表格類別： 股票 狀態： 新提交 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 公司名稱： 泡泡瑪特國際集團有限公司 呈交日期： 2026年3月26日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 | | 是 | | | 證券代號 (如上市) | 09992 | 說明 | | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a significant revenue increase of 184.7% year-on-year, reaching 371.20 billion yuan in 2025, with a net profit of 127.76 billion yuan, reflecting a 308.8% increase [1] - The company is actively pursuing an internationalization strategy, achieving impressive growth in various regions, particularly in the Americas, where revenue surged by 748% [3] - The company's IP-driven development strategy is yielding positive results, with the "The Monsters" series contributing 141.6 billion yuan in revenue, a 366% increase [4] Summary by Sections Financial Performance - In 2025, the company achieved a total revenue of 371.20 billion yuan, with a net profit of 127.76 billion yuan, and an adjusted net profit of 130.84 billion yuan [1] - The company expects continued growth, projecting net profits of 150.5 billion yuan, 181.0 billion yuan, and 217.5 billion yuan for 2026, 2027, and 2028, respectively [6] Regional Business Analysis - In the Chinese market, the company generated 208.52 billion yuan in revenue, a 134.6% increase, accounting for 56.2% of total revenue [2] - In the Asia-Pacific, Americas, and Europe, the company reported revenues of 80.1 billion yuan, 68.1 billion yuan, and 14.5 billion yuan, with year-on-year growth rates of 158%, 748%, and 506%, respectively [3] Product and IP Development - The company has successfully expanded its IP portfolio, with 17 IPs generating over 1 billion yuan in revenue, and the new IP "Star People" achieving 20.6 billion yuan [5] - The company is innovating its product lines, with plush products seeing a revenue increase of 561%, making them the highest revenue-generating category [5] Membership and Cost Management - By the end of 2025, the company had 72.58 million registered members, contributing 93.7% of sales, with a member repurchase rate of 55.7% [6] - The company reported a gross margin of 72.1%, reflecting a 5.3 percentage point increase year-on-year [6]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a total revenue of 37.12 billion yuan in 2025, representing a year-on-year growth of 184.71%, and a net profit attributable to shareholders of 12.78 billion yuan, which is a 308.76% increase year-on-year [8] - The company's overseas revenue surged to 16.27 billion yuan, marking a 291.9% increase, with the overseas revenue proportion rising from 31.8% in 2024 to 43.8% in 2025 [8] - The gross margin improved by 5.3 percentage points to 72.1%, driven by an increase in overseas revenue, enhanced bargaining power from a flexible supply chain strategy, and a decrease in the proportion of licensing and mold fees [8] - The company continues to expand its IP matrix, with six IPs generating over 2 billion yuan in revenue and 17 IPs exceeding 100 million yuan [8] - The report projects an increase in Non-IFRS net profit forecasts for 2026 and 2027, raising the estimates to 17.4 billion yuan and 21.8 billion yuan respectively, with a new forecast for 2028 at 26.1 billion yuan [8] Financial Summary - Total revenue forecast for 2026 is 47.54 billion yuan, with a year-on-year growth of 28.08% [9] - The projected net profit for 2026 is 16.69 billion yuan, reflecting a growth rate of 30.62% [9] - The company's P/E ratio is expected to decrease from 15.56 in 2025 to 11.91 in 2026, indicating an attractive valuation [9]

Market Overview - The A-share market experienced an overall adjustment on March 26, with major indices declining slightly. The Shanghai Composite Index fell by 0.58%, the Shenzhen Component Index by 0.38%, the ChiNext Index by 0.07%, and the Sci-Tech Innovation Index by 0.96% [4] - The Hong Kong stock market also saw a decline, with the Hang Seng Index dropping below the 25,000-point mark, experiencing a decline of over 1% [11] Active Sectors - The lithium mining and electric power sectors were notably active during the morning session of the A-share market, standing out as key highlights [2][4] - In the electric power sector, Huadian Liaoning Energy (600396) achieved a consecutive nine trading days of涨停 (trading limit up), along with nearly ten other stocks such as Huitian Thermal Power and Guangxi Energy also hitting涨停 [6] - The lithium mining sector saw significant gains, with Rongjie Co. hitting涨停 for the third consecutive trading day. Other lithium stocks like Zhongmin Resources and Shengxin Lithium Energy rose by over 6% [8] Notable Stock Performances - In the A-share market, the non-bank financial sector led the decline, with a drop of over 2%. Stocks such as China Life and Ruida Futures saw declines of over 5% and nearly 6%, respectively [4] - The environmental protection sector also faced declines, with a drop close to 2%. Notable declines included Xuelang Environment down by 12.01% and Haixia Environmental hitting the limit down [5] - In the Hong Kong market, Kuaishou-W led the decline among Hang Seng Index constituents, with a drop of over 13% following its earnings announcement [11] Earnings Announcements - Kuaishou reported a total revenue of RMB 142.8 billion for 2025, reflecting a year-on-year growth of 12.5%, and an adjusted net profit of RMB 20.6 billion, up 16.5% [11] - Bubble Mart's 2025 financial report indicated a revenue of RMB 37.12 billion, a significant year-on-year increase of 184.7%, and an adjusted net profit of RMB 13.08 billion, up 284.5% [12] - Kingsoft's 2025 revenue was RMB 9.683 billion, a decrease of 6% from the previous year, with its office software and services contributing 61% to total revenue [14]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a total revenue of 37.12 billion yuan in 2025, representing a year-on-year growth of 184.71%. The net profit attributable to shareholders reached 12.78 billion yuan, with a year-on-year increase of 308.76% [8] - The company's globalization strategy is accelerating, with overseas revenue accounting for 44% of total revenue, showing a significant increase from 31.8% in 2024. The Americas experienced explosive growth, with revenue increasing by 748.4% [8] - The gross margin improved by 5.3 percentage points to 72.1%, driven by higher overseas revenue, enhanced bargaining power from a flexible supply chain strategy, and a decrease in the proportion of licensing and mold fees [8] - The company's IP matrix continues to expand, with multiple IPs driving sustainable growth. Notably, Labubu has become a world-class super IP, generating 14.1 billion yuan in revenue, a year-on-year increase of 365% [8] - The forecast for Non-IFRS net profit for 2026-2028 has been raised, with projections of 17.4 billion yuan for 2026, 21.9 billion yuan for 2027, and 26.1 billion yuan for 2028, corresponding to a Non-IFRS PE of 11, 9, and 8 times respectively [8] Financial Projections - Total revenue is projected to reach 47.54 billion yuan in 2026, with a year-on-year growth of 28.08%, and 58.69 billion yuan in 2027, with a growth of 23.46% [1] - The net profit attributable to shareholders is expected to be 16.69 billion yuan in 2026, increasing to 20.92 billion yuan in 2027 [1] - The company's cash flow from operating activities is forecasted to be 15.02 billion yuan in 2026, reflecting strong operational performance [9]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 237.00 [1] Core Insights - The company reported a revenue increase of 184.7% to RMB 37.12 billion for 2025, with adjusted net profit rising 284.5% to RMB 13.08 billion, reflecting an adjusted net profit margin increase of 9.1 percentage points to 35.2% [1] - The company views 2026 as a year for optimization and plans to enhance operational capabilities while diversifying into new business areas such as theme parks, film, and desserts [1][4] - The company achieved significant growth in its IP portfolio, with six IPs generating over RMB 2 billion in revenue and 17 IPs exceeding RMB 100 million, indicating a healthy IP structure [2] Revenue and Profitability - In H2 2025, domestic and overseas revenues grew by 134% and 243% respectively, reaching RMB 126 billion and RMB 107 billion [2] - The gross profit margin increased by 4.9 percentage points to 73.2% in H2 2025, driven by a higher proportion of overseas revenue and improved bargaining power with suppliers [3] - The company expects revenue growth of no less than 20% in 2026, supported by a synergistic mechanism among domestic products, channels, and fan ecosystems [4] Operational Strategy - The company plans to strengthen operational capabilities by enhancing overseas offline channels, upgrading store experiences, and improving internal processes to reduce friction in the supply chain [4] - The company aims to optimize its organizational management and accelerate the rollout of innovative business models, including partnerships with major entertainment companies [4] Financial Forecasts - The adjusted net profit forecasts for 2026 and 2027 have been revised down to RMB 14 billion and RMB 17.1 billion respectively, with a new forecast for 2028 set at RMB 20.7 billion [5] - The target price is based on a 20x adjusted PE ratio for 2026, reflecting a decrease from the previous 27x [5]

Core Viewpoint - The stock price of Pop Mart (09992.HK) has dropped significantly by 30% over two trading days, despite reporting a remarkable revenue growth of 184.7% year-on-year. The market's concerns about the company's heavy reliance on a single IP and the sustainability of high growth have led to this decline [1]. Group 1 - The stock price fell by 10% today, continuing the downward trend from yesterday [1]. - Pop Mart's revenue for the fiscal year 2025 showed a year-on-year increase of 184.7% [1]. - Concerns regarding the sustainability of growth and reliance on a single IP have intensified, resulting in a market sell-off [1]. Group 2 - The Chairman and CEO, Wang Ning, stated that the company aims for a growth rate of no less than 20% for the year 2026 [1].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 237.00 [1] Core Insights - The company reported a revenue increase of 184.7% to RMB 37.12 billion for 2025, with adjusted net profit rising 284.5% to RMB 13.08 billion, reflecting an adjusted net profit margin increase of 9.1 percentage points to 35.2% [1] - The company views 2026 as a year for optimization and plans to enhance operational capabilities while diversifying into new business areas such as theme parks, film, and desserts [1][4] - The company achieved significant growth in its IP portfolio, with six IPs generating over RMB 2 billion in revenue and 17 IPs exceeding RMB 100 million, indicating a balanced revenue structure [2] Summary by Sections Financial Performance - In H2 2025, domestic and overseas revenues grew by 134% and 243% respectively, reaching RMB 126 billion and RMB 107 billion [2] - The gross profit margin increased by 4.9 percentage points to 73.2% in H2 2025, driven by a higher proportion of overseas revenue and improved bargaining power with suppliers [3] - The company expects revenue growth of no less than 20% in 2026, supported by a healthy IP structure and improved collaboration among domestic products, channels, and fan ecosystems [4] Operational Strategy - The company plans to strengthen operational capabilities by enhancing the overseas offline channel, upgrading store experiences, and improving internal processes to reduce friction in the supply chain [4] - New business initiatives, including the development of a theme park and collaboration with Sony Pictures for a live-action animated film, are expected to enhance the company's global influence [4] Profit Forecast and Valuation - The adjusted net profit forecast for 2026 and 2027 has been revised down to RMB 14 billion and RMB 17.1 billion respectively, with a new target price based on a 20x adjusted PE ratio [5] - The company is positioned for long-term growth despite short-term operational adjustments, with a diversified monetization outlook [5]

Group 1 - SpaceX is preparing for its largest IPO, planning to submit confidential documents to regulators soon, with a target valuation of $1.75 trillion and expected fundraising of $50 billion to $75 billion [2] - OpenAI will shut down its Sora video generation service and terminate its partnership with Disney to streamline its AI product line [3] - Pop Mart's revenue for 2025 is projected to reach 37.12 billion yuan, a year-on-year increase of 184.7%, with adjusted net profit expected to be 13.08 billion yuan, up 284.5% [3] - Pinduoduo's Q4 2025 revenue is expected to be 123.91 billion yuan, a 12% year-on-year increase, while adjusted net profit is projected to decline by 12% [4] - Meta faces a lawsuit regarding social media addiction, with a ruling requiring it to pay 70% of damages, and plans to lay off hundreds of employees [4] Group 2 - China Life achieved a revenue of 615.68 billion yuan in 2025, a 16.5% year-on-year increase, with a net profit of 154.08 billion yuan, up 44.1% [6] - China Eastern Airlines signed a purchase agreement for 101 A320NEO aircraft with a catalog price of approximately $15.802 billion [7] - Zijin Mining reported a 62% increase in net profit for 2025, marking a historical high [7] - Alibaba Health partnered with Novartis to provide integrated services for chronic spontaneous urticaria [7] - BASF announced price increases for its commodity amines portfolio in Europe, with increases potentially reaching 30% due to rising costs from geopolitical tensions [16]

Core Viewpoint - Despite strong financial performance, Pop Mart's stock price fell over 22% after the earnings announcement, indicating market concerns about reliance on a single IP for growth [2][3]. Financial Performance - In 2025, Pop Mart achieved a revenue of 37.12 billion RMB, a year-on-year increase of 184.7%, and an adjusted net profit of 13.08 billion RMB, up 284.5% [2]. - The revenue from the LABUBU IP, part of THE MONSTERS, reached 14.16 billion RMB, marking a 365.7% increase [3]. - The plush toy category generated 18.71 billion RMB in revenue, a significant growth of 560.6%, becoming the highest revenue-generating product category for the company [3]. Market and IP Structure - The company's growth heavily relies on the LABUBU IP, raising concerns about sustainability and future performance [3]. - In 2025, 6 major IPs, including SKULLPANDA and CRYBABY, each surpassed 2 billion RMB in revenue, while 17 IPs exceeded 100 million RMB [3]. Store Expansion and Membership - Pop Mart operated 630 stores globally, with a net increase of 109 stores, and 2,637 robot stores, adding 165 [4]. - In the Asia-Pacific market, the company opened 31 new offline stores, bringing the total to 85, and in China, 14 new stores were added, totaling 445 [4]. - As of December 31, 2025, the total number of registered members in mainland China reached 72.58 million, with a sales contribution from members at 93.7% and a repurchase rate of 55.7% [4]. Future Plans - The company plans to launch IP-themed small home appliances in April and expand its urban park project, with phase two expected to start construction in 2027 [4].