泡泡玛特（09992.HK） 文娱用品 执业证书编号：S0740515080001 Email：kangyw@zts.com.cn 执业证书编号：S0740523070003 1、《势能向上，展望积极》2025-10-22 2、《坚定信心，立足长远》2025-09-21 3、《三周期共振，生态化延展》 2025-09-05 Email：yansy@zts.com.cn 分析师：张潇 执业证书编号：S0740523030001 Email：zhangxiao06@zts.com.cn | 总股本(百万股) | 1,341.54 | | --- | --- | | 流通股本(百万股) | 1,341.54 | | 市价(港元) | 229.80 | | 市值(百万港元) | 308,286.62 | | 流通市值(百万港元) | 308,286.62 | 证券研究报告/公司深度报告 2026 年 03 月 02 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | ...

美国当地时间2026年2月3日，华特迪士尼公司正式宣布将由迪士尼体验业务主席戴明哲（Josh D'Amaro）于3月18日正式接替罗伯特·艾格（Robert A. Iger），出任公司首席执行官。至此，在经历数年的管理层动荡与接班人选的悬而未决之后，迪士尼终于选定了明确的掌舵人。 这一任命也终结了外界围绕"艾格何时真正退场"、"迪士尼是否会再次延期交班"的长期猜测。对这家横跨影视内容、流媒体与线下娱乐的巨头而言，这不仅 是一次人事调整，也是一次战略信号的释放。 600亿美元的押注 相比历任多出身于内容或媒体体系的迪士尼CEO，戴明哲的履历显得有些不同。这位 54 岁的迪士尼老将，在其 28 年的职业生涯中，相当长一段时间都深耕 于乐园业务，曾在美国加利福尼亚、佛罗里达的迪士尼乐园任职。自 2020 年 5 月起，他出任迪士尼体验业务主席，长期负责主题公园、度假区、邮轮和消 费品等板块。 这一板块，正在成为迪士尼最重要、也是最稳定的盈利来源。有媒体指出，迪士尼此次选择戴明哲，实际上反映出公司业务重心的变化：如今的迪士尼，首 先是一家以主题公园为核心的公司，而不再主要是一家娱乐内容公司。 财报数据也能反映出这一判 ...

Core Insights - Disney's latest earnings exceeded Wall Street expectations, driven by its theme parks and media businesses, with Q1 FY2026 revenue reaching $25.98 billion, a 5% year-over-year increase [1][7][6] Financial Performance - The experience segment, which includes theme parks, resorts, and cruises, achieved a record revenue of over $10 billion for the quarter [2] - Operating profit for the experience segment declined by 9%, indicating some pressure on profitability despite revenue growth [3] - The company reported a pre-tax profit of $3.693 billion, remaining stable year-over-year, with adjusted earnings per share of $1.63, surpassing market expectations of $1.56 [8] Future Outlook - Disney plans to repurchase $7 billion in stock and anticipates double-digit growth in adjusted earnings per share for FY2026, with operational cash flow expected to reach $19 billion [10][13] - The growth drivers for the company include the experience segment's theme parks and cruise businesses, as well as streaming subscription revenues [10] Leadership Changes - Disney's board announced that Josh D'Amaro, the current chairman of the experience segment, will succeed Bob Iger as CEO on March 18 [4][15] - Iger will remain as a senior advisor and board member until his retirement at the end of the year [4][15] - D'Amaro's compensation package is valued at $38 million, designed to incentivize growth in theme park expansion, streaming platform stability, and theatrical releases [16][17] Strategic Initiatives - D'Amaro's leadership reflects Disney's focus on its experience business, with plans to expand its cruise fleet to 13 ships and launch a new theme park and resort in Abu Dhabi as part of a $60 billion investment in theme parks [20][21]

1月22日，美国迪士尼发布2025财年（2024年10月1日至2025年9月30日）业绩，其中文旅板块表现如何？反映了文旅市场的哪些变化？迪士尼面临的困境 是什么？ 迪士尼客流量稳中有降 迪士尼有三大业务板块，乐园被归入体验业务，体验业务约占迪士尼总营收的38%。其他两块业务分别为以流媒体为主的影音娱乐和电视体育频道。迪士 尼2025财年总营收944.25亿美元，同比增长3.61%，归母净利润124亿美元，同比增长149.48%。 其中，体验业务营收361.56亿美元，同比增长5.87%，营业利润99.95亿美元，同比增长7.8%。这个数据的成色如何？应该说，并不算理想。 迪士尼的体验业务并表了全球除东京迪士尼以外的5座迪士尼项目。2025财年，这5座乐园的总门票收入117.07亿美元，同比增长4.8%。客流量方面，迪士 尼未公布每座乐园的客流量，仅公布了客流同比变动。其中，美国本土两座迪士尼客流同比下滑1%，上海迪士尼、香港迪士尼和巴黎迪士尼三个海外项 目客流量增长1%。两者综合，2025财年迪士尼乐园的整体客流量稳中有降。 需要指出的是，"稳中有降"也是迪士尼努力维持的结果。自2023年后，多座迪士尼乐园 ...

Core Insights - The 2025 Global Cultural IP Industry Development Conference will be held in Shanghai on December 26-27, 2025, focusing on the theme "IP Without Borders: Intelligent Creation of the Future - Global Exploration of Cultural IP and Technology Integration" [1][6] - Cultural IP is accelerating as a significant force driving high-quality development and expanding industry boundaries, with the Shanghai International Tourism Resort aiming to gather global IP and resources for cross-border and cross-industry cooperation over the next decade [1][6] - The Shanghai International Tourism Resort plans to enhance world-class IP experiences while developing a new growth pole, "Oriental City," which will integrate leisure, cultural performances, and creative industries into an ecological system [1][6] Industry Developments - The global cultural IP industry has rapidly developed in recent years, becoming a crucial element in promoting high-quality growth and constructing a new development pattern, with cross-industry integration and innovative applications expanding the boundaries of the cultural industry [3][8] - Strengthened copyright protection and deepened international cooperation provide a solid foundation for the global dissemination of cultural IP [3][8] - The Shanghai International Tourism Resort received a total of 26 million visitors in 2025, significantly increasing tourism industry revenue [3][8] Future Outlook - The Shanghai International Tourism Resort will celebrate its 10th anniversary in 2026, focusing on building an ecological system centered on cultural IP and multi-industry collaboration [5][9] - "Oriental City," located near Disney, is envisioned as a benchmark leisure and cultural city, aiming to foster collaboration and prosperity through cultural exchange and mutual learning [5][9] - The conference aims to ignite cultural innovation through technology and collaborative thinking, encouraging participants to explore new ideas and partnerships [10]

Core Viewpoint - The discussion revolves around Jean Baudrillard's concepts of "simulacra" and "simulation," emphasizing their relevance in today's AI and social media-dominated world, as well as the implications for understanding reality and representation in contemporary society [1]. Group 1: Importance of Baudrillard's Work - Baudrillard's book "Simulacra and Simulation" is pivotal in his intellectual journey, marking a shift from earlier concepts of "symbolic political economy" to a focus on "simulacra" and "simulation" [4]. - The book is part of Baudrillard's "simulacra trilogy," which includes "Symbolic Exchange and Death" and "The Seduction," exploring the nature of reality and representation [4]. - The recent publication of the simplified Chinese version of "Simulacra and Simulation" has reignited interest in Baudrillard's theories, particularly in relation to cultural phenomena like "The Matrix" and Disneyland [1][4]. Group 2: Personal Engagement with Baudrillard's Ideas - Various scholars shared their personal journeys in engaging with Baudrillard's work, highlighting its influence on their academic pursuits and understanding of postmodernism [3][5][9]. - The impact of Baudrillard's theories on contemporary media studies is significant, as they challenge traditional notions of representation and reality [12][13]. Group 3: The Concept of "Simulacra" - The term "simulacra" has evolved from a negative connotation in Platonic philosophy to a critical concept in contemporary French thought, with implications for understanding media and reality [10][11]. - Baudrillard's "simulacra" is more of a sociological concept, critiquing the self-referential nature of images and symbols in modern society, particularly in the context of media technology [11]. Group 4: Media and Reality - Baudrillard's theory disrupts traditional media representations, suggesting that media no longer merely reflects reality but actively constructs it, leading to a "hyperreal" experience [12][13]. - The implications of this theory extend to contemporary issues such as algorithmic control and the nature of truth in media representations, particularly in the digital age [13][20]. Group 5: Cultural Representations of Simulacra - The discussion includes cultural examples like "The Matrix," which visually represents Baudrillard's theories of hyperreality and the nature of simulated experiences [16][17]. - Disneyland is presented as a quintessential example of simulacra, where the constructed environment obscures the reality of American life, serving as a metaphor for broader societal illusions [19][20].

Core Insights - Abu Dhabi has transformed from a small fishing village to an international metropolis in just over 60 years, boasting a per capita GDP ranking among the top six globally [1][8] - The city is heavily investing in cultural and entertainment infrastructure, including the Louvre Abu Dhabi and various theme parks, to enhance its global appeal [5][7] - Abu Dhabi is positioning itself as a "future city" by diversifying its economy away from oil dependency, with non-oil sectors contributing 54.7% to its GDP in 2024 [9][10] Group 1: Economic Transformation - The discovery of oil in the 1960s marked a turning point for Abu Dhabi, leading to a population increase from 2.7 million to over 4.1 million in the past decade [8] - The city has implemented a film production incentive program, increasing cash rebates for film projects to 50%, attracting over 180 international productions since 2013 [3][4] Group 2: Cultural and Entertainment Development - Abu Dhabi is home to significant cultural landmarks, including the Sheikh Zayed Grand Mosque and the Louvre Abu Dhabi, showcasing its ambition in architecture and cultural diversity [5][6] - The city has become a popular filming location for international movies, with its contrasting landscapes appealing to filmmakers [2][3] Group 3: Future Sustainability Initiatives - Abu Dhabi is investing in nuclear power to meet 25% of its electricity needs, reducing reliance on oil and enhancing water security through desalination [10][12] - The development of Masdar City aims for zero carbon emissions, featuring innovative urban planning and transportation solutions [10][12]

以下文章来源于中国企业家杂志 ，作者陈浩 中国企业家杂志 . 讲好企业家故事，弘扬企业家精神 将投中网设为"星标⭐"，第一时间收获最新推送 迪士尼在中国，乃至全球的成功，本质上是"体验经济"的胜利。 作者丨马吉英、陈浩 编辑丨 马吉英、张昊 来源丨中国企业家杂志 《疯狂动物城2》创造了新的纪录。 北京CBD万达影城午夜场的好位置，在开票时就被抢光。除了凭电影票可以兑换一张海报之外，万 达影城也上架了各种联名周边，最受欢迎的要数印着朱迪、尼克的爆米花桶。有人甚至要求服务员用 纸袋单装食物，只为得到"干干净净的周边"。据透露，《疯狂动物城2》午夜场商品点单率达35%， 远超一般水平。 想要靠"动物城"掘金的不止影院。 11月24日，瑞幸上线联名周边，包括贴纸、冰箱贴、吧唧、联名杯、毛绒相框等。有媒体计算，想 凑齐全套，至少要喝掉22杯咖啡，花费343元。一位瑞幸咖啡店员告诉《中国企业家》，当日门店 一开门，打印出来的订单远超往日，一个人平均一分钟要出餐两杯半。瑞幸官方在电影上映当天紧急 发布通知，称周边缺货，正加急补货。 上映当天，社交媒体里小朋友与电影角色的合影随处可见，这是豆包、千问等平台专门推出的动效， 用 ...

Core Insights - The most profitable business in the world is not chips or oil, but selling stories and happiness, exemplified by Disney, which has reached a valuation of $200 billion through its extensive IP portfolio and diversified business model [1][2]. Group 1: Disney's Business Model - Disney operates a vast array of businesses including movies, television, theme parks, streaming, sports, and consumer products, creating a self-sustaining profit machine [2][4]. - The company has successfully navigated various challenges, including the death of its founder, missed opportunities in the internet boom, and creative stagnation, demonstrating resilience and adaptability [4][5]. Group 2: Walt Disney's Vision and Early Challenges - Walt Disney, born into a modest family, faced numerous failures in his early career but remained committed to his dream of animation, leading to the creation of iconic characters like Mickey Mouse [6][7]. - His first major gamble was the introduction of synchronized sound in animation with "Steamboat Willie," which became a massive success and established Disney as a leader in the industry [10][12]. Group 3: The Golden Age of Animation - Disney's second major gamble was the production of "Snow White and the Seven Dwarfs," the first full-length animated feature, which was met with skepticism but ultimately became a box office triumph, solidifying Disney's place in Hollywood [13][14]. - The success of "Snow White" led to a series of classic animated films, establishing Disney as the king of animation [14]. Group 4: The Eisner Era - Michael Eisner took over Disney in 1984, leading the company through a period of rapid expansion and revitalization, introducing successful animated films and re-releasing classic titles [18][21]. - Under Eisner, Disney acquired ABC for $19 billion, transforming it into a cross-media empire and significantly increasing its market value [22][24]. Group 5: The Iger Era and Strategic Acquisitions - Bob Iger succeeded Eisner and focused on high-quality content creation, embracing technology, and global expansion, leading to significant acquisitions including Pixar, Marvel, and Lucasfilm [28][30]. - Iger's leadership saw Disney's profits grow from $2.5 billion to $11.58 billion, and its market value increase sevenfold [34]. Group 6: Recent Challenges and Future Directions - Disney faces challenges in its streaming business, traditional media transitions, and maintaining creative sustainability amid rising competition and technological advancements [41][42]. - The return of Iger in 2022 aims to address these issues through cost-cutting measures and a renewed focus on quality content and strategic investments in profitable experiences [44].

Core Insights - Shanghai Lego Park achieved a remarkable opening performance with 85% of visitors being families and ticket revenue closely matching secondary spending [1][3] - The project, with an investment exceeding 10 billion RMB, challenges the skepticism surrounding high investment and low profitability in the theme park industry, revealing a contradiction between booming market demand and profitability issues [3][5] - Despite the growth of large theme parks in China, with 90 parks now operational, the industry still faces a profitability crisis, with only 10% of parks being profitable [3][5] Market Demand and Supply - The demand for leisure and entertainment has surged, with 30% of family spending in first-tier cities directed towards these sectors, indicating a shift from annual travel destinations to regular weekend activities [3][5] - The investment threshold for large parks is typically over 1.5 billion RMB, with Lego Park's core area investment reaching 550 million USD, leading to a mismatch between high investment and low profitability [3][5] Economic Impact - Theme parks have a proven economic impact, with every 1 RMB of income generating 18.8 RMB in related consumption across transportation, hotels, dining, and retail [5] - The opening of Lego Park boosted hotel occupancy rates by 40% and dining consumption by 65% in the surrounding area, showcasing the economic value of the "park + ecosystem" model [5][27] Location and Cultural Advantages - Shanghai's unique advantages as a tourist destination, including cultural symbols and a robust transportation network, enhance its appeal for theme parks [9][29] - Lego Park's design incorporates local cultural elements, such as the Yangtze River landscape and traditional stories, aligning with local consumer identity while maintaining brand characteristics [9][29] Policy and Ecosystem Synergy - Theme parks contribute to job creation and tax revenue, enhancing city branding, with a 1 RMB expenditure generating 3.5 RMB in urban economic activity [11][29] - The synergy between Lego Park and surrounding commercial entities has created a closed-loop model of "park attraction - commercial monetization - ecosystem feedback," providing a replicable example for other cities [11][29] Consumer Behavior and Experience - The dual consumer base of parents willing to pay for children's experiences and nostalgic adults contributes to Shanghai's sustained consumption potential [7][29] - Successful parks like Lego and Haichang have restructured their profit models to focus on emotional consumption, achieving a near 1:1 ratio of ticket sales to secondary spending [11][29] Pricing and Value Proposition - The pricing strategy for theme parks is based on a five-dimensional model considering brand influence, IP value, city capability, park scale, and content depth [14][17] - Lego Park's pricing reflects Shanghai's consumer capacity and the brand's value, with market feedback indicating a willingness to pay for quality experiences rather than low prices [17][29] Membership and Repeat Visits - Lego Park's initial product offering was a membership card, fostering emotional connections and repeat visits, evidenced by a 28% return visit rate in the first month [18][29] - The transformation of IP into immersive experiences, such as interactive projects based on local culture, enhances visitor engagement and drives repeat business [18][21] Future Trends and Competitive Landscape - The competition among theme parks will evolve into a comprehensive ecosystem involving parks, hotels, commerce, and culture, leveraging synergies to enhance visitor experience and spending [28][29] - The insights from Shanghai's theme park economy highlight the importance of high consumer spending, cultural depth, and effective IP transformation for sustainable success in the industry [29]