海外行业报告 | 行业动态研究 潮玩 证券研究报告 2025 年 07 月 19 日 泡泡玛特 25H1 盈喜点评：二季度利润增速不低于 350%，核 心 IP 全球化加速及海外规模效应显著提升盈利能力 事件：北京时间 2025 年 7 月 15 日，泡泡玛特（9992.HK）发布 2025 年上 半年正面盈利预告。公司 2025 年上半年，公司收入增速预期不低于 200%； 经调整溢利增速预期不低于 350%，主要系泡泡玛特品牌及旗下 IP 在全球认 可度进一步提升及海外收入占比持续提升优化盈利能力。 点评：25H1 收入同比不低于 200%，相比一季度水平推算二季度加速增长。 根据此前发布的一季报经营数据，公司 25Q1 整体收入较去年同期同比增 长 165%-170%。 海外市场高速增长，全球化布局成效凸显 2025 年上半年，公司收入增速预期不低于 200%；经调整溢利增速预期不 低于 350%，主要系泡泡玛特海外收入占比持续提升，收入结构优化对毛利、 溢利均产生积极影响。同时，随着海外门店加密，规模效应使溢利显著增 加。截至 2025 年 6 月 27 日，公司全球拥有 530 家泡泡玛特门店。根据 ...

Group 1 - The "Five-Five Shopping Festival" has led to a vibrant consumer market in Shanghai, particularly attracting Generation Z consumers with various themed experiences and pop-up events [1] - The first department store on Nanjing Road has introduced a new "Dimension Renewal" theme, featuring 10 diverse dimension-themed stores, enhancing the shopping experience with interactive elements and popular IPs like "Jujutsu Kaisen" and "Digimon" [1] - The "Qili Dimension Market" has become a popular creative market brand, drawing enthusiasts from across the country for its unique two-dimensional cultural atmosphere and social experiences [1] Group 2 - The global flagship store of Pop Mart on Nanjing Road experienced a surge in foot traffic during the holiday, leading to crowd control measures on May 1st [2] - The release of the third generation of the popular IP labubu by Pop Mart resulted in significant online buzz, with the product launch trending on social media [2] - International tourists have shown increased interest in "reverse purchasing," with many visitors from abroad eager to buy Pop Mart products that are not available in their home countries [2]