(责任编辑：田云绯) 中国经济网北京12月8日讯 泡泡玛特（09992.HK）港股今日收报200.4港元，跌幅8.49%。 ...

【香港恒生指数收跌1.23% 泡泡玛特跌超8%】智通财经12月8日电，香港恒生指数收跌1.23%，恒生科 技指数收平。卓越睿新上市首日涨超87%；芯片股走强，华虹半导体涨超4%，上海复旦涨超3%，中芯 国际涨近3%。黄金股下跌，老铺黄金跌超6%，紫金黄金国际跌超4%；泡泡玛特跌超8%。 转自：智通财经 ...

12月8日市场高开高走，截至收盘，沪指涨0.54%，深成指涨1.39%，创业板指涨2.6%。沪深两市成交额2.05万亿，较上一个交易日放量3127亿。全市场超 3400只个股上涨。 福建板块再度爆发，安记食品（603696）5连板，舒华体育（605299）、福建金森（002679）等10余股涨停。 算力硬件概念走强，天孚通信（300394）触及20cm涨停创新高，光库科技（300620）、长光华芯、源杰科技、联特科技（301205）等多股涨逾10%。一 共有17只股票涨停或涨幅超过10%。 中信建投（601066）认为，近期，AI产业链催化不断，包括谷歌新模型性能大幅提升及TPU展示出的较强能力、DeepSeek V3.2正式版发布、亚马逊发布 Trainium3，以及摩尔线程上市市场展现出的高参与热情等等，同时更多公司包括英伟达、阿里、AMD等否认AI泡沫的观点，均展现了AI的良好发展前 景。目前，世界正处于AI产业革命中，类比工业革命，影响深远，不能简单对比近几年的云计算、新能源等，需要以更长期的视角、更高的视野去观 察。因此，对AI带动的算力需求以及应用非常乐观。 消息面上，据智通财经，德银最新研报指出 ...

美国市场表现成为焦点，此前泡泡玛特在三季度财报中披露美国销售同比增长超1200%，令投资者对海 外扩张充满期待。 但最新迹象显示增长动能正在减弱。伯恩斯坦驻香港亚洲消费股分析师Melinda Hu指出，股价疲软"很 可能是受11月份北美线下销售趋势下滑推动"，她预计公司本季度美国销售增速将放缓至500%以下。 晨星分析师Jeff Zhang警告，潜在的美国销售疲软可能削弱市场对泡泡玛特增长的信心，海外销售势头 此前一直是投资者紧密追踪的关键指标。 泡泡玛特股价周一遭遇重挫，投资者对这家潮玩制造商在美国市场的增长势头产生疑虑。在公司此前公 布美国市场超预期增长后，市场正密切关注其销售动能能否维持。 周一，泡泡玛特港股盘中一度暴跌9%，为逾一个月最大跌幅，较8月高点累计回撤约40%。市场担忧其 在美国"黑五"促销期间的销售可能未达预期，打击了投资者信心。 股价承压之际，做空力量持续集聚。据标普全球数据，截至上周四，泡泡玛特的卖空股份已升至流通股 的6.3%，创2023年8月以来最高水平。 光大证券国际策略师Kenny Ng表示，投资者对泡泡玛特销售势头放缓存在担忧，同时卖方的一些谨慎 观点也打压了股价。 从增长1 ...

泡泡玛特(09992.HK)股价今日持续下行。截至发稿，跌8.95%，报199.40港元。 消息面上，据每日经济新闻报道，摩根士丹利（简称"大摩"）近期报告指出，泡泡玛特正在从过去两年的"爆发式增长"阶段，过渡到未来的"可 持续增长"阶段。该机构预测泡泡玛特2026年Labubu的收入增速将显著放缓，增长引擎将由单一爆款转向非Labubu IP的多元化驱动。 该公司曾在2025年第三季度交出一份颇为亮眼的业绩，整体收益同比激增245%-250%。业绩大增主要是得益于泡泡玛特此前推出的Mini Labubu、SP不眠剧场等新品，叠加二季度预售发货的收入确认，直接推动业绩增长。此外，核心IP Labubu延续全球热度，成为关键增长动力。 | 十田 = | 期末息股本(万股) | 定容公用 | | | --- | --- | --- | --- | | | | 卖空股数(万股) ; | 金额(亿元) ; | | 2025-12-08 | 134,294.32 | 305.12 | 6.23 | | 2025-12-05 | 134,294.32 | 161.70 | 3.51 | | 2025-12-04 | 13 ...

据悉，目前泡泡玛特在美国市场的线下门店已经超过60家。在加拿大，泡泡玛特计划于2026年初在温哥 华增设新店，并首次进驻多伦多，完成加拿大东西两岸核心城市布局，进一步推动品牌在北美市场的发 展。 未来，泡泡玛特将持续在美洲市场深耕，坚守品牌初心，不断向上生长。 近期，泡泡玛特加拿大首店在温哥华主流商业地标列治文中心正式开业。开业期间，THE MONSTERS、MOLLY、SKULLPANDA、DIMOO、HIRONO小野、星星人等全球热门IP产品吸引了大 量消费者关注。 泡泡玛特美洲业务相关负责人表示："我们很高兴能在温哥华迎来首店开业，此前在社交媒体和电商平 台上收到了大量的消费者需求。未来希望通过线下门店更直接地与粉丝连接，共享美好时刻。" 来源：智通财经 ...

港股泡泡玛特持续走弱，盘中一度跌逾7%。 港股泡泡玛特持续走弱，盘中一度跌逾7%。 ...

人民财讯12月8日电，港股午间收盘，恒生指数跌1.1%，恒生科技指数跌0.24%。泡泡玛特跌超8%；中 资券商股上涨，华泰证券涨超6%；煤炭股下跌，中国秦发跌超12%。 ...

图片来源：智通财经 港股泡泡玛特持续走弱，盘中一度跌逾7%。 ...

Summary of Pop Mart International Group Conference Call Company Overview - **Company**: Pop Mart International Group - **Industry**: Art Toy Culture and Retail - **Listing**: Listed on the Hong Kong stock exchange in December 2020 - **Key IPs**: Labubu, Molly, Skullpanda, Crybaby, Dimoo - **Retail Presence**: Operates 401 stores in mainland China and 120 stores outside mainland China as of end-2024 [10][10] Key Points from the Conference Call Product Strategy - **Sales Performance**: Sales this year have significantly exceeded expectations, but management is focused on long-term development [2][2] - **Internal Optimization**: Management is addressing weaknesses from rapid growth by optimizing organizational structure, channel operations, IP management, and supply chain capabilities [2][2] - **New Product Launches**: Q4 is the peak season, with new product series for top IPs planned for gradual weekly releases. However, the launch of Labubu 4.0 has been postponed to next year due to challenges from its popularity [2][2][2] Marketing and Capital Allocation - **Experiential Marketing**: The company is enhancing IP influence through flagship stores and immersive marketing strategies, such as character performances at theme parks and events like Macy's Thanksgiving Day Parade [3][3] - **Interactive Engagement**: Future marketing will explore more interactive forms of IP engagement to enhance consumer experience [3][3] Supply Chain Management - **Supply Chain Optimization**: The supply chain has been optimized to a high level, but management aims to improve delivery speed through enhanced logistics and local warehousing [4][4] - **Demand Forecasting**: Sales data will inform more accurate demand forecasting, and marketing plans will be prepared earlier for key festivals [4][4] Financial Projections and Valuation - **Price Target**: The updated price target is HK$380.0, down from HK$435 due to higher beta assumptions [5][5] - **Revenue Growth**: Projected revenues are expected to grow from Rmb4,617 million in 2022 to Rmb86,042 million by 2029 [6][6] - **Profitability Metrics**: EBIT margin is projected to increase from 14.8% in 2022 to 46.1% by 2029, with net earnings expected to rise from Rmb573 million to Rmb30,693 million over the same period [6][6] Risks and Challenges - **Industry Risks**: Key risks include a slowdown in China's economy, increased competition from internet firms, regulatory scrutiny of the blind box format, and fashion risk in existing IPs [11][11] - **Company-Specific Risks**: Risks include failure to attract consumers with new IPs, challenges in expanding into low-tier cities, and profitability pressures from investments in new initiatives [12][12] Market Metrics - **Current Stock Price**: HK$224.80 as of November 28, 2025 - **Market Capitalization**: HK$302 billion (approximately US$38.8 billion) [7][7] - **Forecast Stock Return**: Expected price appreciation of 69.0% and a dividend yield of 2.1%, leading to a total forecast stock return of 71.1% [9][9] Conclusion Pop Mart International Group is positioned for significant growth in the art toy market, with a strong focus on optimizing internal capabilities and enhancing consumer engagement through innovative marketing strategies. However, the company faces various risks that could impact its long-term success.