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《大行》中金削泡泡瑪特(09992.HK)目標價33%至248元 下調盈測
中金研究報告指出,泡泡瑪特(09992.HK)2025年實現收入371.2億元人民幣(下同),年增185%;經調整淨利潤130.8億元,年增285%。業績基本符合該行預期,第四季度公司主動調整經營節奏,以期為長期可持續健康成長蓄力。中金認為,2025全年亮眼表現得益於前期積累的產品創新、IP營運和組織能力的集中兌現。展望後續,公司將進一步優化組織架構,推進全...
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《大行》中金削泡泡瑪特(09992.HK)目標價33%至248元 下調盈測
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中金研究報告指出,泡泡瑪特(09992.HK)  -3.500 (-2.409%)    Short selling $482.43M; Ratio 41.736%   2025年實現收入371.2億元人民幣(下同),年增185%;經調整淨利潤130.8億元,年增285%。業績基本符合該行預期,第四季度公司主動調整經營節奏,以期為長期可持續健康成長蓄力。中金認為,2025全年亮眼表現得益於前期積累的產品創新、IP營運和組織能力的集中兌現。展望後續,公司將進一步優化組織架構,推進全球化、集團化戰略。

考慮到公司2026年更加重視質量而非增速,以及國際環境短期的不確定性,中金下調集團今明兩年經調整淨利潤13%、16%至154億、177億元。維持「跑贏行業」評級,基於盈利預測調整,以及港股新消費板塊風險偏好變化,下調目標價33%至248港元,分別對應今明兩年19倍、16倍經調整市盈率。(hc/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.)

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