文 | 《次世代潮研所》栏目 闫妍 没有长队，没有秒空，甚至没有太多人留意。 2 月 27 日早 10 点，泡泡玛特 2026 年首款全新 IP "放学后的 Merodi "正式在线下门店 开售。《次世代潮研所》栏目实地走访北京多家门店发现，这张被公司寄予厚望、作为 2026 年首张 IP "新牌"推出的作品，并未迎来预想中的火爆场面。 发售首日，现场仅有零星消费者驻足观望，真正下单的粉丝寥寥，连嗅觉灵敏的"黄牛"也 踪迹全无。有消费者直言，"校园青春题材太过常见，这个系列并没有让人一眼就想抽的冲 动。"多家门店工作人员也坦言，对比以往一些新 IP 的上市热度，"放学后的 Merodi "首 日表现一般。 就在 27 日晚间，泡泡玛特再度官宣新 IP " Key A "，并同步预告" 3 月 13 日 Key A 未 境之梦系列敬请期待。"这也意味着该 IP 官宣距离上一款新 IP "放学后的 Merodi " 发布 仅间隔一周，推新频率创近年来的最快纪录。 P H r Ke»A 0 一位潮玩行业人士向栏目表示，"泡泡玛特新 IP 推出速度明显提速，正在高速批量孵化 IP ，上新间隔从以往半年左右，压缩至如今 ...

Core Viewpoint - The recent popularity of the PUCKY "electronic wooden fish" product has significantly boosted Pop Mart's stock price, which rose over 20% within a week due to the product's launch and collaborations [2][5]. Product Overview - The PUCKY "electronic wooden fish" transforms the traditional wooden fish into an electronic sound device, featuring good luck tags like "Wealth +1" and "Happiness +1" [2]. - The product was launched on January 15, with a blind box configuration of 6 regular characters and 1 hidden character, priced at 99 yuan per box and 594 yuan for a full set [2]. - The hidden character "Success" has seen its market price rise from 99 yuan to 396 yuan, a 300% increase, while the most popular regular character "Wisdom" increased from 99 yuan to 209 yuan, a 100% increase [2]. Market Response - Many stores have run out of stock for the PUCKY series, leading to increased prices on second-hand platforms [2]. - The "Success" hidden character has recently sold for around 275 yuan, with a premium of over 200%, while the "Wealth" character sold for approximately 134 yuan [2]. Company Strategy - Pop Mart has been continuously developing the PUCKY IP since its first launch in 2018, despite it not being among the top IPs in recent years [3]. - The company aims for a diversified IP strategy, as indicated by its management, who believe that having multiple IPs is a healthier business model [5]. Stock Performance - Following the product's success, Pop Mart's stock price surged over 20% since January 20, contrasting with a nearly 50% decline in the second half of 2025 [5]. - Citigroup reaffirmed a "Buy" rating for Pop Mart, anticipating growth driven by IP diversification and product innovation, with a target price of 415 HKD [5]. Consumer Insights - The "electronic wooden fish" has been recognized as an emotional relief product, appealing to younger consumers who enjoy sharing their experiences on social media [6]. - The interaction with the product and its hidden variants has contributed to its popularity and, consequently, the stock price increase [6].

Core Viewpoint - The recent popularity of the PUCKY "electronic wooden fish" product has significantly boosted Pop Mart's stock price, which rose over 20% within a week due to the new product launch and collaborations [3][6]. Product Launch and Market Response - The PUCKY "electronic wooden fish" transforms the traditional wooden fish into an electronic sound device, featuring good luck tags like "Wealth +1" and "Happiness +1" [3]. - The product was launched on January 15, with a blind box configuration of 6 regular characters and 1 hidden character, priced at 99 yuan per box and 594 yuan for a full set [3]. - The product quickly sold out in stores, with secondary market prices soaring; the hidden character "Success" increased from 99 yuan to 396 yuan, a 300% markup, while the most popular regular character "Wisdom" rose to 209 yuan, a 100% increase [4]. Company Strategy and IP Management - PUCKY is a classic IP for Pop Mart, which has been continuously developed since its first launch in 2018. Although not the top IP, it has seen successful product releases, including a plush product in 2024 [4][6]. - The company emphasizes a multi-IP strategy, with CEO Wang Ning stating that having one IP dominate revenue is not necessarily healthy, as each IP has its unique characteristics [6]. Stock Performance and Analyst Insights - Following the product's success, Pop Mart's stock price surged over 20% since January 20, recovering from a nearly 50% decline in the second half of 2025 [6]. - Citigroup reaffirmed a "Buy" rating for Pop Mart, anticipating growth driven by IP diversification, product innovation, and monetization capabilities, with a target price of 415 HKD [6]. - Industry analysts suggest that the rise in stock price is linked to the popularity of the "electronic wooden fish" and its collaboration with Honor, indicating a shift towards more practical consumer products [6][7].

Core Insights - The stock price of Pop Mart has surged over 20% since January 20, driven by the popularity of the PUCKY "electronic wooden fish" product and various collaborations [1][4]. Product Launch and Market Response - The PUCKY "electronic wooden fish" series, launched on January 15, features a unique design that transforms a traditional wooden fish into an electronic sound device, priced at 99 yuan per box [1]. - The series includes six regular characters and one hidden character, with the hidden character's market price rising from 99 yuan to 396 yuan, a threefold increase [1]. - The highest-selling regular character, "Wisdom," saw its market price increase from 99 yuan to 209 yuan, doubling its value [1]. Consumer Engagement and Sales Dynamics - Many stores have reported being out of stock for the PUCKY series, leading consumers to seek these products on second-hand platforms at marked-up prices [1]. - Store employees noted an increase in consumer inquiries about the PUCKY series, indicating strong demand despite supply constraints [1]. Brand and IP Strategy - PUCKY is a classic IP for Pop Mart, which has been continuously developed since its first product launch in 2018, with recent innovations contributing to its resurgence [2]. - The company emphasizes the importance of multiple IPs for healthy growth, as indicated by the performance of various characters in the market [4]. Market Outlook and Analyst Opinions - Citigroup reaffirmed a "buy" rating for Pop Mart, anticipating growth driven by IP diversification and product innovation, with a target price of 415 HKD [4]. - Industry analysts suggest that the recent stock price increase is linked to the success of the "electronic wooden fish" and collaborations with brands like Honor, which enhance market perception of Pop Mart's capabilities [5].

Group 1 - The Hong Kong stock consumer sector experienced fluctuations, with the Hong Kong Stock Connect Consumer ETF Huaxia (513230) showing a slight decline. Stocks such as Lao Pu Gold, TCL Electronics, and Mijue Group saw notable gains, while stocks like Master Kong Holdings and Li Ning faced significant losses [1] - The highly anticipated Honor 500 Pro MOLLY 20th Anniversary Limited Edition was launched on January 25, generating excitement in both the digital and trendy toy markets. The product sold out quickly both online and in physical stores, indicating strong consumer demand [1] - CICC's report highlighted the recent success of Pop Mart's new products, including the PUCKY Knock Knock series and other plush accessories, showcasing the company's innovation capabilities supported by a mature R&D mechanism and direct customer system [1] Group 2 - Huaxi Securities predicts that the emotional consumption trend will continue to thrive in 2026, particularly among Generation Z consumers who are increasingly willing to spend on both products and emotional experiences. Service-oriented consumption is expected to play a crucial role in driving domestic demand [2] - The policy environment continues to emphasize the potential of service consumption, with sectors such as elderly care, childcare, tourism, and duty-free shopping showing strong growth, particularly in 2025 [2] - The Hong Kong Stock Connect Consumer ETF Huaxia (513230) tracks the CSI Hong Kong Stock Connect Consumer Theme Index, encompassing leading consumer stocks across various sectors, including Pop Mart, Yum China, Anta Sports, Nongfu Spring, and Mijue Ice City [2]

Group 1 - Xiaomi has discontinued the lava orange color for its SU7 and YU7 models, with CEO Lei Jun expressing disappointment over low sales despite the color's unique appeal and high production difficulty [5] - The Honor 500 Pro MOLLY 20th Anniversary Limited Edition has been launched, featuring a fully customized design in collaboration with Pop Mart, priced at 4,499 yuan, with a post-subsidy price of 3,999 yuan; the Honor 500 series is approaching 1 million units sold [7] - OPPO's product manager Zhou Yibao has denied rumors regarding the design of the Find X9 Ultra, stating that the leaked images are false and that the official announcement will come after the Spring Festival [8]

Core Viewpoint - The smartphone industry is facing increasing external pressures, leading to price hikes across various models, including the newly launched Honor Magic8 Pro Air, which targets the young consumer demographic [1][2]. Group 1: Product Launches and Features - Honor has introduced the Magic8 Pro Air, weighing 155 grams and measuring 6.1mm thick, making it the lightest flagship smartphone of the year [1]. - The Magic8 Pro Air features a MediaTek Dimensity 9500 processor and a rear camera setup that includes a 64MP periscope lens, while competing models like Huawei's Mate70 Air and Apple's iPhone Air have different specifications [3]. - Honor also launched a limited edition "Honor 500 Pro MOLLY 20th Anniversary" phone in collaboration with the trendy brand Pop Mart, aiming to resonate emotionally with younger consumers [1][5]. Group 2: Market Trends and Pricing - The smartphone market is experiencing a price increase due to rising storage chip costs, with DDR5 memory prices up over 300% since September 2025 [2]. - Honor's new models, including the Magic8 Pro Air, have starting prices above 4000 yuan, with the Magic8 Pro Air priced at 4999 yuan (12GB+256GB) [3]. - Despite the price hikes, Honor's strategy appears to be focused on appealing to younger consumers and creating a broader ecosystem beyond just smartphones [5][6]. Group 3: Industry Performance and Competition - The Chinese smartphone market saw a 1.6% year-on-year decline in shipments in Q4 2025, with Honor holding a 13.4% market share, ranking sixth [4]. - Apple's iPhone Air has struggled in the market, with initial activation numbers significantly lower than previous models, indicating a cooling demand for lightweight smartphones [5]. - The overall smartphone industry is entering a phase of low growth, with companies like Honor adapting their strategies to seek structural growth opportunities within a stagnant market [6].

Core Insights - The global smartphone market is expected to grow in 2025, with an annual shipment volume reaching 1.26 billion units, representing a year-on-year increase of 1.9% [1] - Chinese smartphone manufacturers are increasingly focusing on both domestic and overseas markets, with significant growth in international shipments, particularly for Honor [1][4] Group 1: Market Trends - The Chinese smartphone market is evolving, with Honor launching three new models in January 2025, indicating a strategic push in product offerings [1] - Chinese manufacturers account for approximately 60% of global smartphone shipments, with Honor experiencing a notable 55% year-on-year increase in overseas shipments from Q1 to Q3 of 2025 [1][4] Group 2: Strategic Approaches - Chinese companies are adopting two main strategies for overseas expansion: full AI integration and brand premiumization, with a focus on "Glocal" strategies that combine global thinking with local actions [4] - Honor's international business has undergone a structural transformation, with overseas shipments rising from less than 10% of total shipments in early 2021 to nearly 50% by Q3 2025, marking a significant strategic shift [4] Group 3: High-End Market Focus - Honor is positioning itself in the mid-to-high-end market segment, with 23% of its overseas shipments falling within the $300–500 price range during the first three quarters of 2025 [5] - The European market is critical for high-end consumer electronics, and Honor aims to strengthen its presence there, maintaining a top-five market position in key Western European countries [7] Group 4: Product Innovation - Honor has enhanced its product lineup with advanced features, such as the ultra-thin Magic8 Pro Air, which weighs only 155g and is 6.1mm thick while maintaining high performance [10] - The introduction of the ROBOT PHONE, a smartphone integrated with AI capabilities, showcases the innovative direction of Chinese manufacturers [10] Group 5: AI and Technology Advancements - Since 2025, there have been significant advancements in AI capabilities for consumer smartphones, with Honor achieving breakthroughs in on-device AI processing [11] - Huawei's strengths lie in its underlying system capabilities, with the HarmonyOS 6 supporting multi-device AI computing, enhancing the overall user experience [11] Group 6: Future Outlook - 2025 marks a pivotal year for Honor as it transitions from a smartphone manufacturer to a leading AI terminal ecosystem company, with global shipments surpassing 71 million units [12] - The balance between scale expansion, AI capability implementation, and profitability will be crucial for Honor's position in the competitive landscape of smartphones and AI terminals [12]

Core Viewpoint - The global smartphone market is expected to grow, with shipments reaching 1.26 billion units in 2025, reflecting a year-on-year increase of 1.9%. Despite this recovery, the industry faces long-term challenges [1]. Group 1: Market Dynamics - Chinese smartphone manufacturers have established a significant presence in the global market, capturing approximately 60% of global shipments, with brands like OPPO, vivo, Xiaomi, and Honor leading the charge [1]. - Honor has experienced rapid growth, with a reported 55% year-on-year increase in overseas smartphone shipments from Q1 to Q3 of 2025, marking it as the fastest-growing brand among the top ten global smartphone manufacturers [1][4]. Group 2: Strategic Approaches - Chinese companies are adopting two core strategies for international expansion: comprehensive AI integration and high-end branding. This includes a "Glocal" strategy, which combines global thinking with local action [4]. - Honor's international business has undergone a structural transformation, with overseas shipments rising from less than 10% of total shipments in early 2021 to nearly 50% by Q3 2025, indicating a strategic pivot towards international markets [4]. Group 3: Market Segmentation - Historically, Chinese manufacturers dominated the global mid-to-low-end market, but now they are increasingly focusing on the mid-to-high-end segments to balance scale and profitability. Honor is positioning itself in the $300-$500 price range, which accounted for approximately 23% of its overseas shipments in the first three quarters of 2025 [5]. - The high-end market, particularly in Europe, is a critical battleground for consumer electronics, with Honor maintaining a top-five market position in key Western European markets and achieving a 15% year-on-year growth in Central and Eastern Europe [7]. Group 4: Product Innovation - To penetrate the high-end market, product capability is essential. Honor has launched advanced products like the Magic8 series, which features AI-driven capabilities and innovative designs [9]. - The introduction of the ROBOT PHONE, a smartphone integrated with AI and robotics, showcases the innovative direction of Chinese manufacturers, with plans for further details to be revealed at major tech events [10]. Group 5: Future Outlook - The trends of high-end positioning and globalization are expected to continue, with a focus on enhancing product capabilities and user experiences through AI advancements [11]. - For Honor, 2025 marks a pivotal year in its transformation from a smartphone manufacturer to a leading AI terminal ecosystem company, with a global shipment target of over 71 million units and the fastest growth rate among the top ten brands [11][12].

Group 1 - The core point of the news is the collaboration between Pop Mart and Honor to launch the "Honor 500 Pro MOLLY 20th Anniversary Limited Edition" smartphone, priced at 4,499 yuan, with a net price of 3,999 yuan after subsidies, set to be officially released on January 25 [1][3] - Following the announcement, Pop Mart's stock surged, with an increase of over 10% at one point, closing at a 9.07% rise, valued at 197.2 HKD per share and a market capitalization of 264.6 billion HKD [1] - Pop Mart clarified that it does not have plans to develop its own smartphone but is engaging in a deep co-creation partnership with a well-known mobile brand, moving beyond simple logo placements [1][3] Group 2 - In the context of the smartphone industry facing saturation, Honor aims to provide emotional value to young consumers rather than just competing on hardware specifications, targeting the demographic of 18-35-year-old women, which aligns with Pop Mart's user profile [3] - For Pop Mart, this collaboration represents an important attempt to find a "second growth curve" for IP monetization, especially as the novelty of blind box products diminishes and some new products face price drops in the secondary market [3] - Additionally, Honor also launched the highly anticipated ultra-light flagship model, the Honor Magic 8 Pro Air, weighing 155g and measuring 6.1mm in thickness, featuring a 6.31-inch OLED display and starting at a price of 4,999 yuan [3]