智通财经APP获悉，泡泡玛特(09992)再涨超4%，截至发稿，涨3.42%，报272港元，成交额19.62亿港 元。 招商证券(香港)此前发布研报称，展望2025下半年，泡泡玛特董事长强调Labubu毛绒手机挂件有望成为 爆款，标志着公司正加速拓展高频生活方式SKU，以增强日常品牌互动。毛绒品类已超越手办，成为公 司最大品类，占收入比重达44%，并有助于提升整体利润率。随着品牌力持续提升、全渠道模式逐步扩 张，以及IP变现路径不断拓展，泡泡玛特有望成为世界级文化IP品牌。重申强烈增持评级，看好公司在 全球扩张加速下实现强劲的下半年业绩指引。 消息面上，10月13日下午，苹果CEO蒂姆·库克现身上海THEMONSTERS十周年巡展，这是库克此次到 访中国参观的第一站。展览现场，泡泡玛特创始人王宁、LABUBU艺术家龙家升与库克进行了亲密互 动，一起参观了LABUBU系列原创手稿和丰富多元的产品，并获赠一只拿着iPhone的Labubu玩偶。 ...

泡泡玛特(09992)再涨超4%，截至发稿，涨3.42%，报272港元，成交额19.62亿港元。 招商证券(香港)此前发布研报称，展望2025下半年，泡泡玛特董事长强调Labubu毛绒手机挂件有望成为 爆款，标志着公司正加速拓展高频生活方式SKU，以增强日常品牌互动。毛绒品类已超越手办，成为公 司最大品类，占收入比重达44%，并有助于提升整体利润率。随着品牌力持续提升、全渠道模式逐步扩 张，以及IP变现路径不断拓展，泡泡玛特有望成为世界级文化IP品牌。重申强烈增持评级，看好公司在 全球扩张加速下实现强劲的下半年业绩指引。 消息面上，10月13日下午，苹果CEO蒂姆.库克现身上海THEMONSTERS十周年巡展，这是库克此次到 访中国参观的第一站。展览现场，泡泡玛特创始人王宁、LABUBU艺术家龙家升与库克进行了亲密互 动，一起参观了LABUBU系列原创手稿和丰富多元的产品，并获赠一只拿着iPhone的Labubu玩偶。 ...

Core Viewpoint - The report from China Merchants Securities indicates a significant upward revision of Bubble Mart's (9992.HK) earnings forecasts for 2025 to 2027 by 54% to 77%, with the target price raised by 50% from HKD 272 to HKD 410, maintaining a "Buy" rating [1] Earnings Forecast - China Merchants Securities has increased Bubble Mart's earnings forecast for this year by 64% to CNY 11.352 billion, for next year by 77% to CNY 17.759 billion, and for 2027 by 54% to CNY 22.601 billion [1] Management Guidance - Bubble Mart's management has guided that this year's revenue will exceed CNY 30 billion, with a net profit margin of approximately 35%, surpassing market expectations and demonstrating strong confidence in operational execution and market demand [1] Store Expansion - The company plans to double its global new store openings this year to over 200, currently operating 128 overseas stores, with expectations that the number of stores in the United States will exceed 60 by the end of the year [1] Product Strategy - The management highlighted that the Labubu plush mobile phone accessory is expected to become a bestseller, indicating an acceleration in the expansion of high-frequency lifestyle SKUs to enhance daily brand interaction [1] Revenue Composition - Plush products have surpassed figurines to become the largest category, accounting for 44% of total revenue, which is expected to improve overall profit margins [1] Brand Development - With continuous brand strength enhancement, gradual expansion of the omnichannel model, and ongoing development of IP monetization pathways, the company is poised to become a world-class cultural IP brand, reinforcing the strong "Buy" rating [1]