【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_老虎社区_美港股上老虎

【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...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

暂无评论

热议股票

7x24

全部

{"i18n":{"language":"zh_CN"},"data":{"share":"https://www.laohu8.com/m/news/2610878601?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-02-11 10:21","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2610878601","market":"hk","top_or_hot":-1,"title":"【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","media":"金吾财讯","content":"<div>\n<p>（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...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260211103715a6ecdef1&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>【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</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n【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\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-11 10:21 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260211103715a6ecdef1&s=b><strong>金吾财讯</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>（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...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260211103715a6ecdef1&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0164880469.USD","symbol_name":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260211103715a6ecdef1&s=b","article_id":"2610878601","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260211103715a6ecdef1&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2610878601","pubTimestamp":1770776513,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"金吾财讯|国联民生证券发布研报指，泡泡玛特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。预计2026年总收入510亿元，经调整净利润180亿元，目标PE 23倍对应市值4140亿元。风险包括IP生命周期、海外拓展及新业务盈利不确定性。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0823426308.USD":"法巴中国股票基金","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU0359201612.USD":"贝莱德中国基金A2","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","SG9999002950.SGD":"United Asian Growth Opportunities SGD","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","BK1564":"中资券商股","09992":"泡泡玛特","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","SGXZ86797644.SGD":"MAYBANK ASIAN GROWTH AND INCOME-I \"A\" (SGDHDG) INC","SG9999001069.SGD":"UOB UNITED ASIA PACIFIC GROWTH (SGD) ACC","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","SGXZ62798434.SGD":"MAYBANK ASIAN GROWTH AND INCOME-I \"A\" (SGDHDG) ACC","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","PMRTY":"Pop Mart International Group Limited","BK1147":"投资银行业与经纪业","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0348766576.USD":"ALLIANZ LITTLE DRAGONS \"A\" (USD) INC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU0348767384.USD":"ALLIANZLITTLE DRAGONS \"A\" (USD) ACC","BK1224":"专卖店","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0823426480.USD":"法巴中国股票经典Dis","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A"},"translate_title":"[Brokerage Focus] Guolian Minsheng Securities: Pop Mart (9992. HK) Global IP Ecology Drives High Performance Growth","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PMRTY":1.97,"09992":1.97},"content_text":"（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，北美采用集群化扩张策略，对标Apple Store和Pandora测算开店空间270-550家，2026年计划门店翻倍；欧洲以英法为核心，2025年H1收入同比增729%至4.78亿元。新业务POP BAKERY（甜品）和POPOP（珠宝）延伸消费场景，单价分别覆盖39-199元和249-2699元。 预计2026年总收入510亿元（同比+27%），经调整净利润180亿元，目标PE 23倍对应市值4140亿元。风险包括IP生命周期、海外拓展及新业务盈利不确定性。","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":"dataReport","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}