【券商聚焦】国联民生证券：泡泡玛特(9992.HK)全球化IP生态驱动业绩高增长

金吾财讯02-11

（原标题：【券商聚焦】国联民生证券：泡泡玛特(9992.HK)全球化IP生态驱动业绩高增长）金吾财讯|国联民生证券发布研报指，泡泡玛特(9992.HK)正从潮玩公司转型为全球化IP全产业链集团，核心IP Labubu通过家族化策略及分层供给实现健康增长，2025年全球营收达30亿元。公司已建立工业化IP孵化体系，新IP星星人2025年上半年营收3.9亿元，形成互补矩阵。海外市场方面，北美采用集群...

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