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四甲坝坝主

四甲坝坝主

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四甲坝坝主

10:12

$泡泡玛特(09992)$ 机构清仓大甩卖[开心]

四甲坝坝主

09:37

$泡泡玛特(09992)$ 一句话，现在是卖put的最佳时候

四甲坝坝主

01:47

‌横的真久吃不消了先撤了‌

四甲坝坝主

03-25 15:44

$泡泡玛特(09992)$ 这应该是触发量化踩踏了

四甲坝坝主

03-25 15:11

我没感觉到不满，别替我感觉不满，跌这么多正常么[生气]

泡泡玛特2025年净利润同比暴增293%，但营收低于预期，股价下挫超15% | 财报见闻

四甲坝坝主

03-25 14:01

$泡泡玛特(09992)$ 公司被伊朗炸了也不至于跌这么多吧[开心] [开心] [开心]

四甲坝坝主

03-25 13:59

$泡泡玛特(09992)$ 看盘面都是机构在抛，南向散户在接盘[捂脸] [捂脸]

四甲坝坝主

03-25 13:21

你说的一点问题没有。国内就不能赌财报，好坏他妈都是利空

四甲坝坝主

03-25 13:07

$泡泡玛特(09992)$ 啥情况，财报有啥问题[捂脸] [捂脸] [捂脸]

四甲坝坝主

03-24 22:16

$Ondas Holdings Inc.(ONDS)$ 别洗了，再洗我真要下车了

四甲坝坝主

03-13

$Ondas Holdings Inc.(ONDS)$ 能不能厚积薄发一波打爆空头

四甲坝坝主

03-11

$Ondas Holdings Inc.(ONDS)$ 能不能争气点。

四甲坝坝主

03-03

$Ondas Holdings Inc.(ONDS)$ 同样无人机，你怎么这么废

四甲坝坝主

03-03

$泡泡玛特(09992)$ 还能到300么？

四甲坝坝主

02-26

现在火的不是拉布布而是星星人，什么都要抢[开心]

潮玩泡沫终破：Labubu遇冷，行业回归理性本质

四甲坝坝主

02-13

$白银/美元(XAGUSD.FOREX)$ 春节最容易出流动性危机的时候，也是最佳的去杠杆时机。短期看空，看涨要等春节后看

四甲坝坝主

02-10

泡泡玛特未来是全世界优秀ip的展示售卖平台

年销4亿件！"后Labubu时代"，泡泡玛特的高增长能否持续？

四甲坝坝主

02-04

$泡泡玛特(09992)$ 压力这么大？几天了还过不去

四甲坝坝主

02-02

现在目前看只是回归趋势

四甲坝坝主

02-02

$2倍做多黄金ETF-ProShares(UGL)$ 长期看多，现在就是现货最佳的建仓时机。4300到4800区域。

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href=\"https://laohu8.com/S/09992\">$泡泡玛特(09992)$&nbsp;</a> 机构清仓大甩卖[开心]&nbsp;&nbsp;","listText":"<a href=\"https://laohu8.com/S/09992\">$泡泡玛特(09992)$&nbsp;</a> 机构清仓大甩卖[开心]&nbsp;&nbsp;","text":"$泡泡玛特(09992)$ 机构清仓大甩卖[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/546678481660088","isVote":1,"tweetType":1,"viewCount":126,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":546669953779592,"gmtCreate":1774489066920,"gmtModify":1774489068873,"author":{"id":"3575672226475362","authorId":"3575672226475362","name":"四甲坝坝主","avatar":"https://static.tigerbbs.com/fed1872f351c3dee0d61a1a366951ef6","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3575672226475362","idStr":"3575672226475362"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/09992\">$泡泡玛特(09992)$&nbsp;</a> 一句话，现在是卖put的最佳时候","listText":"<a href=\"https://laohu8.com/S/09992\">$泡泡玛特(09992)$&nbsp;</a> 一句话，现在是卖put的最佳时候","text":"$泡泡玛特(09992)$ 一句话，现在是卖put的最佳时候","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/546669953779592","isVote":1,"tweetType":1,"viewCount":81,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":546554434250848,"gmtCreate":1774460865424,"gmtModify":1774460867694,"author":{"id":"3575672226475362","authorId":"3575672226475362","name":"四甲坝坝主","avatar":"https://static.tigerbbs.com/fed1872f351c3dee0d61a1a366951ef6","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3575672226475362","idStr":"3575672226475362"},"themes":[],"title":"","htmlText":"‌横的真久 吃不消了 先撤了‌","listText":"‌横的真久 吃不消了 先撤了‌","text":"‌横的真久 吃不消了 先撤了‌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/546554434250848","isVote":1,"tweetType":1,"viewCount":15,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":546468704630776,"gmtCreate":1774424641762,"gmtModify":1774424643928,"author":{"id":"3575672226475362","authorId":"3575672226475362","name":"四甲坝坝主","avatar":"https://static.tigerbbs.com/fed1872f351c3dee0d61a1a366951ef6","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3575672226475362","idStr":"3575672226475362"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/09992\">$泡泡玛特(09992)$&nbsp;</a> 这应该是触发量化踩踏了","listText":"<a href=\"https://laohu8.com/S/09992\">$泡泡玛特(09992)$&nbsp;</a> 这应该是触发量化踩踏了","text":"$泡泡玛特(09992)$ 这应该是触发量化踩踏了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/546468704630776","isVote":1,"tweetType":1,"viewCount":508,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"5166531553792","authorId":"5166531553792","name":"房大卫","avatar":"https://static.tigerbbs.com/7870f9b68b7b5f63ffd9738406bcfc3c","crmLevel":4,"crmLevelSwitch":1,"authorIdStr":"5166531553792","idStr":"5166531553792"},"content":"这又不是科技公司，市盈率那么高，还要跌","text":"这又不是科技公司，市盈率那么高，还要跌","html":"这又不是科技公司，市盈率那么高，还要跌"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":546460537053832,"gmtCreate":1774422687841,"gmtModify":1774422690139,"author":{"id":"3575672226475362","authorId":"3575672226475362","name":"四甲坝坝主","avatar":"https://static.tigerbbs.com/fed1872f351c3dee0d61a1a366951ef6","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3575672226475362","idStr":"3575672226475362"},"themes":[],"title":"","htmlText":"我没感觉到不满，别替我感觉不满，跌这么多正常么[生气]&nbsp;&nbsp;","listText":"我没感觉到不满，别替我感觉不满，跌这么多正常么[生气]&nbsp;&nbsp;","text":"我没感觉到不满，别替我感觉不满，跌这么多正常么[生气]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/546460537053832","repostId":"2622044201","repostType":2,"repost":{"id":"2622044201","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1774416941,"share":"https://www.laohu8.com/m/news/2622044201?lang=zh_CN&edition=full","pubTime":"2026-03-25 13:35","market":"fut","language":"zh","title":"泡泡玛特2025年净利润同比暴增293%，但营收低于预期，股价下挫超15% | 财报见闻","url":"https://stock-news.laohu8.com/highlight/detail?id=2622044201","media":"华尔街见闻","summary":"财报显示，泡泡玛特2025年营收371.2亿（+185%），净利130.1亿（+293%），海外市场成重要增长极。LABUBU爆火带动毛绒产品成最大品类，单IP贡献超38%营收。但因市场担忧其过度依赖单一核心IP，缺乏多元化第二增长曲线，引发股价跳水跌超15%。","content":"<p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/82c77f7269dd21266a2ce8d140722405\" tg-width=\"2560\" tg-height=\"1428\"></p><p><a href=\"https://laohu8.com/S/09992\">泡泡玛特</a>国际集团在成立第十五周年之际，交出了一份足以载入资本市场史册的成绩单。</p><p>3月25日，泡泡玛特公布的最新财报显示，2025年全年，集团实现收入人民币371.2亿元，同比暴增184.7%；净利润达130.1亿元，同比增长293.3%。</p><p><social-image src=\"https://wpimg-wscn.awtmt.com/389eb271-d074-4764-a6f0-7963298148eb.png\"></social-image></p><p>这份数字的背后，是LABUBU等明星IP席卷全球所掀起的现象级文化热潮——以THE MONSTERS系列为核心，泡泡玛特已从一家中国潮玩公司，蜕变为具有全球影响力的IP平台。</p><p><strong>盈利能力的跃升同样惊人。</strong>毛利率从2024年的66.8%提升至72.1%，毛利规模从87亿元扩张至268亿元，足足增加了逾180亿元；按非国际财务报告准则计算的调整后净利率更高达35.2%，较去年的26.1%大幅提升9个百分点。</p><blockquote><p>考虑到同期收入规模已近乎翻三倍，这一利润率的提升尤为难能可贵，印证了泡泡玛特高IP溢价、高毛利的商业模式正在全球市场得到充分验证。</p></blockquote><p><strong>海外业务是本次业绩的最大亮点。</strong>2025年，海外收入合计达162.7亿元，同比增长291.9%，占总收入比例从2024年的31.8%大幅提升至43.8%。</p><blockquote><p>其中美洲市场收入同比猛增748.4%，欧洲及其他地区增长506.3%，不仅增速惊人，更意味着全球化战略已进入真正的规模化收获期。若以海外分部业绩计算，海外业务在报告期已创造逾80亿元的分部盈利，成为泡泡玛特不可忽视的第二增长极。</p></blockquote><p>董事会同时宣布末期股息每股人民币2.3817元，预计合共派付约31.9亿元，较去年大幅增加，充分体现管理层对业务前景的信心，亦是对股东的丰厚回报。</p><p>财报公布之后，港股泡泡玛特股票盘中跌幅一度高达15%。分析指出，该公司公布的全年业绩大体符合市场预期，<strong>但业绩未能展示出Labubu IP娃娃以外的收入来源出现明显多元化，令投资者感到不满。</strong></p><p><social-image src=\"https://wpimg-wscn.awtmt.com/842fcad9-854b-44a4-9682-b11829fc65e3.png\"></social-image></p><p>这一反应凸显出市场对泡泡玛特过度依赖单一核心IP的担忧。Labubu系列长期以来是驱动公司业绩的主要引擎，如何在其热度之外建立可持续的增长支柱，是投资者关注的核心议题。</p><p>Labubu系列凭借其独特的造型设计和社交媒体传播效应，为泡泡玛特带来了强劲的收入增长，也推动公司股价在过去一段时间大幅攀升。然而，这种高度集中的增长结构，也使公司在IP热度出现波动时面临较大的业绩风险。</p><p>分析认为，投资者普遍期待泡泡玛特能够及时展示出第二增长曲线的轮廓，而此次业绩未能就此提供充分的说服力，是<strong>本次股价大幅回调的直接诱因。</strong></p><h2 id=\"id_4028627948\">IP<a href=\"https://laohu8.com/S/301365\">矩阵</a>：THE MONSTERS跻身“百亿俱乐部”，17个艺术家IP年收入过亿</h2><p>IP是泡泡玛特商业<a href=\"https://laohu8.com/S/00776\">帝国</a>的基石，2025年的IP矩阵表现超越市场所有预期。</p><p>财报显示，本年度，共有17个艺术家IP年收入超过人民币1亿元。其中，以LABUBU为核心的THE MONSTERS家族一枝独秀，全年收入高达141.6亿元，同比暴增365.7%，单一IP贡献占集团总收入38.1%，成功跻身“百亿IP俱乐部”，亦是2025年全球最具话题度的潮流IP之一。</p><p>LABUBU第三代搪胶毛绒“前方高能”系列全球发售引爆抢购狂潮，IP更首次受邀参与有百年历史的梅西百货感恩节游行，品牌文化影响力持续破圈。</p><blockquote><p>SKULLPANDA（35.4亿元）、CRYBABY（29.3亿元）、MOLLY（29.0亿元）、DIMOO（27.8亿元）排列其后，共同撑起艺术家IP超过330亿元的总收入，占集团总收入90.0%。值得关注的是，<a href=\"https://laohu8.com/S/688257\">新锐</a>IP“<a href=\"https://laohu8.com/S/300256\">星星</a>人”在2024年仅贡献1.2亿元收入，至2025年已飙升至20.6亿元，成为成长速度最快的IP之一，亦印证集团持续孵化新IP的能力。</p></blockquote><p><social-image src=\"https://wpimg-wscn.awtmt.com/a49cc9a8-d33d-4d10-b8ff-190df01f5d1a.png\"></social-image></p><p>从IP类型看，<strong>艺术家IP收入占比从2024年的85.3%提升至90.0%</strong>，自主研发IP的护城河愈发深厚；<strong>授权IP收入亦增长111.3%至33.8亿元</strong>，显示集团在外部IP合作上同样稳步推进。</p><p><social-image src=\"https://wpimg-wscn.awtmt.com/bf027a41-9ff0-43ae-9fd7-84bba4ba888e.png\"></social-image></p><h2 id=\"id_848957174\">毛绒产品：首次问鼎最大品类，一个品类单年贡献187亿元</h2><p>产品结构的变化是本年度财报另一大看点。</p><p>财报显示，毛绒产品收入从2024年的28.3亿元爆炸性增长至187.1亿元，增幅高达560.6%，收入占比从21.7%跃升至50.4%，首次超越传统支柱手办系列，成为集团收入规模最大的产品品类。</p><p><social-image src=\"https://wpimg-wscn.awtmt.com/98b15093-492c-4307-8298-83035c78b66a.png\"></social-image></p><p><strong>毛绒产品的崛起并非偶然，而是泡泡玛特以IP为核心、深度定制差异化产品策略的成功实践。</strong>LABUBU毛绒玩具凭借极强的社交货币属性与展示性、可搭配性，成为从亚洲蔓延至欧美的“配饰”现象，带动整个品类的全球消费热潮。集团亦持续拓展毛绒产品矩阵，覆盖多尺寸、多形态，从而满足不同消费场景和用户群体的需求。</p><p>相比之下，传统手办虽增长73.3%至120.2亿元，但占比从53.2%回落至32.4%；MEGA系列增速放缓至13.8%，收入19.2亿元，占比收缩至5.2%；衍生品及其他类别同比增长182.1%至44.7亿元，成为另一个正在快速成型的增量品类。</p><h2 id=\"id_2524535431\">海外版图：美洲狂飙748%，全球630家门店覆盖20国</h2><p>地理扩张是本年度业绩超预期的核心驱动力。截至2025年12月31日，泡泡玛特在全球20个国家共运营630家门店，全年净增109家；机器人商店增至2,637台，净增165台。</p><p>从各区域表现来看：</p><blockquote><p><strong>美洲：</strong>收入从8.0亿元爆增至68.1亿元，增幅748.4%，门店数量从22家增至64家。在线渠道贡献尤为突出，自研APP及官方网站收入同比增长1,395.4%，TikTok平台收入增长865.9%，在线收入占美洲总收入比例高达64.0%。</p><p><strong>欧洲及其他地区：</strong>收入从2.4亿元增至14.5亿元，增幅506.3%，门店从14家增至36家，并首次进入德国、丹麦等新市场。</p><p><strong><a href=\"https://laohu8.com/S/002540\">亚太</a>（不含中国）：</strong>收入增长157.6%至80.1亿元，自研APP及官网收入增长378.6%，线下零售店从54家增至85家。</p><p><strong>中国市场：</strong>作为基本盘，增长134.6%至208.5亿元，收入占比从68.2%下降至56.2%，体现出全球化稀释效应。中国在线渠道增长207.4%至85.2亿元，“抽盒机”小程序收入达34.2亿元。值得一提的是，截至2025年底，中国内地累计注册会员达7,258万人（较2024年底增加2,650万人），会员贡献销售额占比93.7%，复购率55.7%，用户黏性持续加强。</p></blockquote><h2 id=\"id_1458078805\">盈利结构：毛利率创历史新高，规模效应显现</h2><p>毛利率是衡量泡泡玛特商业模式优劣的核心指标。2025年毛利率达72.1%，较上年的66.8%提升5.3个百分点，主要驱动因素有二：<strong>一是海外市场销售占比提升带动高毛利产品贡献增加；二是柔性供应链战略持续奏效，集中向核心供应商采购压缩了采购成本。</strong></p><p><social-image src=\"https://wpimg-wscn.awtmt.com/e2bed671-c38d-4e8e-9639-ea5bfa158ce8.png\"></social-image></p><p>销售成本虽从43.3亿元增至103.6亿元，增幅为139.1%，但显著低于收入184.7%的增速，规模效应初步显现。不过，随着海外业务的高速扩张，费用端压力同步上升：</p><blockquote><p>经销及销售开支从36.5亿元增至80.8亿元（+121.4%），运输及物流费用增长280.3%至17.8亿元，是支出增长最快的分项，主要源于跨境物流成本攀升。</p><p>一般及行政开支从9.5亿元增至17.7亿元（+86.9%），行政及设计开发人员从1,435人增至2,194人。</p></blockquote><p>整体而言，经营杠杆效应明显，经营利润率从31.9%大幅提升至45.5%，非国际财务报告准则调整后净利率亦从26.1%提升至35.2%。</p><h2 id=\"id_2535219630\">资产负债：现金充裕，零银行借款，存货大幅扩充</h2><p>资产负债表显示集团财务状况稳健。</p><p>现金及现金等价物从61.1亿元增至137.8亿元，加上逾三个月定期存款34.5亿元，合计可动用现金资源超过170亿元。截至报告期末，集团无任何银行借款及资产抵押，资产负债率为29.4%，主要由租赁负债及应付款项构成。</p><p>值得关注的是，存货从15.2亿元大幅攀升至54.7亿元，存货周转天数从102天延长至123天。管理层解释，这主要源于：</p><blockquote><p>一是海外业务占比提升，跨境货运周期较长，需要维持更高的安全库存；二是全球新增门店超过100家，备货需求相应增加。虽然存货的绝对规模扩张较快，但结合大幅增长的收入规模，暂未见明显库存风险。</p></blockquote><p><social-image src=\"https://wpimg-wscn.awtmt.com/ee3d3811-f7d6-4872-aefa-3e74a42d2922.png\"></social-image></p><p>贸易应收款项周转天数从11天进一步压缩至7天，显示集团回款效率持续优化。</p><p>非流动资产中，使用权资产从9.3亿元急增至27.9亿元，印证全球门店扩张带来的租约资产大幅上升；递延所得税资产亦从1.5亿元跃升至17.5亿元，主要来自海外业务的税务亏损确认。</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>泡泡玛特2025年净利润同比暴增293%，但营收低于预期，股价下挫超15% | 财报见闻</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n泡泡玛特2025年净利润同比暴增293%，但营收低于预期，股价下挫超15% | 财报见闻\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-25 13:35 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3768334><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>泡泡玛特国际集团在成立第十五周年之际，交出了一份足以载入资本市场史册的成绩单。3月25日，泡泡玛特公布的最新财报显示，2025年全年，集团实现收入人民币371.2亿元，同比暴增184.7%；净利润达130.1亿元，同比增长293.3%。这份数字的背后，是LABUBU等明星IP席卷全球所掀起的现象级文化热潮——以THE MONSTERS系列为核心，泡泡玛特已从一家中国潮玩公司，蜕变为具有全球影响力的...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3768334\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","SGXZ86797644.SGD":"MAYBANK ASIAN GROWTH AND INCOME-I \"A\" (SGDHDG) INC","SG9999001069.SGD":"UOB UNITED ASIA PACIFIC GROWTH (SGD) ACC","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","SGXZ62798434.SGD":"MAYBANK ASIAN 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IP娃娃以外的收入来源出现明显多元化，令投资者感到不满。这一反应凸显出市场对泡泡玛特过度依赖单一核心IP的担忧。Labubu系列长期以来是驱动公司业绩的主要引擎，如何在其热度之外建立可持续的增长支柱，是投资者关注的核心议题。Labubu系列凭借其独特的造型设计和社交媒体传播效应，为泡泡玛特带来了强劲的收入增长，也推动公司股价在过去一段时间大幅攀升。然而，这种高度集中的增长结构，也使公司在IP热度出现波动时面临较大的业绩风险。分析认为，投资者普遍期待泡泡玛特能够及时展示出第二增长曲线的轮廓，而此次业绩未能就此提供充分的说服力，是本次股价大幅回调的直接诱因。IP矩阵：THE MONSTERS跻身“百亿俱乐部”，17个艺术家IP年收入过亿IP是泡泡玛特商业帝国的基石，2025年的IP矩阵表现超越市场所有预期。财报显示，本年度，共有17个艺术家IP年收入超过人民币1亿元。其中，以LABUBU为核心的THE MONSTERS家族一枝独秀，全年收入高达141.6亿元，同比暴增365.7%，单一IP贡献占集团总收入38.1%，成功跻身“百亿IP俱乐部”，亦是2025年全球最具话题度的潮流IP之一。LABUBU第三代搪胶毛绒“前方高能”系列全球发售引爆抢购狂潮，IP更首次受邀参与有百年历史的梅西百货感恩节游行，品牌文化影响力持续破圈。SKULLPANDA（35.4亿元）、CRYBABY（29.3亿元）、MOLLY（29.0亿元）、DIMOO（27.8亿元）排列其后，共同撑起艺术家IP超过330亿元的总收入，占集团总收入90.0%。值得关注的是，新锐IP“星星人”在2024年仅贡献1.2亿元收入，至2025年已飙升至20.6亿元，成为成长速度最快的IP之一，亦印证集团持续孵化新IP的能力。从IP类型看，艺术家IP收入占比从2024年的85.3%提升至90.0%，自主研发IP的护城河愈发深厚；授权IP收入亦增长111.3%至33.8亿元，显示集团在外部IP合作上同样稳步推进。毛绒产品：首次问鼎最大品类，一个品类单年贡献187亿元产品结构的变化是本年度财报另一大看点。财报显示，毛绒产品收入从2024年的28.3亿元爆炸性增长至187.1亿元，增幅高达560.6%，收入占比从21.7%跃升至50.4%，首次超越传统支柱手办系列，成为集团收入规模最大的产品品类。毛绒产品的崛起并非偶然，而是泡泡玛特以IP为核心、深度定制差异化产品策略的成功实践。LABUBU毛绒玩具凭借极强的社交货币属性与展示性、可搭配性，成为从亚洲蔓延至欧美的“配饰”现象，带动整个品类的全球消费热潮。集团亦持续拓展毛绒产品矩阵，覆盖多尺寸、多形态，从而满足不同消费场景和用户群体的需求。相比之下，传统手办虽增长73.3%至120.2亿元，但占比从53.2%回落至32.4%；MEGA系列增速放缓至13.8%，收入19.2亿元，占比收缩至5.2%；衍生品及其他类别同比增长182.1%至44.7亿元，成为另一个正在快速成型的增量品类。海外版图：美洲狂飙748%，全球630家门店覆盖20国地理扩张是本年度业绩超预期的核心驱动力。截至2025年12月31日，泡泡玛特在全球20个国家共运营630家门店，全年净增109家；机器人商店增至2,637台，净增165台。从各区域表现来看：美洲：收入从8.0亿元爆增至68.1亿元，增幅748.4%，门店数量从22家增至64家。在线渠道贡献尤为突出，自研APP及官方网站收入同比增长1,395.4%，TikTok平台收入增长865.9%，在线收入占美洲总收入比例高达64.0%。欧洲及其他地区：收入从2.4亿元增至14.5亿元，增幅506.3%，门店从14家增至36家，并首次进入德国、丹麦等新市场。亚太（不含中国）：收入增长157.6%至80.1亿元，自研APP及官网收入增长378.6%，线下零售店从54家增至85家。中国市场：作为基本盘，增长134.6%至208.5亿元，收入占比从68.2%下降至56.2%，体现出全球化稀释效应。中国在线渠道增长207.4%至85.2亿元，“抽盒机”小程序收入达34.2亿元。值得一提的是，截至2025年底，中国内地累计注册会员达7,258万人（较2024年底增加2,650万人），会员贡献销售额占比93.7%，复购率55.7%，用户黏性持续加强。盈利结构：毛利率创历史新高，规模效应显现毛利率是衡量泡泡玛特商业模式优劣的核心指标。2025年毛利率达72.1%，较上年的66.8%提升5.3个百分点，主要驱动因素有二：一是海外市场销售占比提升带动高毛利产品贡献增加；二是柔性供应链战略持续奏效，集中向核心供应商采购压缩了采购成本。销售成本虽从43.3亿元增至103.6亿元，增幅为139.1%，但显著低于收入184.7%的增速，规模效应初步显现。不过，随着海外业务的高速扩张，费用端压力同步上升：经销及销售开支从36.5亿元增至80.8亿元（+121.4%），运输及物流费用增长280.3%至17.8亿元，是支出增长最快的分项，主要源于跨境物流成本攀升。一般及行政开支从9.5亿元增至17.7亿元（+86.9%），行政及设计开发人员从1,435人增至2,194人。整体而言，经营杠杆效应明显，经营利润率从31.9%大幅提升至45.5%，非国际财务报告准则调整后净利率亦从26.1%提升至35.2%。资产负债：现金充裕，零银行借款，存货大幅扩充资产负债表显示集团财务状况稳健。现金及现金等价物从61.1亿元增至137.8亿元，加上逾三个月定期存款34.5亿元，合计可动用现金资源超过170亿元。截至报告期末，集团无任何银行借款及资产抵押，资产负债率为29.4%，主要由租赁负债及应付款项构成。值得关注的是，存货从15.2亿元大幅攀升至54.7亿元，存货周转天数从102天延长至123天。管理层解释，这主要源于：一是海外业务占比提升，跨境货运周期较长，需要维持更高的安全库存；二是全球新增门店超过100家，备货需求相应增加。虽然存货的绝对规模扩张较快，但结合大幅增长的收入规模，暂未见明显库存风险。贸易应收款项周转天数从11天进一步压缩至7天，显示集团回款效率持续优化。非流动资产中，使用权资产从9.3亿元急增至27.9亿元，印证全球门店扩张带来的租约资产大幅上升；递延所得税资产亦从1.5亿元跃升至17.5亿元，主要来自海外业务的税务亏损确认。","news_type":1,"symbols_score_info":{"PMRTY":1.98,"09992":1.98}},"isVote":1,"tweetType":1,"viewCount":26,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":546443412299904,"gmtCreate":1774418467535,"gmtModify":1774418469876,"author":{"id":"3575672226475362","authorId":"3575672226475362","name":"四甲坝坝主","avatar":"https://static.tigerbbs.com/fed1872f351c3dee0d61a1a366951ef6","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3575672226475362","idStr":"3575672226475362"},"themes":[],"title":"","htmlText":"<a 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能不能争气点。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/541248721195336","isVote":1,"tweetType":1,"viewCount":487,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":538752780936640,"gmtCreate":1772550526071,"gmtModify":1772550527992,"author":{"id":"3575672226475362","authorId":"3575672226475362","name":"四甲坝坝主","avatar":"https://static.tigerbbs.com/fed1872f351c3dee0d61a1a366951ef6","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3575672226475362","idStr":"3575672226475362"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/ONDS\">$Ondas Holdings Inc.(ONDS)$ </a> 同样无人机，你怎么这么废","listText":"<a href=\"https://laohu8.com/S/ONDS\">$Ondas Holdings Inc.(ONDS)$ </a> 同样无人机，你怎么这么废","text":"$Ondas Holdings Inc.(ONDS)$ 同样无人机，你怎么这么废","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/538752780936640","isVote":1,"tweetType":1,"viewCount":385,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":538602311488400,"gmtCreate":1772515591188,"gmtModify":1772515593202,"author":{"id":"3575672226475362","authorId":"3575672226475362","name":"四甲坝坝主","avatar":"https://static.tigerbbs.com/fed1872f351c3dee0d61a1a366951ef6","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3575672226475362","idStr":"3575672226475362"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/09992\">$泡泡玛特(09992)$&nbsp;</a>还能到300么？","listText":"<a href=\"https://laohu8.com/S/09992\">$泡泡玛特(09992)$&nbsp;</a>还能到300么？","text":"$泡泡玛特(09992)$ 还能到300么？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/538602311488400","isVote":1,"tweetType":1,"viewCount":405,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":536792306280000,"gmtCreate":1772071895592,"gmtModify":1772071897989,"author":{"id":"3575672226475362","authorId":"3575672226475362","name":"四甲坝坝主","avatar":"https://static.tigerbbs.com/fed1872f351c3dee0d61a1a366951ef6","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3575672226475362","idStr":"3575672226475362"},"themes":[],"title":"","htmlText":"现在火的不是拉布布而是星星人，什么都要抢[开心]&nbsp;&nbsp;","listText":"现在火的不是拉布布而是星星人，什么都要抢[开心]&nbsp;&nbsp;","text":"现在火的不是拉布布而是星星人，什么都要抢[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/536792306280000","repostId":"2614771233","repostType":2,"repost":{"id":"2614771233","kind":"news","pubTimestamp":1771989667,"share":"https://www.laohu8.com/m/news/2614771233?lang=zh_CN&edition=full","pubTime":"2026-02-25 11:21","market":"hk","language":"zh","title":"潮玩泡沫终破：Labubu遇冷，行业回归理性本质","url":"https://stock-news.laohu8.com/highlight/detail?id=2614771233","media":"经理人杂志","summary":"2025年，泡泡玛特Labubu系列的命运转折，成为潮玩行业发展史上的一道鲜明分水岭。回顾Labubu系列的爆火时刻，其热度堪称现象级。随着投机资金陆续离场，消费者逐渐觉醒并拒绝为溢价买单，Labubu系列的热度急转直下，陷入全面遇冷的困境。Labubu系列的爆火，源于其IP形象的独特性与情感吸引力；而其遇冷，则是因为过度炒作稀释了IP价值，让产品脱离了消费本质。Labubu系列的兴衰，为整个潮玩行业敲响了警钟。","content":"<html><body><article><img src=\"https://fid-75186.picgzc.qpic.cn/20260225122213078v206ymxozmtap5x\"/><p>2025年，<a href=\"https://laohu8.com/S/09992\">泡泡玛特</a>Labubu系列的命运转折，成为潮玩行业发展史上的一道鲜明分水岭。</p><p>这个曾凭一己之力掀起抢购狂潮的顶流IP，从开售秒罄的巅峰急速坠入无人问津的冰点，不仅戳破了持续多年的潮玩投资泡沫，更迫使整个行业褪去炒作滤镜，重新回归消费品的核心本质，资本市场的剧烈震荡与消费市场的理性反转，共同为狂热的潮玩行业敲响了警钟。</p><p>回顾Labubu系列的爆火时刻，其热度堪称现象级。作为泡泡玛特旗下的核心IP，该系列曾凭借独特的设计风格和盲盒玩法，俘获了大量消费者与投机者的目光，新品开售即秒罄成为常态，二手市场更是溢价惊人。数据显示，原价594元的搪胶毛绒系列，二手均价一度飙升至1478元，近乎翻倍；就连99元的单只基础款，也被炒至远超原价的水平，黄牛囤货、消费者跟风抢购，让潮玩彻底脱离了“娱乐消费”的范畴，沦为投机资金炒作的工具。</p><p>狂热之下，泡沫的破裂只是时间问题。随着投机资金陆续离场，消费者逐渐觉醒并拒绝为溢价买单，Labubu系列的热度急转直下，陷入全面遇冷的困境。</p><p>曾经一房难求的爆款产品，如今二手价格大幅回落：搪胶毛绒系列均价从峰值1478元跌至632元，跌幅超57%；99元单只款最低成交价仅82元，直接<span>跌破</span>官方原价。线上平台成交价持续走低，线下门店及海外平台则货源充足，再也没有了往日的抢购盛况，不少商家更是纷纷停收相关产品，曾经的“香饽饽”沦为“烫手山芋”。</p><p>潮玩市场的降温，直接传导至资本市场。作为行业龙头的泡泡玛特，股价在2025年遭遇重创，累计跌幅超40%，市值蒸发逾2000亿港元，机构资金减持、市场信心受挫，曾经被追捧的“潮玩概念股”光环不再。这一系列连锁反应，本质上是对潮玩行业虚假繁荣的纠偏——当投机取代消费、溢价取代价值，泡沫的破裂早已注定。</p><p>事实上，潮玩的核心价值从来不是投机炒作的载体，而是IP与消费者之间的情感共鸣。</p><p>Labubu系列的爆火，源于其IP形象的独特性与情感吸引力；而其遇冷，则是因为过度炒作稀释了IP价值，让产品脱离了消费本质。消费者最终意识到，潮玩本质上是一件消费品，而非能持续增值的投资品，盲目跟风、高价接盘只会得不偿失；投机资金的离场，更是让潮玩市场摆脱了畸形炒作的枷锁，回归到正常的消费逻辑。</p><p>Labubu系列的兴衰，为整个潮玩行业敲响了警钟。当前，潮玩行业正处于洗牌与重塑的关键时期，单纯依赖稀缺性炒作、盲目扩张产能的模式已难以为继。</p><p>对于企业而言，唯有深耕IP内容、强化情感连接，打造具有长期生命力的IP形象，才能留住消费者；唯有平衡供需关系、规范市场秩序，拒绝盲目扩产与恶意炒作，才能维护行业的健康发展；对于消费者而言，理性消费、坚守初心，不被溢价裹挟，才能真正享受潮玩带来的快乐。</p><p>潮玩泡沫的破裂，并非行业的终点，而是行业回归理性、实现高质量发展的起点。当炒作的热度褪去，留下的将是真正有价值的IP与产品。</p><p>未来，只有坚守消费品本质、深耕IP核心，潮玩行业才能摆脱短期波动的影响，实现长期可持续发展，真正走出属于自己的健康发展之路。</p><p><strong>NEXT</strong></p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>潮玩泡沫终破：Labubu遇冷，行业回归理性本质</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; 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}\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n潮玩泡沫终破：Labubu遇冷，行业回归理性本质\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-25 11:21 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2026022512222097a6f0d4&s=b><strong>经理人杂志</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>2025年，泡泡玛特Labubu系列的命运转折，成为潮玩行业发展史上的一道鲜明分水岭。这个曾凭一己之力掀起抢购狂潮的顶流IP，从开售秒罄的巅峰急速坠入无人问津的冰点，不仅戳破了持续多年的潮玩投资泡沫，更迫使整个行业褪去炒作滤镜，重新回归消费品的核心本质，资本市场的剧烈震荡与消费市场的理性反转，共同为狂热的潮玩行业敲响了警钟。回顾Labubu系列的爆火时刻，其热度堪称现象级。作为泡泡玛特旗下的核心...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2026022512222097a6f0d4&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0359201612.USD":"贝莱德中国基金A2","SG9999002950.SGD":"United Asian Growth Opportunities SGD","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 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ACC","09992":"泡泡玛特"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2026022512222097a6f0d4&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2614771233","content_text":"2025年，泡泡玛特Labubu系列的命运转折，成为潮玩行业发展史上的一道鲜明分水岭。这个曾凭一己之力掀起抢购狂潮的顶流IP，从开售秒罄的巅峰急速坠入无人问津的冰点，不仅戳破了持续多年的潮玩投资泡沫，更迫使整个行业褪去炒作滤镜，重新回归消费品的核心本质，资本市场的剧烈震荡与消费市场的理性反转，共同为狂热的潮玩行业敲响了警钟。回顾Labubu系列的爆火时刻，其热度堪称现象级。作为泡泡玛特旗下的核心IP，该系列曾凭借独特的设计风格和盲盒玩法，俘获了大量消费者与投机者的目光，新品开售即秒罄成为常态，二手市场更是溢价惊人。数据显示，原价594元的搪胶毛绒系列，二手均价一度飙升至1478元，近乎翻倍；就连99元的单只基础款，也被炒至远超原价的水平，黄牛囤货、消费者跟风抢购，让潮玩彻底脱离了“娱乐消费”的范畴，沦为投机资金炒作的工具。狂热之下，泡沫的破裂只是时间问题。随着投机资金陆续离场，消费者逐渐觉醒并拒绝为溢价买单，Labubu系列的热度急转直下，陷入全面遇冷的困境。曾经一房难求的爆款产品，如今二手价格大幅回落：搪胶毛绒系列均价从峰值1478元跌至632元，跌幅超57%；99元单只款最低成交价仅82元，直接跌破官方原价。线上平台成交价持续走低，线下门店及海外平台则货源充足，再也没有了往日的抢购盛况，不少商家更是纷纷停收相关产品，曾经的“香饽饽”沦为“烫手山芋”。潮玩市场的降温，直接传导至资本市场。作为行业龙头的泡泡玛特，股价在2025年遭遇重创，累计跌幅超40%，市值蒸发逾2000亿港元，机构资金减持、市场信心受挫，曾经被追捧的“潮玩概念股”光环不再。这一系列连锁反应，本质上是对潮玩行业虚假繁荣的纠偏——当投机取代消费、溢价取代价值，泡沫的破裂早已注定。事实上，潮玩的核心价值从来不是投机炒作的载体，而是IP与消费者之间的情感共鸣。Labubu系列的爆火，源于其IP形象的独特性与情感吸引力；而其遇冷，则是因为过度炒作稀释了IP价值，让产品脱离了消费本质。消费者最终意识到，潮玩本质上是一件消费品，而非能持续增值的投资品，盲目跟风、高价接盘只会得不偿失；投机资金的离场，更是让潮玩市场摆脱了畸形炒作的枷锁，回归到正常的消费逻辑。Labubu系列的兴衰，为整个潮玩行业敲响了警钟。当前，潮玩行业正处于洗牌与重塑的关键时期，单纯依赖稀缺性炒作、盲目扩张产能的模式已难以为继。对于企业而言，唯有深耕IP内容、强化情感连接，打造具有长期生命力的IP形象，才能留住消费者；唯有平衡供需关系、规范市场秩序，拒绝盲目扩产与恶意炒作，才能维护行业的健康发展；对于消费者而言，理性消费、坚守初心，不被溢价裹挟，才能真正享受潮玩带来的快乐。潮玩泡沫的破裂，并非行业的终点，而是行业回归理性、实现高质量发展的起点。当炒作的热度褪去，留下的将是真正有价值的IP与产品。未来，只有坚守消费品本质、深耕IP核心，潮玩行业才能摆脱短期波动的影响，实现长期可持续发展，真正走出属于自己的健康发展之路。NEXT","news_type":1,"symbols_score_info":{"09992":1.95,"PMRTY":1.95}},"isVote":1,"tweetType":1,"viewCount":160,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":532046343491736,"gmtCreate":1770915096193,"gmtModify":1770915098033,"author":{"id":"3575672226475362","authorId":"3575672226475362","name":"四甲坝坝主","avatar":"https://static.tigerbbs.com/fed1872f351c3dee0d61a1a366951ef6","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3575672226475362","idStr":"3575672226475362"},"themes":[],"title":"","htmlText":"<a 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春节最容易出流动性危机的时候，也是最佳的去杠杆时机。短期看空，看涨要等春节后看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/532046343491736","isVote":1,"tweetType":1,"viewCount":2777,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":531157350724504,"gmtCreate":1770696171312,"gmtModify":1770696173519,"author":{"id":"3575672226475362","authorId":"3575672226475362","name":"四甲坝坝主","avatar":"https://static.tigerbbs.com/fed1872f351c3dee0d61a1a366951ef6","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3575672226475362","idStr":"3575672226475362"},"themes":[],"title":"","htmlText":"泡泡玛特未来是全世界优秀ip的展示售卖平台","listText":"泡泡玛特未来是全世界优秀ip的展示售卖平台","text":"泡泡玛特未来是全世界优秀ip的展示售卖平台","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/531157350724504","repostId":"2610691900","repostType":2,"repost":{"id":"2610691900","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1770693610,"share":"https://www.laohu8.com/m/news/2610691900?lang=zh_CN&edition=full","pubTime":"2026-02-10 11:20","market":"hk","language":"zh","title":"年销4亿件！\"后Labubu时代\"，泡泡玛特的高增长能否持续？","url":"https://stock-news.laohu8.com/highlight/detail?id=2610691900","media":"华尔街见闻","summary":"汇丰表示，“Labubu带来的超高速增长会褪去，但平台能力会延续”，并将2026年定义为“再定基”的一年。瑞银认为，销量数据有助于缓解市场对单一爆款依赖的担忧，同时新IP Twinkle在2026年初开局强劲，为增长接力提供观察窗口。汇丰将泡泡玛特目标价从392.5港元下调至354港元，瑞银维持326港元，两家机构均维持“买入”。","content":"<html><head></head><body><p><a href=\"https://laohu8.com/S/09992\">泡泡玛特</a>2月9日公告显示，2025年公司全IP、全品类产品全球销量超过4亿件，其中THE MONSTERS 全品类产品全球销量超过1亿件。</p>\n<p>泡泡玛特2025年经历了典型的“单一超级IP+品类突破”式放量，营收同比接近三倍扩张，核心推力来自Labubu全球出圈，以及毛绒玩具显著放大IP变现效率，最新的经营数据把市场关注点推向“爆款之后”。</p>\n<p>据追风交易台，<strong><a href=\"https://laohu8.com/S/HSBC\">汇丰</a>环球研究分析师Lina Yan在报告中判断，“Labubu带来的超高速增长会褪去，但平台能力会延续”，并将2026年定义为“再定基”的一年。瑞银认为，数据有助于缓解市场对单一爆款依赖的担忧，同时新IP Twinkle在2026年初开局强劲，为增长接力提供观察窗口。</strong></p>\n<p>汇丰将泡泡玛特目标价从392.5港元下调至354港元，瑞银维持326港元，两家机构均维持“买入”。在2月9日收盘价257.2港元附近计算，对应隐含上行空间分别约38%与26.7%，但共同的前提是，2025年的爆发式增长难以原样复刻。</p>\n<p>对投资者而言，关键变量正在从“抢购式加速”转向“常态零售扩张+新品节奏”。汇丰下调2026年收入与利润增速预测，指向会员复购强度回落与增速降档，但也强调估值已在一定程度上计入IP生命周期风险，后续更看重新品孵化与全球化落地的执行力。</p>\n<div>\n<h2>2025拆解：Labubu与毛绒“推翻重来”，但底盘并非空心</h2>\n</div>\n<p>汇丰将2025年高增长拆解为两根杠杆。按IP拆分，The Monsters（Labubu）收入同比约+582%，收入贡献被估算抬升至47%（此前约23%）。按品类拆分，毛绒玩具收入同比约+720%，贡献抬升至60%（此前约22%）。这使得泡泡玛特的增长更接近消费品意义上的爆款周期，即IP热度叠加新品类放量，带来更高频、更高客单、也更易传播的产品形态。</p>\n<p>但汇丰同样强调“剔除爆款后的底盘”。其估算口径下，剔除The Monsters后，<strong>2025年收入仍同比增长约106%，剔除毛绒后，收入仍同比增长约51%。这意味着，2025年的增量高度集中，但公司原有业务盘子并未停滞。</strong></p>\n<p>在中国内地，最容易被忽略的增量来源是复购会员ARPU。汇丰称，2025年内地收入增长中，复购会员（年购买次数&gt;2次）的ARPU提升贡献“接近一半”。结构数据指向“供给偏紧”阶段的强购买强度：2025年内地会员贡献销售占比约91%，重复购买占比约55.8%，重复购买人群贡献销售占比约83%。这种由紧缺驱动的斜率，决定了后续一旦供需错配缓解，增速下台阶几乎是逻辑必然。</p>\n<div>\n<h2>2026再定基：ARPU正常化，增长回到“扩张年”框架</h2>\n</div>\n<p><strong>汇丰对2026年的核心判断是，“rush-to-buy”效应退潮后，复购会员ARPU将正常化，从而把增长从爆发状态拉回零售扩张的常态轨道。</strong>基于这一变化，汇丰将2026年营收增速预测从30.6%下调至23.7%，净利润增速预测从29.1%下调至21.3%，并削减2026-2027年盈利预测11%-13%。目标价下调主要来自盈利预测下修，而非估值框架推翻，其DCF关键假设WACC 10%、永续增长率3%保持不变。</p>\n<p>在区域结构上，汇丰预计2026年PRC收入增速约13.0%，海外约35.7%。海外被视为对冲国内ARPU回落的核心缓冲垫，但逻辑也从“起量”走向“铺开”，更依赖线下点位执行：海外零售POS数量预计从2025年的218增至2026年的331。对市场而言，这意味着增长的可见度更取决于选址、供给匹配、爆品节奏与本地化运营等细节。</p>\n<p>风险也因此更偏“执行侧”。汇丰点名的扰动包括供应链跟不上需求、黄牛加价挤出真实消费者、股东配售带来短期股价压力、仿品影响品牌、与合作艺术家的独家授权续约风险，以及进入新业务/并购导致资本错配，另有竞争加剧与线下客流扰动等行业层面风险。</p>\n<div>\n<h2>估值与接力：新IP能否补上“后Labubu”增长缺口</h2>\n</div>\n<p>在估值层面，汇丰认为市场已在用估值压缩消化“Labubu生命周期风险”。其依据是，自2025年初以来，公司一年期前瞻EPS上升约394%，但基于一致预期的一年期前瞻PE较2025年平均水平回落约45%，较2025年峰值回落约65%。在这一背景下，汇丰更关注“平台能力”是否能持续孵化并全球化新IP，而非单纯押注爆款热度延长。</p>\n<p><strong>瑞银的“接力观察”集中在新品与海外互动。</strong>其指出，新推IP Twinkle在2026年初表现强劲，情人节款在天猫和抖音分别售出3万件和4.6万件以上，春节款毛绒玩具在天猫首发当日售出超过2万件。海外方面，Skull Panda x 小马宝莉联名系列在北美官网配送到家渠道售罄，Instagram预告获46万点赞。瑞银同时提示，美国等海外市场仍需加强消费者互动、本土IP与品牌建设，海外新员工比例较高、用户对多个IP的认知仍在培育。</p>\n<p>两家机构均将后续数据视为验证点。瑞银称，年报及2026年一季度销售数据将用于检验中国与海外市场，尤其是美国市场的环比表现。对于投资者而言，“后Labubu时代”的核心问题不在于2025是否<a href=\"https://laohu8.com/S/002296\">辉煌</a>，而在于2026起能否用新品<a href=\"https://laohu8.com/S/301365\">矩阵</a>、海外点位扩张与更可持续的会员经营，接住从爆发到常态的增长切换。</p>\n</body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>年销4亿件！\"后Labubu时代\"，泡泡玛特的高增长能否持续？</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 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class=\"title\">\n年销4亿件！\"后Labubu时代\"，泡泡玛特的高增长能否持续？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-10 11:20 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3765358><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>泡泡玛特2月9日公告显示，2025年公司全IP、全品类产品全球销量超过4亿件，其中THE MONSTERS 全品类产品全球销量超过1亿件。\n泡泡玛特2025年经历了典型的“单一超级IP+品类突破”式放量，营收同比接近三倍扩张，核心推力来自Labubu全球出圈，以及毛绒玩具显著放大IP变现效率，最新的经营数据把市场关注点推向“爆款之后”。\n据追风交易台，汇丰环球研究分析师Lina Yan在报告中判断...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3765358\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/885447e000f5e02536cd166eeda13f45","relate_stocks":{"SG9999002950.SGD":"United Asian Growth Opportunities SGD","LU0359201612.USD":"贝莱德中国基金A2","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","LU1023057109.AUD":"BGF CHINA \"A2\" 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ACC"},"source_url":"https://wallstreetcn.com/articles/3765358","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2610691900","content_text":"泡泡玛特2月9日公告显示，2025年公司全IP、全品类产品全球销量超过4亿件，其中THE MONSTERS 全品类产品全球销量超过1亿件。\n泡泡玛特2025年经历了典型的“单一超级IP+品类突破”式放量，营收同比接近三倍扩张，核心推力来自Labubu全球出圈，以及毛绒玩具显著放大IP变现效率，最新的经营数据把市场关注点推向“爆款之后”。\n据追风交易台，汇丰环球研究分析师Lina Yan在报告中判断，“Labubu带来的超高速增长会褪去，但平台能力会延续”，并将2026年定义为“再定基”的一年。瑞银认为，数据有助于缓解市场对单一爆款依赖的担忧，同时新IP Twinkle在2026年初开局强劲，为增长接力提供观察窗口。\n汇丰将泡泡玛特目标价从392.5港元下调至354港元，瑞银维持326港元，两家机构均维持“买入”。在2月9日收盘价257.2港元附近计算，对应隐含上行空间分别约38%与26.7%，但共同的前提是，2025年的爆发式增长难以原样复刻。\n对投资者而言，关键变量正在从“抢购式加速”转向“常态零售扩张+新品节奏”。汇丰下调2026年收入与利润增速预测，指向会员复购强度回落与增速降档，但也强调估值已在一定程度上计入IP生命周期风险，后续更看重新品孵化与全球化落地的执行力。\n\n2025拆解：Labubu与毛绒“推翻重来”，但底盘并非空心\n\n汇丰将2025年高增长拆解为两根杠杆。按IP拆分，The Monsters（Labubu）收入同比约+582%，收入贡献被估算抬升至47%（此前约23%）。按品类拆分，毛绒玩具收入同比约+720%，贡献抬升至60%（此前约22%）。这使得泡泡玛特的增长更接近消费品意义上的爆款周期，即IP热度叠加新品类放量，带来更高频、更高客单、也更易传播的产品形态。\n但汇丰同样强调“剔除爆款后的底盘”。其估算口径下，剔除The Monsters后，2025年收入仍同比增长约106%，剔除毛绒后，收入仍同比增长约51%。这意味着，2025年的增量高度集中，但公司原有业务盘子并未停滞。\n在中国内地，最容易被忽略的增量来源是复购会员ARPU。汇丰称，2025年内地收入增长中，复购会员（年购买次数>2次）的ARPU提升贡献“接近一半”。结构数据指向“供给偏紧”阶段的强购买强度：2025年内地会员贡献销售占比约91%，重复购买占比约55.8%，重复购买人群贡献销售占比约83%。这种由紧缺驱动的斜率，决定了后续一旦供需错配缓解，增速下台阶几乎是逻辑必然。\n\n2026再定基：ARPU正常化，增长回到“扩张年”框架\n\n汇丰对2026年的核心判断是，“rush-to-buy”效应退潮后，复购会员ARPU将正常化，从而把增长从爆发状态拉回零售扩张的常态轨道。基于这一变化，汇丰将2026年营收增速预测从30.6%下调至23.7%，净利润增速预测从29.1%下调至21.3%，并削减2026-2027年盈利预测11%-13%。目标价下调主要来自盈利预测下修，而非估值框架推翻，其DCF关键假设WACC 10%、永续增长率3%保持不变。\n在区域结构上，汇丰预计2026年PRC收入增速约13.0%，海外约35.7%。海外被视为对冲国内ARPU回落的核心缓冲垫，但逻辑也从“起量”走向“铺开”，更依赖线下点位执行：海外零售POS数量预计从2025年的218增至2026年的331。对市场而言，这意味着增长的可见度更取决于选址、供给匹配、爆品节奏与本地化运营等细节。\n风险也因此更偏“执行侧”。汇丰点名的扰动包括供应链跟不上需求、黄牛加价挤出真实消费者、股东配售带来短期股价压力、仿品影响品牌、与合作艺术家的独家授权续约风险，以及进入新业务/并购导致资本错配，另有竞争加剧与线下客流扰动等行业层面风险。\n\n估值与接力：新IP能否补上“后Labubu”增长缺口\n\n在估值层面，汇丰认为市场已在用估值压缩消化“Labubu生命周期风险”。其依据是，自2025年初以来，公司一年期前瞻EPS上升约394%，但基于一致预期的一年期前瞻PE较2025年平均水平回落约45%，较2025年峰值回落约65%。在这一背景下，汇丰更关注“平台能力”是否能持续孵化并全球化新IP，而非单纯押注爆款热度延长。\n瑞银的“接力观察”集中在新品与海外互动。其指出，新推IP Twinkle在2026年初表现强劲，情人节款在天猫和抖音分别售出3万件和4.6万件以上，春节款毛绒玩具在天猫首发当日售出超过2万件。海外方面，Skull Panda x 小马宝莉联名系列在北美官网配送到家渠道售罄，Instagram预告获46万点赞。瑞银同时提示，美国等海外市场仍需加强消费者互动、本土IP与品牌建设，海外新员工比例较高、用户对多个IP的认知仍在培育。\n两家机构均将后续数据视为验证点。瑞银称，年报及2026年一季度销售数据将用于检验中国与海外市场，尤其是美国市场的环比表现。对于投资者而言，“后Labubu时代”的核心问题不在于2025是否辉煌，而在于2026起能否用新品矩阵、海外点位扩张与更可持续的会员经营，接住从爆发到常态的增长切换。","news_type":1,"symbols_score_info":{"09992":1.98}},"isVote":1,"tweetType":1,"viewCount":521,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":529127596560800,"gmtCreate":1770171424127,"gmtModify":1770171426137,"author":{"id":"3575672226475362","authorId":"3575672226475362","name":"四甲坝坝主","avatar":"https://static.tigerbbs.com/fed1872f351c3dee0d61a1a366951ef6","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3575672226475362","idStr":"3575672226475362"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/09992\">$泡泡玛特(09992)$&nbsp;</a> 压力这么大？几天了还过不去","listText":"<a href=\"https://laohu8.com/S/09992\">$泡泡玛特(09992)$&nbsp;</a> 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