泡泡玛特成立于2010年，是中国领先的潮流文化娱乐品牌。其核心业务围绕全球艺术家发掘、IP孵化运 营及全渠道消费者触达展开，构建了完整的 IP生态闭环。截至2023年年底，其业务已覆盖全球80余个 国家和地区，拥有超过450家线下门店及2300余台机器人商店。2024年，泡泡玛特海外乐园成功开设首 家门店，并实现国内省级行政区门店全覆盖（以西藏首家店为标志）。2025年4 月，LABUBU第三代搪 胶毛绒产品"前方高能"系列全球发售，短短几分钟内，美国、英国等地的库存被一扫而空。泡泡玛特的 成功，源于其对千禧一代情绪需求的深度洞察与精准回应，并通过 4P营销策略实现了崛起。 精准锁定千禧一代的情绪价值 在当代消费市场中，千禧一代逐渐成为主力消费群体。他们追求个性化、情感共鸣与精神满足，不再仅 仅为产品功能买单，而是更倾向于为情绪价值付费。泡泡玛特正是抓住了这一代消费者的心理诉求，成 功从一个潮流玩具品牌跃升为一家具有广泛影响力的文化 IP运营商。 1.不仅仅是卖玩具，更是讲好故事、打造人设 最近火爆的 LABUBU更是凭借其融合东方精怪与北欧神话的独特设计，以丑萌搞怪、亦正亦邪的风格 在潮玩市场中独树一帜。泡 ...

今日（10月22日），港股市场全天表现低迷。 截至收盘，恒指报收于25781.77点，下跌245.78点，跌幅0.94%。 打开百度APP畅享高清图片 恒生科技指数报收于5923.09点，下跌84.85点，跌幅1.41%。 消息面，美银重申泡泡玛特"买入"评级，预计第四季将持续推出新产品。美银证券发表研究报告指出， 泡泡玛特第三季业绩表现强劲，收入按年增长245%至250%，超出市场预期。该行重申"买入"评级，目 标价为400港元。 此外，中银国际上调泡泡玛特目标价至405.6港元，维持"买入"评级。 瑞银上调泡泡玛特目标价至435港元；摩根大通上调泡泡玛特目标价至350港元；里昂维持泡泡玛特"跑 赢大市"评级。 焦点公司方面，中铝国际（601068.SH）A股涨停，带动H股午后飙升，最终收盘大涨30%。 消息面，有媒体称，力拓考虑与中铝集团进行资产换股权交易，但截至发稿，公司方面尚无正式消息发 布。 另外，泡泡玛特（09992.HK）公布财报后，今日高开近8%，但随后涨幅收窄，最终上涨2.4%，报256.4 港元。 其他方面，盘面上，科网股全线下跌，网易跌超3%，联想跌超2%，快手、百度、阿里巴巴、哔哩哔 ...

Market Overview - The Hong Kong stock market failed to maintain its rebound, with the three major indices experiencing fluctuations and declines. The Hang Seng Index closed down 0.94% at 25,781.77 points, with a total trading volume of 227.54 billion HKD [1] - The largest external uncertainty facing the market is the US-China rivalry, which affects investor sentiment and causes short-term volatility. However, it is anticipated that after this short-term adjustment, the Hong Kong market may present a better entry opportunity [1] Blue-Chip Stocks Performance - Pop Mart (09992) rose 2.4% to 256.4 HKD, contributing 6.98 points to the Hang Seng Index. The company reported a projected revenue growth of 245%-250% year-on-year for Q3 2025, with China revenue up 185%-190% and overseas revenue up 365%-370% [2] - Other blue-chip stocks included China National Pharmaceutical (01099) up 4.27%, Shenzhou International (02313) up 1.72%, while Chow Tai Fook (01929) fell 5.65% and CSPC Pharmaceutical (01093) dropped 5.16%, negatively impacting the index [2] Sector Performance - Large technology stocks showed weak performance, with Alibaba down nearly 2% and Tencent down over 1%. Gold stocks collectively declined due to significant market sell-offs, with China Silver Group (00815) down 8.33% and Lingbao Gold (03330) down 4.75% [3][4] - Conversely, banking and oil stocks were active, with China Oilfield Services (601808) up over 3% and Agricultural Bank of China up 1.56%, reaching a historical high [3][4] Banking Sector Insights - Everbright Securities noted that the banking sector is entering a favorable reallocation window, with strong operational resilience and stable earnings expected for the upcoming quarterly reports. The sector's "high dividend, low valuation" attributes are becoming more pronounced [5] - The banking stocks showed positive movement, with Chongqing Bank (01963) and Agricultural Bank of China (01288) both up 1.56% [4][5] Oil and Gas Sector - Oil and gas stocks generally rose, with Sinopec Oilfield Services (01033) up 4.76% and Shandong Molong (00568) up 4.65%. The deep-sea economy concept is gaining attention, with Brent crude oil futures rising over 2% [5][6] Notable Stock Movements - Xuan Bamboo Biotechnology (02575) surged 31.87% after presenting positive clinical trial results for breast cancer treatment [7] - Chalco International (02068) rose 30.52% amid reports of potential asset swaps with Rio Tinto [8] - Guanghe Tong (00638) fell 11.72% on its first trading day, while Lao Pu Gold (06181) dropped 8.21% due to a planned share placement [9][10] - Innovent Biologics (01801) experienced a decline of 1.96% despite announcing a significant global strategic partnership with Takeda Pharmaceuticals [11]

Market Overview - The Hong Kong stock market failed to maintain its rebound, with the Hang Seng Index closing down 0.94% at 25,781.77 points and a total turnover of 227.54 billion HKD [1] - The largest external uncertainty facing the market is the US-China rivalry, which has impacted investor sentiment and caused short-term volatility [1] Blue Chip Performance - Pop Mart (09992) rose 2.4% to 256.4 HKD, contributing 6.98 points to the Hang Seng Index, with projected revenue growth of 245%-250% year-on-year for Q3 2025 [2] - Other blue chips included China National Pharmaceutical Group (01099) up 4.27% and Shenzhou International (02313) up 1.72%, while Chow Tai Fook (01929) fell 5.65% [2] Sector Performance - Large tech stocks showed weak performance, with Alibaba down nearly 2% and Tencent down over 1% [3] - Gold and silver stocks faced significant declines due to geopolitical factors and profit-taking, with China Silver Group (00815) down 8.33% [4] - Banking stocks were active, with Chongqing Bank (01963) and Agricultural Bank of China (01288) both up 1.56% [4][5] Notable Company Developments - Xuan Bamboo Bio (02575) reached a new high, rising 31.87% after presenting positive clinical trial results for breast cancer treatment [7] - Chalco International (02068) surged 30.52% amid reports of potential asset swaps with Rio Tinto [8] - Guanghe Communication (00638) debuted below its offering price, falling 11.72% [9] - Laopuhuang (06181) saw a significant drop of 8.21% after announcing a discounted share placement [10] - Innovent Biologics (01801) announced a global strategic partnership with Takeda Pharmaceutical, potentially worth up to 114 billion USD [11]

摩根大通发布研报称，泡泡玛特(09992)第三季销售同比增长245%至250%，远超该行预期的140%及市 场预期的180%，按季比较第三季料增长64%。小摩预测泡泡玛特第四季销售同比增长184%，当中主要 受到产能增加及即将来临的万圣节、感恩节、黑色星期五及圣诞节等一系列传统节日所推动，相应将其 2025至2027年盈利预测上调9%至17%，目前预测今年销售及盈利同比分别增长209%及340%，目标价从 320港元上调至350港元，评级"增持"。 ...

智通财经APP获悉，摩根大通发布研报称，泡泡玛特(09992)第三季销售同比增长245%至250%，远超该 行预期的140%及市场预期的180%，按季比较第三季料增长64%。小摩预测泡泡玛特第四季销售同比增 长184%，当中主要受到产能增加及即将来临的万圣节、感恩节、黑色星期五及圣诞节等一系列传统节 日所推动，相应将其2025至2027年盈利预测上调9%至17%，目前预测今年销售及盈利同比分别增长 209%及340%，目标价从320港元上调至350港元，评级"增持"。 ...

北京商报讯（记者 赵述评）10月21日，泡泡玛特公告2025年第三季度最新业务情况。公告显示，2025 年第三季度，泡泡玛特整体收益同比增长245%—250%，其中中国市场收益同比增长185%—190%，海 外市场收益同比增长365%—370%。 各渠道收益表现方面，报告期内，线下渠道同比增长130%—135%；线上渠道同比增长300%—305%。 线下渠道包括零售店以及机器人商店，线上渠道包括泡泡玛特抽盒机、天猫旗舰店、抖音平台等。 与此同时，海外市场同样表现抢眼。亚太市场收益同比增长170%—175%；美洲市场收益同比增长 1265%—1270%；欧洲及其他地区同比增长735%—740%。 今年上半年，泡泡玛特旗下IP LABUBU实现爆发增长。2025年半年报显示，LABUBU所属的THE MONSTERS营收为48.1亿元，占总营收34.7%，去年同期营收为6.26亿元，同比增长约668.4%。 今年是LABUBU诞生十周年，泡泡玛特为包括LABUBU在内的THE MONSTERS举办了为期一年的全球 巡回纪念展览，首站已登陆上海，首次公开了龙家升大量手稿以及THE MONSTERS历代产品。 苹果C ...

美银证券发表研究报告指，泡泡玛特第三季业绩表现强劲，收入按年增长245至250%，超出市场预期。 该行将其今明两年的非IFRS每股盈测分别上调14%和12%，重申"买入"评级，目标价为400港元。展望 第四季，该行预计泡泡玛特将持续推出新产品，并成为其主要驱动因素。 ...

Core Viewpoint - UBS reports that Pop Mart's third-quarter revenue increased by 245% year-on-year to 250 million, with domestic and overseas sales growing by 185% to 190% and 365% to 370% respectively, exceeding expectations due to strong sales in China, Asia-Pacific, and Europe [1] Group 1 - UBS maintains a positive outlook on Pop Mart, citing the rising popularity of its IP product Twinkle Twinkle and the stable trend in the secondary market prices of Labubu [1] - Upcoming catalysts such as Christmas-themed product series are anticipated to further enhance stock performance, supported by improving high-frequency data like credit card tracking [1] Group 2 - Based on DCF valuation, UBS raises Pop Mart's target price from HKD 432 to HKD 435 and maintains a "Buy" rating [1] - Adjusted net profit forecasts for 2025 to 2027 have been increased by 13% to 17% to reflect the strong third-quarter performance [1]

中银国际发表研究报告指，泡泡玛特在高基数下第三季增长动力持续，上季收入按年增长245%至 250%，超出市场预期。就区域划分，中国市场收入增速加快至185%至190%，海外市场增速为365%至 370%。该行认为，Twinkle Twinkle系列热度持续发酵，加上海外零售门店扩张策略执行得当，将持续 推动第四季收入强劲增长。此外，潜在的美国关税风险可透过战略性定价调整与产能转移得以缓解。该 行将目标价由399港元上调至405.6港元，维持"买入"评级。 ...