(2)美国开店节奏加快，且持续拓展书店等渠道合作，推出更多当地限定产品。公司与美国第二大连锁 书店Books-A-Million达成合作，自9月起Books-A-Million全国门店及官网将同步上新泡泡玛特产品，加 速拓展市场。此外，近期北美官宣Skullpanda联名星期三的吊卡新品，tiktok官宣视频播放量150万，点 赞量超过13.7万，热度高企。 国海证券发布研报称，维持泡泡玛特(09992)"买入"评级，上调公司盈利预测，预计2025-2027年营业收 入385.30/494.99/585.48亿元，归母净利润131.28/170.25/201.87亿元，经调整净利润为 135.42/175.58/208.43亿元，对应经调整PE为21/16/14X。公司作为潮玩文化及商业化的先行者与龙头， 基于全产业链与平台优势，多维度运营IP并变现。且产品品类扩张逻辑持续验证，海外市场表现持续超 该行预期。 事件：2025年10月21日，公司公告2025Q3经营情况(未经审核)，2025Q3整体收入同比增长 245%-250%，其中中国同比增长185%-190%，海外同比增长365%-370%。 国海证券主 ...

智通财经APP获悉，国海证券发布研报称，维持泡泡玛特(09992)"买入"评级，上调公司盈利预测，预计 2025-2027年营业收入385.30/494.99/585.48亿元，归母净利润131.28/170.25/201.87亿元，经调整净利润为 135.42/175.58/208.43亿元，对应经调整PE为21/16/14X。公司作为潮玩文化及商业化的先行者与龙头， 基于全产业链与平台优势，多维度运营IP并变现。且产品品类扩张逻辑持续验证，海外市场表现持续超 该行预期。 (3)Q4在国内海外均为旺季，从10月开始陆续有节日接力，如10月万圣节，11月国内双11+海外感恩节以 及黑五，12月圣诞节;2026Q1有1月元旦，2月春节。且该行认为后续重磅产品较多，重要节日或均有新 品。 事件：2025年10月21日，公司公告2025Q3经营情况(未经审核)，2025Q3整体收入同比增长 245%-250%，其中中国同比增长185%-190%，海外同比增长365%-370%。 国海证券主要观点如下： 星星人ip势能加速提升，关注2025Q4旺季表现 (1)2025Q3中国线下、线上渠道收益同比增长130%-135 ...

Core Viewpoint - The company is expected to achieve significant revenue and profit growth in the first half of 2025, driven by increased global recognition of its IP and expansion in overseas markets [1][2]. Group 1: Financial Performance - The company forecasts a revenue increase of no less than 200% in H1 2025, translating to at least 136.73 billion yuan, compared to 45.58 billion yuan in H1 2024 [1]. - Profit is expected to grow by no less than 350%, reaching at least 44.89 billion yuan, up from 9.64 billion yuan in H1 2024 [1]. - The profit margin is projected to be around 32.83%, an increase of 10.94 and 5.69 percentage points compared to H1 2024 and H2 2024, respectively [1]. Group 2: Market Expansion and IP Influence - The company has accelerated its overseas store expansion, reaching 160 stores by the end of H1 2025, with significant openings in the U.S., Indonesia, and Thailand [2]. - The company's TikTok channel generated a GMV of 4.98 billion yuan in H1 2025, a substantial increase from 2.62 billion yuan in the previous year, with the U.S. leading in sales [2]. - The global influence of the company's IP continues to rise, with popular products like the LABUBU series seeing high demand in markets such as the U.S. and the U.K. [2]. Group 3: Product Development and Diversification - The company has accelerated product launches, introducing 47 new blind box products and 26 MEGA products in H1 2025, reflecting a strong market response [2][3]. - The company is focusing on expanding its product categories, including entering the small home appliance sector to diversify its offerings [3]. - The company maintains a strong position in the trendy toy culture and commercialization, leveraging its full industry chain and platform advantages [3]. Group 4: Profit Forecast and Investment Rating - The company has revised its profit forecasts upward, expecting revenues of 307.97 billion yuan, 414.15 billion yuan, and 497.72 billion yuan for 2025-2027, with net profits of 94.05 billion yuan, 128.48 billion yuan, and 155.14 billion yuan, respectively [3]. - The adjusted net profit is projected to be 100.37 billion yuan, 136.11 billion yuan, and 164.38 billion yuan for the same period, with corresponding adjusted PE ratios of 31, 23, and 19 [3].