Group 1 - The Hong Kong stock market opened lower on October 22, with the Hang Seng Index down 0.5% at 25,897.62 points, and the Hang Seng Tech Index down 0.82% [1] - The technology sector saw widespread declines, while innovative drug concepts opened higher, and Chinese brokerage stocks were active [1] - The outlook for Hong Kong stocks suggests that the pricing power of Chinese companies is strengthening, with liquidity remaining stable, and a focus on new catalysts in the pharmaceutical and e-commerce sectors [1][2] Group 2 - The Hang Seng Technology Index ETF (513180) is currently valued at a P/E ratio of 23.05, which is at the 30.12% valuation percentile since its inception, indicating that the current valuation is lower than approximately 70% of the time since the index was launched [2] - The innovative drug sector in Hong Kong has returned to a reasonable valuation range after previous adjustments, with expectations for potential excess returns driven by new catalysts [2] - The e-commerce sector is anticipated to benefit from the upcoming Double Eleven shopping festival, with promotional cycles extending across platforms [2]

10月22日，连续反弹的港股三大指数集体低开，恒指跌0.5%再失26000点，恒生科技指数跌0.82%。盘 面上，大型科技股全线下跌，亚市早盘黄金盘整，或将面临进一步技术性回调；另一方面，创新药概念 股走强，新消费概念股多数走高。热门ETF方面，港股消费ETF（513230）现小幅微跌，持仓股中，泡 泡玛特涨超6%，古茗、新秀丽、蜜雪集团、申洲国际等均跟涨。 10月21日盘后，"年轻人的茅台"泡泡玛特公告2025年第三季度最新业务情况。公告显示，第三季度整体 收益（未经审核）较去年第三季度同比增长245%～250%。具体来看，第三季度泡泡玛特中国收益同比 增长185%～190%。线下渠道来看，线下同比增长130%～135%，线上同比增长300%～305%。海外市场 收益增速更为迅猛，同比增长365%～370%。 国泰海通证券认为，四季度港股牛市格局不变。短期波动不改港股四季度牛市行情。首先，港股互联网 巨头受益AI叙事发酵，港股资产结构优势有望凸显。其次，伴随美联储重启降息，港股外资力量回流 存在超预期可能。最后，南向资金有望继续流入，有望推动港股行情继续向上。 港股消费ETF（513230）跟踪中证港股通消 ...

花旗发表报告指，泡泡玛特第三季营收增长胜预期，按年增幅达245至250%，其中中国市场按年增长 185至190%，海外市场按年飙升365至370%，强劲增长动能主要归功于全球新产品热销及存货补充策 略。 花旗预期，泡泡玛特在即将到来的旺季将延续良好趋势，节庆季表现或成短期催化剂。基于IP实力带动 销售前景更为乐观，该行将2025至2027财年盈利预测上调16.8%至17.3%，目标价由398港元上调至415 港元，相当预测明年市盈率28倍，重申"买入"评级。该行认为股价回调已创造更佳进场时机，建议投资 者聚焦销售趋势，因品牌自有渠道持续呈现快速售罄态势。 ...

泡泡玛特(09992)绩后涨近8%，截至发稿，涨7.83%，报270港元，成交额4.19亿港元。 消息面上，10月21日，泡泡玛特发布公告，2025年第三季度整体收益(未经审核)，较2024年第三季度同 比增长245%-250%，其中中国收益同比增长185%-190%，海外收益同比增长365%-370%。 2025年第三季度海外各区域收益(未经审核)，与2024年第三季度比较为：(1)亚太同比增长170%-175%； (2)美洲同比增长1265%-1270%；(3)欧洲及其他地区同比增长735%-740%。 2025年第三季度中国各渠道收益(未经审核)，与2024年第三季度比较为：(1)线下渠道同比增长 130%-135%；(2)线上渠道同比增长300%-305%。 ...

今日（10月22日）早盘，港股市场小幅低开。 截至发稿，恒生指数报25897点，下跌129.93点，跌幅0.50%。 个股方面，潼关黄金（00340.HK）跌超8%，中国黄金国际（02099.HK）、老铺黄金（06181.HK）、灵 宝黄金（03330.HK）跌超6%，招金矿业（01818.HK）、紫金矿业（02899.HK）、山东黄金 （01787.HK）、紫金黄金国际（02259.HK）跌超5%。 焦点公司方面，泡泡玛特（09992.HK）昨日大跌8%，并在盘后公布三季度业绩，今日早间，泡泡玛特 股价高开超7%。 打开百度APP畅享高清图片 恒生科技指数报5958点，下跌49.31点，跌幅0.82%。 焦点板块方面，受国际金价跳水影响，今日黄金股板块集体大跌。 消息面，国际金银大跌，现货黄金跌5.18%，报4130.41美元/盎司，盘中一度创自2013年4月以来的最大 单日跌幅。现货白银跌7.16%，报48.705美元/盎司，盘中一度创下自2021年以来的最大跌幅。COMEX 黄金期货当月连续合约结算价下跌250.30美元，跌幅5.74%，报4109.1美元/盎司。 据媒体报道，分析人士指出，资金获利回调 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company is expected to achieve significant revenue growth, with projected revenues of 40,062 million in 2025, representing a year-on-year growth rate of 207% [2] - The net profit forecast for 2025 is 14,002 million, with a remarkable growth rate of 348% year-on-year [2] - The report highlights the company's strong performance in both domestic and international markets, with Q3 2025 revenue growth of 245%-250% compared to the same period in 2024 [5] Summary by Relevant Sections Financial Performance - The company reported a revenue of 6,345 million in 2023, with projections of 13,038 million in 2024 and 40,062 million in 2025 [2] - The net profit for 2023 is 1,191 million, expected to rise to 3,125 million in 2024 and 14,002 million in 2025 [2] - Earnings per share are projected to increase from 0.89 in 2023 to 10.43 in 2025 [2] Market Trends - The report notes a significant increase in online sales, with a growth rate of over 300% in Q3 2025, driven by innovative marketing strategies and new sales channels [5] - The overseas market is also experiencing high growth, particularly in the Americas, which saw a staggering growth of 1265%-1270% [5] Future Outlook - The company is expected to continue its high growth trajectory into 2026 and beyond, with anticipated revenues of 58,021 million in 2026 and 77,814 million in 2027 [2] - The report emphasizes the company's leadership in the IP industry and its potential for further expansion in international markets [5]

ab 21 October 2025 Powered by YES UBS Evidence Lab Global Research First Read Pop Mart International Group Q325 strong beat on both domestic and overseas; peak season ahead Q: How did the announcement compare vs expectations? A: Pop Mart announced Q325 revenues up 245-250% YoY, with domestic/overseas sales up 185-190%/ 365-370% YoY, respectively, which beat our expectations of 180% YoY with domestic 143%/overseas 235% YoY. By channel, domestic offline/ online sales both demonstrated strong growth with 130-1 ...

Summary of Pop Mart's 3Q25 Earnings Call Company Overview - **Company**: Pop Mart International Group (9992.HK) - **Industry**: Consumer Goods, specifically in the collectibles market - **Market Cap**: Approximately US$43.293 billion as of October 21, 2025 Key Financial Highlights - **Sales Growth**: Pop Mart reported a sales growth of **245-250%** in 3Q25, significantly higher than the estimated **180%**. This growth accelerated from **~235%** in 2Q25 [2][4] - **Regional Performance**: - **Greater China**: Sales increased by **185-190%** - **Overseas Markets**: Sales surged by **365-370%** - **APAC**: Up **170-175%** - **Americas**: Up **1265-1270%** - **Europe**: Up **735-740%** [2] - **Net Profit Growth**: Expected net profit growth of **291%** for 2025, **25%** for 2026, and **21%** for 2027 [2] Earnings Estimates and Valuation - **Price Target**: Maintained at **HK$382**, reflecting a **31x** P/E for 2026 estimates, down from **42x** for 2025 estimates [3][20] - **Earnings Growth**: Despite a moderation in growth, the company is projected to achieve **20-25%** earnings growth, which is considered rare in the current consumer sector context [3][20] - **Valuation Metrics**: The price target implies a PEG ratio of **1.4x** based on a **23%** CAGR for 2025-2027 [20] Market Dynamics - **Global Demand**: The unexpected growth acceleration indicates a stronger global demand than anticipated, particularly for Pop Mart's popular IPs like Labubu [1][4] - **US Market**: The US market is seen as having potential for improvement, with sales increments in 3Q25 similar to those in 2Q25, indicating room for growth [9] - **China's Resilience**: Strong demand in Greater China countered broader macroeconomic weaknesses, with offline sales up **130-135%** and online sales up **300-305%** [10] Product and IP Strategy - **New Product Launches**: Upcoming collections from top IPs are expected to drive further sales, with Twinkle Twinkle gaining traction [5] - **Supply Chain Management**: The company is adjusting its supply strategy to allocate more bestsellers to offline channels, which may enhance customer engagement despite lower logistics efficiency [13] Risks and Considerations - **Market Concerns**: There are concerns regarding the sustainability of sales growth, particularly in the context of potential macroeconomic challenges [4][22] - **Capacity Constraints**: Some seasonal products have been delayed due to capacity issues, which may affect sales in the short term [13] Conclusion - Pop Mart's strong performance in 3Q25 highlights its robust growth trajectory and effective market penetration strategies. The company is well-positioned to capitalize on global demand for collectibles, although it must navigate potential risks associated with market dynamics and operational challenges. The maintained price target reflects confidence in its growth potential despite a more conservative outlook for future earnings growth.

Summary of Pop Mart (9992.HK) 3Q25 Conference Call Company Overview - **Company**: Pop Mart (9992.HK) - **Market Cap**: HK$333.6 billion / $42.9 billion - **Enterprise Value**: HK$317.9 billion / $40.9 billion - **Current Price**: HK$250.40 - **Target Price**: HK$350.00 - **Upside Potential**: 39.8% [7][20] Key Financial Metrics - **3Q25 Revenue Growth**: 245%-250% YoY, up from 204% in 1H25, exceeding earlier expectations of 167% for 2H25 [1][21] - **China Sales Growth**: 185%-190% YoY, compared to 135% in 1H25 [1][21] - **Overseas Sales Growth**: 365%-370% YoY, down from 440% in 1H25 [1][21] - **Sales by Channel**: - Offline: 130%-135% YoY - Online: 300%-305% YoY [1][24] Market Insights - **US Market Performance**: In line with market expectations; China sales significantly outperformed despite a higher base [2][3] - **Investor Sentiment**: 3Q results are expected to enhance investor confidence in 2025 earnings visibility, although IP momentum remains critical for growth sustainability [3][19] Operational Highlights - **Sales Growth by Region**: - Asia (excl. China): 170%-175% YoY - America: 1265%-1270% YoY - Europe: 735%-740% YoY [1][24] - **Supply Capacity**: Increased supply capacity is noted, but demand remains high, indicating potential for further growth [19] Earnings Forecasts - **Revised Earnings**: 2025E earnings raised by 7% due to strong 3Q results; 2026E-27E earnings revised down by up to 3% [20] - **Future Revenue Projections**: - 2025E Revenue: Rmb 39,104 million (up from Rmb 36,551.8 million) - 2026E Revenue: Rmb 52,199.1 million (up from Rmb 50,463.4 million) [7][25] Risks and Considerations - **Downside Risks**: - Dependence on single IPs - Increasing competition - Cost control challenges [37] - **Upside Risks**: - Strong sales from new IP launches - Improved supply chain management - Faster overseas expansion [37] Conclusion - **Rating**: Neutral - **Growth Visibility**: High for 4Q25, driven by peak season and product launches [4][19] - **Investor Focus**: Continued monitoring of IP momentum and secondary market performance is essential for assessing future growth sustainability [3][19]

Vi e w p o i n t | 21 Oct 2025 11:27:09 ET │ 14 pages Pop Mart (9992.HK) Sustained Strength in 3Q25; Maintain Buy CITI'S TAKE Pop Mart recorded stronger-than-expected revenue growth of +245- 250% yoy in 3Q25 led by +185-190% yoy in the PRC and +365-370% yoy in overseas. The solid growth momentum, in our view, should be mainly attributed to the strong sell-through of new products globally as well as its restocking initiatives. We expect decent trend to sustain in upcoming peak season with festival season per ...