Investment Rating - The report does not specify a clear investment rating for the company [6] Core Insights - The company has demonstrated strong operational capabilities in IP management, with recent product innovations leading to increased sales potential for Q1 [1][2] - Recent stock buybacks, totaling over 300 million HKD, reflect the company's confidence in its long-term growth prospects and indicate that the stock price is at a relatively low level [1][3] - The company has successfully launched new product lines that have gained significant market traction, suggesting a robust ability to diversify its IP portfolio [2] Summary by Sections Product Performance - The Pucky Knock Knock series blind boxes have gained popularity, showcasing the company's innovative approach to IP [2] - The company has also launched successful series for the New Year and Valentine's Day, indicating strong consumer demand [2] Stock Buyback Activity - The company repurchased 1.4 million shares at an average price of 161 HKD and 500,000 shares at 173 HKD, demonstrating confidence in its stock valuation [3] - The stock buybacks are seen as a strategic move to bolster market confidence and counteract short-selling pressures [3] Market Outlook - The company has a strong presence in overseas markets, with approximately 200 stores globally, and continues to expand its footprint [4] - Future revenue projections indicate significant growth, with expected revenues of 373.98 billion RMB in 2025, reflecting a year-over-year growth of 186.8% [12] - The company's P/E ratios for 2025, 2026, and 2027 are projected to be 20.70, 15.25, and 12.26 respectively, suggesting that the current valuation is relatively low for a high-growth company [4][12]

1月23日，泡泡玛特（09992.HK）股价一度涨超9%。截至上午收盘，其股价涨幅为6.5%，报219．40港元/股，市值为2943.3亿港元。 潮玩平台得物APP数据显示，该系列毛绒挂件盲盒中的隐藏款"一起白头"和"一起变老"颇受欢迎，成交价均由89元一度最高涨至699元，溢价6.8倍，也是 2026年泡泡玛特溢价最高的产品。截至发稿前，"一起白头"的价格为420元，"一起变老"的价格为410元。 ® ITT TUL List 消息面上，1月22日，泡泡玛特发布2026年情人节限定款盲盒"星星人怦然星动"系列，包括毛绒挂件盲盒、搪胶毛绒公仔礼盒、手办等。其中，"星星人怦然 星动"毛绒挂件盲盒，包括6个常规款和2个隐藏款，单个盲盒售价为89元，整盒价为534元。 星星人怦然星动系列毛绒挂件。来源：泡泡玛特 智通财经在二手交易平台查询发现，目前"星星人怦然星动"毛绒挂件单个盲盒的转手价大部分在100元左右。也有网友的定价在119-849元，并标注为"盒机 转赠，官方发货，全新未拆盒"。 泡泡玛特 POP MART 星星人呼然星动系列 绒挂件 盲盒类 单个盲盒/整盒6个 > 3 星星人 > 设计师 大欣&阿力 得 ...