<p>泡泡瑪特國際集團報告第一季度銷售增長放緩，標誌着其去年快速擴張的勢頭減弱，主要受到其熱門產品 Labubu 玩具的影響。</p>
<p>泡泡瑪特在週二的交易所公告中表示，截止到三月的整體收入同比增長高達 80%，中國銷售增長高達 105%。</p>
<p>該公司在 2025 年錄得整體收入增長 185% 和海外銷售增長近 300%，這主要得益於 Labubu 的熱潮，使得這款長牙怪獸毛絨玩具成為全球收藏現象。</p>
<p>但增長放緩凸顯了泡泡瑪特面臨的壓力，尤其是在美國等市場，隨着 Labubu 熱潮的降温，公司在新產品上難以複製這種文化突破的水平。</p>
<p>該公司已經與索尼影業合作製作 Labubu 電影，以將這一角色擴展到商品之外。泡泡瑪特首席執行官王寧在早前的採訪中表示，這部電影可能會延伸到主題公園、產品和其他體驗中。</p>
<p>目前，摩根士丹利在週一表示，預計未來幾個季度的同比增長將進一步減弱，全年收入增長預計為 13%。德意志銀行的消費分析師 Sammi Xu 預計 2026 年收入將下降 2%。</p>
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<p><strong>日益擴大的脱節</strong></p>
<p>這兩個估計均低於王寧在三月公司財報發佈會上指導的 “至少 20% 的增長”，突顯出管理層的語氣與分析師的預期之間日益擴大的脱節。</p>
<p>美國和亞太地區的收入在第一季度分別增長了 60% 和 30%，而歐洲及其他地區的收入增長高達 65%，這家總部位於北京的設計玩具製造商表示。</p>
<p>另見</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>泡泡瑪特美國銷售下降 45%，努力尋找下一個 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>泡泡瑪特 330 億美元的暴跌讓 Labubu 之後的前景蒙上陰影</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>泡泡瑪特在創紀錄的股價暴跌後啓動史上最大規模的回購</h3>
<p>根據 Bloomberg Second Measure 的數據，泡泡瑪特在美國的銷售在四月份同比下降 42%，而三月份下降了 45%。該數據跟蹤信用卡和借記卡交易。</p>
<p>信用卡消費數據僅捕捉到總銷售的一部分，並可能因促銷活動而波動，而非反映潛在需求。</p>
<p>德意志銀行已將泡泡瑪特的股票目標價從 157 港元下調至 140 港元。摩根士丹利將其目標價從 278 港元下調至 247 港元，但表示泡泡瑪特的海外業務理論並未破裂，認為持續的線下擴張可能有助於將偶然購物者轉變為長期粉絲。</p>
<p>自公司在三月底報告全年業績以來，泡泡瑪特在香港上市的股票已下跌 25%。彭博社</p>
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泡泡瑪特

<p>泡泡瑪特國際集團報告了第一季度銷售增長放緩的情況，整體收入同比增長 80%，而中國市場銷售增長 105%。由於 Labubu 玩具的受歡迎程度下降，公司面臨着恢復增長勢頭的壓力。分析師預測增長將進一步減弱，摩根士丹利預計全年收入僅增長 13%，而德意志銀行則預測 2026 年將下降 2%。泡泡瑪特正在與索尼影業合作製作 Labubu 電影，以擴展其品牌，但美國市場的銷售顯著下降，引發了對未來表現的擔憂</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>泡泡瑪特國際集團報告第一季度銷售增長放緩，標誌着其去年快速擴張的勢頭減弱，主要受到其熱門產品 Labubu 玩具的影響。</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>泡泡瑪特在週二的交易所公告中表示，截止到三月的整體收入同比增長高達 80%，中國銷售增長高達 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>該公司在 2025 年錄得整體收入增長 185% 和海外銷售增長近 300%，這主要得益於 Labubu 的熱潮，使得這款長牙怪獸毛絨玩具成為全球收藏現象。</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>但增長放緩凸顯了泡泡瑪特面臨的壓力，尤其是在美國等市場，隨着 Labubu 熱潮的降温，公司在新產品上難以複製這種文化突破的水平。</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>該公司已經與索尼影業合作製作 Labubu 電影，以將這一角色擴展到商品之外。泡泡瑪特首席執行官王寧在早前的採訪中表示，這部電影可能會延伸到主題公園、產品和其他體驗中。</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，摩根士丹利在週一表示，預計未來幾個季度的同比增長將進一步減弱，全年收入增長預計為 13%。德意志銀行的消費分析師 Sammi Xu 預計 2026 年收入將下降 2%。</p>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中導航亞洲</h3>
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<div class="lb-trans"><p>獲取洞察信息，直接發送到您的郵箱。</p>
</div><p><strong>Widening disconnect</strong></p>
<div class="lb-trans"><p><strong>日益擴大的脱節</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>這兩個估計均低於王寧在三月公司財報發佈會上指導的 “至少 20% 的增長”，突顯出管理層的語氣與分析師的預期之間日益擴大的脱節。</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>美國和亞太地區的收入在第一季度分別增長了 60% 和 30%，而歐洲及其他地區的收入增長高達 65%，這家總部位於北京的設計玩具製造商表示。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另見</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>泡泡瑪特美國銷售下降 45%，努力尋找下一個 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>泡泡瑪特 330 億美元的暴跌讓 Labubu 之後的前景蒙上陰影</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>泡泡瑪特在創紀錄的股價暴跌後啓動史上最大規模的回購</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>根據 Bloomberg Second Measure 的數據，泡泡瑪特在美國的銷售在四月份同比下降 42%，而三月份下降了 45%。該數據跟蹤信用卡和借記卡交易。</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>信用卡消費數據僅捕捉到總銷售的一部分，並可能因促銷活動而波動，而非反映潛在需求。</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>德意志銀行已將泡泡瑪特的股票目標價從 157 港元下調至 140 港元。摩根士丹利將其目標價從 278 港元下調至 247 港元，但表示泡泡瑪特的海外業務理論並未破裂，認為持續的線下擴張可能有助於將偶然購物者轉變為長期粉絲。</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>自公司在三月底報告全年業績以來，泡泡瑪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>
<div class="lb-trans"><p>解碼亞洲通訊：您的新全球秩序下導航亞洲的指南。點擊這裏註冊以獲取解碼亞洲通訊，直接發送到您的郵箱，免費。</p>
</div>

Pop Mart sales growth decelerates amid sharp overseas slowdown

- POP Mart 第一季度銷售增長放緩，銷售收入同比增長 80%。 
- 公司預計未來幾季度年增長將進一步減弱，全年增幅預計為 13%。 
- 美國市場銷量同比下降 42%，分析師對前景持悲觀態度。

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泡泡瑪特的銷售增長因海外市場的急劇放緩而減速