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泡泡玛特:初评 -2025 年上半年净利润超高盛预期,盈利预警显示营业利润率超预期扩张,前景是关键所在
Goldman Sachs· 2025-08-20 04:51
19 August 2025 | 9:37PM HKT Pop Mart (9992.HK): First Take: 1H bottom line above GSe/profit alert with stronger-than-expected OPM expansion, outlook the key to Pop Mart reported 1H25 revenue/NP to equity holders yoy growth at 204%/396%, 1%/10% above GSe, compared to >200% revenue growth/>350% group profit (excluding the unaccounted fair value changes of financial instruments) growth in profit alert. The higher-than-expected bottom line was attributable to bigger-than-expected OPM expansion, higher non opera ...