彩星玩具(00869)发布公告，根据 Viacom Media Networks 作为特许权授予人("特许权授予人")与集团全 资附属公司彩星玩具国际有限公司("PICL")作为特许权被授权人签订的现行特许权协议("特许权协 议")，PICL 获授予设计、制造、分销及销售"忍者龟"产品("特许权产品")的权利。自2025年10月起，双 方一直就特许权协议续期进行磋商，惟 PICL 最近已接获特许权授予人的正式通知，特许权协议于2026 年12月31日届满后将不获续期。因此，PICL 销售特许权产品的权利将于2026年12月31日终止，而根据 特许权协议，PICL 处置特许权产品存货的权利将于其届满后九十天终止。 于特许权协议届满后，集团将在适当情况下继续寻找及评估符合其策略考量的潜在特许权机会，并持续 致力于开发及管理现有的产品系列，包括但不限于"Power Rangers"、"MonsterVerse"及"Winx"。 根据本公司资料，特许权产品销售收入分别约占截至2021年12月31日、2022年12月31日、2023年12月31 日、2024年12月31日止年度及截至2025年6月30日止六个月的集团综 ...

于特许权协议届满后，集团将在适当情况下继续寻找及评估符合其策略考量的潜在特许权机会，并持续 致力于开发及管理现有的产品系列，包括但不限于"Power Rangers"、"MonsterVerse"及"Winx"。 智通财经APP讯，彩星玩具(00869)发布公告，根据 Viacom Media Networks 作为特许权授予人("特许权 授予人")与集团全资附属公司彩星玩具国际有限公司("PICL")作为特许权被授权人签订的现行特许权协 议("特许权协议")，PICL 获授予设计、制造、分销及销售"忍者龟"产品("特许权产品")的权利。自2025 年10月起，双方一直就特许权协议续期进行磋商，惟 PICL 最近已接获特许权授予人的正式通知，特许 权协议于2026年12月31日届满后将不获续期。因此，PICL 销售特许权产品的权利将于2026年12月31日 终止，而根据特许权协议，PICL 处置特许权产品存货的权利将于其届满后九十天终止。 根据本公司资料，特许权产品销售收入分别约占截至2021年12月31日、2022年12月31日、2023年12月31 日、2024年12月31日止年度及截至2025年6月30 ...

Core Viewpoint - The newly launched "Logic Reasoning Adventure Set" by Hejie Kang has gained immense popularity among parents for its engaging design that enhances children's logical thinking through immersive gameplay and family collaboration [1][2]. Product Features - The set includes over 50 challenge cards, 3D scene props, character pieces, and reward badges, designed with a progressive difficulty level suitable for children aged 4 to 10 [1]. - The gameplay involves solving various logic puzzles, such as treasure location identification and password cracking, which develop spatial reasoning, numerical thinking, and strategic planning [1][2]. Developmental Benefits - The toy enhances children's core skills, including observation, concentration, logical reasoning, and problem-solving abilities, while also fostering resilience and patience [2]. - Parents have reported improvements in their children's patience and communication skills, as they actively engage in problem-solving and articulate their reasoning [2]. Family Engagement - The toy addresses the challenge of unstructured family time by allowing family members to take on different roles, analyze clues, and collaborate, thereby strengthening family bonds [2]. - Parents have expressed that they enjoy the game as much as their children, making family interactions more meaningful and enjoyable [2]. Safety and Quality - The game is designed with safety in mind, using eco-friendly materials, rounded edges, and non-toxic components, ensuring that children can play safely [2]. - The accompanying reward badges provide a sense of achievement, motivating children to continue engaging with the game [2]. Market Availability - The "Logic Reasoning Adventure Set" is available on major e-commerce platforms and physical stores, with promotional activities such as free expansion packs and a logic training manual for parents [6].

Core Viewpoint - The Christmas season, typically a profitable time for Southeast Asian manufacturers, has turned into a crisis due to heavy reliance on Chinese supply chains and the imposition of up to 40% additional tariffs by the U.S. [1][3] Group 1: Impact of U.S. Tariffs - The U.S. has implemented a "China+1" penalty mechanism, requiring additional tariffs on products containing Chinese components, complicating the export process for Southeast Asian manufacturers [3][5] - Companies like Mattel, which relies on Indonesian factories for over one-third of local toy exports, face challenges in relocating production due to the high dependency on Chinese components [3][5] Group 2: Trade Agreements and Competition - Malaysia attempted to position itself as an alternative to China for textile exports but faced a 19% tariff from the Trump administration, leading to a need for trade agreements that ultimately resulted in fierce competition from U.S. manufacturers [5][6] - The surge in Malaysia's knitted goods exports from $39,000 to $148,000 in July was largely a preemptive measure before the implementation of tariffs, indicating a desperate attempt to maintain market share [5] Group 3: Regional Responses and Strategies - Many Southeast Asian companies are relocating assembly operations to countries like Vietnam and Thailand to mitigate tariff impacts, yet they still rely on Chinese imports for core components [6] - The refusal of Indonesia to sign "poison pill" clauses in trade agreements reflects a desire to maintain economic sovereignty and avoid being forced to choose sides in U.S.-China tensions [5][6] Group 4: Broader Implications - The increasing unilateral protectionism from the U.S. is seen as detrimental to Southeast Asian factories and global consumers, as it politicizes trade relationships that should be mutually beneficial [6] - The contrast between U.S. protectionism and China's commitment to open trade highlights the need for Southeast Asian countries to uphold independent principles and resist coercion in international trade [6]

新兴市场动态 1、新中双边合作联合委员会达成27项协议，创历年新高 12月15日，新中双边合作联合委员会第21次会议在重庆召开。今年恰逢新中建交35周年，JCBC收获了 历年来最为丰硕的合作成果，双方共达成27项谅解备忘录及合作文件，不仅深耕互联互通、金融、科技 等经济合作，更延伸至人文交流、文化互鉴、学生往来、教育协作及体育合作等多个维度，例如新加坡 将启动数字人民币试点，为新加坡居民与游客提供便利。覆盖多元领域的合作协议充分彰显新中两国全 方位、高质量、面向未来的伙伴关系特质。 2015年以来，中新互联互通项目已走过十年，累计签约政府和商业合作项目347个、总金额260亿美元， 还探索形成33项具有首创性、辨识度的制度型开放成果。 2、越南电子商务协会联合工业贸易部：越南2025年电商规模预计达310亿美元 12月22日消息，越南电子商务协会联合工业贸易部举行了2025跨境电子商务论坛。工业贸易部电子商务 与数字经济司副司长赖越英在会上指出，越南零售电商规模预计到2025年将达到310亿美元，同比增长 超过25%，这一数字将占全国消费品零售总额约10%，确保越南稳居全球电商增长最快国家前十。 跨境电商已成 ...

Group 1 - The core announcement is that Shifeng Culture's subsidiary, Shifeng Intelligent, will receive an investment of 44.7 million yuan from Guangdong Provincial Yuecai Industrial Technology Equity Investment Fund, increasing its registered capital from 50 million yuan to 58.7544 million yuan, while Shifeng Culture retains an 85.10% stake [1][2] - The investment aims to enhance Shifeng Intelligent's operational capacity and technological research and development, aligning with the company's strategic focus on "AI + IP toys" [1][2] - The successful passing of the capital increase plan at the shareholders' meeting reflects strong support from shareholders for the company's strategic planning and the introduction of state-owned capital is expected to strengthen Shifeng Intelligent's capital strength and market competitiveness [2] Group 2 - The controlling shareholder, Mr. Cai Junquan, has provided a joint liability guarantee for the equity buyback obligations related to this capital increase, ensuring no costs are incurred by the company, which demonstrates confidence in business development [2] - Currently, the overall guarantee risk for the company and its subsidiaries is manageable, with no overdue or litigation-related guarantees, indicating a solid compliance operation [2] - The company plans to continue leveraging Shifeng Intelligent's business layout to deepen the integration of AI technology and quality IP, aiming to create long-term stable value for shareholders while leading the development in the smart toy sector [2]

Core Viewpoint - The scarcity of Pop Mart has diminished significantly due to a substantial increase in production capacity, leading to a wave of short-selling by institutions and a collective sell-off by previously profitable investors, resulting in a market value loss of HKD 197.2 billion since the stock peaked in late August [1][4]. Group 1: Stock Performance - As of December 19, Pop Mart's stock closed at HKD 192.9, down 0.16%, with a cumulative decline of 43.23% from its historical high of HKD 339.8 four months prior, equating to a market value evaporation of HKD 197.2 billion [1][4]. - On December 22, the stock rebounded by 4.61%, reaching HKD 200, with a total market value of HKD 271 billion [1]. - The stock's volatility has been accompanied by heightened emotional and controversial discussions among investors, contrasting with the more stable declines of other companies in the same sector [1][2]. Group 2: Investor Sentiment - Following the stock's decline, discussions among investors have surged, with debates centering on whether Pop Mart represents a bubble or a rational market correction [2]. - Investors have been actively assessing foot traffic and restocking in physical stores to determine whether to buy more shares or cut losses [2]. Group 3: Company Actions - Despite the stock's downturn, Pop Mart has not issued any statements or conducted buybacks, focusing instead on operational strategies, including the appointment of LVMH's former president for Greater China to its board [4]. - On December 19, Pop Mart announced the launch of a new product series priced at 79 yuan each, marking its second price increase since 2021 [4]. Group 4: Fund Activity - Data shows that the number of public funds holding Pop Mart shares peaked at 311 in Q2, with a total of 72.3 million shares, but dropped to 197 funds and 51.7 million shares by Q3, indicating a significant sell-off of 2.06 million shares and a 28.52% decrease in holding ratio [5]. Group 5: Short Selling - As the stock price fell, short-selling activities intensified, with Pop Mart leading the home appliance and goods sector in short-selling amounts, reaching HKD 341 million and a short-selling ratio of 21.47% on December 19 [7]. Group 6: Market Dynamics - The recent stock decline is attributed to a combination of "overdrawn expectations" and "reality gaps," with analysts noting that the stock's rise was based on high expectations that are now being corrected [8]. - The stock experienced a 17.25% drop in September, with market confidence in the scarcity premium of Pop Mart's IP beginning to wane [10]. - Despite a strong Q3 earnings report, the stock continued to decline by 16.94% in October, as the market adjusted its expectations [10]. Group 7: Future Outlook - Analysts predict a slowdown in sales growth for Pop Mart, with expectations for Q4 sales growth in the U.S. to drop below 500%, down from over 1200% in Q3 [11]. - Concerns have been raised about the sustainability of Pop Mart's business model as it transitions from explosive growth to a phase of sustainable growth, with warnings about the diminishing scarcity of its products [11][12]. - The company is taking steps to address these challenges by ceasing point redemption for discounts and focusing on content production to enhance its IP [16].

过去几百年里，哪个国家产业升级了，哪个国家的中低端产业就往外转移，美国把产线搬给日本，日本又把产线转到东 南亚和中国，这轮流走，最终造成工业空心化，这事儿放在中国也发生了，服装、玩具、电子这类靠低价取胜的工厂在 往外搬，带走了就业和税收。 再看跨国公司，它们在中国和东南亚之间反复试探，苹果这几年就是那样，一会儿说扩大印度投资，一会儿又把订单拉 回中国代工厂，这种无解的左右为难，就是因为离不开中国的供应链和市场。 海南封关给出一个第三条路大脑放海南，手脚去东南亚，市场留中国，这就是所谓的"总部在海南 生产在东南亚 市场在 中国"的三角模式，企业把最值钱的研发、设计、财务、品牌运营等放在海南，拿税收优惠和更开放的金融、数据便利来 吸引这些核心部门。 为什么放海南，税优是硬道理，企业所得税、个人高端人才税率都有优惠，跨境资金流动和数据通道也更便利，这意味 着企业能用较低成本管理亚太区业务，同时把管理效率和对中国市场的敏捷度保住。 手脚去东南亚并不冲突，越南、印尼这样的国家劳动力便宜，适合把组装、缝制、重复性高的生产环节放过去，企业能 省成本，我们也不阻止，反而提供区域统筹，借助海南的地理位置优势，实现近岸但成本更低 ...

Core Insights - The report titled "2026 Gold Mining Guide: Global All-Category 20 Major Consumer Trends" highlights the dynamic changes in the global consumer market, emphasizing the integration of technology, health orientation, sustainability, and personalized experiences as key trends [1] Group 1: Technology Integration - Artificial intelligence is deeply embedded across the consumer value chain, enhancing efficiency from product development to user service [1] - The market for smart hardware, such as sports headphones, is expanding due to diverse scenario demands, showing steady growth [1] Group 2: Health-Oriented Consumption - There is a comprehensive upgrade in health consumption needs, with consumers increasingly focused on health attributes and safety standards of products, driving the evolution of related categories towards refinement and functionality [1][11] - In North America, over 40% of the sleep technology product market is held, while in Europe, 86% of consumers prioritize sustainability, leading to a 12.8% growth in sustainable mattress development [11] Group 3: Sustainability and Green Consumption - Sustainable consumption has become a mainstream consensus, with consumers favoring products made from eco-friendly materials and low-carbon production methods [1] - The European Union's regulations require the use of digital passports for mattresses by 2027, documenting their components and recyclability [11] Group 4: Personalized and Experiential Consumption - Consumers are increasingly seeking customized, scenario-based, and emotionally engaging products and services, leading to a rise in niche brands and exclusive collaborations [1] - The toy market is experiencing a structural shift, with educational toys becoming the fastest-growing category, expanding at a 7.5% annual growth rate [24] Group 5: Cross-Channel Integration - The global consumer market is characterized by cross-channel integration, with online and offline interactions and cross-border consumption facilitating the expansion of category boundaries [1] - Emerging markets continue to show significant potential, with differentiated demand across various regional markets [1]

Core Viewpoint - The collaboration between Heytea and Pop Mart has led to the launch of a new winter beverage, "Tiramisu Yinghong," which utilizes Yingde black tea as its base, marking a significant milestone as Yingde black tea's industry value surpasses 10 billion yuan [3][24]. Group 1: Product Launch and Market Response - Heytea and Pop Mart's collaboration features the new product "Tiramisu Yinghong," which combines traditional coffee elements with specially crafted milk tea and cocoa, creating a unique flavor profile [9][10]. - The product was sold out shortly after its launch in Guangzhou and surrounding areas, indicating strong market demand [5][6]. - The new beverage aims to provide a rich tasting experience with a blend of salty cheese flavor and cocoa powder topping, enhancing the overall sensory experience [10][11]. Group 2: Industry Impact and Achievements - Yingde black tea has achieved a total industry value of 10.2 billion yuan, with a significant increase in tea garden area to 186,500 acres and a dry tea production of 18,000 tons [24][25]. - The collaboration with Heytea is not the first; previous partnerships have also resulted in high sales, with over 800,000 cups sold on the first day of a prior launch, boosting brand visibility by 217% [14][15]. - Yingde black tea has been recognized as a leading brand in the national red tea category, with a brand value of 5.178 billion yuan [21].