美银证券发表研究报告指，泡泡玛特(09992.HK) 2025财年业绩未达投资者较高预期，主要由于收入逊预期，期内收入按年升185%至370亿元人民币(下同)，低于市场预期的约400亿元，经调整净利润率大致符合预期。管理层指引2026年收入增长不少于20%，低于市场预期的30%，并暗示受第三季高基数影响，下半年收入可能录得按年下跌。该行认为，2026年将是泡泡玛特的过渡之年，面对Labubu在欧美...
Source Link美银证券发表研究报告指，泡泡玛特(09992.HK) 2025财年业绩未达投资者较高预期，主要由于收入逊预期，期内收入按年升185%至370亿元人民币(下同)，低于市场预期的约400亿元，经调整净利润率大致符合预期。管理层指引2026年收入增长不少于20%，低于市场预期的30%，并暗示受第三季高基数影响，下半年收入可能录得按年下跌。该行认为，2026年将是泡泡玛特的过渡之年，面对Labubu在欧美...
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