泡泡玛特的2026:“戴维斯双杀”还是“空中加油”?

华尔街见闻
Jan 08

泡泡玛特 (9992.HK)可能是当下港股市场上争议最大的标的,它的股价曲线像极了它旗下的潮玩:充满了惊喜与惊吓,极度非线性。2024年,当Labubu毛绒挂件挂在顶级流量Lisa的爱马仕包上时,泡泡玛特命运的齿轮开始转动,“中国盲盒教主”摇身一变成了“全球IP新贵”。市场对于公司2025年度盈利预期从年初约40亿元飙升至三季报后的超130亿元。然而,到了2025年末,当北美的第三方高频数据稍有...

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