智通财经APP获悉，里昂发布研报称，泡泡玛特(09992)全球布局的发展动能持续向好，近日在新加坡举 行的海外国际潮流玩具展显示出，泡泡玛特在全球需求仍然强劲，加上供应链持续改善可支持增长，目 前预测公司2025年销售额可同比增长172%至354亿元人民币，中国及海外销售预料各占50%，预测毛利 率及核心经营利润率将提升至71.4%及44.6%。里昂将泡泡玛特2025至2027年销售额及经调整净利润预 测分别上调14%、12%、12%及23%、20%、20%，目标价由318港元升至368港元，维持"跑赢大市"评 级。 ...

三者对比来看，市场规模：盲盒>拼搭类玩具>卡牌，市场增速：拼搭类玩具>卡牌>盲盒。影响市场规 模和增速的因素主要为消费场景、消费能力以及意愿、产品价格。盲盒主力为消费力强的Z世代，规模 最大;拼搭玩具覆盖亲子以及成人场景，覆盖面广，规模次之;卡牌核心用户年龄为8-15岁，依赖家长支 付，规模最小。拼搭玩具价格多元，增速最快;卡牌由低价带来短期爆发后逐步趋稳;盲盒市场成熟进入 平台期，增速相对较慢。 头部代表企业泡泡玛特、布鲁可、卡游引领行业发展，呈现差异化竞争 商业模式方面，泡泡玛特以IP孵化与盲盒机制为核心;布鲁可以积木为载体切入儿童教育场景;卡游则聚 焦儿童卡牌社交。渠道结构方面，泡泡玛特以直营为主，渠道掌控力强;布鲁可从线上直营为主转为经 销为主，经销商持续开拓，渠道拓展意愿更强;卡游同样聚焦经销模式，但渠道收缩，单经销商收入达 4287万元，依赖头部经销商稳定。经营模型方面，泡泡玛特深耕品牌溢价护城河，存货周转率不断优 化，2024年毛利率达66.8%，经调整净利润率达26.1%;布鲁可调整销售模式，存货周转天数从137天下降 至46天，成功实现经调整净利率由-107.9%至26.1%的跃迁;卡游以轻 ...

[Table_Title] 证券研究报告 / 行业深度报告 IP 为王，多元品类百花齐放的大时代 报告摘要： [Table_Summary] 情绪消费驱动潮玩，Z 世代主导新格局。情绪消费与谷子经济的兴起成 为核心驱动力，2024 年我国以 Z 世代为主导的泛二次元人群突破 5 亿 人，相关市场规模约 6000 亿元，其中谷子经济规模超 1500 亿元。潮流 玩具凭借 IP 情感联结、社交属性及收藏价值，成为消费者重要的情感寄 托与社交标签，预计 2027 年中国潮流玩具市场规模可达 1100 亿元。潮 玩行业呈现 "一超多强" 的格局，泡泡玛特实现行业内领跑，国外品牌 乐高、万代等占据一定的市场份额，国内品牌卡游、布鲁可等企业也呈 现出增速迅猛的态势，IP 运营深化与海外市场拓展成为行业未来关键方 向。 三者对比来看，市场规模：盲盒>拼搭类玩具>卡牌，市场增速：拼搭类 玩具>卡牌>盲盒。影响市场规模和增速的因素主要为消费场景、消费能 力以及意愿、产品价格。盲盒主力为消费力强的 Z 世代，规模最大；拼 搭玩具覆盖亲子以及成人场景，覆盖面广，规模次之；卡牌核心用户年 龄为 8-15 岁，依赖家长支付，规模最小。 ...

IP"一超多强"展现超绝成长性。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，恒生指数公司于8月22日晚间发布恒生指数系列季度检讨结果公告，公告显示， 泡泡玛特国际集团有限公司入选恒生指数的中国企业指数，一同纳入的还有中国电信股份有限公司 - H 股、京东物流股份有限公司，成份股数量从 85 只增加为 88 只，所有变动将于 2025 年 9 月 8 日生效。这是泡泡玛特首次被纳入恒生指数，体现了资本市场对于泡泡玛特综合实力的高度认可。此 前，泡泡玛特曾多次被列入恒生指数潜在候选股。 恒生指數有限公司宣佈指數檢討結果 (香港、2025年 8 月 22 日) - 恒生指數有限公司(「恒生指數公司」)今天宣佈 · 截至 2025 年 6 月 30 日之恒生指數系列季度檢討結果 · 所有變動將於 2025 年 9 月 5 日(星 期五)收市後實施並於 2025年 9 月 8 日(星期一)起生效。 1. 恒生指數 恒生指數成份股將有以下的變動·成份股數目將由 85 隻增加至 88 隻。 加入： | 代號 | 公司 | 恒指分類指數 | | --- | ...

泡泡玛特（09992.HK）：25H1 增长 靓丽，全球化空间广阔 2025 年 8 月 22 日 推荐/维持 泡泡玛特 公司报告 资料来源：恒生聚源、东兴证券研究所 -12.0% 108.7% 229.3% 349.9% 470.5% 591.1% 8/21 11/20 2/19 5/21 8/20 泡泡玛特 恒生指数 事件：公司发布 2025 年半年度业绩：2025 上半年营收 138.8 亿元，同比 +204.5%,归母净利润 45.7 亿元，同比+396.5%，经调整纯利 47.1 亿元，同比 +362.8%，增长迅猛。 境内：增长迅猛，有望持续。2025 年 H1 国内收入 82.8 亿元，同比+135.2%， 保持高速增长。分渠道看，1）线下渠道收入 50.8 亿元，同比+117.1%。2025H1 零售店新开 12 家至 443 家，平均店效再次达到历史新高。公司将重点从开店 转向门店的质量优化，门店的盈利能力继续提升。2）线上渠道收入 29.4 亿元， 同比+212.2%。抽盒机/天猫/抖音三个渠道增速全部高于线下，因公司产品持 续稀缺，线上成为众多消费者主要的"抢购"渠道。Labubu 3. ...

2025 年 8 月 22 日 公司研究 IP 矩阵维持健康，全球化布局再加速 ——泡泡玛特（9992.HK）25H1 业绩点评 要点 事件：公司发布 1H25 业绩：实现营收 138.8 亿元人民币（yoy+204.4%）， 实现毛利润 97.6 亿元，对应毛利率为 70.3%，同比提升 6.3pct；实现经调整 净利润 47.1 亿元（yoy+362.8%），对应净利率 33.9%。公司指引：25 年集 团至少 300 亿元收入，经调整净利润率预计在 35%左右。 1H25 分海内外渠道来看：1、中国实现收入 82.8 亿元，同比增长 135.2%， 占比总收入比重为 59.7%：1）线下渠道收入 50.8 亿元，同比增长 117.1%。 其中，零售店收入 44.1 亿元，同比增长 119.9%；机器人商店收入 6.8 亿元， 同比增长 100.9%。截至 6 月 30 日，中国零售店合计开设 443 家，机器人商 店合计开设 2437 间。2）线上渠道收入 29.4 亿元，同比增长 212.2%。其中， 泡泡玛特抽盒机收入 11.3 亿元，同比增长 181.9%；天猫旗舰店收入 6.6 亿元， 同比增长 ...

Group 1 - The core viewpoint of the articles highlights the strong financial performance and growth strategies of Miniso, with a significant increase in revenue and profitability in the second quarter [1][2] - Miniso reported total revenue of 4.97 billion yuan in Q2, representing a year-on-year growth of 23.1%, with a gross margin of 44.3%, up 40 basis points from the previous year [1] - Adjusted net profit reached 690 million yuan, a year-on-year increase of 10.6%, with an adjusted net profit margin of 13.9% and adjusted earnings per ADS rising by 12.0% [1] Group 2 - Miniso's subsidiary, TOP TOY, achieved revenue of 400 million yuan in Q2 2025, marking a substantial year-on-year increase of 87.0%, with a total of 293 stores [2] - The global investment firm Temasek led a funding round for TOP TOY, resulting in a post-investment valuation of approximately 10 billion Hong Kong dollars, underscoring TOP TOY's leading position in the trendy toy industry [2] Group 3 - Miniso is leveraging a dual-track strategy by collaborating with top international IPs like Disney and Sanrio, while also actively signing original trendy toy artists to expand its IP portfolio [1] - The recent success of the Toy Story 30th Anniversary series and the One Piece themed pop-up events in major cities demonstrates Miniso's effective engagement with diverse consumer groups [1]

Investment Rating - The report maintains an "OUTPERFORM" rating for Pop Mart International with a target price of HKD 354.00, reflecting a potential upside from the current price of HKD 280.80 [2][9][18]. Core Insights - Pop Mart's revenue reached RMB 13.9 billion in 1H25, representing a year-on-year growth of 204%. The gross profit margin was 70.3%, an increase of 6.3 percentage points, while the net profit was RMB 4.7 billion, up 363% year-on-year [3][17]. - The company plans to add approximately 10 new stores domestically and aims to reach 200 overseas stores by the end of 2025, with an expected net profit margin of around 35% for the year [3][4]. Financial Performance - Revenue projections for 2025-2027 are RMB 35.2 billion, RMB 51.5 billion, and RMB 62.1 billion, respectively, with adjusted net profits of RMB 12.4 billion, RMB 18.3 billion, and RMB 22.3 billion [9][18]. - The adjusted net profit margin is expected to be 35.3% in 2025, 35.5% in 2026, and 35.9% in 2027, indicating a stable profitability outlook [9][15]. Domestic Business Performance - Domestic revenue was RMB 8.3 billion, a 135% increase year-on-year, with 44 new retail stores added, bringing the total to 443 stores [4][17]. - Online sales contributed RMB 29.4 billion, growing by 212%, with significant contributions from various e-commerce platforms [4][5]. International Expansion - Overseas revenue reached RMB 5.6 billion, a 440% increase year-on-year, with 70 new retail stores added globally [5][17]. - The company is focusing on high-quality store openings and has plans to expand into South America and the Middle East in 2025 [5][9]. IP Development and Product Diversification - The revenue from IP products accounted for 88.1% of total revenue, with significant contributions from key IPs such as LABUBU and THE MONSTERS [7][8]. - Plush product sales surpassed figurines for the first time, indicating successful product category expansion [7][8]. Cost Management and Profitability - The gross profit margin improved to 70.3%, driven by increased overseas sales and better cost control [8][9]. - Selling and administrative expense ratios decreased, contributing to enhanced profitability [8][9].

Group 1: Financial Performance - In the first half of 2025, the company's revenue reached 13.876 billion yuan, a year-on-year increase of 204.4% [1] - The company's pre-tax profit was 6.157 billion yuan, up 401.2% year-on-year [1] - The net profit attributable to shareholders was 4.574 billion yuan, reflecting a year-on-year growth of 396.5% [1] Group 2: International Expansion - The company's revenue from the Asia-Pacific region was 2.851 billion yuan, a year-on-year increase of 257.8% [1] - Revenue from the Americas reached 2.265 billion yuan, showing a remarkable growth of 1142.3% [1] - The company has established a presence in 37 countries, with physical stores in 18 countries including the US, UK, Canada, and New Zealand [2] Group 3: IP Strategy and Product Offering - The company has evolved from a single blind box manufacturer to an "IP full industry chain operator" [2] - In the first half of 2025, 13 artist IPs generated over 100 million yuan in revenue, with THE MONSTERS family leading at 4.814 billion yuan [2] - The company aims to expand its IP licensing globally, collaborating with various copyright holders from anime, games, and movies to enhance product offerings [3] Group 4: Retail and Marketing Strategy - The company added 40 offline stores, bringing the total to 571, and increased the number of robot stores by 105 to 2,597 [3] - The company is implementing differentiated online operations tailored to local market characteristics, utilizing platforms like Shopee and Amazon [3] - The company is actively engaging in content e-commerce by entering TikTok in multiple countries to attract younger consumers through creative live events [3]

Core Insights - The company reported a significant increase in mid-year performance for 2025, with revenue reaching 13.876 billion yuan, a year-on-year growth of 204.4%, and a pre-tax profit of 6.157 billion yuan, up 401.2% [2] - The company's net profit attributable to shareholders was 4.574 billion yuan, reflecting a 396.5% increase compared to the previous year, surpassing market expectations and the total revenue for the entire year of 2024 [2] Revenue Breakdown - Revenue from various regions showed substantial growth: - Domestic sales in China reached 8.283 billion yuan, a growth of 135.2% [2] - Revenue from the Asia-Pacific region was 2.851 billion yuan, increasing by 257.8% [2] - The Americas generated 2.265 billion yuan, with an impressive growth rate of 1142.3% [2] - Europe and other regions achieved revenue of 478 million yuan, marking a growth of 729.2% [2] IP Strategy and Performance - The company has evolved from a single blind box manufacturer to an "IP full industry chain operator," enhancing the commercial viability of its IPs [3] - In the first half of 2025, 13 artist IPs generated over 100 million yuan in revenue, with notable contributions from THE MONSTERS (4.814 billion yuan), MOLLY (1.357 billion yuan), and others [3] - LABUBU from THE MONSTERS family has gained recognition as one of the world's most popular IPs in the first half of 2025 [3] Expansion and Operations - The company increased its offline store count by 40 to a total of 571 stores and added 105 robot stores, bringing the total to 2,597 [4] - The company is actively expanding its online presence, utilizing platforms like Shopee and Lazada in Southeast Asia, and Amazon in Europe and North America to enhance market reach [4] - The company is also leveraging TikTok for content-driven marketing to engage younger consumers and boost sales [4] Future Plans - The company aims to explore and expand collaborations with licensed IPs, offering a variety of trendy toys and co-branded products to cater to diverse consumer interests [4] - It has secured global licensing for most of its authorized IPs, enhancing the uniqueness of its toy offerings for consumers worldwide [4]