（文章来源：第一财经） 泡泡玛特在港交所公告，第三季度整体收益（未经审核），较二零二四年第三季度同比增长 245%-250%，其中中国收益同比增长185%-190%，海外收益同比增长365%-370%。 ...

Core Viewpoint - Pop Mart (09992.HK) announced that its overall revenue for Q3 2025 is expected to increase by 245%-250% year-on-year compared to Q3 2024, with significant growth in both domestic and overseas markets [1] Group 1: Revenue Growth - The overall revenue for Q3 2025 is projected to grow by 245%-250% year-on-year [1] - Domestic revenue in China is expected to increase by 185%-190% year-on-year [1] - Overseas revenue is anticipated to rise by 365%-370% year-on-year [1] Group 2: Channel Performance in China - Offline channel revenue in China is projected to grow by 130%-135% year-on-year [1] - Online channel revenue in China is expected to increase by 300%-305% year-on-year [1] Group 3: Regional Performance Overseas - Revenue in the Asia-Pacific region is expected to grow by 170%-175% year-on-year [1] - Revenue in the Americas is projected to increase by 1,265%-1,270% year-on-year [1] - Revenue in Europe and other regions is anticipated to rise by 735%-740% year-on-year [1]

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 泡泡玛特公告，2025年第三季度整体收益较2024年同期增长245%-250%。其中，中国收益同比增长 185%-190%，海外收益同比增长365%-370%。 风险提示及免责条款 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 POP MART INTERNATIONAL GROUP LIMITED 泡泡瑪特國際集團有限公司 （於開曼群島註冊成立的有限公司） 二零二五年第三季度整體收益表現 二零二五年第三季度整體收益（未經審核），較二零二四年第三季度同比增長 245%-250%，其中中國收益同比增長185%-190%，海外1收益同比增長365%- 370%。 二零二五年第三季度中國各渠道收益表現 二零二五年第三季度中國各渠道收益（未經審核），與二零二四年第三季度比較 為： (1) 線下渠道同比增長130%-135%；及 （股份代號：9992） 二零二五年第三季度最新業務狀況 本公告由泡泡瑪特國際集團有限公司（「本公司」，連同其附屬公司及併表聯屬實 體統稱「本集團」）董事會（「董事會」）自願作出，以告知本公司股東及潛在投資者 本集團最新業務更新。 (2) 美洲同比增長1,265%-1,270%；及 (3) 歐洲及其他地區同比增長 ...

Core Viewpoint - TOP TOY, a潮玩 brand under Miniso Group, has officially submitted its prospectus to the Hong Kong Stock Exchange, marking a significant step towards its independent listing and reflecting the founder Ye Guofu's ambition to replicate the success of Pop Mart in the潮玩 market [2][4]. Group 1: Company Overview - TOP TOY was incubated by Ye Guofu in the same year Pop Mart went public, and it has become the second-largest domestic潮玩 brand by sales, with a projected market share of 12.3% in 2024 compared to Pop Mart's 2.2% [4]. - In terms of revenue, TOP TOY is expected to achieve 1.909 billion yuan and 1.360 billion yuan in 2024 and the first half of 2025, respectively, with net profits of 294 million yuan and 180 million yuan, which is only one-tenth of Pop Mart's profitability [5]. Group 2: Business Model and Strategy - TOP TOY's listing represents a challenge from a "channel merchant model" to an "IP operator model," aiming to leverage retail efficiency to break through in the IP-driven潮玩 market [6][7]. - The brand currently holds 43 licensed IPs and 17 proprietary IPs, along with over 600 external IPs, but lacks a standout proprietary IP that can drive significant sales [8][9]. - TOP TOY's revenue heavily relies on external IPs, with external product income accounting for about 50% of total revenue from 2022 to the first half of 2025 [16]. Group 3: Market Position and Consumer Perception - TOP TOY attracts a diverse consumer base, including those who feel overlooked by Pop Mart, but it faces criticism regarding product quality and detail compared to its competitor [20][21]. - The brand's pricing strategy is more affordable, with blind box prices ranging from 39 to 59 yuan, compared to Pop Mart's 59 to 79 yuan, but this approach raises concerns about perceived value and emotional connection with consumers [23][24]. - TOP TOY's frequent promotional activities, such as discounts and bundle offers, may undermine its brand value in a market where emotional connection is crucial [27]. Group 4: Future Outlook - The company plans to expand its physical presence significantly, aiming to open over 1,000 stores in 100 countries within five years, leveraging Miniso's extensive distribution network [27]. - However, the challenge remains in cultivating emotional connections with consumers, which is essential for success in the潮玩 industry, as channel efficiency can be replicated but emotional engagement takes time to develop [28].

关注到谷子经济对正品、防伪的需求，杨健和创业团队将自主研发的裸眼3D悬浮显示技术、PUF+OTP 指纹芯片技术用在谷子经济上。 "谷子经济的重点就是正品保证，知识产权和安全质量非常重要。因此，防伪必须'技术+场景'双高壁 垒，我一直在科技领域做探索，这次创业用在谷子经济上的技术实际上底层是做柔性电路板，甚至是造 芯片的技术。"杨健表示。 谷子科技还从防伪延伸到"兴趣电商+社区"，上线"谷仓App"，打造二次元/潮玩垂直电商平台。成立不 到两年，谷子科技在今年9月已实现超600万元的营收，预计10月营收有望过千万元。目前，该公司累计 融资近2000万元，也正在启动新一轮融资。 日前，第十九届杭州文化创意产业博览会（以下简称"文博会"）在杭州举行。本届文博会以"创意杭州· 联通世界"为主题，汇聚国内外5800余个文创品牌。 第十九届杭州文博会现场，记者观察到潮玩产品的跨界新元素：方回春堂把传统香方装进《葫芦兄弟》 盲盒，乒乓球、羽毛球等毛绒挂件成为年轻人运动时尚标签。同时，硬科技进一步与文化产业融合，例 如，原本用于芯片制造的高科技用于谷子经济IP防伪标识生产，助推谷子经济发展。 "我们一直希望用科技的力量来赋能 ...

Core Viewpoint - The report from China Merchants Securities maintains a "strong buy" rating for Pop Mart (09992), citing factors such as the overseas organizational structure promoting healthy growth and the strong potential of IP products like LABUBU and Starry People [1] Group 1: Financial Projections - The adjusted net profit forecasts for Pop Mart for 2025, 2026, and 2027 are raised to 10.96 billion, 14.92 billion, and 18.31 billion yuan respectively, up from previous estimates of 10.37 billion, 14.21 billion, and 17.36 billion yuan [1] - The corresponding adjusted PE ratios for 2025, 2026, and 2027 are projected to be 32.3x, 23.8x, and 19.4x [1] Group 2: Business Performance Expectations - For Q3 2025, the company is expected to achieve a year-on-year revenue growth of 154.2%, with an absolute value of 9.17 billion yuan, and a quarter-on-quarter growth of approximately 8.9% [2] - The adjusted net profit for Q3 2025 is anticipated to grow by 198.6% year-on-year, amounting to 3.03 billion yuan [2] - The assumptions for Q3 2025 include an adjusted profit margin of 33% and a profit contribution ratio of 27.5% to the annual adjusted profit [2]

2022-2024年公司分别于10月25日/24日/22日发布三季度最近业务情况信息，预计公司将于近期发布2025 年三季度业务情况。考虑到新品上新势能强劲及各渠道持续增长，假设25Q3经调整净利润占全年经调 整利润比为27.5%(假设24Q3利润率与24Q4持平，则对应24Q3占利润比为29.8%，考虑24H1上新及补货 节奏影响，假设占比同比下降;假设25Q2利润率与25Q1持平，则对应占比为25.9%)，假设经调整利润率 为33%，该行预计25Q3公司收入端同比增长为154.2%，环比增长约8.9%，绝对值为91.7亿元;经调整净 利润同比增长198.6%，绝对值为30.3亿元(三季度仅披露经营收入增速区间，绝对值及利润同比预测仅 供参考)。 招商证券发布研报称，维持泡泡玛特(09992)"强烈推荐"投资评级。考虑到1)海外组织架构促进海外健康 持续增长;2)"精灵天团"LABUBU/星星人等IP产品势能良好，上调2025-2027年盈利预测，经调整净利润 分别为109.6/149.2/183.1亿元(前值分别为103.7/142.1/173.6亿元)，对应2025-2027年经调整PE分别为 32.3 ...

Core Viewpoint - The gaming sector shows resilience, with significant growth opportunities in both PC and mobile games, driven by high-frequency content updates and AI applications [1] Group 1: Gaming Sector Performance - The gaming ETF (516010) rose over 1.3% on October 21, indicating positive market sentiment [1] - Major products like "Honor of Kings" and "Delta Action" are enhancing revenue stability through frequent content updates [1] - The gaming index (930901) tracks companies involved in game development, animation production, and related sales, reflecting the overall performance of the gaming sector [1] Group 2: AI Applications and Innovations - Manus 1.5 version upgrade enhances native AI web app capabilities, indicating advancements in AI technology [1] - The voice model from Volcano Engine has achieved a 90% accuracy rate in educational scenarios, promoting AI integration in e-commerce, marketing, and gaming [1] Group 3: Industry Expansion and Investment - The潮玩 industry is rapidly expanding, with over 5,400 brands and 2,600 global IPs showcased at the CTE exhibition [1] - Yuewen has established a 100 million yuan fund to enter the comic and drama sector, reflecting ongoing investment in innovative content forms [1]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [4][8]. Core Insights - The company is expected to experience strong momentum from new product launches and continued rapid growth across various channels [8]. - The adjusted net profit for Q3 2025 is projected to be 30.3 billion yuan, reflecting a year-on-year growth of 198.6% [8]. - The company has introduced 31 new series of blind box figures and plush products in Q3 2025, with popular items selling out on the first day of launch [8]. - The number of retail stores in mainland China has increased to 513, a year-on-year growth of 6.4% [8]. - The company's online sales on platforms like Douyin and Tmall have shown significant growth, with Douyin's GMV reaching 1.31 billion yuan, up 302.2% year-on-year [8]. Financial Data and Valuation - Total revenue is projected to grow from 6.301 billion yuan in 2023 to 33.410 billion yuan in 2025, representing a compound annual growth rate (CAGR) of 156% [3][11]. - The adjusted net profit is expected to increase from 1.082 billion yuan in 2023 to 10.861 billion yuan in 2025, with a year-on-year growth rate of 248% [3][11]. - The adjusted PE ratio is forecasted to decrease from 326.1 in 2023 to 32.3 in 2025, indicating improved valuation metrics as earnings grow [3][12]. Key Financial Ratios - The gross profit margin is expected to improve from 61.3% in 2023 to 70.6% in 2025 [12]. - The net profit margin is projected to rise from 17.2% in 2023 to 32.5% in 2025 [12]. - Return on equity (ROE) is anticipated to increase significantly from 13.9% in 2023 to 51.3% in 2025 [12].