中国商报（记者 冉隆楠 文/图）LABUBU到底有多能卖？泡泡玛特交出了新的成绩单。近日，泡泡玛特国际集团发布2025年半年报。财报显示，上半年泡泡 玛特营收138.8亿元，同比增长204.4%。其中，LABUBU所属的IP精灵天团（THE MONSTERS）营收达48.1亿元，占比达34.7%，成为全球超级IP。 值得关注的是，在今年上半年持续的LABUBU全球狂热之下，泡泡玛特并没有盲目倾斜大量资源，而是保持一种相对冷静的姿态，稳步推进IP和集团全球化 发展的进程。"当一个IP成为世界级超级IP，它的商业价值才刚刚开始。"泡泡玛特董事长兼CEO王宁在中期业绩会上说。 LABUBU带头，IP矩阵全面爆发 今年上半年，虽然所有人都知道LABUBU很火，但其火爆程度还是超出了所有人的预期。 "过去这半年，是很特别的半年。"王宁在开场时说，"有公司努力的结果，有意想不到的一些惊喜，LABUBU进一步扩圈成为世界级IP，也取得了有史以来 最好的半年业绩。" 这个"有史以来最好"的半年业绩，指的就是泡泡玛特在半年内赚了过去一年的钱。 泡泡玛特财报数据显示，2025年上半年，泡泡玛特营收138.8亿元，同比增长204. ...

证券研究报告/投资策略 潮玩千亿赛道空间广阔，文化与全球化打开成长天花板 潮玩行业研究 投资要点 ➢ 行业步入发展新阶段，创新驱动特点凸显 当前，行业正处于发展期与成熟期的过渡阶段，创新驱动的作用愈发凸显。IP创 作不再限于单一艺术风格，而是深度融合国风文化、二次元、科幻、潮流艺术等 多元素材。科技融合成为产品体验升级的重要推手，AR/VR交互、AI个性化定制、 数字藏品等创新应用不断拓展潮玩的体验边界。商业模式也持续迭代，从盲盒为 主发展到预售、众筹、会员制、二手交易平台等复合体系。同时，中国潮玩企业 逐步摆脱传统代工角色，向价值链上游攀升，东莞、深圳等产业带已从"世界工 厂"转型为"IP创新策源地"，涌现出一批具备全球影响力的原创IP和品牌。 ➢ 文化赋能与商业创新共振，IP授权与原创设计双轮驱动 头部企业通过"自有IP+授权IP"构建庞大IP矩阵，如泡泡玛特持续孵化LABUBU、 MOLLY等原创IP并推出动画深化内涵，52TOYS则拥有35个自有IP及80个授权 IP，依据IP特性打造产品。在商业创新的推动下，品类创新与技术融合持续激活 市场。潮玩产品早不再局限于盲盒与手办，已扩展至拼装积木、毛绒玩具 ...

内容概要：手办作为二次元文化衍生出的独立产业，以实体化虚拟形象满足消费者的情感寄托、收藏与 审美需求，成为连接IP与消费者的关键载体。近年来，国家政策大力扶持，2025年国务院提出培育国 货"潮牌"，鼓励文博单位与社会机构合作开发文创产品，东莞等地积极响应，投入资金、创新模式，构 建全产业链生态。随着《原神》等优质国产IP崛起，Z世代"为爱买单"理念盛行，2024年我国泛二次元 人群达5.03亿，带动手办市场规模从2020年的36.6亿元增至2024年的110.8亿元，预计2026年将达到162 亿元。全球手办市场呈"一超多强"格局，中国品牌加速出海。未来，中国手办行业将朝着IP全球化、技 术革新驱动体验升级、市场细分与可持续发展方向迈进，实现从"世界工厂"到"全球潮玩文化引领者"的 转型。 手办主要分为三大类：按制作工艺与成品形态（如GK树脂模型、PVC涂装完成品、可动人偶、Q版粘 土人）、按获取方式与市场定位（如景品、盲盒、限定款）以及按IP来源（如二次元动漫游戏角色、原 创IP、国潮文化联名）。不同类型的手办在材质、价格、收藏价值及消费场景上各具特色，满足从普通 消费者到高端收藏者的多样化需求。 二、中 ...

证券研究报告·行业跟踪周报·商贸零售 商贸零售行业跟踪周报 TOP TOY 完成由淡马锡领投的融资，有利 于延续高增势头&名创优品价值重估 增持（维持） [Table_Tag] [周观点（注：文中"本周"指的 Table_Summary] 8 月 18 日至 8 月 24 日） 2025 年 08 月 25 日 证券分析师 吴劲草 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 石旖瑄 执业证书：S0600522040001 shiyx@dwzq.com.cn 证券分析师 张家璇 执业证书：S0600520120002 zhangjx@dwzq.com.cn xiy@dwzq.com.cn 证券分析师 王琳婧 执业证书：S0600525070003 wanglj@dwzq.com.cn 行业走势 -5% 3% 11% 19% 27% 35% 43% 51% 59% 67% 2024/8/26 2024/12/24 2025/4/23 2025/8/21 商贸零售 沪深300 相关研究 东吴证券研究所 1 / 9 证券分析师 阳靖 执业证书：S0600523020005 y ...

2025 年 08 月 24 日 公司研究 评级：买入(维持) | 研究所： | | | --- | --- | | 证券分析师： | 杨仁文 S0350521120001 | | | yangrw@ghzq.com.cn | | 证券分析师： | 方博云 S0350521120002 | | | fangby@ghzq.com.cn | | 证券分析师： | 吴倩 S0350525070006 | | | wuq05@ghzq.com.cn | [Table_Title] 线上和海外高速增长，毛绒成最大品类 ——泡泡玛特（9992.HK）2025H1 业绩点评 最近一年走势 | 相对恒生指数表现 | | 2025/08/22 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 泡泡玛特 | 27.9% | 44.1% | 570.9% | | 恒生指数 | 0.8% | 7.6% | 43.6% | | 市场数据 | 2025/08/22 | | --- | --- | | 当前价格（港元） | 320.40 | | 52 周价格区间（港元） | 4 ...

机构：方正证券 研究员：李珍妮/马萤 事件：公司发布中报，2025H1 实现营收138.8 亿元，同比+204%；毛利率70.3%，同比+6.3pct；经调整 净利润47.1 亿元，同比+363%。 国内及海外各区域市场均保持快速增长。分区域看，通过品类多元拓展、深度挖掘IP、精细化运营，中 国各渠道销售均实现增长，收入达到约83 亿元，同比+135%；通过深度推进本土化运营，亚太收入接 近29 亿元，同比+258%；加大市场开拓力度、进行差异化渠道定位，美洲收入约23 亿元，同比 +1142%；凭借独特的产品设计，提升购物体验，欧洲及其他地区实现收入4.8 亿元，同比+729%。 基于各IP 的独特表达与设计，差异化运营，持续提升IP 热度。分IP 看，2025H1，共有13 个艺术家IP 收入超过1 亿元，其中5 个超过10 亿元，THEMONSTERS、MOLLY、SP、CRYBABY、DIMOO 收入 分别为48 亿元、14 亿元、12亿元、12 亿元、11 亿元，同比分别+668%、+74%、+112%、+249%、 +192%。 产品层面不断推陈出新，丰富产品品类，提升产品设计的能力。得益于出色的 ...

Core Insights - TOP TOY, a潮玩 brand under Miniso, has recently secured investment from Temasek, achieving a post-investment valuation of approximately HKD 10 billion [3][4] - The investment reflects Temasek's confidence in the emotional value encapsulated in products targeting Generation Z, positioning TOP TOY as a key player in the Asian Z-generation consumer market [10][12] Company Overview - TOP TOY was launched in 2020, initially testing the "global潮玩集合平台" concept with a single store, and has since expanded to over 280 stores across more than 80 cities in China, with plans for international expansion [4][5] - The brand offers a wide range of products, including blind boxes, figurines, and collaborations with over 200 international IPs, appealing to consumers aged 10 to 40 [4][5] Investment Details - Temasek's investment is seen as a strategic move to capitalize on the growing潮玩 market, particularly in Southeast Asia, where the market is experiencing a compound annual growth rate of over 40% [11][12] - The investment is also viewed as a potential precursor to TOP TOY's separate IPO, with Miniso exploring the possibility of spinning off the潮玩 business to optimize shareholder value [6][7] Market Dynamics - The潮玩 industry is characterized by high emotional value, with products serving as "emotional factories" that transform abstract feelings into tangible assets [16][20] - The business model leverages psychological triggers and social media to drive impulse purchases, creating a cycle of consumption that resonates with younger consumers [17][18] Strategic Positioning - Temasek's investment aligns with its focus on long-term trends, particularly in the context of the Asian Z-generation cultural consumption, which is one of the fastest-growing segments [13][14] - The partnership is expected to enhance TOP TOY's operational efficiency and market reach, leveraging Temasek's resources and connections in Southeast Asia [12][14]

Core Viewpoint - The significant rise in Pop Mart's stock price has led to a market capitalization exceeding HKD 420 billion, boosting the personal wealth of its founder, Wang Ning, to approximately HKD 205 billion, which has elevated his ranking on global and Chinese billionaire lists [1][2]. Financial Performance - Pop Mart reported a revenue of RMB 138.8 billion for the first half of 2025, marking a year-on-year increase of 204.4%. The Chinese market contributed a revenue growth of 135.2%, while overseas markets also showed substantial growth [3][4]. - The revenue breakdown for the first half of 2025 includes plush toys at RMB 6.14 billion (44.2% of total revenue), figurines at RMB 5.18 billion (37.3%), and other categories contributing significantly to overall growth [4]. Market Position and Brand Strategy - Pop Mart's key IPs, such as THE MONSTERS and MOLLY, have been major growth drivers, with THE MONSTERS series generating RMB 4.81 billion in revenue [3]. - The company has innovated in product categories and sales channels, with plush toys surpassing figurines as the top revenue-generating category and new sales methods like drone sales showing promising results [3]. Investor Sentiment and Market Perception - Despite strong performance, there are concerns among investors regarding Pop Mart's high price-to-earnings ratio, leading to debates about the company's valuation and its classification as an IP operator, trendy toy brand, or a representative of the blind box economy [3][5]. - The recent surge in stock price has prompted discussions about potential market bubbles, especially following extreme trading cases involving high-value sales of initial LABUBU products [4][5].

Group 1 - The "Guzi Economy" is transforming from mere emotional consumption to deeper value co-creation, connecting young consumers' emotional needs with cultural industry economic benefits [1] - Successful IPs like "The King's Avatar 2" have not only achieved box office and critical success but also stimulated fan enthusiasm for peripheral products such as figurines and blind boxes, showcasing strong cultural identity and consumption motivation [1] - Beijing's recent action plan supports the development of the "Guzi Economy," encouraging quality animation creation and the establishment of hubs for the second dimension and new generation trendy toys, while also supporting domestic brands' overseas expansion [1] Group 2 - Innovations in the "Guzi Economy" include the rise of "pain gold" phenomena, where traditional fast-moving consumer goods are upgraded to cultural assets with both emotional and investment value [2] - The emergence of virtual idols and digital IPs is expanding the "Guzi Economy," as these virtual IPs have strong cross-media capabilities, long lifecycles, and high fan loyalty, allowing for deep integration of physical and virtual products [2] - The business model is shifting from a single "IP licensing + derivative product sales" approach to "user co-creation + scene embedding," enhancing user engagement and loyalty through participatory design and experiential activities [2] Group 3 - To address challenges, businesses need to diversify content by introducing more niche and potential second-dimensional IPs, enhancing community engagement through offline activities like themed events and IP experience exhibitions [3] - For sustainable development, the "Guzi Economy" must continuously innovate in content and operational models, balancing copyright protection with market vitality, and ensuring the collaborative development of gold jewelry, trendy toys, digital collectibles, and offline experiences [3] - The new gameplay of the "Guzi Economy" is reshaping the cultural consumption ecosystem, and addressing key issues such as copyright, content, operations, and user experience is essential to unlock its long-term potential and promote a healthy, innovative, and prosperous industry [3]

上半年的内地公募基金市场呈现出鲜明的结构性特征，在回报率最高的十支基金中，绝大多数产品的亮眼业绩都与重仓创新药板块密切相关，创新药赛道的 爆发成为驱动基金收益的主流逻辑。 然而，在这一众"医药明星"中，却有一支基金凭借独特的持仓策略脱颖而出 ——广发成长领航一年持有混合A以68.29%的上半年收益率跻身前列，其超额收 益的关键并非跟风布局创新药，而是精准押注新消费赛道。 秘密自然藏在其持仓里，这支基金在 2024 年四季度末、2025 年一季度末、2025 年二季度末的持仓名单中，泡泡玛特连续三个季度稳坐第一大重仓股宝座， 成为支撑其业绩增长的核心引擎。 掌舵这支基金的基金经理吴远怡曾表示："投资的本质是寻找具备改变时代基因的优秀企业，这类企业能在产业变革中构建不可替代的竞争力。"广发成长领 航的持仓选择与收益表现，恰恰印证了泡泡玛特正是这样一家被资本市场重点关注和认可的企业。 一、基金"抱团"赚"麻了"，业绩高增筑牢增长根基 近一年多来，基金抱团现象在泡泡玛特身上得以重现。 根据wind数据显示，持有泡泡玛特的内地公募基金家数已实现连续 7 个季度的增长，从2023年一季度的不足50家，一路攀升至2025年 ...