泡泡玛特(09992)跌近3% 1季度海外各区域增速明显放缓

金吾财讯
May 14

金吾财讯 | 泡泡玛特(09992)股价受压,截至发稿,报156.2港元,跌2.92%,成交额12.73亿港元。消息面上,中金公司表示,公司公布2026 年第一季度业务状况,预计整体收入同增75%-80%。海外淡季增速环比有所回落。分地区看:1)亚太地区同增25%-30%,Zsiga、Crybaby、星星人等分别在东南亚、东亚形成较强本地影响力;2)美洲地区同增55%-60%,欧洲及其他地区同增60%-65%,SP、小野等欧美热度较高的IP 持续运营,同时公司计划加速推进本地艺术家挖掘与IP 合作。公司从年初定调进站维修以来,过去一个季度已逐步落地门店调整、商品规划、产能协同、会员体系建设等各项举措,同时,四大区域逐渐转变为各区域相互分享、相互支持的模式,该机构认为后续海外环比逐步实现企稳向好可期。交银国际表示,1季度海外各区域增速明显放缓,该机构测算海外收入较4季度环比明显回落。该机构认为这一放缓是阶段性的,2025年海外市场经历了以Labubu为核心驱动的流量爆发期;进入2026年,海外业务正过渡至精细化运营阶段。积极的一面是,管理层反馈海外市场的本地消费者占比正持续提升。公司计划未来1-2年加速完善海外零售及会员体系建设,以夯实复购基础与长期增长质量。

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