晨星：泡泡玛特股票估值过高尽管盈利指引强劲上调公司合理价值预估至202港元

金融界2025-07-17

晨星报告称，泡泡玛特的股票估值过高，市场可能忽略了与其IP相关的较高业务风险。该公司预计其上半年收入将同比增长至少200%，这大大超出了Zhang的预期。泡泡玛特的旗舰IP如“精灵天团”、Molly和“哭娃”已获得全球认可，其新的毛绒玩具系列“拉布布”3.0和哭娃“豹豹猫猫”售罄就是明证。晨星将泡泡玛特的合理价值预估从164港元上调至202港元，因其预计上半年海外收入将同比增长480%，但仍认为该...

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晨星：泡泡玛特股票估值过高 尽管盈利指引强劲 上调公司合理价值预估至202港元

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晨星：泡泡玛特股票估值过高尽管盈利指引强劲上调公司合理价值预估至202港元