<p>招商证券国际（CMSI）发布报告称，泡泡玛特（09992.HK）-6.600（-4.102%）空头头寸为 11.8 亿美元；比例为 22.570%。该公司第一季度业绩符合下调预期，但全年利润率预计将承压。报告指出，公司计划在未来一到两年内加快海外市场的能力建设，包括增强零售和会员系统、积累粉丝、深化 IP 文化以及提升团队成熟度。</p>
<p>CMSI 引用了公司的利润率指引，指出由于今年国际环境的影响，PVC 和布料包装等原材料成本同比上涨了 3 到 5 个百分点，预计将拖累整体毛利率约 0.5 个百分点。国际油价和运费的波动导致海运费用、燃油附加费和仓储成本上升，给海外毛利率带来压力。此外，海外销售结构的变化（高毛利地区的贡献减少）和更高的进口关税预计将对毛利率产生 1 到 2 个百分点的综合影响。由于毛利率下降和固定费用比率（包括人工和租金）略有上升，净利润率面临阶段性压力。</p>
<p>CMSI 维持对泡泡玛特的减持评级，指出在 LABUBU 爆炸性流行之后，公司缺乏另一个热门 IP 作为第二个增长驱动力，收入增长显著放缓。主题公园、甜品店和小家电业务的贡献仍然有限，而全年利润率预计将承压。该券商认为，目前的股价尚未充分反映增长放缓和不确定的增长前景。（da/u）（香港股票报价延迟至少 15 分钟。空头数据截至 2026 年 5 月 13 日 16:25。）</p>

HPPD

泡泡玛特

<p>中国招商证券国际（CMSI）重申了对泡泡玛特的减持评级，理由是对利润率和增长前景的担忧。该公司第一季度的业绩符合下调后的预期，但由于原材料成本上升和销售组合的不利变化，全年利润率预计将下降。CMSI 指出，泡泡玛特在 LABUBU 热潮之后缺乏一个热门的知识产权，其他业务板块的贡献有限。报告建议，目前的股价并未充分反映预期的增长放缓</p>

<p>China Merchants Securities International (CMSI) issued a report stating that POP MART (09992.HK) -6.600 (-4.102%)  Short selling $1.18B; Ratio 22.570%  's first-quarter results met lowered expectations, but full-year profit margins are expected to come under pressure. The report noted that the company plans to accelerate capability building in overseas markets over the next one to two years, including enhancing retail and membership systems, accumulating fans, deepening IP culture, and strengthening team maturity.</p>
<div class="lb-trans"><p>招商证券国际（CMSI）发布报告称，泡泡玛特（09992.HK）-6.600（-4.102%）空头头寸为 11.8 亿美元；比例为 22.570%。该公司第一季度业绩符合下调预期，但全年利润率预计将承压。报告指出，公司计划在未来一到两年内加快海外市场的能力建设，包括增强零售和会员系统、积累粉丝、深化 IP 文化以及提升团队成熟度。</p>
</div><p>CMSI cited the companys margin guidance, indicating that due to the international environment this year, raw material costs such as PVC and fabric packaging rose by 3 to 5 ppts YoY, which are expected to drag overall gross margin by about 0.5 ppts. Fluctuations in international oil prices and shipping rates have led to higher sea freight charges, fuel surcharges, and warehousing costs, exerting pressure on overseas gross margins. In addition, changes in overseas sales mix (a lower contribution from high-gross-margin regions) and higher import tariffs are expected to have a combined impact of 1 to 2 ppts on gross margin. Net margin is facing phased pressure due to the decline in gross margin and a slight increase in fixed expense ratios (including labor and rent).</p>
<div class="lb-trans"><p>CMSI 引用了公司的利润率指引，指出由于今年国际环境的影响，PVC 和布料包装等原材料成本同比上涨了 3 到 5 个百分点，预计将拖累整体毛利率约 0.5 个百分点。国际油价和运费的波动导致海运费用、燃油附加费和仓储成本上升，给海外毛利率带来压力。此外，海外销售结构的变化（高毛利地区的贡献减少）和更高的进口关税预计将对毛利率产生 1 到 2 个百分点的综合影响。由于毛利率下降和固定费用比率（包括人工和租金）略有上升，净利润率面临阶段性压力。</p>
</div><p>CMSI maintained its Underweight rating on POP MART, noting that after the explosive popularity of LABUBU, the company lacks another blockbuster IP as a second growth driver, with revenue growth decelerating significantly. Contributions from theme parks, dessert shops, and small home appliance businesses remain limited, while full-year profit margins are expected to be under pressure. The broker believes the current share price has yet to fully reflect the slowdown in growth and uncertain growth prospects. (da/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-13 16:25.)</p>
<div class="lb-trans"><p>CMSI 维持对泡泡玛特的减持评级，指出在 LABUBU 爆炸性流行之后，公司缺乏另一个热门 IP 作为第二个增长驱动力，收入增长显著放缓。主题公园、甜品店和小家电业务的贡献仍然有限，而全年利润率预计将承压。该券商认为，目前的股价尚未充分反映增长放缓和不确定的增长前景。（da/u）（香港股票报价延迟至少 15 分钟。空头数据截至 2026 年 5 月 13 日 16:25。）</p>
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CMSI Reiterates Underweight on POP MART ; Lacks Blockbuster IP After LABUBU Craze

- 招商证券国际报告称，泡泡玛特首季业绩符合预期，但全年的利润率将承压。  
- 公司计划在未来一到两年加速海外市场能力建设，强化零售和会员体系。  
- 报告维持对泡泡玛特的减持评级，认为增长前景不确定，当前股价尚未完全反映增长放缓。

CMSI 重申对泡泡玛特的低配评级；在 LABUBU 热潮之后缺乏具有轰动效应的 IP