---
type: "Topics"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/topics/39502814.md"
description: "$泡泡玛特(09992.HK)这行的生意都被做绝了，甭管迪斯尼还是万代三丽鸥，估值也就比钢铁煤炭高点。不明白为什么一直能坐庄到这个估值。之前在雪球质疑过，一堆无脑粉来骂街。叽里咕噜半天，还是没能讲出来一个自己信服的叙事。"
datetime: "2026-03-25T06:23:03.000Z"
locales:
  - [en](https://longbridge.com/en/topics/39502814.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/39502814.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/39502814.md)
author: "[燎原火](https://longbridge.com/zh-CN/profiles/13429518.md)"
---

# $泡泡玛特(09992.HK)这行的生意都被做绝了，甭管迪斯尼还是万代三丽鸥，估值也就比钢铁煤炭高点…


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