今日（10月23日），港股市场早盘走低，但午后迎来筑底反弹，最终主要指数均以红盘报收。 截至收盘，恒指报收于25967.98点，上涨186.21点，涨幅0.72%。 焦点公司方面，泡泡玛特（09992.HK）盘中一度下跌超10%，最终收盘下跌9.36%，报232.4港元，创出 近期新低。这也是泡泡玛特4月以来最大单日跌幅。 其他方面，盘面上，科网股普遍反弹，美团涨超4%，京东、阿里、腾讯涨超1%；石油股涨幅居前，中 国海洋石油涨超2%；内银股活跃，邮储银行涨超4%。 资金方面，今日南向资金继续净买入港股通标的。截至收盘，南向资金净买入港股金额超53亿港元。 打开百度APP畅享高清图片 恒生科技指数报收于5951.45点，上涨28.36点，涨幅0.48%。 尽管此前多家外资大行纷纷给予泡泡玛特"买入"评级，对于今日股价下跌，晨星分析师指出，投资者担 忧泡泡玛特收入增速或于今年见顶，明年起增长动能可能放缓。 此外，蜜雪集团（02097.HK）跌超4%，古茗（01364.HK）跌近7%。市场主要担忧，新茶饮板块各类 品牌迟迟无法走出价格战的内卷局面。 后市展望： 方正证券指出，全球宽松和南向资金流入为港股提供流动性 ...

Core Viewpoint - The new consumption sector in Hong Kong has experienced a significant sell-off, with leading stocks like Pop Mart facing substantial declines, raising concerns about future performance and valuation [1][2][4] Group 1: Market Performance - Pop Mart's stock price fell over 11% at one point, closing down 9.36%, resulting in a market capitalization of HKD 312.1 billion [2] - Other stocks in the new consumption sector also saw declines, with Gu Ming down nearly 7% and several others dropping over 4% [4] - Since September, Pop Mart's stock has declined nearly 30% [4] Group 2: Financial Performance - Pop Mart reported a significant year-on-year revenue increase of 245%-250% for Q3 2025, continuing its high growth trend from the first half of the year [4][6] - Revenue growth in the Chinese market for Q3 was 185%-190%, with online channels growing at 300%-305% and offline channels at 130%-135% [4] - The overseas market showed even stronger performance, with overall revenue growth of 365%-370%, particularly in the Americas at 1265%-1270% [4] Group 3: Analyst Insights - Concerns have arisen regarding Pop Mart's future revenue growth, with estimates suggesting a peak in growth for the current year due to high base effects [4][5] - Huatai Securities identified three main reasons for the stock's decline: weaker North American data, uncertainty about 2026 performance, and a generally weak new consumption market [5] - Morgan Stanley upgraded Pop Mart's rating from "neutral" to "overweight," raising the target price from HKD 300 to HKD 320, citing strong performance of popular IPs [5][6] Group 4: Market Outlook - Multiple brokerage firms believe that the core factors causing the recent market adjustments are showing positive changes, indicating that the adjustment phase may be nearing its end [1] - The expectation of a potential interest rate cut by the Federal Reserve could lead to a return of foreign capital, further boosting market performance [1][7] - Analysts suggest that the technology sector in Hong Kong is poised for recovery, driven by AI trends and potential inflows of foreign investment [7][8]

中国经济网北京10月23日讯 泡泡玛特（09992.HK）今日港股收报232.40港元，跌幅9.36%。 （责任编辑：魏京婷） ...

公 司 研 泡泡玛特（09992.HK）：25Q3 超预 期增长，欧美地区加速破圈 事件：公司发布 2025 年三季度业务状况：2025 年 Q3 收入同比增长 245%-250%，其中国内收入同比增长 185%-190%，海外收入同比增长 365%-370%。（2025H1 收入同比增长 204%，其中国内同比增长 135%，海外 同比增长 314%） 境内：供给瓶颈突破后实现加速增长。国内线下渠道同比增长 130%-135%； 线上渠道同比增长 300%~305%。25Q3 国内业务实现加速增长，主要因 6 月 起公司进行补货且开启了预售模式，填补了消费者未被供给满足的需求缺口。 线上增长迅猛，增速环比 25H1 提升，反映出产品预售的火热，消费者对公司 产品已有很强的认可度。线下方面，依然保持翻倍以上的增长，考虑到今年以 来国内拓店已趋缓，推测单店收入保持高水平。 境外：延续爆发式增长，欧美地区加速破圈。海外亚太地区同比增长 170%~175%；美洲同比增长 1265%~1270%；欧洲同比增长 735%~740%， 欧美开拓效果显著，增速环比 25H1 继续提升。开店+IP 本地化+线上布局快速 提升 ...

【导读】泡泡玛特业绩高增与股价大跌形成强烈反差，早盘一度跌至228.6港元，创6月以来低点 泡泡玛特业绩高增与股价大跌，形成强烈反差。 10月23日，泡泡玛特在披露三季度经营数据后股价大幅下挫，早盘一度跌至228.6港元，创6月以来低点。 分区域来看，中国市场收入同比增长185%至190%，其中，线上渠道表现尤为突出，增速达到300%至305%，线下渠道也实现130%至135%的同比增长。 海外市场整体收入更是同比飙升365%至370%，各区域增速均远超预期，其中，美洲市场以1265%至1270%的同比增速一骑绝尘，欧洲及其他地区增长 735%至740%，亚太地区增长170%至175%。 股价罕见大跌 增长可持续性或是担忧点 截至午盘，泡泡玛特跌9.44%，报232.2港元/股。 值得关注的是，自9月以来泡泡玛特股价跌幅已达到28%。 三季度业绩亮眼 全球市场全面高增 从最新披露的经营数据看，泡泡玛特三季度业绩延续了上半年的强劲增长态势。 公告显示，2025年第三季度泡泡玛特整体收益同比激增245%至250%，中国市场与海外市场均实现爆发式增长。 在业绩数据亮眼情况下，多家资管巨头再次宣布增持评级，更有机构上 ...

Core Viewpoint - Pop Mart's strong performance contrasts sharply with its significant stock price decline, reaching a low of 228.6 HKD, the lowest since June [2] Group 1: Financial Performance - In Q3 2025, Pop Mart's overall revenue surged by 245% year-on-year, with explosive growth in both domestic and overseas markets [3] - Revenue from the Chinese market increased by 185% to 190%, with online channels showing remarkable growth of 300% to 305% and offline channels growing by 130% to 135% [3] - The overseas market saw an impressive revenue increase of 365% to 370%, with the Americas leading at a staggering 1265% to 1270% growth, followed by Europe and other regions at 735% to 740%, and the Asia-Pacific region at 170% to 175% [3] Group 2: Stock Price Reaction - Despite the strong performance, Pop Mart's stock price fell by 9.44% to 232.2 HKD per share, marking a 28% decline since September [2][4] - Major asset management firms have raised their ratings on Pop Mart, with Citigroup increasing the target price to 415 HKD and maintaining a buy rating, citing strong growth momentum driven by new product sales and inventory replenishment strategies [4] - Nomura also maintained a target price of 372 HKD and a buy rating, highlighting the company's robust IP development and operational capabilities [4] Group 3: Future Outlook - Morgan Stanley has raised its profit and revenue forecasts for Pop Mart, projecting net profit growth of 291%, 25%, and 21% for 2025 to 2027, with revenue growth predictions adjusted to 190%, 26%, and 20% [5] - Despite positive forecasts, market sentiment remains cautious, with concerns that future revenue growth may slow down following the current high growth rates [5]

Core Viewpoint - The stock price of Pop Mart (09992.HK) experienced a significant drop, falling nearly 10% in intraday trading on October 23, closing at 232 HKD per share, a decrease of 9.44%. Since September, the stock has seen a cumulative decline of nearly 30% [3] Group 1: Analyst Opinions - Morningstar analyst Jeff Zhang expressed concerns that investors fear Pop Mart's revenue growth may peak this year, with a potential slowdown in growth momentum starting next year [3] - In contrast, several foreign investment banks, including Nomura, Goldman Sachs, Citigroup, and HSBC, remain optimistic about Pop Mart, raising their target prices and maintaining "buy" ratings after the Q3 report. They believe the company's diversified IP matrix, global channel expansion, and capacity enhancement will support growth for the coming years [3] - JPMorgan recently upgraded Pop Mart's rating from "neutral" to "overweight," increasing the target price from 300 HKD to 320 HKD. The bank noted that despite market concerns about the lifecycle of its popular IPs, core products like Labubu are still sold out globally, indicating strong demand [3] Group 2: Financial Performance - On October 21, Pop Mart announced that its overall revenue for Q3 2025 is expected to grow by 245% to 250% year-on-year, with China revenue increasing by 185% to 190% and overseas revenue rising by 365% to 370% [4] - In terms of revenue performance across channels in China, offline channels are expected to grow by 130% to 135% year-on-year, while online channels are projected to increase by 300% to 305% [4] - Revenue growth in overseas regions is also notable, with the Asia-Pacific region expected to grow by 170% to 175%, the Americas by 1265% to 1270%, and Europe and other regions by 735% to 740% [4] Group 3: Product Performance - Pop Mart has launched several new products this year that have become bestsellers. For instance, the "WHY SO SERIOUS" Halloween series blind boxes sold out within minutes online [4] - Data from the Dewu App indicates that the price of the LABUBU-themed hidden "Moon Shadow Mask" surged from 159 RMB to a peak transaction price of 2289 RMB, reflecting a premium of 13.4 times. Other regular items like the LABUBU-themed "Throwing Ball Clown," DIMOO-themed "Blazing Clown," and the star-themed "Rainbow Bean" also saw significant premiums of 7.2 times, 3.8 times, and 2.8 times, respectively [4]

招商证券预计，泡泡玛特2025年净利润有望达到70亿元人民币，较市场一致预期高出约15%。这一差异 主要源于市场可能低估了泡泡玛特海外业务的扩张规模与速度。 10月21日，泡泡玛特发布公告，2025年第三季度整体收入同比增长245%至250%。其中，中国收入同比 增长185%至190%；海外收入同比增长365%至370%。 第三季度，中国各渠道收入表现方面，线下渠道同比增长130%至135%；线上渠道同比增长300%至 305%。海外各区域收入表现方面，亚太同比增长170%至175%；美洲同比增长1265%至1270%；欧洲及 其他地区同比增长735%至740%。 今年以来，泡泡玛特多款新品成为爆款。10月初，泡泡玛特开售为万圣节推出的"WHY SO SERIOUS"系列盲盒，线上开售仅数分钟时间，各大平台盲盒售罄，显示为"缺货"状态。得物App数据 显示，以LABUBU为原型的大隐藏"月影假面"价格由159元升至峰值成交价2289元，溢价13.4倍。在常 规款中，以LABUBU为原型的"抛球小丑"、以DIMOO为原型的"炽焰小丑"、以星星人为原型的"彩虹豆 丁"也受到追捧，分别溢价7.2倍、3.8倍和2.8 ...

10月23日，港股新消费板块盘初走低，截至10：33泡泡玛特股价跌幅扩大至10%，为4月份以来最大单日跌幅。古茗跌超8%，蜜雪集团跌超5%，布鲁可等 跟跌。 券商观点方面，交银国际重申泡泡玛特买入评级，指其增长动能持续强化。国金证券维持泡泡玛特买入评级，看好公司海外市场通过本土化运营体系构建 形成第二增长曲线，以及中国市场依托全域运营能力升级，延续高质量发展态势。 10月21日盘后，泡泡玛特公告2025年第三季度最新业务情况。公告显示，第三季度整体收益(未经审核)较去年第三季度同比增长245%一250%。 值得注意的是，继Labubu之后，泡泡玛特星星人系列再次引发抢购潮。 具体来看，第三季度泡泡玛特中国收益同比增长185%—190%。线下渠道来看，线下同比增长130%—135%，线上同比增长300%—305%。海外市场收益增 速更为迅猛，同比增长365%—370%。其中，亚太同比增长170%—175%，美洲同比增长1265%—1270%，欧洲及其他地区同比增长735%—740%。 ...

Core Viewpoint - The Hong Kong stock market's new consumption sector is experiencing a decline, with significant drops in share prices for companies like Pop Mart, Gu Ming, and Mixue Group [1] Group 1: Company Performance - Pop Mart's stock price fell by nearly 11% during trading, closing down 9.52% at 232 HKD per share, with a total market capitalization of 311.6 billion HKD [1][2] - Gu Ming's shares dropped over 9%, while Mixue Group's shares fell more than 6% [1] Group 2: Market Data - Pop Mart's latest figures include a market capitalization of 311.6 billion HKD and a price-to-earnings ratio of 41.9 [2] - The stock's trading volume showed a change of 1.74%, indicating some level of market activity despite the decline [2]