南方财经 21世纪经济报道记者赖镇桃 泰国曼谷报道 这两年，Labubu、Dimoo这些可爱治愈的潮玩IP，正成为行走的中泰"友谊大使"。2024年，Dimoo被官 方授予"中泰建交50周年特邀挚友" 的荣誉称号。泰国旅游局在曼谷素万那普机场专门为Labubu举行了 欢迎仪式，还给这位顶流授予了"神奇泰国体验官"的身份，官方专门给一个人偶称号，在泰国史上都是 首次。 Labubu们走出国门，火速圈粉的同时，也展现出了强劲的"吸金"力。泡泡玛特在2025年10月底公布的财 报显示，去年第三季度，泡泡玛特整体收益较上年同期增长245%-250%，其中中国收益同比增长185% 至190%，海外收益同比猛增365%至370%，亚太区同比增长170%-175%。 拍摄：章启良 出品：SFC国际传播中心 21财经工作室 "Labubu之前在泰国真的'抢疯'了，缺货的时候找黄牛买，通常要加价两三倍，限量款最高炒到人民币 3000元左右。"一位正在泰国的中企人士还对此前的"Labubu热"印象深刻。即使现在泰国的泡泡玛特门 店终于实现"买bu自由"，但他提及，泰国年轻人在TikTok上分享拆盒视频、带上Labubu的话题标签 ...

Beijing, China, Dec. 27, 2025 (GLOBE NEWSWIRE) -- Among the many descriptions of China seen from the outside, the country has gained an increasingly prominent image for itself in 2025 as a "cool" place to visit and live, as reflected in multiple global surveys and in foreign vloggers' videos and comments. As the year draws to a close, the Global Times is launching the "Cool China" series to approach the most iconic events and phenomena of the year through the five senses. In this fourth installment, we will ...

申万宏源发布研报称，维持泡泡玛特(09992)"买入"评级，泡泡玛特凭借丰富的IP矩阵与成熟的运营能 力，持续激活海外市场，线下渠道快速铺开，节日新品屡次引发销售热潮，此外伴随Labubu等头部IP的 全球走红，公司品牌力显著提升。看好中长期公司的赛道、管理和经营能力、竞争格局。 申万宏源主要观点如下： 全球化进程有条不紊，看好海外供应链及渠道扩张，承接全球粉丝需求 1)Labubu单一IP的曲线：泡泡已验证自身长线IP运营能力(Molly、SP)，可以通过产品创新与迭代维持粉 丝粘性，关注后续主力产品线。2)Labubu单个IP占比健康(25H1收入占比35%)，其他IP：SP、星星人有 明显破圈，而当前泡泡粉丝基数大有初始流量优势，关注后续产品及营销活动可能带来进一步破圈(星 星人乐园表演、动画);3)平台化站上新的台阶：随Labubu全球爆火以及一众头部IP的火热，泡泡全球品 牌力也实现跃升，11月27日泡泡多个IP参与纽约梅西百货感恩节大游行。 长期看好公司商业模式壁垒及持续性 该行认为泡泡从IP设计、运营、供应链等均是全球最有竞争力的公司，可以通过运营实现IP长周期价值 (单个IP曲线能通过运营改善 ...

Core Viewpoint - The report from Shenwan Hongyuan maintains a "buy" rating for Pop Mart (09992), highlighting its strong IP matrix and operational capabilities that continue to activate overseas markets and expand offline channels, leading to sales surges during holiday seasons [1] Group 1: Global Expansion and Market Demand - The globalization process is progressing steadily, with a focus on expanding overseas supply chains and channels to meet global fan demand [1] - The collectible toy category has strong display, social, and gifting attributes, making offline channels crucial for sales and brand marketing [1] - As of October 30, the number of overseas retail stores reached 171, with significant growth potential in North America (62 stores), Europe (28 stores), and Southeast Asia (44 stores) [1] - The recent Halloween product launches in North America have generated strong sales, and the upcoming holiday season is expected to boost social engagement and revenue growth for new IPs like Labubu [1] Group 2: Brand Strength and IP Development - The success of a single IP does not hinder the overall platform development, with the brand's strength significantly improving [2] - Labubu's revenue contribution is healthy, and the company has demonstrated its long-term IP operation capabilities through product innovation and iteration [2] - The global popularity of Labubu and other key IPs has elevated Pop Mart's brand presence, exemplified by participation in the Macy's Thanksgiving Day Parade [2] Group 3: Long-term Business Model Viability - The company is viewed as one of the most competitive globally in terms of IP design, operation, and supply chain, capable of realizing long-term value through effective IP management [3] - Recent product launches have maintained a slight premium, indicating a healthier supply-demand ecosystem compared to June, which is beneficial for cultivating long-term fans [3]

Group 1 - The core viewpoint emphasizes the steady progress of globalization, with a positive outlook on overseas supply chain and channel expansion to meet global fan demand [1] - The collectible toy category possesses strong display, social, and gifting attributes, making offline channels crucial for sales and brand marketing [1] - As of October 30, the company has expanded its overseas retail store count to 171, aligning with its strategic plan, with significant growth potential in North America, Europe, Southeast Asia, and East Asia [1] Group 2 - The performance of a single IP does not hinder the overall platform development, with the company's brand strength significantly improving [2] - The company has demonstrated its long-term IP operation capabilities, maintaining fan engagement through product innovation and iteration [2] - The global popularity of Labubu and other leading IPs has elevated the company's brand power, as evidenced by participation in major events like the Macy's Thanksgiving Day Parade [2] Group 3 - The company has adjusted its revenue forecasts for 2025-2027 to 38.865 billion, 52.738 billion, and 66.946 billion respectively, reflecting an optimistic outlook on store openings and product launches [2] - The adjusted net profit forecasts for the same period are set at 13.648 billion, 18.429 billion, and 23.569 billion, indicating confidence in the company's long-term operational capabilities and competitive landscape [2]

2025.11. 29 本文字数：1319，阅读时长大约3分钟 作者 | 第一财 经 韦薇 咨询机构弗若斯特沙利文（Frost & Sullivan）数据显示，2015年至2024年，全球潮玩市场规模从87亿元增长至448亿元，年复合增速接近23%。在这 期间，包括欧美、日韩以及中国在内的潮玩市场均快速增长。如今，北美、欧洲和中国已成为全球前三大市场，而东南亚、东欧等新兴市场近年的增速 也不断加快。 载有Labubu的花车（来源：第一财经摄像） 近两年来，众多中国新消费企业进军海外市场，以寻求更高的利润率增长，包括名创优品、瑞幸咖啡、喜茶、霸王茶姬等。其中，名创优品股份有限公 司旗下潮玩品牌TOP TOY正加速海外开店。 凯思博（Keywise）中国股票基金经理徐涛此前对第一财经提及，对于优秀的潮玩IP企业，甚至在北美等国际市场脱颖而出，其创造力、全球影响力、 渗透力、营销能力都毋庸置疑，若估值回调到合理范围，亦可能再度引发投资者兴趣。 但是，在他看来，中国新消费的后续空间取决于创造新IP、不断引发共鸣以及出海的能力。强劲的IP周期与社交媒体传播力都将继续加速中国新消费的 海外扩张，而这种增长则并非是"一次性 ...

当巨型彩球在晨光中缓缓升起时，纽约的空气里已经弥漫着一年一度"梅西百货感恩节大游行"的节日气 息。 在人群的惊呼声中，一个意想不到的主角抢走了所有目光——Labubu。 美国当地时间11月27日，在今年的感恩节花车游行中，泡泡玛特的花车首次登陆纽约。在"Pop City"主 题花车上，一只棕色的Labubu和一只粉色的Mokoko与Skullpanda、Dimoo和Molly等角色一起出现在， 吸引了众多纽约客和美国当地游客的驻足观看。 但是，在他看来，中国新消费的后续空间取决于创造新IP、不断引发共鸣以及出海的能力。强劲的IP周 期与社交媒体传播力都将继续加速中国新消费的海外扩张，而这种增长则并非是"一次性"的。 未来，北美市场无疑将是中国新消费发力的重点。 泡泡玛特COO司德此前也解释称，美国市场非常大，购买力非常旺盛。同时，美国消费者对整个IP设 计、周边衍生品的需求是很旺盛的。美国市场的零售亦非常成熟，不管是购物中心体系、零售人才等各 个方面都足够好。但是，美国在产品更新、创意设计等方面的节奏，未必赶得上中国的设计效率和迭代 速度。 "其实这是我们两年前就看明白的事情，但我们也确实花了两年时间找到好的 ...

泡泡玛特这个名字对于很多美国人而言仍然陌生，但多数人都知道Labubu，尤其是孩子。一位被父母 带着来看花车巡游的小女孩茉莉对第一财经表示："我是在社交媒体上知道这些潮玩的。" 一位名叫迈克的"纽约客"对第一财经表示，"我是这个中国潮玩的粉丝，但你要确认Labubu究竟有几颗 牙齿，应该是9颗，不然就是假货。" 中国新消费的后续空间取决于创造新IP、不断引发共鸣以及出海的能力。 当巨型彩球在晨光中缓缓升起时，纽约的空气里已经弥漫着一年一度"梅西百货感恩节大游行"的节日气 息。 在人群的惊呼声中，一个意想不到的主角抢走了所有目光——Labubu。 美国当地时间11月27日，在今年的感恩节花车游行中，泡泡玛特的花车首次登陆纽约。在"Pop City"主 题花车上，一只棕色的Labubu和一只粉色的Mokoko与Skullpanda、Dimoo和Molly等角色一起出现在， 吸引了众多纽约客和美国当地游客的驻足观看。 凯思博（Keywise）中国股票基金经理徐涛此前对第一财经提及，对于优秀的潮玩IP企业，甚至在北美 等国际市场脱颖而出，其创造力、全球影响力、渗透力、营销能力都毋庸置疑，若估值回调到合理范 围，亦可能 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market benchmark [4][7]. Core Insights - The company is focusing on cross-regional expansion and IP development to support long-term operations, with a significant increase in revenue and net profit projected over the next few years [7]. - The company has successfully expanded its overseas retail presence, with 171 stores globally, and is well-positioned to meet growing demand from international markets [7]. - The report highlights the company's strong brand power and competitive advantages in IP design, operation, and supply chain management, which are expected to sustain long-term value creation [7]. Financial Data and Profit Forecast - Revenue projections show a substantial increase from RMB 6.301 billion in 2023 to RMB 66.946 billion by 2027, with a compound annual growth rate (CAGR) of approximately 27% [5][8]. - Net profit is expected to grow from RMB 1.184 billion in 2023 to RMB 23.569 billion in 2027, reflecting a CAGR of around 28% [5][8]. - The report anticipates a significant rise in earnings per share (EPS), from RMB 0.88 in 2023 to RMB 17.55 in 2027, indicating strong profitability growth [5][8].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is expanding its global presence and IP portfolio, which supports long-term operations. The retail store expansion is expected to activate new user demand in various regions [9] - The company has demonstrated strong IP operation capabilities, maintaining fan engagement through product innovation and iteration. The overall brand strength has significantly improved [9] - The long-term business model is viewed positively, with competitive advantages in IP design, operation, and supply chain management [9] - Revenue and profit forecasts have been revised upwards for 2025-2027, reflecting confidence in the company's growth trajectory [9] Financial Data and Profit Forecast - Revenue projections for 2023 to 2027 are as follows: - 2023: 6,301 million RMB - 2024: 13,038 million RMB - 2025E: 38,865 million RMB - 2026E: 52,738 million RMB - 2027E: 66,946 million RMB - Net profit projections for the same period are: - 2023: 1,184 million RMB - 2024: 3,220 million RMB - 2025E: 13,648 million RMB - 2026E: 18,429 million RMB - 2027E: 23,569 million RMB - The company expects significant growth rates, with net profit growth rates reaching 324% in 2025 [7][10]