近日，泡泡玛特发布了2026年半年报。数据显示，公司上半年实现营收171.7亿元，同比增长23.8%，经调整后净利润51.6亿元。然而，这个成绩低于市场预期。

二 |     Israel officially launched its election season last week, with parties competing for 120 seats at the Israeli parliament ̶ the Knesset. The elections are expected to take place on 1 November, and Israeli media polls are already releasing their projections for the upcoming race.,A Comeback for Netanyahu,Ex-Prime Minister Benjamin Netanyahu is leading the latest polls. His Likud Party is projected to grab 34 seats in the chamber, four more than the March 2021 elections. Other surveys predict that he may win even more spots. Aviv Bushinsky, who served as Netanyahu’s media advisor, explained that there is an "80 percent chance" his former boss will soon be making a comeback.,Arab-Israeli Community Ready to Stand Up Against Netanyahu as They Prepare for His Return1 July, 05:23 GMT,Bushinsky claimed that the policies of the Naftali Bennett government help Netanyahu’s popularity, despite his ongoing trial in which he is accused of bribery, fraud and breach of trust.,"The previous government did a number of good things like the way they handled COVID-19, the quiet they established vis-a-vis Gaza and the fact that there is no deficit in Israel," said Bushinsky. "But that coalition was weak. It couldn't legislate anything.,They focused on the maintenance and on counting seats and they created a feeling among many Israelis that the Arabs dominate the parliament unproportionally. Their demands were too high and very often [those Arab parties] aligned themselves with the Palestinians," he added.,Past Mistakes?,Since its inception in June 2021, the Bennett government has been relying on the support of Raam, an Islamic parliamentary faction believed to have ties with the Muslim Brotherhood*.,To win its support, the government allocated some $10.5 billion to the needs of the Arab community, specifically to tackle growing crime rates and unemployment, as well as improve poor infrastructure. Later, it was also revealed that another Arab party -- the Joint Arab List -- received more than $60 million in exchange for its "cooperation" in the Knesset.,Netanyahu Throws Likud Ally Under the Bus After He Proposes Including Arab Party in Coalition26 June, 18:21 GMT,Some Israelis perceived this as bribing the Arab parliamentarians in order to keep the coalition intact. Others saw the main reason for the dire security situation and the wave of terrorist activity in these actions.,Not an Easy Fight,However, Bushinsky believes that Netanyahu’s comeback will not be easy, and his success will largely depend on who will agree to join his coalition.,For now, there are not so many buyers. Current PM Yair Lapid holds a grudge against Netanyahu and is unlikely to give up his seat. The head of Yisrael Beitenu Party also has bad blood with the former premier, as do many other politicians.,Yet, Bushinsky explained that it is not a hopeless case.,"[The head of the Blue and White party] Benny Gantz didn't rule out that he would sit with Netanyahu. Yamina under [Interior Minister Ayelet] Shaked might do that as well, although we don't know how strong her party will be".,"One thing is for sure: Netanyahu is preparing an aggressive campaign," he informed.,‘We Will Not Join Him’: Gantz Parries Claims He Courted Likud, But Bennett’s Bloc Still on the Rocks27 May, 20:26 GMT,The focus of Netanyahu’s campaign will reportedly be on highlighting the tendencies of Lapid to tilt towards the liberals. Netanyahu is due to emphasize that Bennett was in a coalition with Raam that purportedly supports terrorists.,Bibi is also expected to allege that his main challenger would divide Jerusalem and make painful concessions to the Palestinians. Netanyahu, on the other hand, will present himself as a defender of Israel and as Mr. Security.,"This is Netanyahu's comfort zone. By conducting a harsh and aggressive campaign, Netanyahu will push the masses out to the ballots and this will increase his chances," said Bushinsky.,"At the same time, if he leads an aggressive campaign against Arabs, it might push them into the ballots too and that might not be in favor of Netanyahu," he added.,In any case, Netanyahu is prepared for a fight. His team is saying that he will be touring Israel and won't leave any stone unturned. He knows that this might be his last change to forge a coalition.,"If he fails, members of the Likud might start thinking that he needs to be replaced so that their party could enter a coalition and establish a government. They might want to give somebody else a chance," summed up Bushinsky.,*Muslim Brotherhood is a terrorist organization banned in Russia.。王宁表示："下半年将面临更大压力，大概率完不成既定的20%全年增长目标。"财报发布次日，泡泡玛特股价低开超8%。

三 | 作为公司除创始人以外的最大股东，段永平在社交平台上面临了大量网友的追问和质疑。面对"如何看待泡泡玛特半年报"的提问，段永平回复说："作为股东，我其实觉得蛮好的。"

当有网友具体指出"美洲、亚太、欧洲线上销售拉胯（同比减半），拖累整体业绩"时，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？"他还补充道："我不在乎短期的东西。我看了一下财报，觉得蛮好。"

最激烈的交锋来自一位网友的调侃。该网友模仿段永平的口吻写道："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。

四 | 忘记了它其实就是一个该死的卖布娃娃的零售商。"段永平回怼道："该吃药了吧？"

围绕财报的讨论中，段永平还透露了自己看公司的习惯。

五 | 有网友问他主要看哪些会计指标，他说"我基本不看财报"。另有人问"有好商业模式和好企业文化的公司，财报大概率也会很好吗"，段永平回应："财报早晚会好的，关键是你的'财报好'的定义是什么？某个季度吗？我对财报的定义是：未来十年财报的总和。"

关于持仓变动，有网友猜测："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。"段永平反问："那么小看大道？"

除此之外，段永平近期还开展着泡泡玛特巡店活动。段永平在评论区说："今天忙着巡店喝酒聊天，没顾上看股市。"他还表示，巡店中发现虽然门店生意极好，但仍有改善用户体验的空间，并呼吁各地粉丝逛店时帮忙反馈问题。事实上，段永平对泡泡玛特的看好并非临时起意。2026年5月，他卖掉了持有十几年的中国神华，全部置换为泡泡玛特。经多轮增持后，段永平以7.65%持股比例位列泡泡玛特公司的第二大股东。但在8月5日，据香港交易所披露，段永平管理的H&H International Investment对泡泡玛特国际集团有限公司的多头持仓比例于2026年7月30日从7.65%降至5.55%。据悉，这也是段永平自对泡泡玛特公开举牌之后的首次减持。不过，段永平股份权益的百分率水平有所下降，原因是其交付了根据股本衍生工具须交付的股份或款项，并非主动卖出。段永平减持泡泡玛特！