Hua Er Jie Jian Wen·2026-01-22 12:12Core Viewpoint - The launch of the "PUCKY Knock Knock Series" plush blind box, which emits a wooden fish sound, has revitalized the stock price of Pop Mart, leading to a significant increase in market activity [1]. Product Overview - The "PUCKY Knock Knock Series" was introduced in January, transforming the traditional wooden fish into an electronic sound-emitting device that triggers a crisp sound when tapped on the head, featuring tags like "Wealth +1" and "Happiness +1" aimed at emotional relief [3]. - The series consists of six regular characters and one hidden character, priced at 99 yuan per box and 594 yuan for a full set of six [6]. Market Response - The entire series sold out on the official website, with hidden variants being resold at approximately 327 yuan, reflecting a premium of 230% over the original price [4][8]. - On secondary markets, the highest resale price reached 288 yuan, indicating a 190% premium, showcasing the strong purchasing power of Pop Mart's core fanbase [8]. Cultural and Emotional Appeal - The product combines traditional cultural elements with modern electronic toys, resonating with young consumers' need for emotional relief, as encapsulated in the slogan "One tap on the wooden fish, all worries disappear" [8]. - This innovative blend of traditional Zen concepts and contemporary trends not only retains Pop Mart's signature cute style but also adds emotional value and social attributes to the product [8]. Corporate Actions - On January 21, the company announced a share buyback of 500,000 shares for 96.49 million HKD, marking the second buyback within the week, with a total buyback amount nearing 350 million HKD [9]. - The frequent buyback operations indicate the company's dissatisfaction with the current stock price and confidence in future growth, reinforcing positive market sentiment alongside product innovation [9].