文：向善财经 创始人现场上演咏春对打，沈腾惊喜现身，生生把严肃的年会搞成大联欢。 没错！这就是别人家的年会现场。 更让人气不过的是，这场年会的热度还没褪去，泡泡玛特就交出了一份惊艳的年度成绩单，用实打实的销量证明了自己在潮玩赛道的绝对领跑地位。 数据显示，2025 年泡泡玛特全球员工规模突破 1 万人，注册会员数成功迈过 1 亿大关；爆款 IP LABUBU 系列全年销量超 1 亿只，全品类 IP 产品总销量高 达 4 亿只。 如今的泡泡玛特，业务版图已覆盖 100 多个国家和地区，全球门店数量超 700 家，手握 6 大供应链基地，更为全球创造了超 20 万个就业岗位。 //2025，情绪经济大年 2025年是消费市场公认的情绪经济大年，那啥是情绪经济？ 说白了，就是大家的消费观念变天了——以前买东西，看的是实用、性价比，现在掏钱，先问"能不能让我开心"，情绪价值必须拉满，这就是当下最火的情 绪经济。 拿日本的三丽鸥来说，上个世纪末的日本年轻人生活、工作压力普遍比较大，情绪需要放松，于是，HelloKitty 就这么火了。 直到现在，HelloKitty依然还是三丽鸥这家公司的台柱子。 说回现在的我们，生活 ...

（来源：千龙网） 年轻人问诊定制香囊；在消费场所开设"烦恼粉碎计划""颂钵音乐会"等项目，将消费转化为情绪释放的 载体；一杯限定奶茶、一个盲盒、一场演唱会、一次沉浸式"悦己游"……随着"爱你老己"这句热梗席卷 社交网络，情绪消费这一新兴消费方式深度融入日常生活，成为驱动消费升级的重要力量。中国情绪经 济市场规模持续飙升，预计2029年将突破4.5万亿元。 做优"悦己消费"，有力驱动消费升级。年轻人的消费行为早已突破了传统购物的局限，开始转向以情绪 价值为核心的多元消费体验。在宠物店铺里，年轻人可以与宠物猫亲密互动，享受治愈时刻；中医把脉 摊位和"烦恼粉碎计划"等项目，成为年轻人释放情绪的出口；手作潮玩领域中，"拼豆"话题播放量突破 96亿次，治愈系手工备受追捧。在马年春节临近时，悦己消费也融入了年货采购之中。这充分表明，为 情绪价值买单的热潮已逐渐融入人们的日常生活，成为驱动消费升级的重要力量。 厂商与消费者"情绪共振"，共同开辟消费新空间。消费者需求的转变促使供给侧加速共建"情感共鸣"。 比如，在潮玩赛道上，泡泡玛特LABUBU系列爆火，名创优品原创IP YOYO热销，都彰显了原创潮玩 的情感号召力。无疑， ...

Core Viewpoint - Pop Mart (09992) has announced London as its European headquarters and plans to expand its retail presence in the U.S. through partnerships with Simon Property Group, indicating a strategic move to enhance its international footprint and brand visibility [1] Group 1: Company Developments - Pop Mart's stock rose over 3% in late trading, currently up 2.59% at HKD 237.6, with a trading volume of HKD 30.89 billion [1] - The company has repurchased a total of 1.9 million shares, spending HKD 3.46 billion, which reflects its commitment to enhancing shareholder value [1] - The CEO, Wang Ning, highlighted the positive reception of new products outside the LABUBU series, which may boost investor confidence [1] Group 2: Strategic Partnerships - Pop Mart has partnered with Simon Property Group to open over 20 new standard retail stores across Simon shopping centers and The Mills in the U.S., marking a significant expansion in the American market [1] - This collaboration is expected to enhance Pop Mart's brand presence and accessibility in key retail locations [1] Group 3: Market Perception - Citigroup believes that the market still undervalues Pop Mart's IP vitality and incubation capabilities, suggesting potential for future growth as new products are launched [1] - The recent share buyback program is anticipated to further boost investor confidence in the company's long-term prospects [1]

智通财经APP获悉，泡泡玛特(09992)尾盘涨超3%，截至发稿，涨2.59%，报237.6港元，成交额30.89亿 港元。 消息面上，在1月30日举办的中英商务论坛上，泡泡玛特创始人、CEO王宁表示，泡泡玛特宣布将伦敦 定为欧洲总部所在地。此外，据报道，泡泡玛特已与美国商业地产集团Simon展开合作，计划在全美超 过20家Simon购物中心及The Mills购物中心新增标准零售形式的线下门店。 值得注意的是，泡泡玛特近于1月19日回购140万股普通股，总金额2.5亿港元；于1月21日回购50万股普 通股，总金额9649万港元。花旗认为，市场对泡泡玛特IP生命力与孵化能力的估值仍显不足。随着非 LABUBU系列的重磅新品上市反响热烈，以及近期启动的股份回购计划，投资者信心有望进一步提 升。 ...

Core Viewpoint - Pop Mart (09992) has shown strong market performance with a recent stock price increase of over 4%, reflecting investor confidence driven by share buybacks and positive market sentiment [1] Group 1: Stock Performance - As of the latest report, Pop Mart's stock price rose by 3.98% to HKD 224.8, with a trading volume of HKD 1.569 billion [1] - The company has executed share buybacks, purchasing 1.4 million shares for HKD 250 million on January 19 and 500,000 shares for HKD 96.49 million on January 21 [1] Group 2: Analyst Insights - Morgan Stanley notes that the recent share buybacks are the first since early 2024 and are expected to attract more investors, particularly those looking for stock price catalysts [1] - Citigroup has reiterated a "Buy" rating for Pop Mart, forecasting growth momentum through 2026 driven by IP diversification, product innovation, and monetization capabilities [1] - Citigroup believes that the market undervalues Pop Mart's IP vitality and incubation capabilities, with recent product launches and share buyback initiatives likely to boost investor confidence [1] - Pop Mart remains a top buy recommendation in the Chinese consumer sector for Citigroup, with a target price set at HKD 415 [1]

Group 1 - A seller on the platform Xianyu was found guilty of copyright infringement for selling counterfeit Dimoo figurines, leading to a court ruling for compensation [1][2] - The plaintiff, M Company, is the copyright holder of the DimooWorld series, which is a popular line of collectible toys under the brand POPMART [1] - The court ruled that the seller, referred to as Xiao Lin, infringed on the plaintiff's distribution rights by selling similar products without authorization, resulting in a compensation order of 9,000 yuan [2] Group 2 - The court considered factors such as the high recognition of the Dimoo series, the inducement behavior during evidence collection, and Xiao Lin's status as a small seller on Xianyu [2] - The ruling reflects the legal stance on intellectual property rights within the collectible toy industry, emphasizing the importance of authorization for sales [2]

Core Insights - The rise of the emotional economy is a significant trend in China's consumer market, driven by a shift from material needs to emotional fulfillment as basic needs are met [4][7] - The emotional consumption market in China is projected to exceed 800 billion in 2024, with an annual growth rate of 25%, potentially surpassing 2 trillion by 2025 [4][5] Group 1: Market Dynamics - The emotional economy is characterized by the emergence of seemingly "useless" products that carry high emotional value, such as stress-relief toys and collectible blind boxes, which have seen substantial sales growth [5][6] - The service sector is witnessing a boom in experiential emotional offerings, including paid study rooms and emotional support services, with the ice and snow leisure tourism expected to generate over 630 billion in revenue in the 2024-2025 season [5][6] - Digital consumption is also on the rise, with AI companionship services and virtual emotional support gaining popularity, reflecting a significant increase in demand among younger consumers [6][7] Group 2: Consumer Behavior - The Z generation, comprising 260 million individuals, accounts for over 40% of total consumption, with a significant portion directed towards products that provide emotional value [4][5] - Consumers are increasingly viewing purchases as a means of self-expression and emotional satisfaction, leading to a shift in consumption logic [4][5] Group 3: Business Implications - Companies are adapting their product designs to incorporate both functionality and emotional appeal, as seen in successful cultural products and innovative marketing strategies that resonate emotionally with consumers [6][7] - The emotional economy is creating new job roles, such as emotional designers and digital therapists, while also revitalizing traditional retail spaces through thematic transformations [6][7] Group 4: Regulatory Considerations - The emotional economy faces unique challenges, including the lack of regulatory oversight for virtual services, which can lead to potential harm and exploitation [7][8] - There is a pressing need for regulatory frameworks to ensure ethical practices in the emotional economy, balancing consumer protection with the growth of this emerging market [7][8]

Core Viewpoint - Pop Mart (09992) experienced a significant increase of over 5% in early trading, attributed to the presence of Apple CEO Tim Cook at the company's exhibition in Shanghai and a favorable report from Morgan Stanley regarding the company's exposure to tariffs [1] Group 1: Company Performance - Pop Mart's stock rose by 4.6%, reaching 273 HKD, with a trading volume of 1.343 billion HKD [1] - The presence of Tim Cook at the Pop Mart exhibition is seen as a positive endorsement for the company [1] Group 2: Market Analysis - Morgan Stanley's report indicates that Pop Mart is expected to be minimally affected by tariffs, maintaining an "overweight" rating [1] - The report highlights that approximately 75% to 80% of toy imports to the U.S. come from China, suggesting that even with higher tariffs, Pop Mart's competitive advantage remains intact [1]

Core Viewpoint - Pop Mart (09992) saw a significant increase in stock price, rising over 5% in early trading, attributed to positive interactions with Apple CEO Tim Cook during his visit to Shanghai and favorable research reports from Morgan Stanley [1] Group 1: Stock Performance - Pop Mart's stock price increased by 4.6%, reaching 273 HKD, with a trading volume of 1.343 billion HKD [1] Group 2: Key Events - Tim Cook visited the THE MONSTERS 10th Anniversary Exhibition in Shanghai, marking his first stop in China [1] - During the exhibition, Pop Mart's founder Wang Ning and artist Long Jiasheng interacted closely with Cook, showcasing original LABUBU sketches and products [1] - Long Jiasheng demonstrated how to create LABUBU on an iPad Pro, while Wang Ning presented Cook with a gift of the LABUBU character ZIMOMO [1] Group 3: Analyst Insights - Morgan Stanley released a research report indicating that Pop Mart is less affected by tariffs, maintaining an "Overweight" rating [1] - The report highlights that approximately 75% to 80% of toy imports to the U.S. come from China, suggesting that higher tariffs will not significantly alter Pop Mart's competitive advantage [1]

Core Viewpoint - TOP TOY, a subsidiary of Miniso, has submitted an application for a Hong Kong IPO, aiming to capitalize on the growing global trend of collectible toys, following a successful model similar to Pop Mart [1][2]. Group 1: Company Overview - Miniso, founded by Ye Guofu in 2013, has expanded to over 7,000 stores globally, surpassing Uniqlo's 2,500 stores [1]. - TOP TOY aims to leverage Miniso's extensive store network to replicate the success of Pop Mart in the collectible toy market [1]. Group 2: Financial Performance - TOP TOY's valuation reached $1.3 billion after a $59.4 million Series A funding round, with Temasek investing $40 million [2]. - In comparison, Pop Mart reported a revenue of 13.8 billion yuan (approximately $1.9 billion) in the first half of the year, a twofold increase, while TOP TOY's revenue grew 60% to 1.36 billion yuan [4][5]. Group 3: Market Position and Strategy - TOP TOY's gross margin improved from 19.9% to 32.4%, but it still lags behind Pop Mart's gross margin of nearly 70% [5][6]. - The company is shifting towards developing its own intellectual property (IP), with self-owned IP products accounting for about 50% of revenue in the first half of the year [6]. - Despite the growth in self-owned IP, licensed IP toys remain a significant revenue source, contributing 8.89 billion yuan in 2024, which is 47% of total revenue [6]. Group 4: Competitive Landscape - Other companies like Kayou and 52TOYS are also pursuing IPOs, indicating a competitive environment in the collectible toy market [7]. - The Chinese collectible toy market is projected to grow from 20.7 billion yuan in 2019 to 58.7 billion yuan in 2024, with TOP TOY holding a 2.2% market share, ranking third behind Pop Mart and LEGO [7].