Investment Rating - The report assigns a "Trading Buy" rating for the company, indicating a potential upside of 5% to 15% from the current price [6][14]. Core Insights - The company is expected to achieve a revenue growth of no less than 200% year-on-year for the first half of 2025, with net profit anticipated to increase by no less than 350%, resulting in revenues of at least 13.7 billion RMB and profits of at least 4.2 billion RMB [6]. - The strong performance is attributed to the success of the Labubu3.0 series, which has significantly enhanced the company's IP matrix and profitability across various markets [10]. - The report anticipates continued strong growth momentum in the second half of 2025, driven by pre-sales and the popularity of multiple IP series [10]. Financial Summary - The company forecasts net profits of 7.15 billion RMB, 10.34 billion RMB, and 13.48 billion RMB for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 128.6%, 44.7%, and 30.4% [10]. - Earnings per share (EPS) are projected to be 5.32 RMB, 7.70 RMB, and 10.04 RMB for the same years, with corresponding price-to-earnings (P/E) ratios of 45, 31, and 24 [10]. - The total revenue is expected to reach 26.52 billion RMB in 2025, with a significant increase in operating profit and net profit over the forecast period [16].

Group 1 - Shenzhen is advancing the integration of finance, technology, and data to empower high-quality development of the real economy [2] - The focus areas include educational and talent system reforms, building a higher-level open economy, and establishing a scientific and legal governance model [2] Group 2 - The National Defense Science and Technology University has developed a bionic robot the size of a mosquito, which may transform reconnaissance methods on future battlefields [3] - OpenAI's CEO indicated that GPT-5 is likely to be released this summer, although delays may occur due to naming and safety testing [4] Group 3 - Reports of the cessation of "national subsidies" in Shanghai are false; subsidies are still being issued normally [5] - The three major telecom operators in China will fully reopen eSIM services in the second half of this year [6] Group 4 - Li Auto's CEO announced that the number of Li 5C supercharging stations has reached 2,500, surpassing Tesla's charging stations in China [7] - Xiaomi acquired an industrial land parcel in Beijing's Yizhuang New City for approximately 635 million yuan [7] - JD.com is testing compliant stablecoins in Hong Kong, with plans to launch in the fourth quarter of this year [7] Group 5 - Alipay+ launched the first embedded global payment solution for smart glasses, completing its first transaction in Hong Kong [8] - Pop Mart has initiated a large-scale restock and online pre-sale for the Labubu series to enhance consumer shopping experience [9] Group 6 - SoftBank raised approximately $4.8 billion by selling shares of T-Mobile to fund its ambitious AI plans [9] - Apple aims to utilize generative AI to accelerate the design of its custom chips [10] Group 7 - SpaceX's Starship S36 experienced a significant explosion during a static fire test, with an investigation underway [11] - TDK acquired the American smart glasses manufacturer SoftEye for less than $100 million [12] Group 8 - LG Energy Solution and Toyota Tsusho established a joint venture in the U.S. focused on battery recycling, aiming for a processing capacity of 13,500 tons of waste annually [13][14] - Honda successfully conducted a test of a reusable rocket, marking a first for a private Japanese company [15] Group 9 - Zoox, an Amazon subsidiary, is ramping up production of autonomous taxis, with plans for a commercial launch in Las Vegas [15] Group 10 - Yushu Technology completed a C-round financing led by several major investors, including Tencent and Alibaba [16] - Yuxin Technology submitted an application for H-share listing on the Hong Kong Stock Exchange [17] Group 11 - A-shares and Hong Kong stocks experienced collective declines, with the Shanghai Composite Index down 0.79% [18] - U.S. stock indices showed mixed results, with the Nasdaq up 0.13% [19]

资料图。本文来源：第一财经 Labubu大量补货后二手报价腰斩,知情人士回应补 货节奏和产能情况 泡泡玛特相关知情人士表示，泡泡玛特相关产品的补货不会呈现出规律，也是在一定程度上规避黄 牛的影响。 潮玩二手交易平台千岛app显示，近2个月内，Labubu3.0系列的成交价呈直线上升，6月16日到达 最高点，近两日有所回落。 近日，Labubu似乎没有那么难抢了。 随之冷静的还有泡泡玛特的股价。截至6月19日17时，泡泡玛特当日跌超5%。在此之前的很长一 段时间内，泡泡玛特的股价一直高歌猛进。今年3月至6月中旬，泡泡玛特股价涨幅达100%。而从 2024年初至今，泡泡玛特的股价涨幅超过了11倍。 ■ 6月18日，泡泡玛特THE MONSTERS前方高能系列-搪胶毛绒挂件盲盒（LABUBU 3.0系列）在泡 泡玛特官方商城小程序等渠道补货，有不少消费者在社交平台表示自己抢到了。 力，从春节开始就紧急找工人复工，扩充产能，但目前看来市场需求远超供应链的反应速度。 补货后，二手市场的Labubu3.0价格也应声下跌。6月18日之前，在泡泡玛特二手交易群里， Labubu3.0一端（整盒内含6个盲盒）的价格多在1100 ...

2025.06. 19 潮玩二手交易平台千岛app显示，近2个月内，Labubu3.0系列的成交价呈直线上升，6月16日到达 最高点，近两日有所回落。 随之冷静的还有泡泡玛特的股价。截至6月19日17时，泡泡玛特当日跌超5%。在此之前的很长一段 时间内，泡泡玛特的股价一直高歌猛进。今年3月至6月中旬，泡泡玛特股价涨幅达100%。而从 2024年初至今，泡泡玛特的股价涨幅超过了11倍。 6月18日，泡泡玛特THE MONSTERS前方高能系列-搪胶毛绒挂件盲盒（LABUBU 3.0系列）在泡 泡玛特官方商城小程序等渠道补货，有不少消费者在社交平台表示自己抢到了。 本次Labubu 3.0系列的最长预售期至今年9月22日，这意味着消费者的等待时间可能长达三个月。 即使如此，小程序由于抢购人数太多，系统出现过卡顿。 一位泡泡玛特内部人士告诉第一财经记者："近期Labubu前方高能系列在全球收获超高热度，各个 城市的消费者反响热烈，但我们也注意到了不少影响消费者购物体验的不良行为，给真心喜爱IP的粉 丝带来了困扰。为了避免影响普通消费者的购物体验，我们进行了发售环节的优化，正式开启线上预 售，让更多人能够买到Labu ...

【重点关注】 ·中美经贸磋商机制首次会议在英国伦敦举行中美就落实两国元首通话共识及日内瓦会谈共识达成框架 ·以色列伊朗发动新一轮袭击打击对方军事、能源设施 ·中办、国办发文进一步保障和改善民生提出全面取消就业地参保户籍限制、合理提高最低工资标准等 多项举措 ·国务院常务会议部署中国（上海）自由贸易试验区试点措施复制推广工作听取构建房地产发展新模式 和推进好房子建设有关情况汇报 ·5月份CPI环比下降0.2% PPI环比下降0.4% ·5月金融数据出炉："活钱"增多M1增速明显上升前五个月新增社融超18万亿元 ·多家车企宣布对供应商"60天付款" 共同促进供应链体系健康发展 ·市场监管总局发文加强直播电商监管强化直播间运营者责任不得作虚假或者引人误解的商业宣传 ·铸造铝合金期货上市交易 【国内要闻】 ·国务院总理李强6月13日主持召开国务院常务会议，部署中国（上海）自由贸易试验区试点措施复制推 广工作，听取构建房地产发展新模式和推进好房子建设有关情况汇报，审议通过《关于进一步完善信用 修复制度的实施方案》，研究优化药品和耗材集采有关举措。会议听取构建房地产发展新模式和推 进"好房子"建设有关情况汇报，并作出一系 ...

Domestic News - The State Council held a meeting to promote the replication of pilot measures from the China (Shanghai) Free Trade Zone and discussed optimizing drug and consumable procurement [2] - The People's Bank of China reported that in the first five months, RMB loans increased by 10.68 trillion yuan, with corporate loans accounting for 9.8 trillion yuan [2] - The total social financing scale increased by 18.63 trillion yuan in the first five months of 2025, which is 3.83 trillion yuan more than the same period last year [2] - The China Securities Regulatory Commission announced new regulations for program trading in the futures market, effective from October 9, 2025, to enhance oversight and ensure market order [2][3] - The Guangzhou government proposed a plan to boost consumption, including measures to cancel real estate purchase restrictions and reduce loan down payment ratios [3] Company Announcements - Huayang New Materials stated that it does not possess rare earth permanent magnet attributes [5] - Dongshan Precision plans to invest up to 5.935 billion yuan in Solstice Optoelectronics to expand its optical communication layout [5] - ST Haicheng will repurchase shares worth 30 to 50 million yuan during the delisting period [5] - Honghui Fruits and Vegetables announced a change in its controlling shareholder to Shenze Ruitai, with stock resuming trading [5] - Vision China is introducing investors to increase capital by 100 million yuan in its subsidiary to accelerate its layout in AI [5]

| | 10家上市公司近三个月在互动平台回复与泡泡玛特有合作 | | --- | --- | | 证券间称 | 具体内容 | | 畅联股份 | 畅联股份6月13日在互动平台表示,公司已与泡泡玛特及包含苹果、碧迪、波科医疗、赛科利、三 菱、希森美康、捷豹路虎、百特、小林等在内的多家世界500强企业和行业领先企业建立了长期战 | | | 略合作关系。 | | 易点天下 | 易点天下6月12日在互动平台表示,泡泡玛特是公司重要的客户,双方已建立反好的业务合作。 | | 德必集团 | 德必集团6月11日在互动平台表示,公司旗下北京德必天坛WE园区引入了泡泡玛特自动售卖机。 | | 青木科技 | 青木科技6月11日在互动平台表示,目前公司是泡泡玛特天猫旗舰店代运营服务商,不是线上独家 | | | 代理商。 | | 众信旅游 | 众信旅游6月11日在互动平台表示,公司为泡泡玛特城市乐园官方授权的票务代理商之一。 | | 汉朔科技 | 汉朔科技6月4日在互动平台表示,目前,公司的产品和方案已经应用到了泡泡玛特的海外门店。 | | | *ST阳光5月29日在互动平台表示,目前,公司位于北京和成都的购物中心都设有泡泡玛特自助售 ...

新华财经香港4月27日电（记者林迎楠）泡泡玛特旗下超火IP"Labubu"最新3.0系列24日晚内地线上一经 开售秒速售罄；香港泡泡玛特则需通过官网登记抽签，中签者方可购买。泡泡玛特25日逆市下跌 4.33%，收报172.3港元。 业内分析，泡泡玛特在市场动荡期间的增长能见度较高，且其独家IP或设计和产品创新将继续获得消费 者青睐；Labubu3.0系列或将成为短期催化剂，以及公司第二季的增长动力。 大行普遍调高泡泡玛特目标价 此前，泡泡玛特公布2025财年首季业绩预告显示，公司收入同比增长165%至170%，增速按季比较进一 步提升。其中，中国（包括港澳台）收入同比增长95%至100%，海外市场收入同比增长475%至480%。 中金公司研报指出，泡泡玛特首季业绩超预期，因内地同店表现优秀，以及海外热度高企。考虑到泡泡 玛特重点IP优质新品储备丰富、北美市场热度持续走高，中金公司分别上调2025及2026财年经调整净利 润预测10%及8%，至分别64亿元及79.2亿元人民币，同时上调目标价29%至220港元，相当于预测今明 两年经调整市盈率分别44倍及35倍，给予"跑赢行业"评级。 海通国际研报分析称，泡泡玛 ...