
公司簡介
泡泡瑪特主要從事潮流玩具的產品設計與開發。公司擁有覆蓋潮流玩具智慧財產權
(IP)全產業鏈的綜合運營平臺,業務包括IP孵化與運營、潮流玩具與零售、主題樂
園與體驗和數位娛樂。公司產品包括盲盒、手辦、球形關節娃娃(BJD)、MEGA、毛
絨玩具和衍生品及其他。公司的自主產品主要包括THE MONSTERS、MOLLY、
SKULLPANDA和CRYBABY等藝術家IP以及授權IP,產品銷往國內外市場。
高增毛利率比肩奢侈品,IP集中與重資產擴張存隱憂
2025年,公司實現營業收入371.2億元人民幣,同比大幅增長185%;其中海外銷售
占比達44%,表明海外市場已成為核心增長引擎。分產品看,毛絨產品收入占比為
50.4%,同比激增560.6%,其通過集中採購有效壓縮成本,支撐盈利釋放。全年實現
毛利267.6億元,同比增長207%,增速高於收入,毛利率達72.1%,同比提升5.3
個百分點。公司毛利率已比肩奢侈品行業(通常為60%-80%),顯著超越普通商品
定價邏輯,反映出由熱門IP與情緒價值驅動的高溢價能力。從IP結構看,藝術家IP
收入占比高達90%,其中The Monsters貢獻收入超140億元,占比達38%,顯示
收入高度依賴Labubu、SkullPanda、Molly、DIMOO、星星人等爆款IP。若公司未
能持續打造新的現象級IP,一旦核心IP熱度回落,收入將面臨下行壓力。
費用方面,2025年經銷及銷售開支為80.82億元,同比增長121%。其中,傭金及電
商平臺服務費14.4億元(+134%),廣告及行銷開支11.9億元(+110%),推廣引
流費用隨收入增長逐步攤薄,獲客成本呈下降趨勢。短期租賃及可變租賃相關開支
13.4億元(+192%),運輸及物流開支20.43億元(+276%),表明門店、人員及
物流體系同步擴張,推高了固定運營成本;此為實現收入增長的必要投入,但也構成
雙刃劍效應——若IP銷售轉弱,重資產屬性下的成本難以快速收縮,將拖累利潤。一
般及行政開支17.7億元(+87%),增速顯著低於收入增速,彰顯公司已形成規模效
應,並構築起一定行業壁壘。
城市樂園升級超預期,IP全場景生態加速兌現
泡泡瑪特城市樂園作為IP生態的核心線下場景,近日迎來重要進展:部分升級改造區
域已順利完成,於4月30日(五一假期前夕)提前向公眾開放70%的新內容,剩餘
景觀建設預計於今年7月底至8月初全面竣工。樂園首個完整運營年(2024年)已
實現盈利,公司更注重長期打磨而非短期收益。此前在僅開放約三分之一區域的情況
下,樂園客流已顯著增長,非親子、非本地遊客占比均超半數。同步延伸的“popop”
飾品店(北京、上海)與獨立甜品品牌“POP BAKERY”(多城快閃10餘場)進一步豐
富了IP消費場景矩陣,共同構建沉浸式主題體驗。
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本科主修市場行銷和英語,並於香港浸會大學獲得經濟學碩士學位。現為輝立証券持牌分析師,主要負責能源和公用事業等板塊的研究。曾在大型銀行、券商和資產管理公司工作,對於期貨和大宗商品衍生品領域擁有銷售、研究分析和市場推廣等工作經驗。 Margaret, a holder of a Bachelor`s degree in Marketing and English and a Master`s degree in Applied Economics from Hong Kong Baptist University, is currently employed as a licensed analyst at Phillip Securities. She specializes in conducting research focusing on the energy and utilities sectors. Prior to her current position, Margaret gained valuable work experience in a large bank, securities firm, and asset management companies. Her expertise lies in sales, research analysis, and marketing within the fields of futures and commodities derivatives.