炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：上市之家 请来LV总裁，泡泡玛特的投资者们，似乎并不买账。 12月10日，潮玩巨头泡泡玛特（09992.HK）发布董事会人事调整公告，宣布LVMH大中华区总裁吴越 获任非执行董事，任期三年，而黑蚁资本管理合伙人何愚因工作安排辞任。公告披露，吴越将获每年 120万港元固定现金薪酬及180万港元股份基础薪酬，合计300万港元的年薪规模引发市场关注。 然而，这场被外界视为"奢侈品基因注入潮玩赛道"的重磅委任，并未获得投资者积极响应。12月11日， 泡泡玛特股价微涨1.58%；12月12日收涨0.36%，收盘价维持在190港元区间。相较于8月历史高点，公 司股价累计跌幅已超40%，市值蒸发逾2500亿港元，市场情绪与高管委任的热度形成鲜明反差。 现年69岁的吴越堪称中国奢侈品行业"元老级人物"。公开履历显示，他1993年加入LVMH集团，成为该 集团首位华裔高管，一手搭建Dior香水化妆品中国业务体系；2005年重返LVMH担任大中华区总裁后， 带领旗下70余个奢侈品牌完成在中国市场的规模化扩张，见证并推动了奢侈品在中国的消费升级浪潮。 ...

Core Viewpoint - CMB International maintains a "market perform" rating for China's discretionary consumption sector for 2026, expecting overall retail sales growth of approximately 3.5% with a cautious outlook [1] Sector Summaries Preferred Sub-sectors - The company is optimistic about the following sub-sectors: 1) Tea and coffee, 2) Trendy toys, 3) Apparel, 4) Textiles [1] Neutral Outlook Sub-sectors - The company maintains a "market perform" view on the following sub-sectors: 5) Dining, 6) Sports goods, 7) Travel and hotel, 8) Home appliances [1] Consumption Types - In a basic scenario, the company favors: 1) Survival consumption (frugality, low price, high cost-performance), with related companies including: Guoquan, Yum China, Luckin Coffee, Dashihua, Bosideng [1] - 2) Compensatory consumption (small pleasures, affordable entertainment, emotional value, experiential) [1] - 3) Defensive consumption (gold, silver, high dividends), with related companies including: Bosideng, Jiangnan Buyi, Li Lang, Tabo [1] Optimistic Scenario - In an optimistic/bull market scenario (strong stock market, stabilizing real estate), large-ticket consumption will benefit more, with related companies including: Haier Smart Home, Midea Group, Hai Di Lao, Anta Sports [1]

Core Viewpoint - The report from CMB International indicates a cautious outlook for China's discretionary consumption sector in 2026, with an expected overall retail sales growth of approximately 3.5%, a slight decrease from about 4% in 2025, influenced by factors such as the delayed Spring Festival, extended holidays, potential recovery in the real estate sector, and a thriving stock market [1] Group 1: Industry Overview - The industry valuation is likely to have bottomed out this year, currently at around 15 times the price-to-earnings ratio, which is still not expensive compared to the average of about 20 times over the past eight years [1] - The overall view remains conservative due to potential slowing growth in the next 12 months and high geopolitical risks, suggesting that valuations may not rise quickly without significant positive policies or a clear recovery in real estate [1] Group 2: Subsector Ratings - CMB International prioritizes the following subsectors for 2026: 1) Tea and coffee, 2) Trendy toys, 3) Apparel, 4) Textiles; maintaining a "market perform" rating for: 5) Dining, 6) Sports goods, 7) Travel and hotel, 8) Home appliances [2] - The ratings for the tea and coffee sector and trendy toys are maintained at "outperform," while the apparel and textile sectors have been upgraded to "outperform" [2] Group 3: Investment Themes - The investment themes are categorized into different types of consumption, with a focus on: 1) Essential consumption (frugality, low price, high cost-performance), related companies include: Guoquan (02157), Yum China (09987), Luckin Coffee (LKNCY.US), Dashihua (01405), Bosideng (03998) [2] - Other themes include compensatory consumption (small pleasures, affordable entertainment, emotional value, experiential) and defensive consumption (gold, silver, high dividends), with related companies such as Bosideng (03998), Jiangnan Buyi (03306), Li Lang (01234), and Taobo (06110), all rated as "buy" [2] Group 4: Large-ticket Consumption - CMB International is less optimistic about large-ticket consumption (durables, real estate-related, luxury goods, high-end tourism), but in a bullish scenario (if wealth effects are strong with a thriving stock market and stabilizing real estate), it could benefit large-ticket consumption, with related companies including Haier Smart Home (06690, 600690.SH), Midea Group (00300, 000300.SH), Haidilao (06862), and Anta Sports (02020), all rated as "buy" [3]

Core Insights - The Chinese潮玩 (Pop Toy) industry is experiencing a significant transformation, with 2025 marking a milestone year as leading player泡泡玛特 (Pop Mart) achieves global recognition through its LABUBU搪胶毛绒 series, breaking out of niche markets and gaining traction in overseas regions, particularly in Europe and America [1][8][51] - Despite a subsequent decline in stock price and market capitalization, the enthusiasm for investment in the潮玩 sector remains strong, indicating a robust interest in the industry [3][51] - The潮玩 industry has evolved from a niche market to a global phenomenon, driven by the rise of emotional consumption and the integration of various cultural elements [8][51] Industry Developments -泡泡玛特's market capitalization peaked at 450 billion HKD in August, with annual revenue expected to surpass 40 billion RMB [1] - The LABUBU series significantly boosted泡泡玛特's net profit, which soared by 188.8% to 3.13 billion RMB in 2024, with its IP THE MONSTERS revenue increasing by 726% to 3.04 billion RMB [11] - The潮玩 industry is entering a new phase characterized by increased competition and the influx of capital and cross-industry players [4][51] Investment Activities - A series of significant capital events in the潮玩 sector are scheduled for 2025, including布鲁可's listing on the Hong Kong Stock Exchange and元气玛特's C-round financing [4] - Notable investments include 52TOYS receiving 144 million RMB from Wanda Films and HiTOY being acquired by TOP TOY for 5.1 million RMB [4] Marketing Strategies - The industry is witnessing a shift towards celebrity marketing, with companies leveraging star power to enhance brand visibility and sales [19][20] - AYOR TOYS exemplifies this trend, achieving rapid sales growth through strategic partnerships with celebrities, resulting in significant online sales figures [20][28] - HERE奇梦岛 has also engaged in extensive celebrity collaborations, enhancing its brand's reach and influence across various cultural sectors [23][33] Global Expansion - The潮玩 industry is increasingly focusing on international markets, with泡泡玛特's overseas revenue reaching 5.59 billion RMB in the first half of 2025, a fourfold increase from the previous year [39] - JOTOYS is targeting the U.S. market, expecting overseas GMV to reach 240 million RMB, with a significant portion coming from the American market [39][42] - HIDDEN WOOO is also making strides in international markets, participating in exhibitions and launching products that resonate with global audiences [45][49] Future Outlook - The潮玩 industry is poised for continued growth, with companies exploring innovative marketing and operational strategies to enhance their global presence [51] - The focus on long-term sustainability and user-centric approaches will be crucial for navigating the challenges of market saturation and IP longevity [18][51]

泡泡玛特（09992.HK)10日晚间公告称，何愚因其他工作安排已辞任非执行董事，曾担任LVMH大中华区集团总裁的吴越已获委任为公司非执行董事。 公开资料显示，何愚是黑蚁资本管理合伙人。据黑蚁资本微信公众号，今年3月，何愚曾发文称："从2017年到2025年，对泡泡玛特投资的价值，不仅在于 财务回报，更在于参与了一段激动人心的创造历程。我们的团队与企业一同成长，从2019年-2020年的运营效率提升，2021年-2022年的新业务发展支持， 到2023年-至今的商品管理能力升级。" 来源：红星新闻 关注" 新华网财经 "视频号 更多财经资讯等你来看 往期推荐 据报道，2024年4月，何愚曾以32.32港元/股的价格卖出了208.83万股泡泡玛特股份，套现金额约为6749.39万港元。 公告显示，新任非执行董事吴越今年69岁，自2005年11月起担任LVMH大中华区集团总裁，负责监督LVMH多品牌组合在华业务。在此之前，他于2000年 2月至2005年10月担任索尼国际音乐娱乐集团亚洲区副总裁，负责在华业务；1993年8月至2000年2月，担任LVMH集团旗下Parfums Christian Dior品牌的总 ...

Core Viewpoint - The pricing logic of Chinese stocks is subtly changing, with China taking a more proactive role in global trade, and the manufacturing sector entering a globalization development cycle. The real estate market is stabilizing, leading to a shift in economic thinking, while macro tail risks are decreasing. New technologies and industries are emerging, creating more opportunities in structural development areas [1]. Group 1: New Consumption Trends - The pet food industry is experiencing a simultaneous increase in volume and price, driven by diversified growth and strong brand loyalty, suggesting significant potential for leading brands [2]. - The gold and jewelry sector is expected to maintain a favorable outlook through 2026, with a focus on the value retention of gold jewelry and the strengthening of leading brands [2]. - The collectible toy market is evolving towards a global business model, transitioning from a single product focus to an integrated IP and ecosystem approach, highlighting the importance of strong brand positioning [2]. - The new tobacco sector is seeing stricter regulations but a steady recovery in the compliant market, with increased penetration of heated tobacco products (HNB) [2]. - The AI smart glasses market is projected to grow significantly, with sales expected to reach 1.8 million units by 2026, indicating a shift in product development priorities [2]. - The two-wheeler market is undergoing regulatory changes that are optimizing the industry structure, with leading companies expected to benefit from improved product offerings [2]. Group 2: Cyclical Opportunities - The home furnishings sector is anticipated to remain in an adjustment phase until 2026, with growth driven by demand for soft and smart home products [3]. - The paper industry is facing a tightening supply of wood chips, which may support a gradual recovery in pulp prices, with leading companies expected to enhance their competitive advantages [3]. - The metal packaging industry is seeing increased concentration, with expectations of slight price increases in 2026, while the paper and plastic packaging sectors are maintaining stable demand [3]. Group 3: Export Dynamics - Following the US interest rate cuts, expectations for real estate improvement are rising, and corporate orders are showing signs of recovery, with leading companies benefiting from localized production strategies [5]. - Companies with global layouts, such as home furnishings and automotive brands, are demonstrating resilience and expanding their brand influence through mature local operations [5]. Group 4: Textile and Apparel - The outdoor apparel market is projected to grow significantly, with a CAGR of 9.6% for outdoor clothing and 9.2% for footwear from 2025 to 2029, driven by product innovation [6]. - The men's clothing and home textile sectors are showing resilience, with leading companies benefiting from high dividend yields and online sales growth [6]. - The textile manufacturing sector is optimistic about external demand, with healthy channel inventories and improving orders, particularly in Indonesia as a key production destination [6].

泡泡玛特的潮玩生意正与奢侈品产生更密切的联系。 12月10日，泡泡玛特宣布LVMH大中华区总裁吴越成为了公司董事会的新任非执行董事。 吴越最早在1993年就加入LVMH集团并担任Dior香水的中国业务负责人。2005年再度加入后担任LVMH 大中华区总裁，负责旗下多个奢侈品牌在华业务。 此番吴越的"兼职"落定，或指向泡泡玛特发起国际时尚潮流核心圈层的进一步探索。 尽管自业绩爆发以来，泡泡玛特接近70%毛利率被频繁与爱马仕等奢侈品对比。 但年仅十五岁的泡泡玛特，实际上还是一家年轻公司。 与昔日"一娃难求"的火爆景象相比，如今泡泡玛特产品在二级市场的溢价明显回落，热度较此前也有所 降温。 王宁曾表示其对奢侈品牌LV是如何制造"充足的稀缺"感兴趣。 "我喜欢艺术和商业，但这两件事情是很矛盾的，因为商业追求普遍，而艺术是追求独特的，我们一直 想要找一个平衡点。"王宁说。 在泡泡玛特市值动荡的当下，与全球奢侈品巨头的更多关联与交集，似乎正在成为这种平衡的新表达。 致力双赢 "稀缺"是潮玩和奢侈品行业共同的追求。 奢侈品的价值不仅在于产品本身，更在于展现身份、地位和品味。"排他性"的稀缺，构成了社会分层与 身份认同的基础 ...

Group 1: Core Insights - The report highlights a shift in China's stock pricing logic, emphasizing three core trends: China's proactive position in US-China trade, stabilization in the real estate market, and the emergence of new technologies and industries creating structural growth opportunities [2][15]. - Key investment directions include structural growth in new consumption trends, enhanced global resource allocation capabilities, long-term advantages of high dividend strategies, and undervalued consumer blue-chip stocks [2][15]. Group 2: New Consumption Trends - The personal care and pet food sectors are experiencing a dual growth trend, with strong brand loyalty and significant single product effects, while the baby care market is diversifying with a focus on quality and price [3][26]. - The gold and jewelry market is expected to maintain a favorable outlook in 2026, driven by the value retention of gold jewelry and the concentration of market share among leading brands [3][26]. - The collectible toy market is expanding, with leading companies transitioning from single product-driven models to integrated IP and ecosystem strategies [3][26]. - The new tobacco sector is witnessing stricter regulations, but the heat-not-burn (HNB) market penetration is accelerating, with key players like Smoore International positioned for growth [3][26]. - The smart glasses market is projected to grow significantly, with global sales expected to reach 18 million units by 2026, driven by advancements in comfort, aesthetics, and AI interaction [3][26]. - The electric two-wheeler market is optimizing its structure due to new regulations, with leading companies expected to enhance their market share [3][26]. Group 3: Cyclical Trends - The home furnishings sector is anticipated to remain in an adjustment phase through 2025, with a potential stabilization in 2027, driven by demand for soft and smart home products [5][6]. - The paper industry is expected to see a gradual recovery in demand, supported by limited new pulp capacity and a potential increase in pulp prices [5][6]. - The metal packaging industry is experiencing increased concentration, with expectations of slight price increases in 2026 as the industry shifts from market share to profitability [5][6]. Group 4: Export Dynamics - The report notes a reshaping of supply dynamics, with improved order visibility for companies following the US interest rate cuts and easing trade tensions [6][15]. - Leading companies with localized overseas bases are expected to enhance their global market share, with brands like TaoTao and ZhiOu demonstrating resilience in international markets [6][15]. Group 5: Textile and Apparel Insights - The outdoor apparel market is projected to grow significantly, with a CAGR of 9.6% from 2025 to 2029, driven by product innovation [7][26]. - The men's clothing and home textile sectors are showing resilience, with leading brands benefiting from high dividend characteristics and online sales growth [7][26]. - The textile manufacturing sector is optimistic about external demand, with healthy order books and a continued shift of production capacity to countries like Indonesia [7][26].

通常而言，非执行董事除了担任董事身份外，在公司里不担任其他职务，且不参与日常经营管理；其核 心职责侧重于战略监督与决策咨询，非日常运营。 而奢侈品集团高管加入中国公司的董事局也并非首例。2024年，开云集团大中华区总裁蔡金青出任小米 集团独立非执行董事。此外，也有相同领域的高管出任其他公司的非执行董事，海底捞在去年聘任霸王 茶姬创始人张俊杰为独立非执行董事，任期三年。 对于渴望"升咖"的泡泡玛特来说，吴越的加入或许释放了一个信号：泡泡玛特正努力融入国际时尚潮流 的核心圈层。 智通财经记者 | 马越 智通财经编辑 | 牙韩翔 让泡泡玛特创始人王宁念念不忘的LV，终于等来回响。12月10日，泡泡玛特发公告称LVMH集团大中 华区总裁吴越加入泡泡玛特董事会，担任非执行董事一职。 12月11日，智通财经就此向吴越寻求采访，他称"不参与媒体讨论"。而泡泡玛特方面也未对此进行公告 之外的回应。 现年69岁的吴越是中国奢侈品市场一位标志性人物，他在LVMH集团任职二十多年。对于LVMH集团旗 下47个品牌进入中国，以及中国内地高端商场与奢侈品牌的协同，乃至零售行业的升级，吴越都起到了 关键性作用。 摩根士丹利则在研报中称， ...

Investment Rating - The report maintains a positive investment outlook for the industry, emphasizing the continued value of IP group and global strategies, with expectations for revenue growth driven by IP incubation and operations [9]. Core Insights - Recently, the company celebrated its 15th anniversary with various activities, including a themed exhibition at the Import Expo and the launch of a special blind box series [3][6]. - The company is advancing its global expansion, opening its first store in Qatar in October and in Canada and Denmark in November, while also making its debut at the Macy's Thanksgiving Parade in the U.S. [3][6]. - The company has signed new IPs "1001MOONS" and "SUPERTUTU," and is launching several new products themed around Christmas and winter [3][6]. - The report highlights the company's strong IP incubation and operational capabilities, which are expected to drive revenue growth and improve profit structure due to higher overseas margins [9]. Summary by Sections Event Description - The company has launched a series of activities to celebrate its 15th anniversary, including a themed exhibition and a special blind box series [3][6]. - It is accelerating its global store openings, with significant events such as the participation in the Macy's Thanksgiving Parade [3][6]. IP Incubation and Operations - The company has signed new IPs and launched products that incorporate interactive elements, enhancing customer engagement [9]. - Collaborations with various partners for themed events and exhibitions are ongoing, with a focus on both domestic and international markets [9]. Global Expansion - As of early December, the company has approximately 165 overseas stores, with significant growth in the Americas and Europe [9]. - New store openings in Qatar, Canada, and Denmark mark the company's continued commitment to global expansion [9]. Group Strategy - The company is diversifying its business into film adaptations and other multimedia projects, aiming to establish itself as a comprehensive global IP operator [9]. - The report emphasizes the ongoing value of the company's group and global strategies, with a focus on replicable IP incubation and operations [9].