news flash·2025-04-25 01:46Group 1 - The core viewpoint of the report is that Pop Mart (09992.HK) is expected to see significant revenue growth in Q1 of FY2025, surpassing market expectations [1] - The anticipated revenue growth for the first quarter is projected to be between 165% to 170% year-on-year, with domestic revenue growth in China (including Hong Kong, Macau, and Taiwan) expected to be between 95% to 100% [1] - Overseas market revenue is projected to grow between 475% to 480% year-on-year, driven by strong same-store performance in China and high demand in international markets [1] Group 2 - The company has adjusted its net profit forecasts for FY2025 and FY2026 upwards by 10% and 8% respectively, now estimating net profits of 6.4 billion and 7.92 billion RMB [1] - The target price for Pop Mart has been raised by 29% to 220 HKD, which corresponds to a projected adjusted P/E ratio of 44 times and 35 times for the next two years [1] - The report maintains an "outperform" rating for the company, citing a strong pipeline of quality new IP products and sustained interest in the North American market [1]