<p>中国亿万富翁投资者段永平称赞泡泡玛特国际集团为长期投资，并暗示他可能已经开始建立看涨头寸，进一步验证了他对面临增长担忧的公司的信心。段永平被一些投资者称为中国的沃伦·巴菲特，最近在社交媒体上表示，这家玩具制造商具有实现全球化目标的巨大增长潜力，并且公司建立的壁垒足以抵御竞争对手。他还表示，他为泡泡玛特开设了一家 “保险公司”，这是他在出售包括腾讯控股和苹果在内的股票看跌期权时曾使用过的比喻。出售看跌期权意味着对股价下跌的押注，卖方在股价上涨时获利。段永平在帖子中表示：“几年前我看泡泡玛特时，觉得这是一家有趣的公司，创始人年轻，企业文化良好。现在我不必再考虑它的商业模式是否可行，我也解决了可持续性的问题。” 段永平的观点使这位经验丰富的投资者与一些基金经理对立，后者在对公司过于依赖其热门玩具 Labubu 的增长感到不安时削减了对泡泡玛特的持股。自 8 月份达到历史高点以来，泡泡玛特的股价已下跌超过一半，包括在 2025 年报告全年利润几乎增长四倍后，仍然下跌了 23%。65 岁的段永平来自中国南方的江西省，以其投资能力而闻名。1980 年代，他在中国人民大学获得经济学硕士学位后，扭转了位于广东省南部的一家亏损工厂，该工厂生产游戏机。1995 年，段永平成立了一家电子公司，该公司现在已经演变并分拆为手机制造商 Vivo 和 Oppo。后来，段永平将注意力转向资本市场。他在 2002 年投资了中国在线游戏运营商网易，获得了 100 倍的回报。他自 2011 年以来持有苹果股票——这是他美国股票投资组合中最大的持股。段永平还是中国白酒行业的爱好者，重仓行业巨头贵州茅台，其股票在过去 20 年中实现了近 80 倍的回报。根据 3 月份发布的胡润富豪榜，段永平的个人财富估计为 145 亿元人民币（21 亿美元）。中国预算电商平台 PDD Holdings 的创始人黄峥是他的门徒。段永平在帖子中没有透露他在泡泡玛特出售了多少看跌期权，但表示他将来会直接购买该股票。他表示，在玩具制造商最新的年度报告引发他的好奇后，他花了几天时间试图了解这家公司。段永平表示，泡泡玛特为维护其在行业中的地位所建立的壁垒远比预期的要深，考虑到其品牌认知度、与艺术家的合作以及全球门店网络。他现在是泡泡玛特创始人王宁的粉丝。段永平表示：“Labubu 玩具不会是昙花一现。只要知识产权得到持续和正确的运营与投资，Labubu 现象将会持续。泡泡玛特的商业模式仍远未达到最优状态，还有很多扩展的选项。” 泡泡玛特的股价在周五下跌了 3.5%，至 159.10 港元，尽管公司进行了回购，但今年的跌幅已扩大至 15%。尽管如此，自 2020 年上市以来，该股仍上涨了超过 330%。其 2025 年年度报告显示，Labubu 玩具的收入占总销售额的 38%，而上半年的比例为 35%，这提高了其业务增长的集中风险。根据彭博社追踪的 24 位分析师的共识目标价，该股在 12 个月内可能上涨至 246.10 港元，意味着从当前水平上涨超过 50%。</p>

泡泡玛特

<p>中国亿万富翁投资者段永平已将泡泡玛特国际集团视为长期投资，暗示他可能正在增持该公司的股份。他强调了泡泡玛特的增长潜力和竞争壁垒，同时表示他已在该股票上出售了看跌期权。尽管泡泡玛特的股价近期有所下跌，段永平对其商业模式和未来前景依然持乐观态度，预测在未来一年内将出现显著的价格上涨。他的信心与一些基金经理减少在该公司持股的做法形成对比</p>

<p>Chinese billionaire investor Duan Yongping touted Pop Mart International Group as a long-term investment and hinted that he may have already started building bullish bets, further validating his confidence in companies that are grappling with growth concerns. Duan, dubbed China’s Warren Buffett by some investors, recently said on social media that the toymaker had great growth potential to achieve its globalisation goal and that the barriers built by the company were enough to fend off competitors. He also said that he had opened an “insurance company” for Pop Mart, a metaphor he had used before when selling put options on stocks including Tencent Holdings and Apple. Selling a put option means a bet against declines in share prices where sellers make profit if stock prices rise. “When I took a look at it [Pop Mart] a couple of years ago, I thought this was an interesting company with a young founder and good corporate culture,” Duan said in the post. “Now I don’t have to think whether its business model can work and I have also figured out the issue of sustainability.” Duan’s call pits the seasoned investor against some fund managers, who have trimmed holdings of Pop Mart amid unease that the company is too reliant on its hit toy Labubu for growth. Pop Mart’s shares have shed more than half of their value since reaching a record high in August, including a 23 per cent slump – even after reporting a near fourfold jump in full-year profit for 2025. Duan, 65, who hails from southern China’s Jiangxi province, is known for his investment prowess. After earning a master’s degree in economics in the 1980s from the People’s University of China, he turned around a loss-making factory in southern Guangdong province that manufactured game machines. In 1995, Duan set up an electronics company, which has now evolved and been split into mobile-phone makers Vivo and Oppo. Later, Duan shifted his focus to the capital markets. He invested in Chinese online game operator NetEase in 2002, which resulted in a 100-fold return. He has held Apple shares since 2011 – the biggest holdings in his US stock portfolio. Duan is also a fan of China’s baijiu liquor sector, with heavy exposure to industry giant Kweichow Moutai, whose shares have delivered a nearly 80-fold return over the past two decades. Duan’s personal wealth is estimated at 14.5 billion yuan (US$2.1 billion), according to the Hurun rich list released in March. Huang Zheng, founder of Chinese budget e-commerce platform PDD Holdings, is one of his proteges. Duan did not disclose in the post how much he had sold of the put option in Pop Mart, but said that he would directly buy the stock in future. He spent days trying to understand the company after the toymaker’s latest annual report had sparked his curiosity, Duan said. The barrier that Pop Mart had built to defend its position in the industry was far deeper than expected, considering its brand recognition, deals with artists and a global network of stores, Duan said. He was now a fan of Wang Ning, the founder of Pop Mart, according to the post. “The Labubu toy won’t be a flash in the pan,” said Duan. “As long as the intellectual property is operated and invested in constantly and correctly, the Labubu phenomenon will last. Pop Mart’s business model is still far from its most optimum status and there are lots of options for extensions.” Pop Mart’s shares fell 3.5 per cent to HK$159.10 on Friday, extending the slump to 15 per cent this year despite buy-backs by the company. Still, the stock is up more than 330 per cent since its listing in 2020. Its 2025 annual report showed that revenue derived from the Labubu toys accounted for 38 per cent of total sales, compared with 35 per cent in the first half of the year, raising the risk of concentration for its business growth. The stock might rise to HK$246.10 in 12 months, implying a more than 50 per cent gain from its current level, according to a consensus price target of 24 analysts tracked by Bloomberg.</p>
<div class="lb-trans"><p>中国亿万富翁投资者段永平称赞泡泡玛特国际集团为长期投资，并暗示他可能已经开始建立看涨头寸，进一步验证了他对面临增长担忧的公司的信心。段永平被一些投资者称为中国的沃伦·巴菲特，最近在社交媒体上表示，这家玩具制造商具有实现全球化目标的巨大增长潜力，并且公司建立的壁垒足以抵御竞争对手。他还表示，他为泡泡玛特开设了一家 “保险公司”，这是他在出售包括腾讯控股和苹果在内的股票看跌期权时曾使用过的比喻。出售看跌期权意味着对股价下跌的押注，卖方在股价上涨时获利。段永平在帖子中表示：“几年前我看泡泡玛特时，觉得这是一家有趣的公司，创始人年轻，企业文化良好。现在我不必再考虑它的商业模式是否可行，我也解决了可持续性的问题。” 段永平的观点使这位经验丰富的投资者与一些基金经理对立，后者在对公司过于依赖其热门玩具 Labubu 的增长感到不安时削减了对泡泡玛特的持股。自 8 月份达到历史高点以来，泡泡玛特的股价已下跌超过一半，包括在 2025 年报告全年利润几乎增长四倍后，仍然下跌了 23%。65 岁的段永平来自中国南方的江西省，以其投资能力而闻名。1980 年代，他在中国人民大学获得经济学硕士学位后，扭转了位于广东省南部的一家亏损工厂，该工厂生产游戏机。1995 年，段永平成立了一家电子公司，该公司现在已经演变并分拆为手机制造商 Vivo 和 Oppo。后来，段永平将注意力转向资本市场。他在 2002 年投资了中国在线游戏运营商网易，获得了 100 倍的回报。他自 2011 年以来持有苹果股票——这是他美国股票投资组合中最大的持股。段永平还是中国白酒行业的爱好者，重仓行业巨头贵州茅台，其股票在过去 20 年中实现了近 80 倍的回报。根据 3 月份发布的胡润富豪榜，段永平的个人财富估计为 145 亿元人民币（21 亿美元）。中国预算电商平台 PDD Holdings 的创始人黄峥是他的门徒。段永平在帖子中没有透露他在泡泡玛特出售了多少看跌期权，但表示他将来会直接购买该股票。他表示，在玩具制造商最新的年度报告引发他的好奇后，他花了几天时间试图了解这家公司。段永平表示，泡泡玛特为维护其在行业中的地位所建立的壁垒远比预期的要深，考虑到其品牌认知度、与艺术家的合作以及全球门店网络。他现在是泡泡玛特创始人王宁的粉丝。段永平表示：“Labubu 玩具不会是昙花一现。只要知识产权得到持续和正确的运营与投资，Labubu 现象将会持续。泡泡玛特的商业模式仍远未达到最优状态，还有很多扩展的选项。” 泡泡玛特的股价在周五下跌了 3.5%，至 159.10 港元，尽管公司进行了回购，但今年的跌幅已扩大至 15%。尽管如此，自 2020 年上市以来，该股仍上涨了超过 330%。其 2025 年年度报告显示，Labubu 玩具的收入占总销售额的 38%，而上半年的比例为 35%，这提高了其业务增长的集中风险。根据彭博社追踪的 24 位分析师的共识目标价，该股在 12 个月内可能上涨至 246.10 港元，意味着从当前水平上涨超过 50%。</p>
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China’s Warren Buffett calls Pop Mart a long-term buy, hints at owning stake

- 段永平看好泡泡玛特，认为其具备长期投资潜力。
- 他表示将直接购买泡泡玛特股票，并对其商业模式充满信心。
- 泡泡玛特股价自上市以来上涨超过 330%。

南华早报

腾讯控股

苹果

网易

被誉为中国巴菲特的人士称泡泡玛特为长期投资，并暗示持有其股份