新品爆款频出，IP势能有望再度提升：2026开年以来PUCKY敲敲、星星人怦然星动、SP*小马宝莉等爆款频出， 验证了泡泡 【国信传媒】泡泡玛特今日大涨7%，经营拐点确立，持续坚定推荐 近期催化事件：1）2月6日召开年会，资料显示LABUBU/全品类销售量分别为1亿/4亿只、全球门店数量700+家， 超出市场预期。 2）SP*小马宝莉在ins上点赞数量创新高，北美官网已售罄。 新品爆款频出，IP势能有望再度提升：2026开年以来PUCKY敲敲、星星人怦然星动、SP*小马宝莉等爆款频出， 验证了泡泡玛特对单一IP依赖度下降，以及IP"造星"能力强劲。 【国信传媒】泡泡玛特今日大涨7%，经营拐点确立，持续坚定推荐 近期催化事件：1）2月6日召开年会，资料显示LABUBU/全品类销售量分别为1亿/4亿只、全球门店数量700+家， 超出市场预期。 2）SP*小马宝莉在ins上点赞数量创新高，北美官网已售罄。 我们认为泡泡玛特已经沉淀出一套成熟的IP孵化和造势方法论，IP矩阵的广度和深度大，有望使公司摆脱潮流风 险，实现业绩持续稳步提升。 海外渠道有望加速增长：截至25年末公司已在全球开设700+家门店、覆盖100+个 ...

2月金股【泡泡玛特】坚定看好：年会信息小结&王宁讲话简评&1月底部深度报告回顾： 1、全年全品类销售量4亿+，Labubu单品销售量1亿+，i.e.Labubu销售量占比25% 2、全球门店数量700家+，海外200家+ 3、全球注册会员1亿+，1H25中国内地会员数量近6000万，海外会员数量占比低于中国内地；49%新会员仅认识 Labubu 3.0 4、乐园客流量同比+77%，其中非亲子家庭游客占比59%，非本 3、全球注册会员1亿+，1H25中国内地会员数量近6000万，海外会员数量占比低于中国内地；49%新会员仅认识 Labubu 3.0 4、乐园客流量同比+77%，其中非亲子家庭游客占比59%，非本地游客占比58%，潜在客群超预期；城市乐园二期 规划中，或包含游乐项目。 5、毛绒成为第一大品类，占比40%左右，预计全年占比相比25H1保持稳定。 6、建成6大供应链基地，赋能20万个就业岗位。 相比2024年7月全品类产能+2.5倍，毛绒产能+7倍。 目前国际估值比较赔率可观，成长阶段强化安全边际，国力势能强化胜率： （1)pe角度： 迪士尼与三丽鸥的历史估值体系pe在10-30或10-40倍，10倍 ...

Investment Rating - The report assigns a positive investment rating to Pop Mart (9992.HK), indicating a favorable outlook for the company's growth and market position [4]. Core Insights - The market perception of Pop Mart is evolving from a "blind box company" to a "global IP full industry chain group," reflecting a significant transformation in its business model and market strategy [4]. - The report addresses key concerns regarding the extension of IP lifecycle, breakthrough in the North American market, and the transition of valuation systems [4]. Summary by Sections Q1: Sustainability of Labubu's Growth - Labubu's strong growth is deemed sustainable due to proactive product rhythm adjustments, supply chain optimization, and the promotion of an IP family strategy, transitioning from a phenomenon to a core IP [5]. - Healthy growth is characterized by a decline in secondary market prices, which is seen as a positive clearing rather than a collapse, laying the foundation for long-term growth [5]. Q2: Capability of Mass Producing "Medium IP" - The company has established an industrialized and replicable IP incubation system, enabling it to mass-produce medium-sized IPs [6]. - The new IP, represented by "Twinkle Twinkle," achieved revenue of 390 million yuan in the first half of 2025, complementing Labubu and ensuring continuous product iteration [6]. Q3: Growth Potential in North America - The North American market presents significant growth potential, driven by strategic store expansion and localized operations [7]. - Pop Mart plans to open approximately 270-550 stores in North America, with a focus on a multi-store network to enhance regional penetration [7]. Q4: Market Penetration in Europe - The European market is rapidly penetrating, with revenue reaching 478 million yuan in the first half of 2025, a year-on-year increase of 729% [8]. - The strategy emphasizes "cultural output" by collaborating with art landmarks and enhancing brand tone through localized marketing [8]. Q5: Progress in New Business Layouts - New business initiatives like POP BAKERY and POPOP are designed to extend consumption scenarios around IP, creating high-frequency consumption opportunities [9]. - POP BAKERY offers themed desserts priced between 39-199 yuan, while POPOP features luxury jewelry priced from 249-2699 yuan, enhancing customer value [9]. Q6: Performance Growth Outlook for 2026 - The company anticipates steady growth in 2026, with total revenue projected to reach 51 billion yuan and adjusted net profit of 18 billion yuan, driven by overseas market expansion and domestic store renewal strategies [10].

泡泡玛特(09992)发布公告，2025年，集团全IP全品类产品全球销售超4亿只，其中，THE MONSTERS 全品类产品全球销售超1亿只。 ...

泡泡瑪特國際集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9992） 自願公告 業務資料更新 本公告由泡泡瑪特國際集團有限公司（「本公司」，連同其附屬公司及併表聯屬實 體統稱「本集團」）董事會（「董事會」）自願作出，以告知本公司股東及潛在投資者 本集團最新業務更新。 2025年，本集團全IP全品類產品全球銷售超4億隻，其中，THE MONSTERS全品 類產品全球銷售超1億隻。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 POP MART INTERNATIONAL GROUP LIMITED 承董事會命 泡泡瑪特國際集團有限公司 執行董事、董事會主席及行政總裁 王寧 香港，2026年2月9日 於本公告日期，執行董事為王寧先生、劉冉女士、司德先生及文德一先生，非執 行董事為屠錚先生及吳越先生，以及獨立非執行董事為張建君先生、吳聯生先生 及顏勁良先生。 本公司之股東和潛在投資者買賣本公司證券時務請審慎行事。 ...

Market Overview - The Hong Kong stock market experienced a significant rebound, with the Hang Seng Index rising by 1.76% to close at 27,027.16 points, while the Hang Seng Tech Index and the Hang Seng China Enterprises Index increased by 1.34% and 1.52%, respectively [1][2]. Trading Volume - The total trading volume for the day reached HKD 255.14 billion, an increase from HKD 247.87 billion in the previous trading session, with net southbound capital outflow of HKD 1.88 billion [2]. Individual Stock Performance - Pop Mart saw a notable increase of 5.76%, while Zijin Mining and Ping An of China rose by 5.58% and 4.89%, respectively. Conversely, China Telecom and Kuaishou experienced declines of 2.96% and 2.74% [3]. Key Stock Transactions - Tencent Holdings had a trading volume of HKD 14.68 billion, Alibaba-W reached HKD 9.29 billion, and Kuaishou recorded HKD 5.62 billion in trading volume [4]. Pop Mart's Growth - Pop Mart's founder announced ambitious sales targets for 2025, projecting over 100 million units sold for LABUBU and over 400 million units across all product lines, with operations in over 100 countries and more than 700 global stores [7]. New Listing Performance - Celerate Technology debuted on the Hong Kong Stock Exchange with a 63.72% increase, opening at HKD 168, which was a 57.1% rise from its issue price. The company anticipates a net profit growth of 52% to 66% by 2025, driven by strong demand in the AI sector [8]. Internet Technology Sector - The internet technology sector rebounded strongly, with Tencent and Alibaba shares rising by 2.28% and 1.87%, respectively. This surge is attributed to major AI initiatives, including Tencent's HKD 1 billion cash giveaway and Alibaba's HKD 3 billion promotional plan [10][13]. Insurance Sector Performance - The insurance sector showed remarkable performance, with China Life and Ping An rising by 3.98% and 4.89%, respectively. Analysts attribute this to declining deposit rates and improving industry fundamentals, with a projected insurance premium income exceeding HKD 6 trillion by 2025 [13].

Market Overview - The Hong Kong stock market experienced a significant rebound on February 9, with the Hang Seng Index rising by 1.76% to close at 27,027.16 points [2] - The Hang Seng Technology Index increased by 1.34% to 5,417.6 points, while the Hang Seng China Enterprises Index rose by 1.52% to 9,168.33 points [2][3] - The total market turnover reached HKD 255.14 billion, an increase from HKD 247.87 billion in the previous trading day [3] Individual Stock Performance - Pop Mart saw a notable increase of 5.76%, while Zijin Mining and Ping An Insurance rose by 5.58% and 4.89%, respectively [4] - Tencent Holdings had a trading volume of HKD 14.68 billion, and Alibaba-W had a trading volume of HKD 9.29 billion [4] Pop Mart's Growth - Pop Mart's founder Wang Ning announced ambitious sales targets for 2025, projecting over 100 million units sold for LABUBU and over 400 million units across all product lines [8] - The company has expanded its business to over 100 countries and regions, with more than 700 global stores and six supply chain bases [8] New Listings - On February 9, Lattice Semiconductor debuted on the Hong Kong Stock Exchange, with its stock price increasing by 63.72% on its first day of trading [9][10] - The company, a leading supplier of memory interconnect chips, anticipates a net profit growth of 52% to 66% by 2025, driven by strong demand from the AI industry [10] Internet Technology Sector - Internet technology stocks rebounded strongly, with Tencent and Alibaba-W rising by 2.28% and 1.87%, respectively [13] - Major internet companies are launching AI-related promotional activities, such as Tencent's HKD 1 billion cash giveaway and Alibaba's HKD 3 billion "Spring Festival Treat" initiative [14][17] Insurance Sector Performance - The insurance sector showed strong performance, with China Life and Ping An Insurance rising by 3.98% and 4.89%, respectively [18] - Analysts attribute this growth to declining deposit rates and ongoing improvements in the industry fundamentals, with a projected insurance premium income of over HKD 6 trillion by 2025 [18]

Core Viewpoint - MINISO is officially announcing its strategic upgrade to transform into a globally leading IP operation platform, responding to the rapidly changing consumer market [1][6]. Group 1: Strategic Upgrade - The company is transitioning from a retail enterprise to a global IP operation platform, marking a significant identity change [5][6]. - MINISO's new vision is driven by the shift from material consumption to interest consumption, emphasizing emotional value [6][10]. - The company has established three main strategies: "multi-category, multi-IP, and globalization," while also focusing on the development of trendy toy categories [8]. Group 2: Implementation Paths - MINISO has outlined four evolution paths: upgrading global store experiences, launching new business formats like MINISO LAND, transforming from retail to cultural and creative genes, and ultimately achieving value reconstruction [8]. - The company is committed to nurturing original IP, investing at least 100 million annually to foster creativity and emotional resonance in its IPs [10]. Group 3: Cultural Core - The cultural foundation of MINISO is defined by the "five spirits" of its employees, which include passion, integrity, courage, belief, and professionalism [11]. - The company aims to connect its mission of bringing 100 Chinese IPs to the world with national cultural confidence and the revival of the nation [11][13]. - MINISO is fostering an environment that stimulates curiosity and innovation, aligning its business strategy with a higher cultural mission [13].

Core Viewpoint - Huaxi Securities maintains its profit forecast for Pop Mart (09992), projecting revenues of 38.384 billion, 52.768 billion, and 65.698 billion CNY for 2025-2027, with net profits of 13.291 billion, 18.599 billion, and 23.91 billion CNY respectively, and EPS of 9.91, 13.86, and 17.82 CNY, corresponding to PE ratios of 22, 16, and 12X, maintaining a "Buy" rating [1]. Group 1: Event Overview - On February 6, 2026, Pop Mart held its "Ride the Wave" theme annual meeting in Beijing, reviewing key breakthroughs and highlights from 2025 while outlining a clearer direction for 2026 [2]. - The company has seen impressive performance from several new products both domestically and internationally, leading to expectations of a strong start to the new year [2]. Group 2: 2025 Performance Review - The annual meeting highlighted significant expected revenue growth, with LABUBU's annual sales projected to exceed 100 million units and total product sales across all IPs expected to surpass 400 million units [3]. - The company has expanded its business coverage to over 100 countries and regions, with more than 700 global stores, up from 571 stores in the first half of 2025 [3]. - Supply chain capabilities have been strengthened, with the company currently operating six major supply chain bases [3]. Group 3: Strategic Vision - The founder emphasized the importance of art and culture in providing meaning in today's rapidly changing world, stating that the company should play a more significant role in offering spiritual comfort [4]. - Company executives indicated a future focus on operational details, expanding landmark stores, and incubating new businesses in overseas markets [4]. Group 4: New Product Performance - New products have performed well, with significant growth in GMV on domestic platforms like Douyin in January [5]. - The top-selling products include various new series, forming a strong multi-IP matrix to support the new year's performance [5]. - The company has partnered with Simon Property Group to open over 20 new standard retail stores across the U.S., indicating a strong channel expansion outlook for 2026 [5]. Group 5: Brand Universe Development - The company is diversifying into various sectors, including amusement parks, desserts, jewelry, and entertainment, to establish a comprehensive Pop Mart brand universe [6]. - The Pop Mart amusement park has attracted a significant number of visitors, ranking sixth among popular inbound tourism destinations in Beijing for 2025 [6]. - The dessert brand POPBakery has launched in multiple cities, with plans for further expansion [6].

Core Insights - The upcoming Spring Festival has prompted Dongguan to launch a series of promotional activities under the theme "Experience Manufacturing Aesthetics" to boost consumer spending and showcase local products [1][2] Group 1: Promotional Activities - Dongguan has initiated the "Experience Manufacturing Aesthetics" campaign, which includes five "Shopping and Touring Dongguan" routes and the release of the first batch of "Top Ten Popular Business Circles" [1][3] - The campaign will run from early February to March 18, featuring local specialties in various categories such as consumer electronics, trendy toys, home furnishings, clothing, and food [1][2] Group 2: Shopping Routes - Five classic shopping routes have been established, integrating dining, accommodation, culture, and travel, aimed at providing a comprehensive consumer experience [2] - These routes connect brand factory stores with well-known attractions, cultural landmarks, and dining establishments, promoting a deep engagement with Dongguan's manufacturing quality [2] Group 3: Business Circles - The "Top Ten Popular Business Circles" have distinct focuses, such as the Hongfu Business Circle, which combines high-end retail, trendy living, technology experiences, and youth socializing [3] - The initiative aims to create a vibrant shopping atmosphere by integrating elements of intangible cultural heritage, music, performances, and art into the consumer experience [3] Group 4: Consumer Incentives - A total of 22 million yuan in various consumer vouchers will be distributed to stimulate spending, with significant discounts and promotions offered by local brand factory stores [3][4] - Specific initiatives include 10 million yuan in retail consumption vouchers, 8 million yuan in dining vouchers, and 4 million yuan in tourism vouchers, all aimed at enhancing consumer engagement [4]