泡泡玛特今年上半年财报简报会后股价表现积极，该行认为这反映了管理层展望中的正面惊喜，包括： 强劲的销售势头，特别是在海外市场;超出预期的利润率扩张。管理层预计全年净利润率将达到35%;管 理层又表示将于本周推出迷你版Labubu，有助于拓展使用场景(例如可用作手机挂件)。 高盛从泡泡玛特财报简报会中，对公司的盈利可见度持正面看法，支撑因素包括：持续强劲的IP势头; 扩大制造能力以实现IP热度的商业化;成功进军美国和欧洲等目前仍为巨大空白的新市场;强劲的收入表 现应在下半年旺季转化为进一步的营运杠杆。 智通财经APP获悉，高盛发布研报称，将泡泡玛特(09992)2025至2027年盈利预测上调28%至34%，现在 预计2025年、2026年分别实现对股权持有人的调整后净利润分别为128亿元、176亿元人民币;并根据不 变的2027年25倍市盈率，新12个月目标价为350港元(之前为260港元)，隐含11%的上行空间。 ...

高盛研报指出，泡泡玛特上半年财报简报会后股价表现积极，主要得益于管理层对销售势头(尤其海外 市场)和利润率扩张(预计全年净利润率达35%)的正面展望。公司将推出迷你版Labubu以拓展应用场景。 高盛看好公司盈利可见度，理由包括：IP势头强劲、制造能力扩张以商业化IP热度、成功拓展美国和欧 洲等新市场，以及下半年旺季有望转化为营运杠杆。 基于以上因素，高盛上调了泡泡玛特2025—2027年盈利预测28%—34%，将12个月目标价从260港元上 调至350港元，维持"中性"评级。 ...

Core Viewpoint - Goldman Sachs reports that Pop Mart's stock performance post the first half financial briefing has been positive, reflecting management's optimistic outlook, including strong sales momentum, particularly in overseas markets, and better-than-expected profit margin expansion [1] Group 1: Financial Performance - Management expects a net profit margin of 35% for the full year [1] - Goldman Sachs has raised the profit forecasts for Pop Mart for 2025 to 2027 by 28% to 34%, now projecting adjusted net profits of 12.8 billion yuan and 17.6 billion yuan for 2025 and 2026, respectively [1] Group 2: Market Expansion - The introduction of the mini Labubu this week is expected to help expand usage scenarios [1] - The company is successfully entering new markets such as the United States and Europe, which are currently significant opportunities [1] Group 3: Investment Outlook - Goldman Sachs maintains a positive view on the company's earnings visibility, supported by strong IP momentum and expanded manufacturing capabilities to commercialize IP popularity [1] - The new 12-month target price has been raised from 260 HKD to 350 HKD based on a 25 times price-to-earnings ratio for 2027, while maintaining a "neutral" rating [1]