公司新品表现亮眼，业绩有望迎来开门红 智通财经APP获悉，华西证券发布研报称，维持之前的盈利预测，预计泡泡玛特(09992)2025-2027 年收入分别为383.84/527.68/656.98亿元，归母净利润分别为132.91/185.99/239.1亿元，EPS分别为 9.91/13.86/17.82元，最新股价（2月6日收盘价243.2港元/汇率1HKD=0.91CNY）对应PE分别为 22/16/12X，维持"买入"评级。 华西证券主要观点如下： 事件 2月6日，2026年泡泡玛特"Ride the Wave踏浪"主题年会在北京国家网球中心钻石球场举办。年会回 顾了2025年的关键突破与高光时刻，也为即将启程的2026年勾勒出更清晰的方向与想象空间。近期公司 多款新品在国内和海外取得亮眼表现，该行预计公司业绩有望迎来新年开门红，看好IP运营平台长期商 业价值。 年会回顾2025年表现，高度肯定"美与设计"的事业，致力于成为为时代提供精神抚慰的重要角色 年会回顾了2025年的关键突破与高光时刻，总结为：1）收入端预计大幅高增：年会介绍2025年 LABUBU全年销量超1亿只、全品类全IP产品销量超4亿 ...

Group 1: Bubble Mart (泡泡玛特) - Citic Jiantou maintains an "Accumulate" rating for Bubble Mart, highlighting the company's "one strong, multiple strong" IP structure, with Labubu's influence solidified and new IPs like Xingxingren and Crybaby driving high growth [1] Group 2: MGM China (美高梅中国) - Haitong International maintains a "Buy" rating for MGM China, reporting a 21.4% year-on-year increase in total revenue for Q4 2025, with adjusted EBITDA rising 29.5% to HKD 2.75 billion, driven by strong performance from MGM Cotai and precise targeting of high-end customers [2] - CICC also maintains an "Outperform" rating for MGM China, noting adjusted EBITDA of HKD 2.753 billion for Q4 2025, up 29% year-on-year, significantly exceeding market expectations, despite a brand fee increase expected to impact net profit by about 14% [4] - Citic Securities maintains an "Accumulate" rating for MGM China, indicating that the company's performance exceeded expectations, with net income and adjusted EBITDA recovering to pre-pandemic levels, supported by strong performances from MGM Macau and MGM Cotai [7] Group 3: Yum China (百胜中国) - Haitong International maintains a "Buy" rating for Yum China, reporting a 9% year-on-year revenue increase for Q4 2025 and a 24% increase in adjusted net profit, with same-store sales growing for three consecutive quarters and restaurant profit margins improving by 0.7 percentage points to 13.0% [3] Group 4: Innovent Biologics (信达生物) - CICC maintains an "Outperform" rating for Innovent Biologics, projecting product revenue of RMB 11.9 billion for 2025, a 45% year-on-year increase, with seven new products included in the 2026 medical insurance catalog [5] Group 5: Swire Properties (太古地产) - CICC maintains an "Outperform" rating for Swire Properties, noting significant recovery in luxury retail operations in mainland China, with retail sales in Shanghai and Beijing increasing by 49.6% and 11.2% respectively [6] Group 6: Meituan (美团) - Citic Securities maintains a "Buy" rating for Meituan, announcing a plan to acquire Dingdong Maicai for USD 717 million, which is expected to strengthen its East China front warehouse network and bring in HKD 170 million in adjusted net profit post-integration [8] Group 7: Kuaishou (快手) - Citic Jiantou maintains a "Buy" rating for Kuaishou, highlighting the launch of its AI video model 3.0, which supports 15-second generation and intelligent scene segmentation, with commercial growth expected to reach USD 240 million in ARR by 2025 [10] Group 8: Huiju Technology (汇聚科技) - Citic Jiantou maintains a "Buy" rating for Huiju Technology, emphasizing its deep ties with leading CSPs like Google and the benefits from the upgrade of optical modules, projecting a revenue increase of 82.1% year-on-year for H1 2025 [10]

Core Viewpoint - Huaxi Securities maintains its previous profit forecast for Pop Mart, projecting significant revenue and profit growth from 2025 to 2027, with a "buy" rating on the stock [1] Group 1: Financial Projections - Expected revenues for Pop Mart from 2025 to 2027 are 38.384 billion, 52.768 billion, and 65.698 billion CNY respectively, with net profits of 13.291 billion, 18.599 billion, and 23.91 billion CNY [1] - Earnings per share (EPS) are projected to be 9.91, 13.86, and 17.82 CNY for the same years, with corresponding price-to-earnings (PE) ratios of 22, 16, and 12 times [1] Group 2: Strategic Developments - The 2026 theme conference highlighted key achievements from 2025, emphasizing the importance of "beauty and design" in the company's mission to provide spiritual comfort [2] - The company plans to focus on operational details and expand landmark stores while incubating new businesses in overseas markets [2] Group 3: Product Performance - New products have shown strong performance, with significant growth in sales on domestic platforms like Douyin, particularly for new series launched for the Spring Festival [3] - The company has partnered with Simon Property Group to open over 20 new retail stores across the U.S., indicating a robust channel expansion strategy [3] Group 4: Brand Ecosystem - Pop Mart is expanding its brand universe beyond toys into areas like amusement parks, desserts, jewelry, and entertainment [4] - The company is developing its amusement park, with the second phase expected to double the area of the first phase, and has launched its dessert brand in multiple cities [4]

港股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 2月9日，泡泡玛特(9992.HK)拉升涨6%，报258港元，股价创2025年10月以来新高。在近日举行的年会上，泡泡玛特发布了 过去一年的年度核心数据。 数据显示，2025年，泡泡玛特全球员工伙伴超1万人，全球注册会员超1亿人。泡泡玛特还透露，LABUBU全年销量超1亿 只，全品类全IP产品销量超4亿只。此外，泡泡玛特业务已覆盖100+国家和地区，全球门店超700家，拥有6大供应链基地， 并赋能超20万个就业岗位。 ...

泡泡玛特(9992.HK)拉升涨6%，报258港元，股价创2025年10月以来新高。在近日举行的年会上，泡泡玛特发布了过去一年的年度核心数据。数据显示， 2025年，泡泡玛特全球员工伙伴超1万人，全球注册会员超1亿人。泡泡玛特还透露，LABUBU全年销量超1亿只，全品类全IP产品销量超4亿只。此外，泡泡 玛特业务已覆盖100+国家和地区，全球门店超700家，拥有6大供应链基地，并赋能超20万个就业岗位。 ...

在近年波动的市场环境中，"全球产业链重构"和"中国企业出海"已成为投资领域的关键词，但在南方基 金基金经理范佳瓅的框架里，这并不是一个追逐热点的口号，而是一个基于产业深度观察和长期确定性 研判的系统性投资逻辑。 范佳瓅曾在多家头部券商和公募基金担任分析师及投资经理，目前管理南方发展机遇一年持有期混合 （014031）与南方智锐混合（007733）两只产品。他的投资方法论可概括为：在时代的主要矛盾中，寻 找结构性的产业趋势，并自下而上精选具备差异化竞争力的公司。 在范佳瓅的分析框架中，本轮中国企业的海外扩张，与上一轮以贸易为主的出口有着本质不同。他在基 金季报中将其特征归纳为："集群式出海"。这意味着不再是单一产品输出，而是产业链中的核心企业 （链主）带动上下游协同进行海外产能布局，例如汽车整车厂与零部件供应商的集体落地。这种模式能 更深地嵌入当地经济，形成更稳固的竞争壁垒。 他坦言，研究出海企业存在天然的高门槛，如信息获取难度大、跨国经营跟踪复杂等。但他认为，这恰 恰为深度研究创造了价值空间。许多优质公司的估值并未充分反映其海外业务的长期成长潜力，这为专 业投资者提供了机会。他倾向于通过适度的行业与区域分散， ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company held its annual meeting on February 6, 2026, outlining strategic directions and highlighting key achievements from 2025, indicating a strong performance outlook for the new year [2][3] - The company expects significant revenue growth, with projected sales of over 100 million units for LABUBU and over 400 million units across all product categories in 2025 [3] - The company is expanding its business to over 100 countries and regions, with more than 700 global stores, enhancing its supply chain capabilities with six major supply chain bases [3] - New product launches have shown strong performance, particularly in domestic and overseas markets, contributing to a positive sales outlook for the new year [4] - The company is diversifying its brand universe by expanding into various sectors, including theme parks, desserts, jewelry, and entertainment [5] Financial Projections - Revenue projections for 2025-2027 are estimated at 383.84 billion, 527.68 billion, and 656.98 billion CNY respectively, with net profits of 132.91 billion, 185.99 billion, and 239.1 billion CNY [6][8] - The earnings per share (EPS) are projected to be 9.91, 13.86, and 17.82 CNY for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 22, 16, and 12 [6][8]

责任编辑：栎树 大摩认为泡泡玛特今年在产品设计方面将迎来更多惊喜，而集团旗下IP产品Labubu与Moynat的合作、 据报Labubu电影将由索尼影业制作，加上LVMH中国区CEO加入公司董事会，显示泡泡玛特的文化影响 力日益受到顶尖行业领导者的认可，并相信公司已为其即将推出的新产品争取到更有效的营销资源，这 对提升其IP受欢迎程度至关重要。大摩予泡泡玛特目标价325港元，评级"增持"，认为随着中国及海外 市场销售动能持续，加上产品线扩展良好和以IP为中心的新举措，可能会迎来估值重估。 港股频道更多独家策划、专家专栏，免费查阅>> 2月9日，摩根士丹利发表研报指，泡泡玛特旗下新IP产品Twinkle Twinkle和Skullpanda的强大受欢迎程 度，将持续推动其IP产品运转。 ...

消息面上，泡泡玛特创始人王宁近日在其年会上公布了2025年度核心数据：泡泡玛特全球员工伙伴超1 万人、注册会员超1亿人、LABUBU全年销量超1亿只、全品类全IP产品销量超4亿只，业务覆盖100+国 家和地区、全球门店超700家、拥有6大供应链基地。华西证券（002926）指出，公司年会回顾了2025年 的关键突破与高光时刻，也为即将启程的2026年勾勒出更清晰的方向与想象空间。近期公司多款新品在 国内和海外取得亮眼表现，预计公司业绩有望迎来新年开门红，看好IP运营平台长期商业价值。 泡泡玛特(09992)涨超5%，截至发稿，涨5.1%，报255.6港元，成交额22.86亿港元。 摩根士丹利认为，泡泡玛特今年在产品设计方面将迎来更多惊喜，而集团旗下IP产品Labubu与Moynat 的合作、据报Labubu电影将由索尼影业制作，加上LVMH中国区CEO加入公司董事会，显示泡泡玛特的 文化影响力日益受到顶尖行业领导者的认可，并相信公司已为其即将推出的新产品争取到更有效的营销 资源，这对提升其IP受欢迎程度至关重要。该行认为随着中国及海外市场销售动能持续，加上产品线扩 展良好和以IP为中心的新举措，可能会迎来估值 ...

智通财经APP获悉，泡泡玛特(09992)涨超5%，截至发稿，涨5.1%，报255.6港元，成交额22.86亿港元。 消息面上，泡泡玛特创始人王宁近日在其年会上公布了2025年度核心数据：泡泡玛特全球员工伙伴超1 万人、注册会员超1亿人、LABUBU全年销量超1亿只、全品类全IP产品销量超4亿只，业务覆盖100+国 家和地区、全球门店超700家、拥有6大供应链基地。华西证券指出，公司年会回顾了2025年的关键突破 与高光时刻，也为即将启程的2026年勾勒出更清晰的方向与想象空间。近期公司多款新品在国内和海外 取得亮眼表现，预计公司业绩有望迎来新年开门红，看好IP运营平台长期商业价值。 摩根士丹利认为，泡泡玛特今年在产品设计方面将迎来更多惊喜，而集团旗下IP产品Labubu与Moynat 的合作、据报Labubu电影将由索尼影业制作，加上LVMH中国区CEO加入公司董事会，显示泡泡玛特的 文化影响力日益受到顶尖行业领导者的认可，并相信公司已为其即将推出的新产品争取到更有效的营销 资源，这对提升其IP受欢迎程度至关重要。该行认为随着中国及海外市场销售动能持续，加上产品线扩 展良好和以IP为中心的新举措，可能会迎来 ...