高盛发表研报指，泡泡玛特今年上半年财报简报会后股价表现积极，认为这反映了管理层展望中的正面惊喜，包括：强劲的销售势头，特别是在海外市场；超出预期的利润率扩张。管理层预计全年净利润率将达到35%；管理层又表示将于本周推出迷你版Labubu，有助于拓展使用场景。 高盛对公司的盈利可见度持正面看法，支撑因素包括：持续强劲的IP势头；扩大制造能力以实现IP热度的商业化；成功进军美国和欧洲等目前仍为巨大空白的新市场；强劲的收入表现应在下半年旺季转化为进一步的营运杠杆。 高盛将泡泡玛特2025至2027年盈利预测上调28%至34%，现在预计2025年、2026年分别实现对股权持有人的调整后净利润分别为128亿元、176亿元；并根据2027年25倍市盈率，新12个月目标价从260港元上调至350港元，维持“中性”评级。
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