你知道5.3

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你知道5.3

2025-9-1

5.3泡泡玛特：中报盈利超预期，全年指引上修 泡泡玛特：利润率超预期，成长逻辑持续兑现。25H1收入138.8亿元/同比+204.4%（25Q1收入165-170%，Q2环比加速），归母净利润45.7亿元/同比+396.5%，经调净利润47.1亿元/同比+362.8%，经调净利率33.9%/同比+11.6pct。 我们认为泡泡玛特业绩连续超预期得益于：1）新品连续火爆、多IP增速亮眼：LABUBU热度25Q2爆发式增长，LABUBU三代出圈；同时星星人、CRYBABY热度提升，MOLLY、DIMOO、SP等强势IP持续扩圈，25H1前四大IP THE MONSTERS/MOLLY/SP/CRYBABY收入占比35%/10%/9%/9%（同比+668%/+74%/+112%/+249%）；2）多品类扩张：25H1手办/毛绒/MEGA/衍生品收入占比37%/44%/7%/11%（同比+95%/+1276%/+72%/+79%），多IP均成功孵化毛绒爆品，积木/卡牌/饰品/可动人偶等新品类加快推新；3）海外加速成长：亚太/美洲/欧洲及其他收入占比21%/16%/3%（同比+258%/+1142%/+729%），保持快速拓店、店效创新高，线上增势强劲。 展望Q3：看好8月新品MINI LABUBU毛绒国内外销售火爆，海外保持快速拓店、全年目标达200家（8月140家），同时产能快速扩张、业绩有望更好兑现。长期看：公司核心壁垒并不依赖单一IP，而是长效的IP创造和运营机制，目前爆品率稳定，品类扩充打破边界，25年仍在加速成长期，26年伴随海外拓店+推新维持店效，业绩有望持续兑现，长期路径指向“做世界的泡泡玛特”。图：泡泡玛特财务数据图：泡泡玛特IP拆分资料来源：公司公告、浙商证券研究所37单位：百万元营业收入YOY归母净利润YOY调整后净利润YOY毛利率期间费用率其中：销售费用销售费用率其中：管理费用管理费用率其中：财务费用财务费用率归母净利率调整后净利率2023H12813.81 19.29%476.58 43.19%535.37 42.28%60.36%40.73%878.32 31.21%331.25 11.77%-63.44 -2.25%16.94%19.03%2023H23487.19 54.40%605.76 324.09%655.15 232.14%62.47%40.55%1126.39 32.30%376.05 10.78%-88.44 -2.54%17.37%18.79%2023A6301.00 36.46%1082.34 127.55%1190.52 107.57%61.32%41.50%2004.71 31.92%707.30 12.00%-151.88 -2.42%17.18%18.89%2024H14557.83 61.98%921.33 93.32%1017.63 90.08%64.05%37.38%1353.21 29.69%434.41 9.53%-83.78 -1.84%20.21%22.33%2024H28479.92 143.17%2204.14 263.86%2385.54 264.12%68.26%36.05%2297.26 27.09%512.68 6.05%247.13 2.91%25.99%28.13%2024A13037.75 106.92%3125.47 188.77%3403.16 185.86%66.79%36.52%3650.46 28.00%947.09 7.26%163.35 1.25%23.97%26.10%2025H113876.28 204.45%4574.37 396.49%4709.63 362.81%70.34%28.09%3192.59 23.01%770.41 5.55%-65.51 -0.47%32.97%33.94%单位：百万元泡泡玛特品牌产品The MonstersMollySKULLPANDACRYBABYDimooHIRONO星星人2023H12023H22024H12024H22025H12585.77 159.83411.43526.3891.9%5.7%14.6%18.7%362.03109.3512.9%3.9%3272.18 208.04608.87498.4171.15375.63241.8593.8%6.0%17.5%14.3%2.0%10.8%6.9%4382.74 626.81782.16574.56349.38377.84245.2596.2%13.8%17.2%12.6%7.7%8.3%5.4%8338.77 2413.861311.01733.70815.50531.72481.2898.3%28.5%15.5%8.7%9.6%6.3%5.7%收入占比（）收入占比（）收入占比（）收入占比（）收入占比（）%%%%%13753.41 4814.0299.1%34.7%1357.251220.501218.171105.14728.42389.36332.129.8%8.8%8.8%8.0%5.2%2.8%2.4%HACIPUPPU69.172.5%82.592.4%94.992.1%129.301.5%

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