---
type: "Topics"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/topics/39502814.md"
description: "$泡泡瑪特(09992.HK)這行的生意都被做絕了，甭管迪斯尼還是萬代三麗鷗，估值也就比鋼鐵煤炭高點。不明白為什麼一直能坐莊到這個估值。之前在雪球質疑過，一堆無腦粉來罵街。嘰裏咕嚕半天，還是沒能講出來一個自己信服的敍事。"
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-HK/profiles/13429518.md)"
---

# $泡泡瑪特(09992.HK)這行的生意都被做絕了，甭管迪斯尼還是萬代三麗鷗，估值也就比鋼鐵煤炭高點…


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