《外刊精读》泡泡玛特上市

中国玩具制造公司泡泡玛特因其盲盒玩法在年轻人当中备受追捧。近日，该公司赴港上市，股价暴涨。然而，这惊人的成功背后也存在着隐患。泡泡玛特的超高估值是源于自身的优势，还是得益于投资者的赌博心态？这一波上市狂欢又会持续多久？一起来听今天的讲解。  英文原文  Pop Mart IPO: go figure  泡泡玛特上市：此事不寻常  By Lex  Buying a mystery box and hoping that it will contain the toys you want is a growing trend in China. That also describes the investor attitude towards Chinese toymaker Pop Mart’s shares.  盲买一个不知装了什么的盒子，希望里面有自己想要的玩具——这在中国是一种日益流行的趋势。它也可以描述投资者对中国玩具制造商泡泡玛特股票的态度。  Pop Mart, which sells $8 boxes of figurines, has taken advantage of its newfound popularity to join the listing boom in Hong Kong. Shares nearly doubled in value on the first day of trading on Friday. As with other recent Asian listings, a redirection of money previously set aside for the postponed Ant Group listing appears to have fuelled the frenzy. Demand has also been boosted by the approaching holiday shopping season.  泡泡玛特的公仔盲盒售价8美元，借着它最近的人气，该公司成为了港股上市大军的一员。在周五的首个交易日，其股价涨了接近一倍。由于蚂蚁集团上市推迟，此前为其预留的资金有了新的流向。正如最近亚洲市场其他几起上市一样，股市对泡泡玛特的追捧也得益于此。此外，假日购物季的临近也刺激了市场需求。  Pop Mart has its strengths. It has almost a tenth of the local market. This year is likely to be a bumper year. Pop Mart’s 800 automated stores, vending machines and ecommerce channels have helped it to avoid supply disruptions amid the pandemic.  泡泡玛特自有其优势。它在中国市场有大约十分之一的占有率。今年可能是它的丰收年。它旗下的八百家自动化店铺、售卖机以及电商渠道对其在疫情期间不断供都起到了积极作用。  Unfortunately, its rapid growth rests on fragile footing. Molly, a doe-eyed character created by a Hong Kong designer, grew to more than a quarter of group revenues after it bought the rights to the character. Other figurines are far less popular.  遗憾的是，泡泡玛特快速增长的立足点却颇为脆弱。由香港设计师设计创作的公仔形象Molly有着天真无邪的眼睛。泡泡玛特收购了该公仔形象的版权之后，Molly带来的收入已经占到了其集团总收入的四分之一。而其他公仔塑像的受欢迎程度则大为逊色。  Pop Mart shares trade at more than 150 times trailing earnings. There is little to support Pop Mart’s outsize valuation. Consumer tastes can also be fickle among Chinese youngsters.  泡泡玛特的市盈率已经超过了150倍，但它的超高估值却没有什么根据。同时，中国年轻人的消费偏好可能也变幻不定。