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速增长的怀疑，或许是此次股价大幅回调的原因。财报显示，2025年，LABUBU所属THE MONSTERS家族收入达141.6亿元，同比增长365.7%，占到营收的三成，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

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