Sou Hu Cai Jing·2025-06-11 06:59Core Viewpoint - The surge in popularity of LABUBU has led to significant price increases in the secondary market, with some items being sold for thousands of yuan, resulting in high premiums for Pop Mart's stock, which has been humorously referred to as "plastic Moutai" [1][16] - Pop Mart's stock price reached a historical high of 262 HKD, with a market capitalization exceeding 336.8 billion HKD, reflecting a more than 23-fold increase since its low in 2022 and a 186% rise year-to-date [1][3] Market Performance - Deutsche Bank raised its target price for Pop Mart from 200 HKD to 303 HKD, citing a potential market size larger than previously estimated [3] - As of June 10, 2023, Pop Mart's stock price has increased over 23 times from its 2022 low, with a year-to-date increase of approximately 186% [1] Institutional Ratings - In the past month, 21 institutions have given Pop Mart a "buy" rating, indicating strong institutional interest [3] - The latest ratings show 26 institutions with a "buy" rating, 21 with "hold," and 3 with "neutral" [4] Fund Holdings - As of Q1 2025, 270 funds held a total of 68.75 million shares of Pop Mart, with a total market value of 9.93 billion CNY [5] - The top fund holding Pop Mart shares is Invesco Great Wall Quality Evergreen Mixed Fund, with 3.22 million shares valued at 465 million CNY [5][7] Fund Activity - The number of funds holding Pop Mart shares increased by 78.45% compared to the previous period, with a significant rise in the number of funds increasing their holdings [6] - The total market value of fund holdings in Pop Mart reached approximately 992.91 million CNY, reflecting a 107.27% increase [6] Investment Trends - The current investment trend shows a growing number of public funds investing in Pop Mart, with 116 funds holding shares by the end of 2024, compared to only 36 at the beginning of that year [7] - The analysis indicates that funds that have consistently held Pop Mart shares since 2021 have benefited significantly from the stock's performance [8] Future Outlook - Analysts predict that Pop Mart's strong IP supply, particularly with LABUBU, will drive significant growth, with overseas sales expected to increase by 152% in 2025 [17] - The shift in consumer behavior towards personalized and rational consumption is expected to support the growth of new consumption trends, benefiting companies like Pop Mart [17]