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泡泡玛特业绩出炉，段永平回怼网友恶评：该吃药了吧？_我的网站

看不见的客人

一 |

Photo: Courtesy of AG.ALThe 2026 Esports World Cup (EWC) concluded in Paris on Sunday local time, with Chinese esports club AG.AL (under Chengdu AG Esports Club) claiming the overall club championship. It became the first Chinese club to win the title since the tournament's launch, with French President Emmanuel Macron presenting the championship trophy.
AG.AL's victory was not decided until the final stage of the competition. In the last event, Trackmania, French player Gwen held his nerve under pressure to claim the title, helping AG.AL overtake Saudi Arabian club Team Falcons in the standings and secure the overall championship.
This victory reflects a new trend in global esports competition: competition among top clubs is no longer determined solely by one popular game or a single star player, but by a club's overall capabilities in multi-title strategy, talent development and global operations.
For AG, the title was not just a last-minute breakthrough, but the result of a global strategy that had been developed over years.
"Although the tournament itself lasted only around two months, we had been preparing for it for more than two years," Chen Longsheng (EDDY), AG.AL VP&COO, told the Global Times on Monday. He said AG began expanding its overseas esports operations around the EWC in 2024, selecting promising players from around the world and now covering more than 20 esports titles.
This multi-title strategy is also closely linked to EWC's unique competition format. Unlike traditional esports tournaments that often focus on a single major game, EWC adopts a club-based ranking system covering multiple titles, including Honor of Kings, CrossFire, and Trackmania. AG.AL competed in more than 10 events, accumulating points across different competitions before completing its comeback in the final stage, according to AG.
Chen said the format has also changed how clubs evaluate the value of different esports titles.
"From our perspective, there is no absolute distinction between major and minor titles. As long as players in a game have the ability and passion, they can help the club earn valuable points," he said.
He noted that titles such as Tekken and Trackmania may have smaller audiences compared with some mainstream esports games, but outstanding players in these fields can still become important contributors to a club's championship ambitions because they offer the same opportunity to earn crucial points.
Under this new competitive environment, esports clubs are also shifting from building teams around a single title toward developing more diverse talent systems.
However, for an esports club competing on the global stage, finding the right players is only the first step. Building a stable team among players from different countries and regions, while ensuring smooth operations at international tournaments, also tests a club's management capabilities.
"Cross-border operations involve challenges including language communication, contract arrangements, legal regulations, and player support," Chen said. "Different countries have different legal environments and salary systems, and coordinating all of these issues is actually very complicated."
According to AG, during this year's EWC, staff members followed the teams throughout the process, from players' arrival in Paris, to training arrangements, communication with tournament organizers, post-match interviews and their departure.
"Fans see the players on stage, but behind them there are many operations staff ensuring that the entire team runs smoothly," Chen said.
AG's own development journey also reflects the changes that have taken place in China's esports industry over the past two decades.
In 2001, AG's predecessor won the StarCraft title at the World Cyber Games (WCG) Grand Finals, earning China's first world-level esports gold medal. Twenty-five years later, AG once again reached the top of an international competition. But the way esports is contested has changed dramatically - from battles centered around individual games to competition among global clubs based on talent, operations, and broader ecosystems.
"Over the past two decades, Chinese esports have gradually moved beyond the era when success depended mainly on individual players or a single game title, and developed into a more mature ecosystem involving clubs, professional leagues, content creation, commercial partnerships, and international exchanges," Shanghai-based esports commentator Natto told the Global Times on Monday.
According to Natto, the growing international presence of Chinese esports clubs also reflects a broader change in how the industry views overseas markets.
"Going global is not only about sending teams abroad to compete," Natto said. "It also means understanding different audiences, building communication channels and allowing more people to see the diversity of Chinese esports."
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二 |

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。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%。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。

三 | 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。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。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。

四 | "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！

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Published on:10:47:35