---
title: "《大行》野村：泡泡玛特第三季增长再加速  维持目标价 372 元"
description: "野村研究报告指出，泡泡玛特第三季总收入增长加速至 245%-250%，超出市场预期。中国市场销售年增 185%-190%，美国和欧洲市场分别年增约 12.7 倍和 7.4 倍。公司强劲增长得益于稳健的 IP 开发与运营能力，维持 372 元目标价及「买入」评级。"
type: "news"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/262161126.md"
published_at: "2025-10-22T04:47:42.000Z"
---

# 《大行》野村：泡泡玛特第三季增长再加速  维持目标价 372 元

> 野村研究报告指出，泡泡玛特第三季总收入增长加速至 245%-250%，超出市场预期。中国市场销售年增 185%-190%，美国和欧洲市场分别年增约 12.7 倍和 7.4 倍。公司强劲增长得益于稳健的 IP 开发与运营能力，维持 372 元目标价及「买入」评级。

野村研究报告指，泡泡玛特 (09992.HK) 第三季总收入增长进一步加速至 245% 至 250%，较市场预期高。细分市场方面，中国市场销售显着加快，第三季销售按年升 185% 至 190%，相较於上半年为 135%。而美国及欧洲市场亦维持快速增长势头，第三季销售分别按年升约 12.7 倍及 7.4 倍，相较於上半年约 11.4 倍及 7.3 倍。

该行认为，泡泡玛特持续强劲的增长动能，主要受惠於其稳健的 IP 开发与营运能力；除了最大收入来源 THE MONSTERS 外，其他主要 IP 亦已形成独特的认知度，并锁定目标客群；例如 Twinkle Twinkle 展现强劲增长势头，而 SKULLPANDA、HIRONO 等 IP 近月亦加强联名合作；不同 IP 更均衡的增长，有助缓解公司集中於 THE MONSTERS 的风险；维持目标价 372 元及「买入」评级。

### Related Stocks

- [09992.HK - 泡泡玛特](https://longbridge.com/zh-CN/quote/09992.HK.md)

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