泡泡玛特是中国少有的依靠品牌获得加价率,而非依靠供应链优势,实现海外高收入占比的公司。公司超预期并非来自公司自身的预期管理,而是来自经营层面进展超出管理层预期。公司当前收入和利润,并非靠单一国家、单个爆款拉动,而是IP、品类、地区均在超预期。看好中长期,IP尽管可能有波动,但长生命周期带来更持续稳定现金流。IP 矩阵化持续推进:24 年共有4 个IP 收入过10 亿,13 个IP 收入过亿。THE...
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