泡泡玛特25Q1运营数据点评:收入超预期,继续看好IP价值释放

东吴证券
24 Apr

投资要点事件:公司发布2025Q1业务情况,整体收入(未经审核)同比增长165%-170%,其中中国收入同比增长95%-100%,海外收入同比增长475%-480%。公司业绩好于此前指引以及市场预期。低基数叠加新品销售亮眼,Q1收入延续高速增长。在24Q1低基数背景下,25Q1Labubu等头部IP势能延续,同时《哪咤之魔童闹海》天生羁绊系列手办、Zsiga沿线走的人系列手办、Dimoo x迪士尼...

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