潮玩巨头泡泡玛特今日盘中股价大幅下挫，一度大跌8.38%，延续了前一交易日的弱势表现。
消息面上，公司此前发布的2025年财报显示业绩极为亮眼，营收与净利润均实现数倍增长。然而，市场似乎对此并不买账，股价在财报公布后次日即遭遇重挫。分析认为，市场担忧主要集中于公司对头部IP LABUBU的依赖度过高，以及对其海外增长可持续性的疑虑。尽管公司管理层在业绩会上表达了多元化发展的信心，并透露将与京东合作拓展小家电等新业务，但未能完全消除投资者的顾虑。
值得注意的是，在股价连续下跌的同时，南向资金却呈现连续净买入态势，显示出市场资金面与股价走势之间的背离。此前一日，泡泡玛特在财报公布后股价已暴跌超过22%，今日盘初的续跌表明市场悲观情绪仍在释放。
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