泡泡玛特1Q业绩超预期,欧美爆发、品类持续破圈、成长势能向上

国金证券
23 Apr

一、业绩表现与市场预期公司披露2025年第一季度业务情况,收入同比增长165%-170%,超出市场预期。其中,中国区收入同比增长95%-100%,海外收入同比增幅高达475%-480%。整体来看,公司在国内外市场的表现均显著优于去年同期,尤其是海外市场延续了爆发式增长。二、国内市场分析国内市场的亮眼表现验证了公司“质效双升”战略的成效。中国区收入的增长主要得益于IP产品创新能力的持续兑现,例如与...

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