金吾财讯 | 方正证券研报指，泡泡玛特(09992)发布2025年正面盈利预告，预计25H1收入同比增长不低于200%，粗算不低于137亿元；溢利同比增长不低于350%（不含未完成统计的金融工具的公允价值变动损益），粗算期内溢利不低于43亿元，对应利润率约32%。业绩高增主要系：1）品牌与IP全球化；2）海外业务贡献；3）成本管控。该机构看好公司先发布局IP全产业链运营，产品组合不断扩充，IP矩阵更加平衡，海外业务迅速发展打开成长空间，运营效率提升费用率有望优化，预计公司2025-2027年经调整净利润分别为102.2亿元、149.9亿元、191.6亿元，维持“推荐”评级。
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