港股市场2025年持续走强，消费板块尤为亮眼。蜜雪集团、泡泡玛特、老铺黄金凭借出色的市场表现和独特的商业模式，被市场称为“港股新消费三姐妹”。年内，3家公司股价均实现翻倍增长，市值均超千亿港元。

The Hong Kong stock market continued to strengthen in 2025, with the consumer sector standing out particularly. Mixue Group, Pop Mart, and Laopu Gold have been dubbed the "Three Sisters of New Consumption in Hong Kong Stocks" by the market due to their outstanding market performance and unique business models. So far this year, the stock prices of all three companies have doubled, with market values exceeding HK$100 billion each.

尤为引人注目的是，“三姐妹”中有两家企业——蜜雪集团和泡泡玛特，都源自河南，带着河南的深厚底蕴走向全球。与此同时，港股市场正迎来消费企业上市的热潮，众多消费类企业纷纷递交IPO申请，为港股市场注入源源不断的活力。

Notably, two of the "Three Sisters"—Mixue Group and Pop Mart—originate from Henan, carrying the province's profound heritage to the global stage. Meanwhile, the Hong Kong stock market is witnessing a wave of consumer enterprises for stock listing, with numerous consumer companies submitting IPO applications, injecting continuous vitality into the Hong Kong market.

市场爆火

Market Sensation

年内股价翻倍，“三姐妹”领涨港股消费

Stock Prices Double within the Year, "Three Sisters" Lead the Rally in Hong Kong's Consumer Sector

这股热潮并非虚火。6月5日，记者在位于郑州绿地新都会新田360广场的泡泡玛特门店看到，即使工作日，店内仍聚集不少年轻人。展示架上，几只长着锯齿尖牙、造型“丑萌”的Labubu搪胶毛绒玩偶吸引不少消费者目光，然而店里并没有现货可供购买。一名工作人员告诉记者：“Labubu目前仅支持线上抢购，可以来线下门店取货。”

This upsurge is no flash in the pan. On June 5, reporters visited a Pop Mart store in Xintian 360 Plaza, Zhengzhou Greenland Metropolis, and found that even on a weekday, the store was crowded with young people. On the display shelves, several Labubu vinyl plush dolls with serrated fangs and an "ugly-cute" design attracted many consumers, but the store had no in-stock available for purchase. A staff member said, "Labubu is currently only available for online snatching, and customers can pick up orders at offline stores."

国际巨星带货、门店排队，甚至爆发抢购冲突……Labubu引发的全球风潮是泡泡玛特火爆的缩影，其股价也同步高歌：2025年3月27日，泡泡玛特市值首次站上2000亿港元门槛。近两个月时间，泡泡玛特市值增长超1000亿港元，接连突破2000亿港元、3000亿港元大关。若将时间线拉长，泡泡玛特股价已经实现了20倍增长。相比2022年四季度的低谷，区间涨幅已超2300%。

International superstars endorsing products, long queues outside stores, and even rush purchase conflicts... The global craze triggered by Labubu is a microcosm of Pop Mart's popularity, and its stock price has soared in tandem: On March 27, 2025, Pop Mart's market value crossed the HK$200 billion threshold for the first time. In the past two months, Pop Mart's market value has increased by over HK$100 billion, surpassing the HK$200 billion and HK$300 billion marks in succession. If we extend the timeline, Pop Mart's stock price has achieved a 20-fold increase. Compared to its low point in the fourth quarter of 2022, the range increase has exceeded 2300%.

位于郑州东站附近的蜜雪冰城旗舰店，已经晋升为郑州打卡新地标。记者在现场看到，面对水杯、玩偶、积木等各式雪王周边和零食，购买者排起了长队；此外，店里还上线了各种“旗舰店限定”冰淇淋和饮品、“全球雪王 老家河南”茶礼礼盒等，河南本土元素满满。有不少拖着行李箱的外地游客将此作为河南旅行的第一站。

MIXUE Ice Cream & Tea flagship store near Zhengzhou East Railway Station has become a new check-in landmark in Zhengzhou. Reporters saw on-site that facing various Snow King peripherals and snacks such as water cups, dolls, and building blocks, buyers formed long queues; in addition, the store launched various "flagship store exclusive" ice creams and beverages, as well as "Global Snow King, Hometown Henan" tea gift boxes, full of Henan local elements. Many out-of-town tourists with suitcases regard this as the first stop of their Henan trip.

近期，蜜雪集团股价亦创新高，6月4日盘中触及618港元/股，市值一度超2300亿港元。而在2月招股时，该公司便以5258倍超额认购、1.82万亿港元冻资成为新“冻资王”，上市仅三月区间涨幅高达165%。

The other day, Mixue Group's stock price also hit a new high, reaching HK$618 per share intraday on June 4, with a market value once exceeding HK$230 billion. During its IPO in February, the company became the new "capital freeze king" with a 5258-fold oversubscription and HK$1.82 trillion in frozen capital, and its interval increase reached 165% just three months after listing.

作为“黄金界爱马仕”，老铺黄金年内股价同样表现强劲。截至6月6日收盘，老铺黄金股价报903港元/股，市值为1559亿港元。老铺黄金于2024年6月28日上市，上市不到一年便上涨了超20倍，年内涨幅超过240%。

As the "Hermès of gold," Laopu Gold's stock price has also performed strongly this year. As of the close on June 6, Laopu Gold's stock price was HK$903 per share, with a market value of HK$155.9 billion. Laopu Gold was listed on June 28, 2024, and has increased by more than 20 times in less than a year, with a year-to-date increase of over 240%.

破圈逻辑

Circle-breaking Logic

拿捏情绪、稀缺与性价比

Mastering Emotional Value, Scarcity, and Cost-Effectiveness

与传统消费企业不同，这些新锐消费企业深受“Z世代”等年轻群体的喜爱，它们注重情绪价值和体验经济，通过创新营销打造出圈概念，成为港股市场一股不可忽视的新消费势力。

Different from traditional consumer enterprises, these emerging consumer companies are deeply loved by young groups such as the "Z generation". They focus on emotional value and experience economy, creating circle-breaking concepts through innovative marketing, becoming a new consumer force that cannot be ignored in the Hong Kong market.

老铺黄金定位“黄金界爱马仕”，以“古法手工制金”制造稀缺感，采用“一口价”模式对标奢侈品。单店年营收超3亿元，其秘诀在于高端商圈选址（如SKP、IFS）毗邻国际大牌，以及针对高净值客群的精准圈层营销，成功晋级“贵妇新宠”。

Positioned as the "Hermès of gold," Laopu Gold creates a sense of scarcity through “ancient handicraft goldsmithing” and adopts a "fixed price" model to benchmark luxury goods. With an annual revenue of over 300 million yuan per store, its secret lies in selecting high-end commercial districts (such as SKP, IFS) adjacent to international brands and precise circle marketing for high-net-worth customer groups, successfully advancing to become a "new favorite of wealthy ladies."

蜜雪冰城凭借极致性价比和强大供应链，在全球开出了4.6万家门店。蜜雪冰城核心产品的价格通常为2元至8元。“高质平价”的产品背后，蜜雪冰城的自建供应链发挥了关键作用，这也是其区别于其他现制饮品品牌的核心竞争力所在。在消费转型的大背景下，年轻人纷纷转向蜜雪冰城寻求替代消费。

Relying on extreme cost-effectiveness and a powerful supply chain, MIXUE Ice Cream & Tea has opened 46,000 stores worldwide. The prices of MIXUE Ice Cream & Tea's core products are usually between 2 yuan and 8 yuan. Behind the "high-quality and affordable" products, MIXUE Ice Cream & Tea's self-built supply chain plays a key role, which is also its core competitiveness that distinguishes it from other ready-to-drink beverage brands. In the context of consumption transformation, young people have turned to MIXUE Ice Cream & Tea for alternative consumption.

泡泡玛特精准洞悉Z世代情绪消费需求，将潮玩盲盒打造成“塑料茅台”。消费者以几十元购买盲盒，开盒时可能获得普通款，也可能以小概率（如Labubu隐藏款概率仅约1/72）抽中价值近千元的隐藏款。这种未知惊喜感强烈驱动消费。

Pop Mart has accurately understood the emotional consumption needs of the Z generation, transforming trendy toy blind boxes into "plastic Moutai." Consumers spend tens of yuan to buy a blind box, and when opening it, they may get a regular version or, with a low probability (such as the Labubu hidden version with a probability of only about 1/72), draw a hidden version worth nearly 1,000 yuan. This unknown sense of surprise strongly drives consumption.

这一关键机制在于：低概率隐藏款在二级市场产生高溢价，形成较大利益诱惑。这促使消费者甘愿“端盒”（整盒购买）或反复购买，只为抽中稀有限定款。最终，泡泡玛特通过强大IP矩阵运营和精心设计的稀缺性营销，将普通塑料玩具成功塑造为具有收藏价值的潮流符号，在年轻群体中引爆了盲盒热潮。

The key mechanism here is that low-probability hidden versions generate high premiums in the secondary market, forming a significant interest temptation. This prompts consumers to willingly "buy a whole box" or purchase repeatedly, just to draw rare limited editions. Eventually, through strong IP matrix operation and carefully designed scarcity marketing, Pop Mart has successfully shaped ordinary plastic toys into trendy symbols with collection value, triggering a blind box craze among young people.

河南力量

Henan Force

杭州有“六小龙”，河南有“三头象”

Hangzhou Has the "Six Dragons," While Henan Has the "Three Elephants"

“港股新消费三姐妹”中，蜜雪冰城与泡泡玛特两大现象级企业，其创业之路都深深植根于河南。它们从中原腹地出发，正加速走向全球舞台。这股源自河南的商业创新力量，正重塑中国乃至全球的消费图景。

Among the "Three Sisters of New Consumption in Hong Kong Stocks," two phenomenal enterprises, MIXUE Ice Cream & Tea and Pop Mart, have deeply rooted their entrepreneurial paths in Henan. Starting from the central plains, they are accelerating their march to the global stage. This force of commercial innovation from Henan is reshaping the consumption landscape in China and even the whole world.

蜜雪冰城的前身是郑州街头的“寒流刨冰”小店，20余年间其已成长为全球门店超4.6万家的现制饮品巨头。东南亚是其出海战略要地，截至2024年末门店数量已突破4000家。

The predecessor of MIXUE Ice Cream & Tea was a "Cold Wave Shaved Ice" shop on the streets of Zhengzhou. In more than 20 years, it has grown into a ready-to-drink beverage giant with over 46,000 stores worldwide. Southeast Asia is a key region for its overseas strategy, with the number of stores exceeding 4,000 by the end of 2024.

泡泡玛特创始人王宁，是河南新乡人，他的创业首站始于郑州西亚斯学院的“格子街”。这笔初始积累，助力其在北京孵化了第一家泡泡玛特门店。如今，其潮流玩具盲盒不仅风靡国内，更席卷海外。2024年，泡泡玛特海外及港澳台业务营收高达50.7亿元，同比激增375.2%。

Wang Ning, the founder of Pop Mart, is from Xinxiang, Henan. His entrepreneurial journey began at the "Gezi Street" of Zhengzhou Sias University. This initial accumulation helped him incubate the first Pop Mart store in Beijing. Today, its trendy toy blind boxes are not only popular in China but also overseas. In 2024, Pop Mart's overseas and Hong Kong, Macao, and Taiwan business revenue reached 5.07 billion yuan, a year-on-year surge of 375.2%.

在消费领域，这股“河南力量”远不止于此。以极致服务闻名、奉行“爱与自由”价值观的胖东来已成为零售业标杆，被网友称为“没有淡季的6A级景区”。2025年前五个月，胖东来销售额已突破百亿元。

In the consumption field, this "Henan Force" extends far beyond that. Pang Donglai, known for its extreme service and advocating the values of "love and freedom," has become a benchmark in the retail industry, praised by netizens as a "6A-level scenic spot without off-seasons". In the first five months of 2025, Pang Donglai's sales exceeded 10 billion yuan.

不久前，人文财经观察家秦朔在《河南跑出来三头象》一文中，将胖东来、蜜雪冰城、泡泡玛特喻为河南跑出的“三头象”。虽然这几家企业的客群属性有不同，但它们对消费者需求都有深刻的洞察，并提供了不一般的、极致化的满足方式。

Not long ago, in the article "Three Elephants Running out of Henan" by cultural and financial observer Qin Shuo, Pang Donglai, MIXUE Ice Cream & Tea, and Pop Mart were compared to the "Three Elephants" running out of Henan. Although these enterprises have different customer group attributes, they all have a deep understanding of consumer needs and provide extraordinary and extreme ways to meet them.

在河南，除了声名远扬的“三头象”，锅圈食汇、巴奴、姐弟俩等企业同样展现出强劲的发展势头。可以说，当下的河南正逐步构建起“头象引领、群象奔腾”的新消费场景。

In Henan, in addition to the renowned "Three Elephants", enterprises such as Guoquan Food Hui, Banu Hotpot, and Siblings Catering also demonstrate strong development momentum. It can be said that Henan is gradually building a new consumption scene of "leading elephants guiding, groups of elephants galloping".

今年春节期间，“杭州六小龙”的话题在网络上热度飙升，引发广泛关注。“杭州六小龙”指的是6家在杭州迅速崛起的科技企业，众多媒体纷纷发问：“为何是杭州？”如今，河南跑出的“三头象”同样吸引了各界的目光。它们的集体崛起，不禁引发业界追问：河南究竟凭借何种优势，能够持续孕育出这些备受瞩目的流量商企？这些企业成功的共性密码又是什么？

During this year's Spring Festival, the topic of the "Hangzhou Six Dragons" skyrocketed in online popularity, attracting widespread attention. The "Hangzhou Six Dragons" refer to six tech enterprises that rapidly emerged in Hangzhou, and many media asked: "Why Hangzhou?" Now, the "Three Elephants" running out of Henan have also attracted the attention of all sectors. Their collective rise has inevitably sparked industry questions: What advantages does Henan have to continuously nurture these high-profile traffic commercial enterprises? What are the common codes for the success of these enterprises?

答案正在于“河南新消费市场水大鱼大”的生态。胖东来、蜜雪冰城、锅圈食汇、巴奴等一批河南商业标杆在国内市场的成功突围，正是这片沃土“水深鱼肥”的生动印证。

The answer lies in the ecosystem of "abundant water and large fish in Henan's new consumption market". The successful breakthrough of a batch of Henan commercial benchmarks such as Pang Donglai, MIXUE Ice Cream & Tea, Guoquan Food Hui, and Banu Hotpot in the domestic market is a vivid testimony to the "deep water and fat fish" in this fertile land.

作为农业与人口大省，河南坐拥深厚的供应链根基与广阔的市场腹地，为“大鱼”成长提供了丰富养料。深谙此道的河南企业，一方面通过立足本地优势深耕产品力，另一方面通过差异化服务或商业模式创新打破行业惯性。更重要的是，以胖东来为代表的企业将“员工关怀”“用户尊重”等价值观转化为核心竞争力，形成强大的口碑传播与消费者情感联结，最终实现从“流量”到“留量”的可持续增长。

As a major agricultural and populous province, Henan boasts a profound supply chain foundation and a vast market hinterland, providing rich nutrients for the growth of "large fish". Henan enterprises, well-versed in this, on the one hand, deepen their product capabilities based on local advantages, and on the other hand, break industry inertia through differentiated services or business model innovation. More importantly, enterprises represented by Pang Donglai have transformed values such as "employee care" and "user respect" into core competitiveness, forming strong word-of-mouth communication and emotional connection with consumers, ultimately achieving sustainable growth from "traffic" to "retention".

资本追捧

Capital Favor

新消费势力掀起港股上市潮

New Consumption Forces Trigger a Listing Wave in Hong Kong Stocks

2025年以来，不少新消费企业扎堆寻求港股上市。年内已有蜜雪集团、毛戈平、布鲁可等多家新消费公司成功登陆港股，并在市场上有不错的表现。

Since 2025, many new consumption enterprises have flocked to seek listing in Hong Kong. This year, several new consumption companies such as Mixue Group, MaoGeping, and Bloks Group have successfully listed in Hong Kong and performed well in the market.

从供给端来看，企业上市热情高涨。近日，潮玩公司乐自天成、美妆品牌林清轩先后向港交所递交招股书。此前已有众多消费企业已经递表，如三只松鼠、遇见小面、鸣鸣很忙、溜溜果园、卡游、八马茶业、老乡鸡、伯希和等。

From the supply side, enterprises are enthusiastic about listing. Recently, trendy toy company Talent Joy and beauty brand Linqingxuan have successively submitted prospectuses to Hong Kong Stock Exchange. Previously, many consumer enterprises have already submitted applications, such as Three Squirrels, Encounter Xiaomian, Mingming Busy, Liuliu Orchard, Kayou, Bama Tea, AJS Family, and Pelliot.

Wind数据显示，截至6月5日，年内排队港股IPO的企业166家（申请状态为处理中、聆讯通过），其中消费类企业超20家。

Wind data shows that as of June 5, there are 166 enterprises queuing for Hong Kong IPOs this year (with application statuses of processing or approved for listing), among which more than 20 are consumer enterprises.

事实上，港股新消费势力表现强劲的背后，离不开港股市场的整体回暖。据Wind统计，截至6月5日，2025年以来南向资金净流入额达到6383.63亿港元，港交所IPO融资总额达到773.61亿港元。

In fact, behind the strong performance of new consumption forces in Hong Kong stocks is the overall recovery of the Hong Kong market. According to Wind statistics, as of June 5, southbound funds have seen a net inflow of HK$638.363 billion since 2025, and the total IPO financing of the Hong Kong Stock Exchange has reached HK$77.361 billion.

富国基金研究报告分析，这轮资金偏爱港股消费的原因是稀缺性和高成长性。目前港股通消费指数大部分成分股估值水平已经处于历史较低水平；相比A股严格的盈利门槛，港股允许同股不同权、接纳未盈利企业，为消费新势力敞开大门。国务院“惠港5条”等政策进一步优化上市环境，吸引新兴品牌排队赴港。此外，今年以来，提振消费、扩大内需成为发展的重中之重，消费领域成为投资热点之一。

A research report by Fullgoal Fund analyzes that the reason why this round of funds favor Hong Kong consumer stocks is their scarcity and high growth. Currently, most constituent stocks of the Hong Kong Stock Link Consumer Index are at historically low valuation levels. Compared to the strict profit threshold of A-shares, Hong Kong stocks allow different voting rights for the same share and accept unprofitable enterprises, opening the door for new consumption forces. Policies such as the State Council's "Five Measures to Benefit Hong Kong" further optimize the listing environment, attracting emerging brands to queue up for listing in Hong Kong. In addition, since this year, boosting consumption and expanding domestic demand have become a top priority, making the consumer sector one of the investment hotspots.

业内人士告诉大河财立方记者，2025年消费企业扎堆赴港上市，主要是由于许多消费企业处于快速扩张或战略升级阶段，对融资有切实需求，上市是重要资本路径之一。此外，香港资本市场以其上市周期相对可预期、流程透明度高等特点，对寻求高效对接国际资本的企业具有吸引力。

Industry insiders told DaHe Fortune Cube reporters that the clustering of consumer enterprises for listing in Hong Kong in 2025 is mainly because many consumer enterprises are in a stage of rapid expansion or strategic upgrading and have a practical need for financing. Listing is one of the important capital paths. In addition, the Hong Kong capital market, with its relatively predictable listing cycle and high process transparency, is attractive to enterprises seeking efficient docking with international capital.

该人士同时提到，境内资本市场的政策导向更侧重于支持硬科技方向的发展，这在一定程度上影响了消费类企业在A股上市的节奏和预期。在此背景下，港股成为众多消费企业实现上市目标的重要市场选项。（中文来源/大河财立方 记者/史冰倩 图/洪昊旸 编译/洪建园）

The insiders also mentioned that the policy orientation of the domestic capital market focuses more on supporting the development of hard technology, which has to some extent affected the rhythm and expectations of consumer enterprises listing on A-shares. Against this backdrop, Hong Kong stocks have become an important market option for many consumer enterprises to achieve their listing goals.

 Web editors: Shen Jianqi, Li Siyao