 ...

Core Viewpoint - The report by Bernstein predicts a significant decline in Bubble Mart's stock price due to potential sales drop and consumer interest decline in LABUBU, which they believe could lead to a vicious cycle affecting profitability and market performance [1]. Group 1: Market Analysis - Bernstein's conclusion about Bubble Mart's bubble is criticized as being overly simplistic and based on a misunderstanding of consumer behavior, as many buyers genuinely desire LABUBU products [2]. - The report misinterprets the importance of scarcity in Bubble Mart's business model, which relies more on market penetration than on artificial scarcity [3]. - The comparison to Beanie Babies is deemed inappropriate, as the consumer base and business models of Bubble Mart and Beanie Babies are fundamentally different [3]. Group 2: Business Model and Strategy - Bubble Mart's strategy focuses on direct-to-consumer (DTC) sales, which allows for better control over pricing and distribution, contrasting with traditional models that rely on multiple layers of distribution [13]. - The company has successfully cultivated multiple IPs, with LABUBU becoming a leading product in just five years, showcasing its efficiency in creating popular items [8]. - The product strategy is clearly divided into regular and limited edition items, catering to different consumer segments and enhancing brand loyalty [5]. Group 3: Consumer Behavior and Market Trends - A significant portion of Bubble Mart's consumers purchase products for emotional satisfaction and design rather than for investment purposes, indicating a healthier consumer base [5]. - The decline in search interest for LABUBU is interpreted as a sign of consumer transition from searching to purchasing, reflecting a solid user base with high repurchase rates [11]. - The operational adjustments made by Bubble Mart, such as optimizing store experiences, are aimed at enhancing customer satisfaction rather than indicating a decline in demand [11]. Group 4: Stock Performance and Market Perception - The recent stock price drop of 40% is attributed to broader market factors rather than a direct reflection of Bubble Mart's operational health [14]. - The market's tendency to apply traditional valuation metrics to a new business model like Bubble Mart's is seen as a misunderstanding of the company's unique value proposition [12][15]. - Historical parallels are drawn between Bubble Mart and Tesla, suggesting that misjudgments by analysts could lead to significant market opportunities for the company [16].

摩根士丹利发布研报称，预计泡泡玛特(09992)在美国的销售增长将更具韧性，集团的整体销售表现亦 将超出市场预期。重申泡泡玛特为首选股，予目标价325港元，评级为"增持" 大摩表示，进入2026年，相信市场焦点可能会由美国市场与Labubu产品转向集团整体发展动力。虽然 泡泡玛特的北美市场需有更多投入以释放长期潜力，但其在中国及亚洲的地位将成为集团2026年增长的 基石。 ...

智通财经APP获悉，摩根士丹利发布研报称，预计泡泡玛特(09992)在美国的销售增长将更具韧性，集团 的整体销售表现亦将超出市场预期。重申泡泡玛特为首选股，予目标价325港元，评级为"增持" 大摩表示，进入2026年，相信市场焦点可能会由美国市场与Labubu产品转向集团整体发展动力。虽然 泡泡玛特的北美市场需有更多投入以释放长期潜力，但其在中国及亚洲的地位将成为集团2026年增长的 基石。 ...

摩根士丹利发表研究报告，预计泡泡玛特在美国的销售增长将更具韧性，集团的整体销售表现亦将超出 市场预期。踏入2026年，该行相信市场焦点或会由美国市场与Labubu产品转向集团整体发展动力。大 摩表示，虽然泡泡玛特的北美市场需有更多投入以释放长期潜力，但其在中国及亚洲的地位将成为集团 2026年增长的基石。该行重申泡泡玛特为首选股，予目标价325港元，评级"增持"。 ...

Core Insights - Pop Mart has launched a cooperative production base in Mexico to meet the strong demand for trendy toys in the rapidly growing North American market [1][2] - The company has expanded its supply network by partnering with production facilities in Mexico, Cambodia, and Indonesia, as it does not own any factories [1][2] - Since the Labubu doll became a global phenomenon last year, Pop Mart has been increasing its production capacity to address the soaring demand across China, Japan, the United States, and Southeast Asia, leading to frequent stock shortages in physical stores and rising resale prices [1][2] - As one of the few Chinese brands gaining global consumer popularity, Pop Mart is significantly investing in the U.S. market, planning to double the number of its stores in the country this year, currently operating around 60 stores and 100 "roboshop" vending machines [1][2] - Concerns regarding the sustainability of Labubu's popularity have suppressed Pop Mart's stock price in Hong Kong, which has declined approximately 40% since reaching a record high in August of last year [1][2]

Group 1 - The Hong Kong stock market is showing strength, with various indices opening higher, including the Hang Seng Index which opened at 26,502.40 points, up 155.16 points, a rise of 0.59% [1] - The Hang Seng Tech Index opened at 5,787.01 points, increasing by 45.38 points, a rise of 0.79% [3] - New consumption concept stocks are rebounding, with Pop Mart (HK09992) leading the gains, rising over 5% in early trading and accumulating over 9% since the beginning of the year [5] Group 2 - According to浦银国际, Pop Mart, as a leader in the global trendy toy industry, has a solid fundamental and high certainty for long-term growth, with its current stock price at a 15x PE ratio indicating high value [7] - The short-selling volume has decreased, suggesting improving market sentiment due to recovering short-term sales data and positive news, such as Sony's plans for a Labubu movie [7] -浦银国际 maintains a "Buy" rating for Pop Mart, setting a target price of 286.9 HKD for 2026, anticipating significant recovery potential in stock price and valuation [7] Group 3 - The technology sector is seeing more stocks rise than fall, with notable increases in companies like NetEase and Kuaishou, both up over 3%, while Alibaba has seen a decline of over 1% [7] - The electric power equipment sector opened high, with Yihua Tong rising over 4%, and lithium battery stocks are active, with Tianqi Lithium rising over 3% [7] - Dongwu Securities reports that the Hong Kong stock market is attractive for medium to long-term allocation, expecting continued inflow of southbound funds, particularly into insurance and fixed income [7]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 泡泡瑪特國際集團有限公司 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09992 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.0001 USD | | 500,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 5,000,000,000 | USD | | 0.0001 USD | | 500,000 | 本月底法定/註冊股本總額： USD 500,0 ...

Core Viewpoint - Pop Mart (09992) has officially opened its first store in Canada, marking a significant step in its expansion into the North American market [1][5]. Group 1: Store Opening and Market Response - The new store is located in Richmond Center, Vancouver, and features popular IP products such as THE MONSTERS, MOLLY, SKULLPANDA, and DIMOO, attracting considerable consumer interest [1][5]. - The opening generated a buying frenzy, with queues extending to nearby stores within just two days [1][5]. - Pop Mart's Americas business representative noted that there has been substantial demand from Canadian consumers on social media and e-commerce platforms prior to the store opening [1][5]. Group 2: Expansion Plans - Pop Mart currently operates over 60 physical stores in the United States [1][5]. - The company plans to open additional stores in Vancouver by early 2026 and will also enter the Toronto market, completing its presence in key cities on both coasts of Canada [1][5].

Core Viewpoint - Pop Mart (09992) has opened its first store in Canada, marking a significant step in its expansion into the North American market, with strong consumer interest observed during the opening period [1] Group 1: Company Expansion - Pop Mart's first Canadian store is located in Richmond, Vancouver, and features popular IP products such as THE MONSTERS, MOLLY, SKULLPANDA, and DIMOO, attracting considerable consumer attention [1] - The store experienced a buying frenzy within two days of opening, with queues extending to nearby stores, indicating strong demand [1] - The company plans to open additional stores in Canada, including a new location in Vancouver by early 2026 and its first store in Toronto, aiming to establish a presence in key cities on both coasts [1] Group 2: Market Performance - Following the news of the store opening, Pop Mart's stock price increased by over 4% during trading, closing at 199.5 HKD, with a trading volume of 1.294 billion HKD [1]