泡泡玛特，正在把“盲盒生意”做成全球 IP 生意

SG Visual Research 图解研报

01-13

$泡泡玛特(09992)$

海外收入一年翻了几倍，毛利率比国内还高，IP 不再靠单点爆款，而是可以被不断复制到不同市场、不同渠道。

这期研报真正抛出来的问题很直接：

当 IP 能规模化出海，泡泡玛特还是一家“潮玩公司”吗？

@TigerStars

免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":521333401793216,"tweetId":"521333401793216","gmtCreate":1768261327286,"gmtModify":1768261340384,"author":{"id":3558404604264882,"idStr":"3558404604264882","authorId":3558404604264882,"authorIdStr":"3558404604264882","name":"SG Visual Research 图解研报","avatar":"https://static.tigerbbs.com/a6e90d8e86d025ca79fd03dfd73d1fa0","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":3,"crmLevelSwitch":0,"currentWearingBadge":{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-4","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"明星虎友","description":"加入老虎社区2000天","bigImgUrl":"https://static.tigerbbs.com/dddf24b906c7011de2617d4fb3f76987","smallImgUrl":"https://static.tigerbbs.com/53d58ad32c97254c6f74db8b97e6ec49","grayImgUrl":"https://static.tigerbbs.com/6304700d92ad91c7a33e2e92ec32ecc1","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.01.12","individualDisplayEnabled":0},"individualDisplayBadges":[],"fanSize":13,"starInvestorFlag":false},"themes":[],"images":[{"img":"https://static.tigerbbs.com/400c9a41bd28ee4fe07932608bcb7ea6","width":"1080","height":"5152"}],"coverImages":[{"img":"https://static.tigerbbs.com/400c9a41bd28ee4fe07932608bcb7ea6","width":"1080","height":"5152"}],"title":"泡泡玛特，正在把“盲盒生意”做成全球 IP 生意","html":"<html><head></head><body><a href=\"https://laohu8.com/S/09992\">$泡泡玛特(09992)$&nbsp;</a>&nbsp;\n海外收入一年翻了几倍，毛利率比国内还高，IP 不再靠单点爆款，而是可以被不断复制到不同市场、不同渠道。\n这期研报真正抛出来的问题很直接：\n当 IP 能规模化出海，泡泡玛特还是一家“潮玩公司”吗？\n<img src=\"https://static.tigerbbs.com/400c9a41bd28ee4fe07932608bcb7ea6\" tg-width=\"1080\" tg-height=\"5152\">\n<a href=\"https://laohu8.com/U/9000000000000149\">@TigerStars</a>&nbsp;\n\n </body></html>","htmlText":"<html><head></head><body><a href=\"https://laohu8.com/S/09992\">$泡泡玛特(09992)$&nbsp;</a>&nbsp;\n海外收入一年翻了几倍，毛利率比国内还高，IP 不再靠单点爆款，而是可以被不断复制到不同市场、不同渠道。\n这期研报真正抛出来的问题很直接：\n当 IP 能规模化出海，泡泡玛特还是一家“潮玩公司”吗？\n<img src=\"https://static.tigerbbs.com/400c9a41bd28ee4fe07932608bcb7ea6\" tg-width=\"1080\" tg-height=\"5152\">\n<a href=\"https://laohu8.com/U/9000000000000149\">@TigerStars</a>&nbsp;\n\n </body></html>","text":"$泡泡玛特(09992)$ 海外收入一年翻了几倍，毛利率比国内还高，IP 不再靠单点爆款，而是可以被不断复制到不同市场、不同渠道。 这期研报真正抛出来的问题很直接： 当 IP 能规模化出海，泡泡玛特还是一家“潮玩公司”吗？ @TigerStars","highlighted":1,"essential":1,"paper":2,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/521333401793216","repostId":0,"isVote":1,"tweetType":1,"viewCount":1131,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["09992","PMRTY"],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":198,"optionInvolvedFlag":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/521333401793216"}