新消费“三姐妹”遇冷:资本退烧后,如何探寻长期价值新路径?

天脉网
Nov 19, 2025

港股市场近期迎来新 消费 板块的剧烈震荡, 泡泡玛特 、 老铺黄金 、蜜雪冰城三家企业股价集体承压。以10月23日收盘价计算,泡泡玛特近五个交易日累计跌幅近20%,老铺黄金同期下跌13.8%,蜜雪冰城跌幅约10%,三家公司市值较年内峰值合计蒸发超2800亿港元。这场 资本市场 的"退烧"现象,折射出新消费行业从狂热回归理性的深层逻辑。支撑企业股价的业绩数据依然强劲。泡泡玛三季度收入同比增长245%...

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