{
  "fxKey": "cnyHkd",
  "period": "2027",
  "basisUnit": "人民币/股",
  "heroMetric": {
    "label": "2027基准EPS隐含PE",
    "value": 21.9529620551663,
    "note": "作者正常化EPS假设5.5元人民币；已换算港元，非历史PE"
  },
  "profitLabel": "2027正常化稀释EPS（人民币/普通股），保留股权激励成本；乘倍数后按固定汇率换成港元",
  "methods": {
    "currency": "财务金额为人民币，股价及情景估值为港元；港币柜台普通股口径，不能与人民币柜台价格或美股ADS直接混用。",
    "financial": "财务数据来自公司业绩公告、年报及中期报告；年度、半年度和单季度分别标记。非IFRS/非GAAP调整后利润与报告利润不能互换，正常化盈利为作者假设。",
    "market": "行情固定于2026-11-06完整收盘，采用Yahoo日线、不计现金分红；近10日价格与StockAnalysis核对。成交量存在最多0.01%的汇总差异，全文统一Yahoo口径。",
    "cash": "简化FCF为经营现金流减现金购置或预付长期资产；未自动扣除租赁、并购、分红和回购。公司自定义FCF、非现金资本开支与现金付款另行标明。",
    "valuation": "2027作者假设正常化稀释EPS×PE×固定汇率1.175240（2026-11-05参考快照）=每股港元估值。输入每股指标后不再除总股数；情景不是概率、公司指引或最大损失边界。"
  },
  "sector": "潮玩IP、零售与海外消费",
  "shares": 1329389000,
  "scenarios": [
    {
      "name": "收缩",
      "eps": [
        3,
        4
      ],
      "pe": [
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        16
      ],
      "prices": [
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        75.21536254882812
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    },
    {
      "name": "稳定",
      "eps": [
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        6
      ],
      "pe": [
        18,
        22
      ],
      "prices": [
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        155.131685256958
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    },
    {
      "name": "重启增长",
      "eps": [
        8,
        10
      ],
      "pe": [
        25,
        30
      ],
      "prices": [
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        352.57201194763184
      ]
    }
  ],
  "calc": [
    2,
    12,
    5.5,
    10,
    35,
    20
  ],
  "levels": [
    [
      123.8,
      "124 近期低区"
    ],
    [
      138.7,
      "139 短期均线"
    ],
    [
      148.5,
      "148.5 中期均线"
    ]
  ],
  "charts": [
    {
      "id": "annual",
      "title": "去年的高速增长，抬高了今年的比较基数",
      "type": "bars",
      "unit": "十亿元人民币",
      "categories": [
        "2024",
        "2025"
      ],
      "series": [
        {
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        {
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      ]
    },
    {
      "id": "half",
      "title": "上半年仍增长，利润速度已落后收入",
      "type": "bars",
      "unit": "十亿元人民币",
      "categories": [
        "2025 H1",
        "2026 H1"
      ],
      "series": [
        {
          "name": "收入",
          "values": [
            13.876276,
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        },
        {
          "name": "营业利润",
          "values": [
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        },
        {
          "name": "归母净利润",
          "values": [
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      ]
    },
    {
      "id": "q3",
      "title": "第三季度各地区都转为明显下降",
      "type": "bars",
      "unit": "收入同比 / %",
      "categories": [
        "集团",
        "中国",
        "亚太",
        "美洲",
        "欧洲等"
      ],
      "series": [
        {
          "name": "同比下限",
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        },
        {
          "name": "同比上限",
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        }
      ]
    },
    {
      "id": "regions",
      "title": "上半年国内增长，海外已出现分化",
      "type": "bars",
      "unit": "十亿元人民币",
      "categories": [
        "中国",
        "亚太",
        "美洲",
        "欧洲等"
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        {
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      ]
    },
    {
      "id": "ip",
      "title": "新IP接力有进展，老IP的变化仍很重要",
      "type": "bars",
      "unit": "十亿元人民币",
      "categories": [
        "THE MONSTERS",
        "Twinkle",
        "CRYBABY",
        "DIMOO",
        "SKULLPANDA",
        "MOLLY"
      ],
      "series": [
        {
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        },
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      ]
    },
    {
      "id": "channels",
      "title": "第三季度中国线上下降更明显",
      "type": "bars",
      "unit": "收入同比 / %",
      "categories": [
        "中国线下",
        "中国线上"
      ],
      "series": [
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          "name": "同比下限",
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        },
        {
          "name": "同比上限",
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      ]
    },
    {
      "id": "cash",
      "title": "税款与营运资金使现金落后利润",
      "type": "bars",
      "unit": "十亿元人民币",
      "categories": [
        "归母净利润",
        "经营现金流",
        "现金资本开支",
        "简化FCF"
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        },
        {
          "name": "2026 H1",
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    },
    {
      "id": "inventory",
      "title": "扩张备货与现金余额需要放在一起看",
      "type": "bars",
      "unit": "十亿元人民币",
      "categories": [
        "库存",
        "现金及现金等价物",
        "应付账款"
      ],
      "series": [
        {
          "name": "2025年末",
          "values": [
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        },
        {
          "name": "2026年中",
          "values": [
            6.10153,
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      ]
    },
    {
      "id": "turnover",
      "title": "库存周转天数的拉长，比收入增长更早发出压力",
      "type": "bars",
      "unit": "天数",
      "categories": [
        "2025全年",
        "2026 H1"
      ],
      "series": [
        {
          "name": "库存周转天数",
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      ]
    },
    {
      "id": "allocation",
      "title": "现金回收与股东分配之间存在时间差",
      "type": "bars",
      "unit": "十亿元人民币",
      "categories": [
        "经营现金流",
        "现金资本开支",
        "已付股息",
        "回购自有股份"
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      ]
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  "company": "泡泡玛特",
  "symbol": "9992.HK",
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