<p>贪玩（香港证券交易所代码：9890）刚与 COEXIST 集团和深圳公益文化签署了一项为期五年的战略合作协议，锁定了来自 200 多位艺术家的独家潮玩权利。该股票已经反映出这一转变。</p>
<p>查看我们对贪玩的最新分析。</p>
<p>最新的合作消息是在强劲表现之后发布的，目前股价为 15.98 港元，年初至今的股价回报率为 124.75%，显示出增长势头。同时，1 年总股东回报率为 87.56%，表明长期持有者已经获得了良好的回报。</p>
<p>如果贪玩的潮玩业务引起了你的关注，现在可能是探索其他快速增长股票的好时机，这些股票具有高内部持股比例。</p>
<p>但随着贪玩从游戏转向更广泛的知识产权和潮玩生态系统，最近的反弹是否仍然留有上涨空间，还是投资者已经在为公司的未来增长潜力支付？</p>
<h2>7.8 倍的市盈率：是否合理？</h2>
<p>在 15.98 港元的价格下，贪玩的市盈率为 7.8 倍，相较于更广泛的香港市场和直接竞争对手而言，显得相对便宜。</p>
<p>市盈率比较了投资者今天为每单位当前收益支付的价格，使其成为像贪玩这样的盈利娱乐和游戏企业的核心标准。过去五年收益强劲增长，而公司最近才果断实现盈利，单一数字的倍数暗示市场并未定价特别雄心勃勃的利润预期。</p>
<p>与香港娱乐行业平均市盈率 14.9 倍和更广泛市场平均市盈率 12.3 倍相比，贪玩的 7.8 倍倍数显得明显较低。这一折扣表明，投资者为贪玩的收益支付的溢价远低于可比公司，尽管其历史收益增长高且股本回报率较高。</p>
<p>查看数字对这一价格的看法——在我们的估值分析中找到答案。</p>
<p><strong>结果：7.8 倍的市盈率（被低估）</strong></p>
<p>然而，贪玩在核心游戏之外的多元化以及建立潮玩知识产权生态系统的执行风险可能会挑战利润率并维持投资者的怀疑态度。</p>
<p>了解贪玩叙事的关键风险。</p>
<h2>构建你自己的贪玩叙事</h2>
<p>如果你有不同的看法或想自己深入研究数字，可以在几分钟内制定个性化的观点：按你的方式进行。</p>
<p>进行贪玩研究的一个良好起点是我们的分析，强调 2 个关键奖励和 1 个重要警示信号，这可能会影响你的投资决策。</p>
<h2>寻找更多投资想法？</h2>
<p>今天就将你的好奇心转化为行动，否则你可能会错过在 Simply Wall St 强大的股票筛选器上悄然积累的全新机会。</p>
<ul>
<li>通过扫描这 894 只可能低于其内在价值的被低估股票，及早捕捉潜在的错误定价。</li>
<li>通过关注这 30 只处于医学与机器智能交汇处的医疗 AI 股票，乘势而上。</li>
<li>通过瞄准这 15 只收益率超过 3% 的股息股票，增强你的收入策略，这些股票可以通过持续的现金支付来增强总回报。</li>
</ul>
<p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们基于历史数据和分析师预测提供评论，仅使用无偏见的方法，我们的文章并不构成财务建议。</strong> 它不构成购买或出售任何股票的推荐，也未考虑你的目标或财务状况。我们旨在为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>

贪玩

<p>贪玩（香港证券交易所代码：9890）已与 COEXIST 集团和深圳共艺思文化签署了一项为期五年的战略合作伙伴关系，获得超过 200 位艺术家的独家潮玩权利。这一举措反映了从游戏向更广泛的知识产权和潮玩生态系统的转变。尽管股价表现强劲，贪玩的市盈率为 7.8 倍，显示其相较于行业平均水平被低估。然而，多元化风险可能会影响利润率。建议投资者进一步分析，并考虑潜在的风险和回报</p>

<p>Tanwan (SEHK:9890) just signed a five year strategic cooperation with COEXIST Group and Shenzhen Gongyisi Culture, locking in exclusive pop toy rights from over 200 artists. The stock is already reflecting that pivot.</p>
<div class="lb-trans"><p>贪玩（香港证券交易所代码：9890）刚与 COEXIST 集团和深圳公益文化签署了一项为期五年的战略合作协议，锁定了来自 200 多位艺术家的独家潮玩权利。该股票已经反映出这一转变。</p>
</div><p>See our latest analysis for Tanwan.</p>
<div class="lb-trans"><p>查看我们对贪玩的最新分析。</p>
</div><p>The latest cooperation news lands after a strong run, with the share price at HK$15.98 and a year to date share price return of 124.75% pointing to building momentum. At the same time, the 1 year total shareholder return of 87.56% shows longer term holders have already been well rewarded.</p>
<div class="lb-trans"><p>最新的合作消息是在强劲表现之后发布的，目前股价为 15.98 港元，年初至今的股价回报率为 124.75%，显示出增长势头。同时，1 年总股东回报率为 87.56%，表明长期持有者已经获得了良好的回报。</p>
</div><p>If Tanwan’s pop toy push has grabbed your attention, it could be a good moment to see what else is growing fast by exploring fast growing stocks with high insider ownership.</p>
<div class="lb-trans"><p>如果贪玩的潮玩业务引起了你的关注，现在可能是探索其他快速增长股票的好时机，这些股票具有高内部持股比例。</p>
</div><p>But with Tanwan pivoting from games into a broader IP and pop toy ecosystem, is the recent rally still leaving room for upside, or are investors already paying today for the company’s future growth potential?</p>
<div class="lb-trans"><p>但随着贪玩从游戏转向更广泛的知识产权和潮玩生态系统，最近的反弹是否仍然留有上涨空间，还是投资者已经在为公司的未来增长潜力支付？</p>
</div><h2>Price-to-Earnings of 7.8x: Is it justified?</h2>
<div class="lb-trans"><h2>7.8 倍的市盈率：是否合理？</h2>
</div><p>At HK$15.98, Tanwan trades on a price-to-earnings ratio of 7.8 times, which screens as inexpensive relative to both the wider Hong Kong market and direct peers.</p>
<div class="lb-trans"><p>在 15.98 港元的价格下，贪玩的市盈率为 7.8 倍，相较于更广泛的香港市场和直接竞争对手而言，显得相对便宜。</p>
</div><p>The price-to-earnings ratio compares what investors are paying today for each unit of current earnings, making it a central yardstick for profitable entertainment and gaming businesses like Tanwan. With earnings having grown strongly over the past five years and the company only recently moving decisively into profitability, a single-digit multiple hints that the market is not pricing in especially ambitious profit expectations.</p>
<div class="lb-trans"><p>市盈率比较了投资者今天为每单位当前收益支付的价格，使其成为像贪玩这样的盈利娱乐和游戏企业的核心标准。过去五年收益强劲增长，而公司最近才果断实现盈利，单一数字的倍数暗示市场并未定价特别雄心勃勃的利润预期。</p>
</div><p>Against the Hong Kong Entertainment industry average price-to-earnings of 14.9 times and a broader market average of 12.3 times, Tanwan’s 7.8 times multiple looks meaningfully lower. That discount suggests investors are paying a far smaller premium for Tanwan’s earnings than they are for comparable companies, despite its high historical earnings growth and elevated return on equity.</p>
<div class="lb-trans"><p>与香港娱乐行业平均市盈率 14.9 倍和更广泛市场平均市盈率 12.3 倍相比，贪玩的 7.8 倍倍数显得明显较低。这一折扣表明，投资者为贪玩的收益支付的溢价远低于可比公司，尽管其历史收益增长高且股本回报率较高。</p>
</div><p>See what the numbers say about this price — find out in our valuation breakdown.</p>
<div class="lb-trans"><p>查看数字对这一价格的看法——在我们的估值分析中找到答案。</p>
</div><p><strong>Result: Price-to-Earnings of 7.8x (UNDERVALUED)</strong></p>
<div class="lb-trans"><p><strong>结果：7.8 倍的市盈率（被低估）</strong></p>
</div><p>However, Tanwan’s diversification beyond core gaming and the execution risk in building a pop toy IP ecosystem could challenge margins and sustain investor scepticism.</p>
<div class="lb-trans"><p>然而，贪玩在核心游戏之外的多元化以及建立潮玩知识产权生态系统的执行风险可能会挑战利润率并维持投资者的怀疑态度。</p>
</div><p>Find out about the key risks to this Tanwan narrative.</p>
<div class="lb-trans"><p>了解贪玩叙事的关键风险。</p>
</div><h2>Build Your Own Tanwan Narrative</h2>
<div class="lb-trans"><h2>构建你自己的贪玩叙事</h2>
</div><p>If you see things differently or want to dig into the numbers yourself, you can craft a personalised view in just a few minutes: Do it your way.</p>
<div class="lb-trans"><p>如果你有不同的看法或想自己深入研究数字，可以在几分钟内制定个性化的观点：按你的方式进行。</p>
</div><p>A great starting point for your Tanwan research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision.</p>
<div class="lb-trans"><p>进行贪玩研究的一个良好起点是我们的分析，强调 2 个关键奖励和 1 个重要警示信号，这可能会影响你的投资决策。</p>
</div><h2>Looking for more investment ideas?</h2>
<div class="lb-trans"><h2>寻找更多投资想法？</h2>
</div><p>Turn your curiosity into action today, or you risk missing fresh opportunities quietly building momentum beyond Tanwan’s story on Simply Wall St’s powerful stock screener.</p>
<div class="lb-trans"><p>今天就将你的好奇心转化为行动，否则你可能会错过在 Simply Wall St 强大的股票筛选器上悄然积累的全新机会。</p>
</div><ul>
<li>Capture potential mispricings early by scanning these 894 undervalued stocks based on cash flows that may be trading below their intrinsic worth.</li>
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<li>Supercharge your income strategy by targeting these 15 dividend stocks with yields &gt; 3% that can strengthen total returns through consistent cash payouts.</li>
</ul>
<div class="lb-trans"><ul>
<li>通过扫描这 894 只可能低于其内在价值的被低估股票，及早捕捉潜在的错误定价。</li>
<li>通过关注这 30 只处于医学与机器智能交汇处的医疗 AI 股票，乘势而上。</li>
<li>通过瞄准这 15 只收益率超过 3% 的股息股票，增强你的收入策略，这些股票可以通过持续的现金支付来增强总回报。</li>
</ul>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们基于历史数据和分析师预测提供评论，仅使用无偏见的方法，我们的文章并不构成财务建议。</strong> 它不构成购买或出售任何股票的推荐，也未考虑你的目标或财务状况。我们旨在为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
</div>

贪玩（SEHK:9890）：在新的五年流行玩具 IP 合作伙伴关系和生态系统扩展后进行估值评估