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,成为行业首个百亿级潮玩IP。不过,这种高速增长也让市场产生担忧。汇丰环球研究分析师在近期报告中表示,“LABUBU带来的超高速增长会褪去”,并将2026年定义为泡泡玛特“再定基”的一年。摩根士丹利最新研报中给予“增持”评级,但在其研报中,团队同样预计LABUBU增长将在2026年放缓。在投资者交流会上,泡泡玛特董事长兼CEO王宁表示,2026年泡泡玛特将努力实现不低于20%的成长速度,“怎么让公

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