泡泡玛特英文名 PopMart，直译为"流行物市场"。而潮流代表着受众够大，代表着大众接受度高，也代表着成为 meme、社交裂变和扩散的可能。 从被纳入恒指后迅速触达史高 339.6 港币/股到 12 月 15 日收盘的 190.7 港币/股，泡泡玛特股价已经跌去了 43.8%。 伴随股价下跌的是泡泡玛特在舆论场的被动：海外"黑五"销量可能不及预期、员工直播间吐槽自家产品价格太贵、mini labubu 二级市场价格崩盘...... 似乎市场对泡泡玛特的担心在最近这段时间集中爆发。似乎所有对泡泡玛特的赞美一夜转向。 这也不禁让人想问，在已经快 2026 年的当下，我们该如何看待泡泡玛特？ 什么是泡泡玛特的内核？潮玩？盲盒？情绪价值？社交炒作？这些都是，因为这些元素是当前阶段泡泡玛特几乎所有主力产品能够大卖的保证。 但这些也都不是，只因无论是同赛道直接竞争的友商，还是玩法相似的先驱者，这些元素的排列组合并没有催生出火爆程度可以比肩的泡泡玛特第二。 当然，潮流也代表着注定的退潮。这也是资本市场所担心的，泡泡玛特可能最终变成泡泡。 但是在当下这个时代，当马斯洛理论的顶点"精神需求"被解构为简单的"情绪价值"，并被再 ...

Core Viewpoint - The company, 小黄鸭德盈, reported a significant increase in revenue and announced plans to acquire潮玩公司HIDDEN WOOO, aiming to enhance its IP matrix and expand its product line targeting the young consumer market [1] Financial Performance - For the first half of the year, the company achieved a revenue of 82.31 million HKD, representing a year-on-year growth of 37% [1] - The IP licensing business generated revenue of 38.44 million HKD, with a year-on-year increase of 46%, and the number of licensed partners grew to 577 [1] - The retail business revenue reached 43.87 million HKD, marking a 31% year-on-year growth, focusing on潮玩盲盒, plush toys, AI toys, and light home goods [1] Acquisition Details - The planned acquisition of HIDDEN WOOO is expected to enhance the company's IP matrix and expand its潮玩 product line [1] - After the transaction, HIDDEN WOOO's founder, 黄嘉乐, will become the Vice President of the group, responsible for the潮玩 business segment [1] - The collaboration aims to develop innovative潮玩 products, including盲盒, vinyl figures, collectible sculptures, and trendy accessories [1] Market Expansion Strategy - With the support of 小黄鸭德盈, HIDDEN WOOO plans to accelerate its overseas market expansion, particularly in Europe [1] - The strategy includes establishing brand flagship stores and creating immersive retail spaces combined with localized marketing activities to deepen brand recognition and emotional connection [1]

Core Viewpoint - The company, 小黄鸭德盈 (02250), experienced a significant stock price increase following the release of its mid-term performance report, which highlighted strong revenue growth and a strategic acquisition plan [1] Financial Performance - The company reported a revenue of 82.31 million HKD for the first half of the year, representing a year-on-year increase of 37% [1] - The IP licensing business generated revenue of 38.44 million HKD, up 46% year-on-year, with the number of licensed partners increasing to 577 [1] - Revenue from retail sales reached 43.87 million HKD, reflecting a 31% year-on-year growth, focusing on trendy blind boxes, plush toys, AI toys, and light home goods [1] Strategic Acquisition - The company announced plans to acquire the trendy toy company HIDDEN WOOO, which will enhance its IP matrix and expand its product line targeting the young consumer market [1] - Following the acquisition, HIDDEN WOOO's founder, 黄嘉乐, will become the Vice President of the group, overseeing the trendy toy business segment [1] Market Expansion - The acquisition is expected to accelerate HIDDEN WOOO's expansion into overseas markets, particularly in Europe, with plans for flagship store development [1] - The strategy includes creating immersive retail spaces and localized marketing activities to deepen brand recognition and emotional connection with consumers [1]