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泡泡玛特业绩出炉段永平发声_我的网站

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Zhou Jiang speaks at an event. Photo: Courtesy of Zhou Jiang
Zhou Jiang, a researcher at the Sichuan Academy of Social Sciences, has a favorite book: White Deer Tableland or Bai Lu Yuan by renowned writer Chen Zhongshi.
As vice president of the Regional Science Association of China (RSAC), Zhou told the Global Times that a lifetime of reading has profoundly shaped the way he sees and understands the world. It ultimately led him to a career in research and academia, where he teaches and pursues scholarly work.
Since earning his PhD in economics in 2000, he has devoted himself to the study of regional science and economics, a field that demands a constant crossing of disciplinary boundaries, drawing on the fields of geography, sociology, history, and ecology among others.
"Reading has kept alive my sense of curiosity and taught me to ask questions with patience and persistence: Where do disparities in regional development come from? How do policies affect different groups in society? And how can a region pursue both efficiency and equity so that development is not merely effective, but also imbued with a greater sense of humanity and warmth?" Zhou noted.
Founded in 1991, RSAC is a national academic society dedicated to advancing domestic and international academic exchange and cooperation, providing consulting services on spatial planning, urbanization, and regional development, and offering intellectual support for China's modernization drive.
The 57-year-old researcher noted that reading has empowered him in two distinct ways.
"The first is discernment. When confronted with a complex issue, I try not to settle for a simple conclusion. Instead, I make an effort to understand its broader context, how it has unfolded, and the perspectives of the different people involved," he said.
"The second is a sense of inner steadiness. Setbacks are an inevitable part of both life and work. Good books remind us that hardship is never ours alone to bear; countless people before us have faced circumstances more difficult than our own, made difficult choices, and found the strength to carry on. Reading cannot solve every problem for us, but it can help us remain calm when challenges arise, giving us the clarity and resilience that allow us not to panic or give up too easily," he said.
Historical depth

Each time Zhou returns to the White Deer Tableland, he finds something different in its pages.
"When I first read it as a young person, I was drawn primarily to the characters and the twists and turns of their lives. Later, as I began researching regional economics, I found myself paying closer attention to the changes in the land, the countryside, families and social order presented in the story. Now, approaching 60, I have come to appreciate more deeply the choices the characters make, the constraints they face, and the quiet perseverance they show amid the sweeping currents of their times," he said.
White Deer Tableland uses Bai Lu village in Northwest China's Shaanxi Province as a microcosm, tracing the feuds and intertwined fortunes of three generations of the Bai (literally meaning white) and Lu families. Through their stories, it captures more than half a century of sweeping historical change, from the final years of the Qing Dynasty (1644-1911) to the 1970s and 1980s. The novel won the Mao Dun Literature Prize, one of China's top literature awards, in 1997.
Zhou prefers literary works with historical depth and a keen eye for social change.
Regional economics may appear to be concerned with the spatial distribution of industries, population and resources, but at its heart, it is about how people live on a particular piece of land, and why some places flourish while others decline, he noted.
In this sense, literature and history are more than pastimes beyond professional research. They often help him understand the historical context, cultural traditions and social mentality that lie behind economic data, he said.
When reading novels, Zhou said that he often pays close attention to the relationship between people and the places they inhabit: How the land shapes the local character, how transportation transforms a region, and how shifts in industry reshape families and villages. Such details may not offer a direct conclusion, but they broaden a researcher's perspective. They also serve as a reminder that research should look beyond growth rates and statistical indicators to consider the sense of fulfillment experienced by ordinary people and the dignity of human beings.
Understanding ourselves
Once, while tidying his study, he came across a book filled with notes he had scribbled in his early years. Among them was a question that particularly caught his attention: "In the face of sweeping changes in the times and profound social transformation, what can a person truly determine for himself?"
Looking at those words he had written in his youth was like coming face to face with the person he had been decades ago.
Reading is not simply the act of understanding a book; it is also a record of a person's own growth, he said. The same book can reveal something entirely different when read at different stages of life.
When we are young, we turn to books in search of answers; but when we become seasoned, we read more to understand life, to understand others, and ultimately, to better understand ourselves, Zhou said.
In this era of fragmented information, AI can help people access information quickly, organize materials, and gain a basic understanding of unfamiliar fields. Yet deep reading, Zhou said, allows people to see how a conclusion is reached — what evidence supports it, where its boundaries lie, and what alternative interpretations it may invite.
What truly shapes a person, after all, is not how much information they have browsed, but the words that have made them pause and reflect - and the words that have remained with them for many years, he added.
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　　在泡泡玛特披露上半年业绩后，重仓买入泡泡玛特的段永平频频发声。面对网友的质疑，段永平直言：“我不关心大众预期，只关心公司未来会怎么样，不然我凭什么赚钱？”　　段永平生气了　　8月20日，泡泡玛特发布2026年半年报。从业绩表现看，上半年实现营收171.73亿元，同比增长23.8%；实现归母净利润50.38亿元，同比增长10.1%。　　有网友问段永平如何看泡泡玛特的半年报，段永平回复称“作为股东，我其实觉得蛮好的”。

　　从市场表现看，8月21日，泡泡玛特低开逾8%，截至收盘依然下跌超3%。

二 | 　　段永平过去几个月来大手笔买入泡泡玛特，有网友问段永平：“大道在过去的几个月可能把腾讯陆续卖了换成泡泡玛特了。”段永平回应道：“那么小看大道？” 　　根据美股机构投资者13F持仓披露情况，截至2026年二季度末，段永平管理的H&H International Investment持仓总市值约191.01亿美元，折合人民币约1300亿元。

三 | 　　面对网友的提问和质疑，段永平也积极回复。

四 | 他表示，自己基本不看财报，每个公司都不是线性增长的，泡泡玛特规模还不够大，所以比较容易看出来而已。“英伟达也不是线性增长的，苹果也不是。绝大部分公司都很难有10年以上线性增长的经历。我在小霸王的时候，我们每年100%+增长，但到第七年也断了。”　　有网友向段永平提问：“泡泡玛特中报业绩增长不及大众预期。主要原因是美洲、亚太、欧洲线上销售拉胯（同比减半），拖累整体业绩。想知道您是怎么想的？”段永平回复说：“我不关心大众预期，只关心公司未来会怎么样，不然我凭什么赚钱？”　　有网友调侃段永平：“老年的段：投资泡泡玛特是我这一生犯的最大的错，我以为泡泡玛特有极强的护城河。忘记了它其实就是一个该死的卖布娃娃的零售商。

五 | ”段永平回怼：“该吃药了吧？” 　　“积极股东”忙巡店　　从段永平的持仓来看，截至8月6日，他对泡泡玛特的持股从7月30日的7393万股，增至1.02576亿股。　　作为泡泡玛特除创始人以外的最大股东，段永平对公司的关注度很高。　　有网友晒出段永平和泡泡玛特创始人王宁的合影，他回复说：“今天忙着巡店喝酒聊天，没顾上看股市。

六 | ” 　　段永平表示：“这次巡店我发现虽然门店生意极好，但似乎还是有改善用户体验的空间的。

七 | 各地尤其是海外球友粉丝们逛店的时候有啥发现可以尽量简单明了地说说哈，希望能帮助公司更快地发现问题。

八 | ”　　有网友向段永平提问，茅台和泡泡玛特联名可以擦出火花吗。段永平态度坚决：“非常不合适。

九 | ”亦有网友提问拼多多和泡泡玛特合适吗，段永平同样不认同：“感觉也不合适，你们这是炒股导向吗？”　　公募持仓减少　　相比段永平对泡泡玛特的乐观态度。二季度，公募基金对泡泡玛特的持仓明显减少。　　Choice数据显示，截至二季度末，86只基金重仓持有泡泡玛特，持股数量合计为2114.68万股。对比之下，截至一季度末，110只基金重仓持有泡泡玛特，持股数量为3324.82万股。　　从机构观点看，中金公司表示，泡泡玛特库存积压自7月起已有优化，乐园与甜品店表现均超预期，以IP为核心的多元业态生态渐次成形。

十 | 此外，公司拟于未来6个月推出20亿元—50亿元的人民币回购计划，彰显长期发展信心。星星人的快速接力印证公司已建设体系化的IP孵化与运营能力，叠加乐园、内容、多元业态的持续培育，公司正沿全球一流IP集团的成长路径演进，长期价值有望穿越单一IP热度周期持续兑现。　　高盛证券表示，考虑到需求疲软、库存水平高企，市场将出现负面反应。销售不及预期意味着二季度销售额环比下滑，从三季度开始基数压力进一步抬升，泡泡玛特业绩将面临进一步下行压力。尽管认可管理层在成本、费用控制以及持续开发新IP、新产品、新概念方面所做的努力，但短期销售存在不确定性，且公司仍处于投资阶段（尤其是门店网络扩张），可能会导致盈利波动进一步加大。