---
title: "《大行》中銀國際：泡泡瑪特第三季增長動力持續  升目標價至 405.6 元"
description: "中銀國際發佈研究報告，指出泡泡瑪特在高基數下，第三季收入同比增長 245%，超出市場預期。中國市場增速加快至 185%-190%，海外市場增速放緩至 365%-370%。預計第四季收入將繼續強勁增長，目標價上調至 405.6 元，維持「買入」評級。"
type: "news"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/262171867.md"
published_at: "2025-10-22T06:39:55.000Z"
---

# 《大行》中銀國際：泡泡瑪特第三季增長動力持續  升目標價至 405.6 元

> 中銀國際發佈研究報告，指出泡泡瑪特在高基數下，第三季收入同比增長 245%，超出市場預期。中國市場增速加快至 185%-190%，海外市場增速放緩至 365%-370%。預計第四季收入將繼續強勁增長，目標價上調至 405.6 元，維持「買入」評級。

中銀國際研究報告指，泡泡瑪特 (09992.HK) 在高基數下第三季增長動力持續，上季收入按年增長 245% 至 250%，超出市場預期。就區域劃分，中國市場收入增速加快至 185% 至 190%，而海外市場因基數較高，增速放緩至 365% 至 370%。

該行認為，Twinkle Twinkle 系列熱度持續發酵，加上海外零售門店擴張策略執行得當，將持續推動第四季收入強勁增長。此外，潛在的美國關税風險可透過戰略性定價調整與產能轉移得以緩解。該行將目標價由 399 元上調至 405.6 元，維持「買入」評級。

### Related Stocks

- [09992.HK - 泡泡瑪特](https://longbridge.com/zh-HK/quote/09992.HK.md)

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