智通财经网·2025-07-16 01:40Core Viewpoint - The report from CICC indicates a significant increase in the global popularity of Pop Mart's IP, leading to an upward revision of the adjusted net profit forecast for 2025 and 2026 by 30% to 9.73 billion and 12.35 billion yuan respectively, with a corresponding increase in target price by 6.5% to 330 HKD, suggesting a 25% upside potential from the current price [1] Group 1 - The company expects a year-on-year profit growth of over 350% for the first half of 2025, with revenue expected to increase by no less than 200% during the same period, exceeding market expectations [2] - The growth in performance is attributed to the enhanced global recognition of its IP, diversification of product categories, and rapid revenue growth across various regional markets [2] - The increase in overseas revenue proportion positively impacts both gross and net profit margins, while continuous optimization of product costs and expense management enhances profitability [2] Group 2 - The company is projected to achieve approximately 170% and over 225% year-on-year revenue growth in Q1 and Q2 respectively, with a 50%+ quarter-on-quarter growth from Q1 to Q2 [3] - New product launches in Q2, including popular series and collaborations, have received positive consumer feedback, with some products sold out across official channels [3] - The company opened 25 new stores overseas in Q2, with 10 located in North America, significantly boosting market interest in that region [3] Group 3 - The increase in overseas revenue share, product price adjustments, and scale effects from new categories are expected to lead to a substantial improvement in gross margins, with a projected net profit margin of approximately 32% for the first half of 2025, marking a historical high [4] - The net profit margins for the same period in 2024 were 21.9% and 27.5% for the first and second halves respectively, indicating a performance that exceeds market expectations [4] Group 4 - The company is advancing its group strategy centered around IP, demonstrating strong growth potential in the medium to long term [5] - The LABUBU brand continues to gain global traction, validating the company's ability to innovate and optimize design while growing alongside its IP [5] - The company is expanding its business into diverse areas, including jewelry and animation, which is expected to enrich IP content and extend its lifecycle [5]