里昂指，近期LABUBU在谷歌搜寻中趋势虽然趋向正常，但仍与一些长青IP表现相若，预期中国市场强 劲表现主要受到线上销售渠道驱动。 里昂发布研报称，泡泡玛特(09992)今年第三季收入同比增长245%至250%，较上半年204%及首季170% 的增速进一步加快。该行目前仍看好泡泡玛特作为IP平台，合作可扩张至珠宝及积木等领域，同时新兴 IP如星星人(Twinkle Twinkle)及叛桃朋克(Peach Riot)正在崛起，公司亦尝试发展动画等多元化内容，因 此维持"跑赢大市"评级，目标价368港元。 按地区划分，中国市场的增长从上半年的135%加快至第三季的185%至190%，该行相信是由于供应状况 改善；海外市场发展则逐步正常化，增幅从上半年的440%放缓至第三季的365%至370%，当中欧美销售 表现仍然强劲，分别增长735%至740%及1,265%至1,270%。 ...

里昂指，近期LABUBU在谷歌搜寻中趋势虽然趋向正常，但仍与一些长青IP表现相若，预期中国市场强 劲表现主要受到线上销售渠道驱动。 智通财经APP获悉，里昂发布研报称，泡泡玛特(09992)今年第三季收入同比增长245%至250%，较上半 年204%及首季170%的增速进一步加快。该行目前仍看好泡泡玛特作为IP平台，合作可扩张至珠宝及积 木等领域，同时新兴IP如星星人(Twinkle Twinkle)及叛桃朋克(Peach Riot)正在崛起，公司亦尝试发展动 画等多元化内容，因此维持"跑赢大市"评级，目标价368港元。 按地区划分，中国市场的增长从上半年的135%加快至第三季的185%至190%，该行相信是由于供应状况 改善；海外市场发展则逐步正常化，增幅从上半年的440%放缓至第三季的365%至370%，当中欧美销售 表现仍然强劲，分别增长735%至740%及1,265%至1,270%。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 410.00, up from a previous target of HKD 396.00 [2][10]. Core Insights - The company reported a significant revenue growth of 245-250% year-on-year for Q3, accelerating from 204% in H1, driven by strong demand for plush toys and successful new IP launches [6][10]. - The company is expected to continue its robust growth into Q4, supported by a rich pipeline of new products and a diversified strategy for IP and regional expansion [9][10]. Financial Performance - Revenue projections for the upcoming years show substantial growth, with expected revenues of RMB 39,883 million in 2025, representing a 205.90% increase from 2024 [5]. - Adjusted net profit is forecasted to reach RMB 13,529 million in 2025, reflecting a 297.55% increase from 2024 [5]. Market Dynamics - The company is experiencing strong sales across various channels, with online sales expected to grow by 300-305% in Q3, indicating a significant increase in online penetration [7]. - The company is expanding its presence in North America and the Asia-Pacific region, with revenue growth rates of 170-175% and 1265-1270% respectively for Q3 [8]. Product and IP Strategy - The successful launch of new plush products, such as Labubu and SP plush series, has broadened the company's market appeal and driven sales growth [7]. - The company is focusing on creating a sustainable ecosystem for its IPs, with plans for collaborations with top global brands and diversification into other business areas like desserts and accessories [9].

Core Insights - JD.com is launching its "New Product Surprise Day" on October 23, featuring significant discounts on flagship products like iPhone and Huawei, with ample stock available for immediate purchase [1][3] - The event includes various promotional activities such as zero-yuan draws for new products, one-yuan grabs for popular items, and discounts up to 50% on best-selling products, creating a strong shopping experience [1][8] Product Highlights - The event showcases several highly anticipated tech products, including the iPhone Air, Honor Magic8 Pro, and Xiaomi REDMI K90 Pro Max, all available for immediate purchase [3] - Additional products include Huawei FreeClip 2 and ROG Xbox handheld, catering to digital product enthusiasts [5] - Fashion items like On Cloudmonster 2 shoes and North Face Summit series jackets are also featured, aligning with seasonal consumer needs [5] Promotional Activities - JD.com is offering various incentives such as "1 yuan draws for premium products" and "1 penny grabs for new brand trials," allowing consumers to access high-demand items at minimal costs [10] - The "JD Youth Sales" live streaming event will feature interactive elements, including product showcases and celebrity appearances, enhancing consumer engagement [11][13] Consumer Engagement - The live streaming will include themed segments like "Healing New Moments" and "Technology New Moments," utilizing advanced 3D technology for immersive product presentations [13][14] - Consumers can participate in real-time interactions during the live stream, with opportunities to win exclusive merchandise and discounts [14]

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 325 CNY [1][4]. Core Insights - The company is expected to see significant revenue growth, with Q3 2025 revenue projected to increase by 245%-250% year-on-year, driven by strong performance in both domestic and international markets [5][8]. - The company has successfully leveraged its IP, particularly Labubu, to enhance revenue streams and expand its market presence [8]. - Future earnings forecasts have been revised upwards, with net profits expected to reach 12.26 billion CNY in 2025, reflecting a year-on-year growth of 292% [7][8]. Summary by Sections Company Overview - The company operates in the light industry manufacturing sector, with a current H-share price of 250.40 CNY and a market capitalization of 170.42 billion CNY [2]. Recent Performance - The company reported a significant increase in revenue across various channels, with online sales growing by 300%-305% and overseas revenue increasing by 365%-370% in Q3 2025 [5][8]. Financial Projections - The financial outlook for the company shows a strong upward trend in net profit, with projections of 12.26 billion CNY for 2025, 17.79 billion CNY for 2026, and 24.60 billion CNY for 2027 [7][8]. - Earnings per share (EPS) are expected to rise significantly, reaching 9.13 CNY in 2025, with a corresponding price-to-earnings (P/E) ratio of 25 [7][8]. Market Position - The company has a diverse product portfolio, with key segments including figurines (37.3%), plush toys (44.2%), and other derivatives (11.2%) [3]. - The company is actively expanding its international presence and enhancing its supply chain capabilities to support growth [8].

摩根大通发表研究报告指，泡泡玛特第三季销售按年增长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%。摩通预测泡泡玛特第四季销售按年增长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按年分别增长209%及340%。该行将其目标 价从320港元上调至350港元，评级"增持"。 ...

高盛发表研究报告指，泡泡玛特第三季收入按年增长245%至250%，较上半年增长进一步加速，并超越 该行早前料下半年增长167%的预期。中国市场销售额按年增长185%至190%，海外市场按年增长365% 至370%，其中美洲增长1265%至1270%，欧洲增长735%至740%。该行认为，第三季业绩超市场预期， 主要因IP势头强劲，及供应能力扩张带动变现能力提升。 展望未来，该行认为第四季增长能见度仍然高，因适逢旺季并将有主题产品发布，加上供应能力提升， 以及门店网络持续扩张仍可提供支持。该行将2025年盈利预测上调7%，维持"中性"评级及目标价350港 元。 ...

里昂指，近期LABUBU在谷歌搜寻中趋势虽然趋向正常，但仍与一些长青IP表现相若，预期中国市场强 劲表现主要受到在线销售渠道驱动。该行目前仍看好泡泡玛特作为IP平台，合作可扩张至珠宝及积木等 领域，同时新兴IP如星星人及叛桃朋克正在崛起，公司亦尝试发展动画等多元化内容。该行维持对 其"跑赢大市"评级，目标价为368港元。 里昂发表研究报告指，泡泡玛特今年第三季收入按年增长245%至250%，较上半年204%及首季170%的 增速进一步加快。按地区划分，中国市场的增长从上半年的135%加快至第三季的185%至190%，相信是 由于供应状况改善；海外市场发展则逐步正常化，增幅从上半年的440%放缓至第三季的365%至370%， 当中欧美销售表现仍然强劲，分别增长735%至740%及1265%至1270%。 ...

Group 1: Event Overview - The 8th China International Import Expo (CIIE) will be held in Shanghai from November 5 to 10, 2025, with a theme of "New Era, Shared Future" [1] - The exhibition area is expected to exceed 360,000 square meters, with participation from over 150 countries and regions, maintaining a participation rate of over 70% from Fortune 500 and industry-leading companies [1] - This year's expo will feature a product zone for least developed countries that have established diplomatic relations with China, expanding the existing African product zone [1] Group 2: Key Exhibitors and Sectors - Notable participating companies include Yushutech, Pop Mart, Jindawei, and Longan Automobile, among others [5] - The expo will showcase various sectors, including medical equipment and healthcare products, with participation from 700 Fortune 500 pharmaceutical companies and the top 10 medical equipment companies [9] - The automobile and smart mobility sector will feature 300 Fortune 500 exhibitors [11] Group 3: Related Conferences and Activities - The expo will host significant conferences such as the "Digital Economy Empowerment" forum and the "China-Latin America Economic and Trade Cooperation Think Tank Forum" [1] - Other notable events include discussions on intellectual property protection and the internationalization of enterprises, highlighting the importance of innovation and collaboration [1] Group 4: Trade Performance Insights - In September, China's import and export growth rates exceeded expectations, with a notable rebound in imports, particularly in machinery and electrical products [2] - The strong rebound in trade reflects the resilience of China's foreign trade amid tariff disruptions, reinforcing its position as a global manufacturing hub [2]

Market Overview - The early trading session saw a continuation of strength in the deep earth economy concept, with companies like CITIC Heavy Industries, Petrochemical Machinery, and ShenKong Co. achieving three consecutive trading limits [1][7] - On October 22, the A-share market opened lower, with all three major indices declining, particularly the ChiNext index which fell over 1% [1][10] - The Hong Kong stock market also opened lower, with the Hang Seng Index dropping over 1% and technology stocks experiencing declines [1][12] A-share Performance - As of the report, the Shanghai Composite Index was down 0.45% at 3898.54, the Shenzhen Component Index fell 0.77% to 12976.03, and the ChiNext Index decreased by 0.82% to 3058.43 [2][11] - The decline in the A-share market was attributed to significant drops in sectors such as gold, non-ferrous metals, and semiconductors, while infrastructure and real estate stocks showed some resilience [11] Hong Kong Market Performance - The Hang Seng Index was reported at 25793.92, down 0.90%, while the Hang Seng Technology Index fell 1.50% to 5918.06 [3][13] - The technology sector in Hong Kong faced widespread pullbacks, with gold stocks experiencing significant losses, particularly Zijin Mining and Shandong Gold, which dropped over 6% [13] Bond Market - The bond market showed a collective rebound, with the 30-year main contract rising by 0.19%, the 10-year contract up by 0.08%, and the 5-year contract increasing by 0.04% [3][4] Commodity Market - Domestic commodity futures mostly rose, with notable increases in indices such as shipping, pulp, lithium carbonate, and aluminum, while gold and silver saw declines exceeding 5% [4][5] - Specific commodities like copper and polysilicon experienced price drops, while soybean meal fell over 1% [5][17] Key Stocks - Bubble Mart saw a significant rise of over 8% in early trading, with third-quarter revenue expected to increase by 245%-250% year-on-year, prompting Jefferies to raise its target price to HKD 383.2 [14]