US STOCKS
FUNDS
FX & CRYPTO
SH/SZ-HK
HK STOCKS
 
 
 
 
 
 
News Sharing
For sharing news, please enter the email address of you and the receiver, then press SEND button.*Mandatory Fields
Receiver*
Enter email addresses, separated by semicolon (;). E.g. a@a.com;b@b.com
Your email address*
Content Sharing
《大行》德銀重申泡泡瑪特(09992.HK)「沽售」評級 料銷售或面臨挑戰
德意志銀行發表報告指出,利用「魔鏡電商」數據追蹤泡泡瑪特(09992.HK)在中國的線上銷售(天貓/淘寶、抖音),得出今年3月銷售年增率達106%,按月增5%。但將2月與3月的銷售與2025下半年平均值相比,顯示出約20%的下滑,這意味著當基期從第二季開始變高時,銷售或面臨挑戰。今年首季,泡泡瑪特的電商成長預計年增86%,與2025年第四季觀察到的85%年增...
Reset
Send
The window will close in 5 seconds
《大行》德銀重申泡泡瑪特(09992.HK)「沽售」評級 料銷售或面臨挑戰
Recommend
9
Positive
7
Negative
8
 
 

德意志銀行發表報告指出,利用「魔鏡電商」數據追蹤泡泡瑪特(09992.HK)  -5.600 (-3.398%)    Short selling $369.81M; Ratio 20.027%   在中國的線上銷售(天貓/淘寶、抖音),得出今年3月銷售年增率達106%,按月增5%。但將2月與3月的銷售與2025下半年平均值相比,顯示出約20%的下滑,這意味著當基期從第二季開始變高時,銷售或面臨挑戰。今年首季,泡泡瑪特的電商成長預計年增86%,與2025年第四季觀察到的85%年增率一致。

泡泡瑪特預計於5月公佈其今年首季的營運更新。基於近期與投資者的討論,市場預計,中國市場全渠道收入年增率為80%至100%。海外銷售上,則預期相較於2025年第四季將呈現持續的季減,但確切的幅度仍不明朗。在該行基本情境下,海外市場的年增率預計將維持在100%(相當於季減10%)。若季減幅度比此基本情境更為嚴峻,將對全年預測構成負面影響。

德銀指,今年次季泡泡瑪特將維持積極的新產品發佈排程,作為刺激銷售的關鍵策略。但觀察到收藏家之間出現「時尚疲勞」的跡象。而今天(17日)推出的「Twinkle - Moon Gelato」系列。預期在國內將有正面的銷售和迴響,但在海外市場的吸引力可能有限。

該行重申對泡泡瑪特「沽售」評級及目標價157元;因為該行認為2025年第四季泡泡瑪特的增長減速已引發對2026年展望的擔憂。

德銀認為目前在中國被視為「稀缺」的泡泡瑪特IP只有《星星人》。然而,其二級市場價格已開始出現折價交易,顯示出早期的「潮流疲勞」跡象,類似於2025年第三季度Labubu的走勢。至於《Skull Panda》,儘管市場期待度很高,但尚未產生同樣強勁的反饋。該行對 泡泡瑪特的商業模式持有與市場不同的看法。市場普遍認為它是一家「平台型公司」,能夠透過多個爆款IP和新產品持續創造銷售。但該行認為Labubu才是公司的核心「引流鉤子」,吸引顧客進店,並因排隊和「稀缺感」提升其他IP系列的銷售及單次交易的購買數量。若缺乏Labubu的強大吸引力,其他IP的品牌知名度和銷售動能可能顯著減弱,尤其在海外市場。由於收藏型IP屬於週期性業務,該行認為其最受歡迎的 IP《The Monster》(Labubu)可能已達到高。(hc/w)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-17 12:25.)

AASTOCKS新聞

Preferred News
Related Stocks
0/0
 
SITEMAP
Email: support@aastocks.com
AASTOCKS.COM LIMITED (阿斯達克網絡信息有限公司) All rights reserved.
Disclaimer
You expressly agree that the use of this app/website is at your sole risk.

AASTOCKS.com Limited, HKEx Information Services Limited, China Investment Information Services Limited, Shenzhen Securities Information Co. Ltd, Nasdaq, Inc., their respective holding companies and/or any subsidiaries of such holding companies, their Sources and/or other third party data provider(s) endeavour to ensure the accuracy and reliability of the Information provided but do not guarantee its accuracy or reliability and accept no liability (whether in tort or contract or otherwise) for any loss or damage arising from any inaccuracies or omissions.

Neither AASTOCKS.com Limited, HKEx Information Services Limited, China Investment Information Services Limited, Shenzhen Securities Information Co.Ltd., Nasdaq, Inc. nor their respective holding companies and/or any subsidiaries of such holding companies nor their Sources and/or other third party data provider(s) make any express or implied offers, representations or warranties (including, without limitation, any warranty or merchantability or fitness for a particular purpose or use) regarding the Information.

Neither AASTOCKS.com Limited, HKEx Information Services Limited, China Investment Information Services Limited, Shenzhen Securities Information Co. Ltd., Nasdaq, Inc. nor their respective holding companies and/or any subsidiaries of such holding companies nor their Sources and/or other third party data provider(s) will be liable to any Subscriber or any other party for any interruption, inaccuracy, error, or omission, regardless of cause, in the Information or for any damages (whether direct or indirect, consequential, punitive, or exemplary) resulting from its use by any party.

AASTOCKS.com Limited shall not be liable for any failure or delay in performance of its obligations under this Disclaimer because of circumstances beyond its reasonable control, including but without limitation, acts of God, typhoons, rainstorms, other natural disasters, government restrictions, strikes, wars, virus outbreak, network failures or telecommunications failures.

Morningstar Disclaimer: Copyright © 2020 Morningstar, Inc. All Rights Reserved. The information, data, analyses and opinions ("Information") contained herein: (1) include the proprietary information of Morningstar and Morningstar’s third party licensors; (2) may not be copied or redistributed except as specifically authorised; (3) do not constitute investment advice; (4) are provided solely for informational purposes; and (5) are not warranted to be complete, accurate or timely. Morningstar is not responsible for any trading decisions, damages or other losses related to the Information or its use. Please verify all of the Information before using it and don’t make any investment decision except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up.

The information and contents contained in this app/website are based on the analyses and interpretations of publicly available information obtained from sources believed to be reliable. Such analyses and information have not been independently verified and AASTOCKS.com Limited makes no guarantees to their accuracy, completeness, timeliness or correctness.

The information, financial market data, quotes, charts, statistics, exchange rate, news, research, analysis, buy and sell ratings, Education Center and other information on this app/website should be used as references only at your own discretion. Prior to the execution of a security or any other trade based upon the Information, you are advised to consult independent professional advice to verify pricing information or to obtain more detailed market information. AASTOCKS.com Limited is not soliciting any subscriber or app/website visitor to execute any trade. Any trades executed following the said information, commentaries and/or buy/sell ratings on this app/website are taken at your own risk for your own account.

As a convenience to users, the AASTOCKS.com Limited has added a translation feature developed by Azure OpenAI to assist users in understanding information on this platform in languages other than Chinese. The translated text may lose some of its intended meaning. Some items on the site, including images containing text, videos with captioning, PDF documents, or maps may not be translated, and some features may not work in the translated versions.

The AASTOCKS.com Limited does not guarantee the accuracy of translations, and the translated text should not be considered exact. The text translated is made available on an as is and as available basis without any warranties of any kind. The AASTOCKS.com Limited will not accept any liability for damages or losses of any kind caused by the use of the translation feature.

AASTOCKS.com Limited provides the information and services on an "AS IS" basis. The information and contents on this app/website are subject to change without notice. AASTOCKS.com Limited reserves the right, in its sole discretion but without any obligation, to make improvements to, or correct any error or omissions in any portion of this app/website at any time.

The subscriber or app/website visitor agrees not to reproduce, retransmit, disseminate, distribute, broadcast, publish, circulate, sell or commercially exploit the information and contents on this app/website in any manner without the express written consent of AASTOCKS.com Limited.

Investment involves risk. You may make use of the Education Center of this website for academic reference purposes at your own discretion. AASTOCKS.com Limited cannot and does not give any assurance that the present or future buy/sell commentaries and signals on this app/website will be profitable. AASTOCKS.com Limited cannot guarantee, and the subscriber or app/website visitor should not assume, that the future performance will equal past performance.

AASTOCKS.com Limited may point to other sites that may be of interest to the subscriber or app/website visitor but for which AASTOCKS.com Limited has no responsibility and only provides this as a service to the subscriber or app/website visitor.

AASTOCKS.com Limited does not represent or endorse the accuracy or reliability of any information, advertisements or contents contained on, distributed through, or linked, downloaded or accessed from any of the services on this app/website. AASTOCKS.com Limited cannot and does not guarantee the quality or reliability of any products or information purchased or obtained by you as a result of an advertisement or any other information displayed on this app/website.

AATV is a video platform owned by AASTOCKS.com Limited.

You acknowledge that: (i) AATV is provided for information purposes only and, in particular, is not intended for trading purposes; (ii) AATV does not and none of the information contained in its program constitutes a solicitation, offer, opinion, or recommendation by us to buy or sell any security, or to provide legal, tax, accounting, or investment advice or services whether or not regarding the profitability or suitability of any security or investment; and (iii) AATV is not intended for use by, or distribution to, any person or entity in any jurisdiction or country where such use or distribution would be contrary to law or regulation.

The financial analysis or opinion expressed in the AATV programs is for reference and discussion only, and does not represent AASTOCKS.com Limited. Investors must make their own investment decisions based on their own investment objectives and financial situation. AASTOCKS.com Limited shall not, directly or indirectly, be liable, in any way, to you or any other person for any: (i) inaccuracies or errors in or omissions from AATV including, but not limited to, quotes and financial data; (ii) delays, errors, or interruptions in the transmission or delivery of AATV; or (iii) loss or damage arising therefrom or occasioned thereby, or by any reason of nonperformance.

AASTOCKS.com Limited reserves the right to change this Disclaimer at any time by posting changes online at this app/website. You are responsible for reviewing regularly information posted therein to obtain timely notice of such changes. Your continued use of this app / website after changes are posted constitutes your acceptance of this Agreement as modified by the posted changes.

The disclaimer herein shall be governed by the law of the Hong Kong Special Administrative Region of the People's Republic of China ("Hong Kong") and you agree to submit to the exclusive jurisdiction of the Hong Kong courts.

In the event of any discrepancy between the Chinese and English versions, the English version shall prevail.

Last updated on 9 February 2026.