泡泡玛特大涨

Core Viewpoint - Despite facing public scrutiny over the pricing of its products, the company's stock price remains strong, reflecting robust sales performance and growth potential in the collectible toy market [2][3]. Sales Performance - The company’s stock rose over 8% on November 10, closing at 221.2 HKD per share, with a total market capitalization of approximately 297 billion HKD [2]. - The DIMOO "New Diary" series blind box, priced at 79 RMB, sold out immediately after its release, with the hidden variant "Safety Sense" reaching a resale price of 819 RMB, a 7.3 times premium [2]. - Other recent product launches, such as the CRYBABY "Vacation Mode On" series and the "Delicious Moments" series, also saw significant demand, with resale prices increasing dramatically [3]. Revenue Growth - The company announced a projected revenue increase of 245%-250% for Q3 2025 compared to Q3 2024, with domestic revenue (including Hong Kong, Macau, and Taiwan) expected to grow by 185%-190% and overseas revenue by 365%-370% [3]. - Online sales are anticipated to grow by 300%-305%, while offline sales are expected to increase by 130%-135% [3]. Market Expansion and Strategy - Analysts from Huachuang Securities noted the company's strong growth reflects the long-term potential of its global expansion and IP ecosystem, with a diverse product matrix meeting market demand [4]. - Morgan Stanley expressed a positive outlook on the company's sales growth through 2026, highlighting the effective management of product lifecycle and customer retention strategies [4].