港股“子”曰 | 回购真的能管用吗？

每日经济新闻01-20

每经记者：曾子建每经编辑：袁东泡泡玛特终于出招了。昨天（1月19日），泡泡玛特回购了2.51亿港元的股票，这是2024年以来的首次回购。消息一出，泡泡玛特果然止跌了，今天上午一度涨幅超过10%。很明显，泡泡玛特此次回购，就是为了扭转股价不断下跌的颓势。但是有个疑问，从去年8月底以来，泡泡玛特已被腰斩，如今重启回购，真的能够一解燃眉之急吗？回顾泡泡玛特上市以来的资本运作，此前就曾经有过回购。公司于...

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work?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TCEHY":1.87,"PMRTY":1.96,"09992":1.96,"00700":1.87},"content_text":"每经记者：曾子建每经编辑：袁东泡泡玛特终于出招了。昨天（1月19日），泡泡玛特回购了2.51亿港元的股票，这是2024年以来的首次回购。消息一出，泡泡玛特果然止跌了，今天上午一度涨幅超过10%。很明显，泡泡玛特此次回购，就是为了扭转股价不断下跌的颓势。但是有个疑问，从去年8月底以来，泡泡玛特已被腰斩，如今重启回购，真的能够一解燃眉之急吗？回顾泡泡玛特上市以来的资本运作，此前就曾经有过回购。公司于2020年末在港交所上市，一度受到市场追捧。但2022年以后，由于业绩增长乏力，其股价也开始深度回调。于是，2022年，泡泡玛特累计回购了超过7亿港元，2023年又回购了超过2亿港元。但从效果来看，回购的效果并不算太理想。而到了2024年，随着Labubu的火爆，泡泡玛特股价起飞了，泡泡玛特也就再也没有过回购。这也说明，泡泡玛特此前的回购，目的非常明确，就是想要让股价止跌。再来看一下港股“回购王”腾讯，它是怎么操作的。腾讯是从2022年开始回购的，2022年回购了近337亿港元，2023年回购了近500亿港元。当时的回购，是为了应对大股东的减持计划，于是抛出了一项长期回购计划。从效果来看，腾讯股价在2022年10月就见底，到2023年1月，股价翻了一倍多。2024年，腾讯股价已经重新步入上升趋势，但回购规模反而不减反增。这一年，腾讯回购了惊人的1120亿港元。2025年，虽然回购金额有所减少，但依然超过800亿港元。2026年初以来，腾讯的回购金额已经累计超过63亿港元。明明股价早就转牛了，为何腾讯依然保持大规模的回购？原因很简单，公司拥有太多太多的现金，外部如果找不到更好的投资时，回购股票被视为比盲目投资更优的资本增值手段。从某种程度上说，这是因为公司基本面太好，于是将现金返还给股东的一种方式，这是一种底气的象征。回到泡泡玛特，时隔两年后重启回购，短期可能会有个反弹。但其实就算你不回购，技术性反弹可能也会出现，毕竟这一波已经跌得够狠了。如果真的想靠回购来止住股价下跌，这几亿港元的规模，可能也不太够吧。其实，中长期来看，我觉得还是不要指望依靠回购来扭转趋势。要想股价转牛，归根结底还要看基本面能不能重新恢复快速的增长。或许某一天，当新的“Labubu”出现时，泡泡玛特重回巅峰也并不会遥不可及。（欢迎关注微信公众号：港股第一眼）免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。每日经济新闻","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"buyback","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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