（来源：君实财经） 泡泡玛特公布Q3运营情况，重申看好公司观点【东吴传媒互联网张良卫团队】 来源：市场资讯 事件：公司2025年Q3收入（未经审核）同比增长 245%-250%，高于市场预期。其中： 中国收益同比增长185%-190%，线下渠道同比增长130%-135%，在线渠道同比增长300%-305% 海外收益同比增长365%-370%，其中亚太同比增长170%-175%，美洲同比增长1265%-1270%，欧洲及其 他地区同比增长735%-740%。 公司Q3基本面继续强劲，当前时点我们重申看好观点： 一方面，labubu的商业价值曲线并不等同于其热度曲线，优质的形象型IP生命周期也比市场想的更加长 青。回顾泡泡玛特重要IP发展趋势，我们发现除了少数特殊年份以外，这些IP收入基本都实现年同比持 续增长，其中MOLLY已经面世接近20年，是泡泡玛特最早挖掘的艺术家IP，2019-2023年收入CAGR仍 有22%。类似的趋势在日本三丽鸥公司头部IP上也能看到。背后体现的是优秀IP企业的长线运营能力。 另一方面，在labubu打开公司在全球化市场知名度之后，多元的IP矩阵将是公司拓展海外不同文化偏好 市场的 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][6]. Core Views - The company achieved a revenue of 13.876 billion yuan in the first half of 2025, representing a year-on-year growth of 204.4% [6]. - Adjusted net profit reached 4.710 billion yuan, with a year-on-year increase of 362.8%, and an adjusted net profit margin of 33.94%, up by 11.6 percentage points [6]. - The company’s IP matrix continues to grow, with significant contributions from top IPs and a rapid increase in new IP cultivation [6]. Financial Performance - Revenue breakdown shows that the top IPs generated significant income, with "The monsters" contributing 4.81 billion yuan, "Molly" 1.36 billion yuan, and "Skullpanda" 1.22 billion yuan, among others [6]. - The plush category saw a staggering growth of 1276.2% to 6.139 billion yuan, becoming the highest revenue-generating category [6]. - The company’s gross margin improved to 70.3%, a year-on-year increase of 6.3 percentage points, driven by better cost control and a higher proportion of overseas high-margin business [6]. Revenue and Profit Forecast - The company forecasts total revenue of 30.05 billion yuan for 2025, with a year-on-year growth of 130% [7]. - Adjusted net profit is projected to reach 10.368 billion yuan in 2025, reflecting a growth of 205% [7]. - The adjusted PE ratios for 2025, 2026, and 2027 are estimated at 37.4x, 27.3x, and 22.4x respectively [7]. Market Expansion - The company reported a revenue of 8.28 billion yuan from the China region, a year-on-year increase of 135.2%, with significant growth in offline channels [6]. - Overseas revenue reached 5.59 billion yuan, marking a remarkable growth of 439.6%, with the Americas showing a particularly high growth rate of 1142.3% [6]. - The company plans to expand its overseas store count to 200 by the end of the year, with a focus on emerging markets such as the Middle East and South Asia [6].