段永平最新发声！“收回不投资泡泡玛特的说法”

Core Viewpoint - Renowned investor Duan Yongping has revised his stance on Pop Mart, indicating a willingness to invest after reassessing the company’s potential [1][3]. Group 1: Investor Sentiment - Duan Yongping expressed a change of heart regarding Pop Mart, stating he no longer stands by his previous comment of not investing in the company [1][3]. - He emphasized the importance of future growth potential in investments, likening it to the concept of "acceleration" in physics, suggesting that a company with growth momentum can cover more ground over time [3][5]. Group 2: Financial Performance - Pop Mart reported impressive financial results for 2025, with revenue reaching 37.12 billion yuan, a year-on-year increase of 184.7%, and adjusted net profit of 13.08 billion yuan, up 284.5% [9]. - The company’s gross margin improved to 72.1%, reflecting a 5.3 percentage point increase compared to the previous year [9]. - The LABUBU brand achieved significant success, generating 14.16 billion yuan in revenue, a staggering 365.7% increase, marking the first time its revenue surpassed 10 billion yuan [9]. Group 3: Market Reaction - Despite strong financial results, Pop Mart's stock price experienced a significant decline, dropping over 30% from 223.4 HKD on March 25 to 148.7 HKD by March 30 [9]. - In response to the market's negative reaction, Pop Mart initiated a share buyback program, spending approximately 600 million HKD to repurchase shares at prices ranging from 148.4 HKD to 157.8 HKD [10].