摩根大通发表研究报告指，对泡泡玛特旗下IP产品Labubu和Crybaby在全球范围内快速增长的品牌热度及消费者需求印象深刻。对于大多数IP的新款毛公仔售价上涨14%至87%，与可口可乐的成功合作，以及可能于8月与优衣库合作，摩通将泡泡玛特2025至2027年盈测上调19%至23%，该行的预估比市场预期高出25%。该行将泡泡玛特目标价由250港元上调至330港元，以1.5倍市盈增长率(PEG)为基准(较同行的市值加权平均PEG约1.9倍折让20%），予“增持”评级。 摩通认为，泡泡玛接下来的催化剂包括：(1)7月可能发布的盈喜，(2)即将推出的Labubu与朋友们动画(有望伴随新产品发布)，以及(3)可能推出可互动性/AI玩具(公司目前尚未披露)。该行将泡泡玛特列入正面催化剂观察名单，预测2025年上半年盈利达35亿元，超过2024年全年盈利，并重申该股是摩通在中国消费品领域的首选股票。
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