泡泡玛特 2025 年三季度 -规模效应下业绩强劲超预期

October 22, 2025 12:32 AM GMT Pop Mart | Asia Pacific 3Q25 – Strong Beat: Acceleration at Scale Reaction to earnings Strengthens our thesis Meaningful upside Meaningful revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Unexpected growth acceleration in 3Q implies 20-25% higher sales than we estimated in dollar amount. We had anticipated the supply ramp for Labubu and other bestsellers to drive strong ...