Shen Zhen Shang Bao·2026-01-24 15:31Group 1 - The core product launched by Pop Mart in January is the "PUCKY Knock Knock Series" plush blind box, which features an electronic sound device that triggers sound effects when the head is tapped, aimed at emotional stress relief [6] - The blind box includes 6 regular characters and 1 hidden character, priced at 99 yuan per box and 594 yuan for a full set of 6. The product quickly sold out on the official website, with resale prices skyrocketing [6] - The hidden character "Success" saw its market price rise from 99 yuan to 396 yuan, a 300% increase, while the most popular regular character "Wisdom" increased from 99 yuan to 209 yuan, a 100% increase [6] Group 2 - Following the product's success, Pop Mart's stock price surged over 6% on January 22, closing at 206 HKD per share, with a market capitalization of 276.4 billion HKD [9] - On January 21, Pop Mart announced a share buyback of 500,000 shares for a total of 96.49 million HKD, marking the second buyback within the week, with a cumulative buyback amount nearing 350 million HKD [9] - Morgan Stanley projects that Pop Mart's net profit will reach 12.6 billion RMB by 2025, supported by a net cash flow of 20 billion RMB at the end of last year, indicating strong performance potential for 2025 and Q1 2026 [9]