北京商报讯（记者 赵述评）10月21日，泡泡玛特公告2025年第三季度最新业务情况。公告显示，2025 年第三季度，泡泡玛特整体收益同比增长245%—250%，其中中国市场收益同比增长185%—190%，海 外市场收益同比增长365%—370%。 各渠道收益表现方面，报告期内，线下渠道同比增长130%—135%；线上渠道同比增长300%—305%。 线下渠道包括零售店以及机器人商店，线上渠道包括泡泡玛特抽盒机、天猫旗舰店、抖音平台等。 与此同时，海外市场同样表现抢眼。亚太市场收益同比增长170%—175%；美洲市场收益同比增长 1265%—1270%；欧洲及其他地区同比增长735%—740%。 今年上半年，泡泡玛特旗下IP LABUBU实现爆发增长。2025年半年报显示，LABUBU所属的THE MONSTERS营收为48.1亿元，占总营收34.7%，去年同期营收为6.26亿元，同比增长约668.4%。 今年是LABUBU诞生十周年，泡泡玛特为包括LABUBU在内的THE MONSTERS举办了为期一年的全球 巡回纪念展览，首站已登陆上海，首次公开了龙家升大量手稿以及THE MONSTERS历代产品。 苹果C ...

Core Insights - The 138th Canton Fair is set to showcase Dongguan as a "City of Manufacturing Aesthetics," attracting significant attention from domestic and international buyers [1] - Dongguan's enterprises achieved an intended transaction amount of $530 million during the first phase of the fair, marking a 15.2% increase compared to the previous session [1] Group 1: Manufacturing Aesthetics - Dongguan has introduced the concept of "Manufacturing Aesthetics" in 2024, focusing on six dimensions: design, craftsmanship, production, products, culture, and philosophy to reconstruct the value of its manufacturing industry [1] - The fair serves as a platform to demonstrate Dongguan's quality advantages and innovative capabilities in manufacturing [1] Group 2: International Procurement Engagement - Over ten international buyers from countries such as Argentina, Egypt, Russia, Brazil, and Canada will engage in precise industrial matching in Dongguan, facilitating direct procurement needs to local manufacturers [2] - The participation of these global buyers highlights Dongguan's robust manufacturing strength in the international market [2] Group 3: Trade Expansion Initiatives - Dongguan's Commerce Bureau emphasizes the importance of international buyer resources during the fair as a vital channel for expanding international trade [3] - The city plans to organize more targeted and professional trade matching activities to promote the "Dongguan Manufacturing" brand and connect local enterprises with global markets [3] Group 4: Media Engagement and Aesthetic Exploration - Mainstream media and influencers will visit Dongguan on October 24-25 to experience the charm of the "City of Manufacturing Aesthetics" [4] - Dongguan has hosted various high-profile exhibitions to showcase its manufacturing industry's aesthetic and creative capabilities, enhancing its international appeal [4] Group 5: Cultural and Creative Industries - Dongguan is recognized as a "City of Trendy Toys," producing a quarter of the world's animation derivatives and nearly 85% of trendy toys, serving as a prime example of "Manufacturing Aesthetics" [5] - The city aims to integrate traditional cultural inspirations into innovative product development, enhancing its competitive edge in the global market [5]

此前一度陷入价格崩盘、超六成用户看跌的泡泡玛特LABUBU系列潮玩，近期再现市场热度。10月初 万圣节主题新品盲盒线上开售即售罄，部分隐藏款溢价超13倍；此前未售先火的星星人系列也延续高溢 价态势，与9月该系列价格暴跌的行情形成鲜明对比。 | ·图 刚· | 确认款-隐藏款-小熊饼干（拆盒 | ¥409 35小时前 | | | --- | --- | --- | --- | | | 拆袋) | | | | ● 稳 · | 确认款-隐藏款-小熊饼干（拆盒 | ¥449 | 41小时前 | | | 拒袋) | | | 星星人"美味时刻系列现烤饼干"隐藏款"小熊饼干"峰值价格 前期价格剧烈崩盘：多款式腰斩黄牛承压 回溯一个月前，LABUBU系列曾经历一轮剧烈的价格"跳水"。8月28日，泡泡玛特第四代迷你LABUBU 系列线上发售，该系列分(A-M)(N-Z)两组，每组含14个常规款与1个隐藏款(抽中概率1∶168)，单盒官方 售价79元、整端1106元。发售当晚市场狂热，二手平台整端未拆盒价格飙升至1500元-3200元，单盒涨 至89元-240元，隐藏款逼近千元，部分"代抢"服务单盒炒至300元、整套代抢费达26 ...

美银证券发表研究报告指，泡泡玛特第三季业绩表现强劲，收入按年增长245至250%，超出市场预期。 该行将其今明两年的非IFRS每股盈测分别上调14%和12%，重申"买入"评级，目标价为400港元。展望 第四季，该行预计泡泡玛特将持续推出新产品，并成为其主要驱动因素。 ...

Core Viewpoint - UBS reports that Pop Mart's third-quarter revenue increased by 245% year-on-year to 250 million, with domestic and overseas sales growing by 185% to 190% and 365% to 370% respectively, exceeding expectations due to strong sales in China, Asia-Pacific, and Europe [1] Group 1 - UBS maintains a positive outlook on Pop Mart, citing the rising popularity of its IP product Twinkle Twinkle and the stable trend in the secondary market prices of Labubu [1] - Upcoming catalysts such as Christmas-themed product series are anticipated to further enhance stock performance, supported by improving high-frequency data like credit card tracking [1] Group 2 - Based on DCF valuation, UBS raises Pop Mart's target price from HKD 432 to HKD 435 and maintains a "Buy" rating [1] - Adjusted net profit forecasts for 2025 to 2027 have been increased by 13% to 17% to reflect the strong third-quarter performance [1]

中银国际发表研究报告指，泡泡玛特在高基数下第三季增长动力持续，上季收入按年增长245%至 250%，超出市场预期。就区域划分，中国市场收入增速加快至185%至190%，海外市场增速为365%至 370%。该行认为，Twinkle Twinkle系列热度持续发酵，加上海外零售门店扩张策略执行得当，将持续 推动第四季收入强劲增长。此外，潜在的美国关税风险可透过战略性定价调整与产能转移得以缓解。该 行将目标价由399港元上调至405.6港元，维持"买入"评级。 ...

Core Viewpoint - The report from Credit Lyonnais indicates that Pop Mart (09992) experienced a significant year-on-year revenue growth of 245% in Q3, accelerating from 204% in H1 and 170% in Q1, reflecting strong market performance and expansion potential [1] Group 1: Revenue Growth - Q3 revenue growth of Pop Mart reached 245%, up from 204% in H1 and 170% in Q1 [1] - Growth in the Chinese market accelerated from 135% in H1 to 185%-190% in Q3, attributed to improved supply conditions [1] - Overseas market growth slowed from 440% in H1 to 365%-370% in Q3, with strong sales performance in Europe and the US, showing increases of 735%-740% and 1,265%-1,270% respectively [1] Group 2: Market Expansion and IP Development - Credit Lyonnais remains optimistic about Pop Mart as an IP platform, with potential expansion into jewelry and building blocks [1] - Emerging IPs such as Twinkle Twinkle and Peach Riot are gaining traction, and the company is exploring diversified content development, including animation [1] - The recent trend of LABUBU in Google searches has normalized but still performs comparably to established IPs, indicating sustained interest [1] Group 3: Sales Channels - The strong performance in the Chinese market is primarily driven by online sales channels [1]

Core Viewpoint - The report from Credit Lyonnais indicates that Pop Mart (09992) has experienced a significant revenue growth of 245% year-on-year in Q3, accelerating from previous quarters [1] Group 1: Revenue Growth - Pop Mart's revenue growth in Q3 reached 245%, up from 204% in the first half of the year and 170% in Q1 [1] - The growth in the Chinese market accelerated from 135% in the first half to 185%-190% in Q3, attributed to improved supply conditions [1] - The overseas market growth slowed from 440% in the first half to 365%-370% in Q3, with strong sales performance in Europe and the US, growing by 735%-740% and 1,265%-1,270% respectively [1] Group 2: Future Outlook - Credit Lyonnais remains optimistic about Pop Mart as an IP platform, with potential expansion into jewelry and wooden toys [1] - Emerging IPs like Twinkle Twinkle and Peach Riot are on the rise, and the company is exploring diversification into animation and other content [1] - The recent trend of LABUBU in Google searches has normalized but still performs comparably to some evergreen IPs, indicating strong online sales channels driving the robust performance in the Chinese market [1] Group 3: Investment Rating - Credit Lyonnais maintains an "Outperform" rating for Pop Mart with a target price of HKD 368 [1]

Core Viewpoint - The rise of the LABUBU trend has led to a booming market for customized doll clothing, significantly impacting the lives of rural women in Henan Zhoukou, who are finding new income opportunities through this emerging industry [5][6][10]. Group 1: Market Dynamics - The doll clothing market has become a popular emotional consumption item, with prices ranging from tens to hundreds of yuan depending on customization [5]. - The demand for LABUBU doll clothing surged, with factories needing to ship up to 50,000 pieces daily to Yiwu, prompting the expansion of production capabilities [10][11]. - The market is experiencing a shift as the popularity of LABUBU wanes, with order volumes dropping from peaks of 40,000 to just a few thousand pieces [25][26]. Group 2: Impact on Rural Women - Many women, previously employed in garment factories, returned home to care for children and are now engaged in making doll clothing, which offers flexible working hours and transparent wages [6][10][27]. - The work environment is described as supportive, with women able to manage both household responsibilities and production, leading to a sense of satisfaction and financial independence [27][29]. - The average earnings for women involved in this industry can reach up to 1,000 yuan per month, with some women managing to produce hundreds of pieces daily [27][30]. Group 3: Production Process - The production process involves women working from home or local workshops, where they receive materials and training to create doll clothing based on designs sent from Yiwu [11][18]. - The production of doll clothing requires skill, particularly in handling small items like hats and straps, which necessitate precision [18]. - The factory owner, Zheng Yuchi, has implemented a system where wages are paid transparently and on time, attracting more women to join the workforce [15][26]. Group 4: Consumer Behavior - Consumers, including both local and international buyers, are increasingly interested in unique and branded doll clothing, leading to a competitive market where styles and designs are rapidly evolving [22][24]. - The trend has also seen the emergence of DIY customization, where consumers personalize their doll clothing, reflecting a growing desire for individuality in purchases [24]. - The market is becoming saturated, with consumers becoming more discerning about the value of products, leading to a slowdown in new product launches [25].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 410.00, up from a previous target of HKD 396.00 [2][10]. Core Insights - The company reported a significant revenue growth of 245-250% year-on-year for Q3, accelerating from 204% in H1, driven by strong demand for plush toys and successful new IP launches [6][10]. - The company is expected to continue its robust growth into Q4, supported by a rich pipeline of new products and a diversified strategy for IP and regional expansion [9][10]. Financial Performance - Revenue projections for the upcoming years show substantial growth, with expected revenues of RMB 39,883 million in 2025, representing a 205.90% increase from 2024 [5]. - Adjusted net profit is forecasted to reach RMB 13,529 million in 2025, reflecting a 297.55% increase from 2024 [5]. Market Dynamics - The company is experiencing strong sales across various channels, with online sales expected to grow by 300-305% in Q3, indicating a significant increase in online penetration [7]. - The company is expanding its presence in North America and the Asia-Pacific region, with revenue growth rates of 170-175% and 1265-1270% respectively for Q3 [8]. Product and IP Strategy - The successful launch of new plush products, such as Labubu and SP plush series, has broadened the company's market appeal and driven sales growth [7]. - The company is focusing on creating a sustainable ecosystem for its IPs, with plans for collaborations with top global brands and diversification into other business areas like desserts and accessories [9].