泡泡玛特开启持续回购：拟再回购约3亿港元，今年累计回购资金超12亿港元

Core Viewpoint - The company demonstrates strong confidence in its future development through continuous share buybacks, despite recent stock price volatility and market skepticism regarding its growth sustainability [2][3]. Group 1: Share Buyback Actions - On March 27, the company announced a plan to repurchase 1.98 million shares for a total of HKD 299 million, with a buyback price range of HKD 149.4 to 153 [2]. - The day prior, the company proposed a buyback of 3.94 million shares for approximately HKD 600 million, with prices between HKD 148.4 and 157.8 [2]. - Cumulatively, the company has spent over HKD 1.2 billion on share buybacks this year, indicating a strategy to stabilize its stock amidst irrational price declines [2]. Group 2: Financial Performance - For the fiscal year 2025, the company reported revenue of RMB 37.12 billion, representing a year-on-year growth of 184.7%, and an adjusted net profit of RMB 13.08 billion, up 284.5% [2]. - Despite the strong financial results, the stock price experienced a significant drop of over 20% following the earnings report, raising concerns about the company's ability to maintain high growth rates in 2026 [3]. Group 3: Market Sentiment and Analyst Opinions - The stock price has shown a notable decline since September 2025, contrasting sharply with the company's robust earnings growth, indicating a disconnect between market perception and actual performance [3]. - Several institutions remain optimistic about the company's prospects; Morgan Stanley views the current price-to-earnings ratio of approximately 14 times for 2026 as undervalued, highlighting the company's expanding market share in the global IP collectibles sector [3]. - CICC maintains a positive outlook on the company's platform advantages and long-term growth potential, setting a target price of HKD 248, indicating confidence in the company's future performance [3].