【导读】泡泡玛特业绩高增与股价大跌形成强烈反差，早盘一度跌至228.6港元，创6月以来低点 泡泡玛特业绩高增与股价大跌，形成强烈反差。 10月23日，泡泡玛特在披露三季度经营数据后股价大幅下挫，早盘一度跌至228.6港元，创6月以来低点。 分区域来看，中国市场收入同比增长185%至190%，其中，线上渠道表现尤为突出，增速达到300%至305%，线下渠道也实现130%至135%的同比增长。 海外市场整体收入更是同比飙升365%至370%，各区域增速均远超预期，其中，美洲市场以1265%至1270%的同比增速一骑绝尘，欧洲及其他地区增长 735%至740%，亚太地区增长170%至175%。 股价罕见大跌 增长可持续性或是担忧点 截至午盘，泡泡玛特跌9.44%，报232.2港元/股。 值得关注的是，自9月以来泡泡玛特股价跌幅已达到28%。 三季度业绩亮眼 全球市场全面高增 从最新披露的经营数据看，泡泡玛特三季度业绩延续了上半年的强劲增长态势。 公告显示，2025年第三季度泡泡玛特整体收益同比激增245%至250%，中国市场与海外市场均实现爆发式增长。 在业绩数据亮眼情况下，多家资管巨头再次宣布增持评级，更有机构上 ...

Core Viewpoint - Pop Mart's strong performance contrasts sharply with its significant stock price decline, reaching a low of 228.6 HKD, the lowest since June [2] Group 1: Financial Performance - In Q3 2025, Pop Mart's overall revenue surged by 245% year-on-year, with explosive growth in both domestic and overseas markets [3] - Revenue from the Chinese market increased by 185% to 190%, with online channels showing remarkable growth of 300% to 305% and offline channels growing by 130% to 135% [3] - The overseas market saw an impressive revenue increase of 365% to 370%, with the Americas leading at a staggering 1265% to 1270% growth, followed by Europe and other regions at 735% to 740%, and the Asia-Pacific region at 170% to 175% [3] Group 2: Stock Price Reaction - Despite the strong performance, Pop Mart's stock price fell by 9.44% to 232.2 HKD per share, marking a 28% decline since September [2][4] - Major asset management firms have raised their ratings on Pop Mart, with Citigroup increasing the target price to 415 HKD and maintaining a buy rating, citing strong growth momentum driven by new product sales and inventory replenishment strategies [4] - Nomura also maintained a target price of 372 HKD and a buy rating, highlighting the company's robust IP development and operational capabilities [4] Group 3: Future Outlook - Morgan Stanley has raised its profit and revenue forecasts for Pop Mart, projecting net profit growth of 291%, 25%, and 21% for 2025 to 2027, with revenue growth predictions adjusted to 190%, 26%, and 20% [5] - Despite positive forecasts, market sentiment remains cautious, with concerns that future revenue growth may slow down following the current high growth rates [5]

【导读】泡泡玛特业绩高增与股价大跌形成强烈反差，早盘一度跌至 228.6 港元，创 6 月以 来低点 中国基金报记者 张舟 泡泡玛特业绩高增与股价大跌，形成强烈反差。 10 月 23 日，泡泡玛特在披露三季度经营数据后股价大幅下挫，早盘一度跌至 228.6 港 元，创 6 月以来低点。 截至午盘，泡泡玛特跌 9.44% ，报 232.2 港元 / 股。 值得关注的是，自 9 月以来泡泡玛特股价跌幅已达到 28% 。 三季度业绩亮眼 全球市场全面高增 从最新披露的经营数据看，泡泡玛特三季度业绩延续了上半年的强劲增长态势。 公告显示， 2025 年第三季度泡泡玛特整体收益同比激增 245% 至 250% ，中国市场与海 外市场均实现爆发式增长。 分区域来看，中国市场收入同比增长 185% 至 190% ，其中，线上渠道表现尤为突出，增 速达到 300% 至 305% ，线下渠道也实现 130% 至 135% 的同比增长。 海外市场整体收入更是同比飙升 365% 至 370% ，各区域增速均远超预期，其中，美洲市 场以 1265% 至 1270% 的同比增速一骑绝尘，欧洲及其他地区增长 735% 至 740% ，亚 ...