<p>泡泡玛特国际集团报告第一季度销售增长放缓，标志着其去年快速扩张的势头减弱，主要受到其热门产品 Labubu 玩具的影响。</p>
<p>泡泡玛特在周二的交易所公告中表示，截止到三月的整体收入同比增长高达 80%，中国销售增长高达 105%。</p>
<p>该公司在 2025 年录得整体收入增长 185% 和海外销售增长近 300%，这主要得益于 Labubu 的热潮，使得这款长牙怪兽毛绒玩具成为全球收藏现象。</p>
<p>但增长放缓凸显了泡泡玛特面临的压力，尤其是在美国等市场，随着 Labubu 热潮的降温，公司在新产品上难以复制这种文化突破的水平。</p>
<p>该公司已经与索尼影业合作制作 Labubu 电影，以将这一角色扩展到商品之外。泡泡玛特首席执行官王宁在早前的采访中表示，这部电影可能会延伸到主题公园、产品和其他体验中。</p>
<p>目前，摩根士丹利在周一表示，预计未来几个季度的同比增长将进一步减弱，全年收入增长预计为 13%。德意志银行的消费分析师 Sammi Xu 预计 2026 年收入将下降 2%。</p>
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<p><strong>日益扩大的脱节</strong></p>
<p>这两个估计均低于王宁在三月公司财报发布会上指导的 “至少 20% 的增长”，突显出管理层的语气与分析师的预期之间日益扩大的脱节。</p>
<p>美国和亚太地区的收入在第一季度分别增长了 60% 和 30%，而欧洲及其他地区的收入增长高达 65%，这家总部位于北京的设计玩具制造商表示。</p>
<p>另见</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/cf0b28911e1938f49bdb13478b25882b1b9e647c9a426610b8896b2f5c23d333/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/cf0b28911e1938f49bdb13478b25882b1b9e647c9a426610b8896b2f5c23d333/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>泡泡玛特美国销售下降 45%，努力寻找下一个 Labubu</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/dc79ef341371391b58c5e172ba7f43445103fb7e73a42ee79b9443b55635bdb6/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/dc79ef341371391b58c5e172ba7f43445103fb7e73a42ee79b9443b55635bdb6/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>泡泡玛特 330 亿美元的暴跌让 Labubu 之后的前景蒙上阴影</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/04b822d2db2ff17cf6ac19a72462901d1ccb85f78993f6d512b596dca3ba3aec/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/04b822d2db2ff17cf6ac19a72462901d1ccb85f78993f6d512b596dca3ba3aec/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>泡泡玛特在创纪录的股价暴跌后启动史上最大规模的回购</h3>
<p>根据 Bloomberg Second Measure 的数据，泡泡玛特在美国的销售在四月份同比下降 42%，而三月份下降了 45%。该数据跟踪信用卡和借记卡交易。</p>
<p>信用卡消费数据仅捕捉到总销售的一部分，并可能因促销活动而波动，而非反映潜在需求。</p>
<p>德意志银行已将泡泡玛特的股票目标价从 157 港元下调至 140 港元。摩根士丹利将其目标价从 278 港元下调至 247 港元，但表示泡泡玛特的海外业务理论并未破裂，认为持续的线下扩张可能有助于将偶然购物者转变为长期粉丝。</p>
<p>自公司在三月底报告全年业绩以来，泡泡玛特在香港上市的股票已下跌 25%。彭博社</p>
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泡泡玛特

<p>泡泡玛特国际集团报告了第一季度销售增长放缓的情况，整体收入同比增长 80%，而中国市场销售增长 105%。由于 Labubu 玩具的受欢迎程度下降，公司面临着恢复增长势头的压力。分析师预测增长将进一步减弱，摩根士丹利预计全年收入仅增长 13%，而德意志银行则预测 2026 年将下降 2%。泡泡玛特正在与索尼影业合作制作 Labubu 电影，以扩展其品牌，但美国市场的销售显著下降，引发了对未来表现的担忧</p>

<p>POP Mart International Group reported slower sales growth for the first quarter, marking a deceleration from its rapid expansion last year amid waning momentum for its blockbuster Labubu toys.</p>
<div class="lb-trans"><p>泡泡玛特国际集团报告第一季度销售增长放缓，标志着其去年快速扩张的势头减弱，主要受到其热门产品 Labubu 玩具的影响。</p>
</div><p>Overall revenue grew as much as 80 per cent on-year in the period ended March, with China sales increasing as high as 105 per cent, Pop Mart said on Tuesday in an exchange filing.</p>
<div class="lb-trans"><p>泡泡玛特在周二的交易所公告中表示，截止到三月的整体收入同比增长高达 80%，中国销售增长高达 105%。</p>
</div><p>The company recorded an overall revenue growth of 185 per cent and overseas sales growth of almost 300 per cent in 2025, driven largely by the Labubu frenzy that turned the snaggle-toothed monster plush into a global collectible phenomenon.</p>
<div class="lb-trans"><p>该公司在 2025 年录得整体收入增长 185% 和海外销售增长近 300%，这主要得益于 Labubu 的热潮，使得这款长牙怪兽毛绒玩具成为全球收藏现象。</p>
</div><p>But the slowdown underscores mounting pressure on Pop Mart to reignite momentum, especially in markets including the US, as the Labubu craze cools and the company struggles to replicate that level of cultural breakout with a new product.</p>
<div class="lb-trans"><p>但增长放缓凸显了泡泡玛特面临的压力，尤其是在美国等市场，随着 Labubu 热潮的降温，公司在新产品上难以复制这种文化突破的水平。</p>
</div><p>The company is already working with Sony Pictures Entertainment on a Labubu film to take the character beyond merchandise. The movie could feed into theme parks, products and other experiences, Pop Mart chief executive officer Wang Ning had said in an earlier interview.</p>
<div class="lb-trans"><p>该公司已经与索尼影业合作制作 Labubu 电影，以将这一角色扩展到商品之外。泡泡玛特首席执行官王宁在早前的采访中表示，这部电影可能会延伸到主题公园、产品和其他体验中。</p>
</div><p>For now, year-on-year growth is expected to weaken further in the next few quarters, with full-year revenue growth seen at 13 per cent, Morgan Stanley said on Monday, ahead of Pop Mart’s latest update. Deutsche Bank AG consumer analyst Sammi Xu expects 2026 revenue to decline 2 per cent.</p>
<div class="lb-trans"><p>目前，摩根士丹利在周一表示，预计未来几个季度的同比增长将进一步减弱，全年收入增长预计为 13%。德意志银行的消费分析师 Sammi Xu 预计 2026 年收入将下降 2%。</p>
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<div class="lb-trans"><h3>在新的全球秩序中导航亚洲</h3>
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<div class="lb-trans"><p>获取洞察信息，直接发送到您的邮箱。</p>
</div><p><strong>Widening disconnect</strong></p>
<div class="lb-trans"><p><strong>日益扩大的脱节</strong></p>
</div><p>Both estimates came in lower than the “at least 20 per cent growth” Wang guided at the company’s earnings briefing in March, highlighting a widening disconnect between management’s tone and analysts’ expectations.</p>
<div class="lb-trans"><p>这两个估计均低于王宁在三月公司财报发布会上指导的 “至少 20% 的增长”，突显出管理层的语气与分析师的预期之间日益扩大的脱节。</p>
</div><p>Revenue in America and Asia Pacific increased as much as 60 per cent and 30 per cent, respectively, in the first quarter, while that of Europe and other regions rose up to 65 per cent, the Beijing-based designer toymaker said.</p>
<div class="lb-trans"><p>美国和亚太地区的收入在第一季度分别增长了 60% 和 30%，而欧洲及其他地区的收入增长高达 65%，这家总部位于北京的设计玩具制造商表示。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另见</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/cf0b28911e1938f49bdb13478b25882b1b9e647c9a426610b8896b2f5c23d333/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/cf0b28911e1938f49bdb13478b25882b1b9e647c9a426610b8896b2f5c23d333?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Pop Mart’s US sales fall 45% as it struggles to find next Labubu</h3>
<div class="lb-trans"><h3>泡泡玛特美国销售下降 45%，努力寻找下一个 Labubu</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/dc79ef341371391b58c5e172ba7f43445103fb7e73a42ee79b9443b55635bdb6/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/dc79ef341371391b58c5e172ba7f43445103fb7e73a42ee79b9443b55635bdb6?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Pop Mart’s US$33 billion rout casts doubt on life after Labubu</h3>
<div class="lb-trans"><h3>泡泡玛特 330 亿美元的暴跌让 Labubu 之后的前景蒙上阴影</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/04b822d2db2ff17cf6ac19a72462901d1ccb85f78993f6d512b596dca3ba3aec/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/04b822d2db2ff17cf6ac19a72462901d1ccb85f78993f6d512b596dca3ba3aec?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Pop Mart launches largest ever buyback after record stock plunge</h3>
<div class="lb-trans"><h3>泡泡玛特在创纪录的股价暴跌后启动史上最大规模的回购</h3>
</div><p>Pop Mart’s sales in the US, a key growth engine, dropped 42 per cent year on year in April after a 45 per cent decline in March, according to Bloomberg Second Measure data, which tracks credit and debit card transactions.</p>
<div class="lb-trans"><p>根据 Bloomberg Second Measure 的数据，泡泡玛特在美国的销售在四月份同比下降 42%，而三月份下降了 45%。该数据跟踪信用卡和借记卡交易。</p>
</div><p>Card-spending data captures only a slice of total sales and can swing based on promotional campaigns rather than underlying demand.</p>
<div class="lb-trans"><p>信用卡消费数据仅捕捉到总销售的一部分，并可能因促销活动而波动，而非反映潜在需求。</p>
</div><p>Deutsche Bank has cut its price target for Pop Mart shares to HK$140 from HK$157. Morgan Stanley reduced its target to HK$247 from HK$278 but said Pop Mart’s overseas thesis is not broken, arguing that continued offline expansion could help convert casual shoppers into long-term fans.</p>
<div class="lb-trans"><p>德意志银行已将泡泡玛特的股票目标价从 157 港元下调至 140 港元。摩根士丹利将其目标价从 278 港元下调至 247 港元，但表示泡泡玛特的海外业务理论并未破裂，认为持续的线下扩张可能有助于将偶然购物者转变为长期粉丝。</p>
</div><p>Pop Mart’s shares listed in Hong Kong have tumbled 25 per cent since the company reported full-year earnings in late March. BLOOMBERG</p>
<div class="lb-trans"><p>自公司在三月底报告全年业绩以来，泡泡玛特在香港上市的股票已下跌 25%。彭博社</p>
</div><p>Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.</p>
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</div>

Pop Mart sales growth decelerates amid sharp overseas slowdown

- POP Mart 第一季度销售增长放缓，销售收入同比增长 80%。 
- 公司预计未来几季度年增长将进一步减弱，全年增幅预计为 13%。 
- 美国市场销量同比下降 42%，分析师对前景持悲观态度。

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MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

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泡泡玛特的销售增长因海外市场的急剧放缓而减速