智通财经APP获悉，泡泡玛特(09992)涨超5%，截至发稿，涨5.1%，报255.6港元，成交额22.86亿港元。 消息面上，泡泡玛特创始人王宁近日在其年会上公布了2025年度核心数据：泡泡玛特全球员工伙伴超1 万人、注册会员超1亿人、LABUBU全年销量超1亿只、全品类全IP产品销量超4亿只，业务覆盖100+国 家和地区、全球门店超700家、拥有6大供应链基地。华西证券指出，公司年会回顾了2025年的关键突破 与高光时刻，也为即将启程的2026年勾勒出更清晰的方向与想象空间。近期公司多款新品在国内和海外 取得亮眼表现，预计公司业绩有望迎来新年开门红，看好IP运营平台长期商业价值。 摩根士丹利认为，泡泡玛特今年在产品设计方面将迎来更多惊喜，而集团旗下IP产品Labubu与Moynat 的合作、据报Labubu电影将由索尼影业制作，加上LVMH中国区CEO加入公司董事会，显示泡泡玛特的 文化影响力日益受到顶尖行业领导者的认可，并相信公司已为其即将推出的新产品争取到更有效的营销 资源，这对提升其IP受欢迎程度至关重要。该行认为随着中国及海外市场销售动能持续，加上产品线扩 展良好和以IP为中心的新举措，可能会迎来 ...

摩根士丹利发表研报指，泡泡玛特旗下新IP产品Twinkle Twinkle和Skullpanda的强大受欢迎程度，将持 续推动其IP产品运转。大摩认为泡泡玛特今年在产品设计方面将迎来更多惊喜，而集团旗下IP产品 Labubu与Moynat的合作、据报Labubu电影将由索尼影业制作，加上LVMH中国区CEO加入公司董事 会，显示泡泡玛特的文化影响力日益受到顶尖行业领导者的认可，并相信公司已为其即将推出的新产品 争取到更有效的营销资源，这对提升其IP受欢迎程度至关重要。大摩予泡泡玛特目标价325港元，评 级"增持"，认为随着中国及海外市场销售动能持续，加上产品线扩展良好和以IP为中心的新举措，可能 会迎来估值重估。 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company held its annual meeting on February 6, outlining strategic directions for 2026 and highlighting significant achievements from 2025. The company expects strong performance in the new year, driven by new product launches and the long-term commercial value of its IP operation platform [2][3] - The company anticipates substantial revenue growth, with LABUBU's annual sales expected to exceed 100 million units and total product sales across all categories projected to surpass 400 million units in 2025. The average price of products is over 100 yuan [3] - The company is expanding its business to over 100 countries and regions, with more than 700 global stores, and has solidified its supply chain capabilities with six major supply chain bases [3] - New products have performed well, with significant growth in GMV on domestic platforms like Douyin. The company has launched several new series, which are expected to support strong performance in the new year [4] - The company is diversifying its IP portfolio, establishing a "Pop Mart brand universe" that includes amusement parks, desserts, jewelry, and entertainment [5] Financial Projections - Revenue projections for 2025-2027 are 38.38 billion, 52.77 billion, and 65.70 billion yuan, respectively. Net profit estimates for the same period are 13.29 billion, 18.60 billion, and 23.91 billion yuan, with EPS expected to be 9.91, 13.86, and 17.82 yuan [6][8] - The company maintains a gross margin of approximately 71% in the forecast period, with a projected PE ratio decreasing from 22 to 12 over the same period [8]

21世纪经济报道记者董静怡实习生朱丙淇 行业一览 外汇储备规模升至3.4万亿美元，黄金储备持续增持 中国国家外汇管理局数据显示，截至2026年1月末，中国外汇储备规模升至33991亿美元，环比上升 1.23%；央行黄金储备增持至7419万盎司。外汇局指出，受主要经济体财政与货币政策预期影响，美元 指数下跌，推升了非美元资产的估值。 市场分析指出，美元走弱受到多重因素驱动，包括地缘政治风险加剧、以及特朗普暗示对美元贬值持开 放态度引发的抛售潮。此外，关于Kevin Warsh可能当选美联储主席的预期发酵，导致美债震荡上行， 全球资产价格整体上涨。对于跨境企业而言，汇率波动与储备规模的稳定直接关联着资金结算成本与宏 观环境的确定性。 商务部：服务进出口总额破8万亿，2026年将办百场进口促进活动 商务部数据显示，2025年我国服务进出口总额达80823.1亿元，同比增长7.4%。结构上，知识密集型服 务贸易表现亮眼，电信计算机和信息服务出口增长10.5%，显示出中国服务贸易正向高附加值环节跃 升。 与此同时，为平衡进出口发展，商务部宣布2026年将组织超百场"共享大市场·出口中国"进口促进活 动。官方强调将通过" ...

Group 1 - The core message of the news highlights the ambitious growth plans and achievements of Pop Mart, including a projected global workforce of over 10,000 employees and more than 100 million registered members by 2025 [2] - Pop Mart's LABUBU product line is expected to achieve annual sales exceeding 100 million units, with total product sales across all categories and IPs projected to surpass 400 million units [2] - The company aims to expand its business presence to over 100 countries and regions, with more than 700 global stores and six supply chain bases, creating over 200,000 jobs [2] Group 2 - Founder Wang Ning emphasized the transformative impact of AI on human intellect and the importance of art and culture in providing meaning to life during the company's annual meeting [4] - The event featured notable appearances, including comedian Li Dan and actor Shen Teng, who highlighted the charismatic leadership of Wang Ning [4] - As of February 6, Pop Mart's stock price reached 243.2 HKD per share, marking a three-month high, following the announcement of London as its European headquarters and plans to open seven new stores in the UK [4] Group 3 - Recent product launches, such as the "Starry People" series and the "PUCKY Knock Knock" series, have gained significant popularity, with the Valentine's Day limited edition blind boxes priced at 89 RMB each [5] - The "Starry People" blind box series has seen resale prices on secondary markets averaging around 100 RMB, with some listings reaching up to 849 RMB [5] - The hidden variants of the "Starry People" series have experienced a price surge, with some items selling for as high as 699 RMB, representing a premium of 6.8 times the original price [6] Group 4 - The "PUCKY Knock Knock" series has also gained traction, with hidden variants selling for around 327 RMB, reflecting a high premium of 230% [6] - Previous product launches have often seen high demand before official sales, with items like the "MOKOKO" plush being resold for prices ranging from 600 RMB to 1999 RMB [6]

Core Viewpoint - The recent annual meeting of Pop Mart highlighted ambitious growth targets for 2025, including a significant increase in global employees and product sales, while emphasizing the importance of art and culture in a rapidly changing world [1][3]. Group 1: Company Growth and Expansion - By 2025, Pop Mart aims to have over 10,000 global employees and more than 100 million registered members, with LABUBU's annual sales projected to exceed 100 million units and total product sales across all categories to surpass 400 million units [1][3]. - The company plans to establish its European headquarters in London and open seven new stores in the UK, including locations in Birmingham, Cardiff, and Oxford Street, with a total of 20 new stores planned across Europe, creating over 150 jobs [2][4]. Group 2: Product Performance and Market Response - Recent product launches, including the PUCKY Knock Knock series and the Starry People series, have seen significant market success, with reports of sold-out items and substantial price premiums on secondary markets [2][4]. - The hidden variants of the PUCKY Knock Knock series and Starry People series are experiencing price premiums of 2-3 times and 3-6 times, respectively, while regular variants are seeing premiums between 70% and 200% [2][4]. Group 3: Investor Sentiment and Market Valuation - Citigroup believes that the market has undervalued Pop Mart's IP vitality and incubation capabilities, suggesting that investor confidence may rise with the successful launch of new products and the initiation of a share buyback plan [2][4]. - Guosen Securities notes the recent trends indicating strong demand for new products, which could enhance the company's IP potential during the upcoming holiday season [2][4].

Core Viewpoint - Pop Mart held its 2026 annual meeting, featuring a surprise performance by founder Wang Ning and special guest appearances by celebrities, highlighting the company's engagement with its audience and community [1] Group 1: Event Highlights - The annual meeting included a performance of Wing Chun by Wang Ning, which energized the audience [1] - Actor Shen Teng made a surprise appearance, contributing to the event's entertainment value [1] - The event featured a lineup of notable guests, including Guo Qilin and Li Dan, as well as performances by bands such as Five People, Escape Plan, and Second-hand Rose [1] Group 2: Audience Engagement - Wang Ning announced a giveaway of 1,000 movie tickets for the upcoming film "Fast and Furious 3" to attendees, enhancing audience participation [1] - Shen Teng engaged with the audience by recreating a classic scene, further connecting with fans and attendees [1]

2月6日，泡泡玛特年会在北京钻石网球场举行，泡泡玛特创始人王宁在年会上公布了2025年度的核心数据：泡泡玛特全球员工伙伴超1万人、注册会员超1 亿人、LABUBU全年销量超1亿只、全品类全IP产品销量超4亿只，业务覆盖100+国家和地区、全球门店超700家、拥有6大供应链基地。 责任编辑：钟离 财经频道更多独家策划、专家专栏，免费查阅>> ...

【泡泡玛特王宁透露LABUBU全年销量超1亿只】《科创板日报》7日讯，《科创板日报》记者获悉， 泡泡玛特创始人王宁在其年会上公布了2025年度核心数据：泡泡玛特全球员工伙伴超1万人、注册会员 超1亿人、LABUBU全年销量超1亿只、全品类全IP产品销量超4亿只，业务覆盖100+国家和地区、全球 门店超700家、拥有6大供应链基地。（记者 徐赐豪） 转自：智通财经 ...

今天分享的是：2026泡泡玛特国产品牌购物中心门店杂货与潮玩业态 报告共计：12页 国产品牌购物中心门店深度观察：杂货与潮玩业态的路径分野与融合趋势 在当下消费市场，以名创优品为代表的杂货业态与以泡泡玛特引领的潮玩业态，正成为购物中心里两类引人注目的国产力量。它们各自凭借差异化的商业模 式与消费逻辑，在实体商业中占据重要一席，共同折射出中国消费市场"实用主义"与"情感体验"并行的双轨特征。 杂货业态以规模化、高效率的供应链为核心壁垒，主打"极致性价比"与高频上新策略，瞄准的是广泛的全年龄段家庭客群。其产品设计侧重功能性与场景 化，门店布局强调实用与高效动线，通过大数据驱动的选品与快速的供应链响应，满足大众日常生活与即兴消费需求。这类品牌通过本地化产品策略与社区 活动增强用户粘性，其竞争核心在于供应链成本控制与数字化运营能力，市场增长稳健，已成为民生消费的基石。 与之形成鲜明对比的是潮玩业态，其商业逻辑围绕IP生态构建，通过设计、生产、销售与社群运营的闭环实现高溢价。以泡泡玛特为例，其盈利高度依赖IP 的情感价值与收藏属性，限量策略与隐藏款玩法进一步激发了社交传播与收藏热情。消费群体集中于Z世代及年轻女性，消费 ...