Nan Fang Du Shi Bao·2025-07-16 09:13Group 1 - The stock price of Pop Mart (09992.HK) fell by 3.57% to 253.8 HKD despite a strong earnings forecast, with a market capitalization of 340.8 billion HKD [1] - Pop Mart expects its revenue for the six months ending June 30, 2025, to increase by no less than 200% compared to the same period in 2024, and profits to grow by no less than 350% [3] - For the first half of 2024, Pop Mart's revenue is projected to be approximately 45.6 billion RMB, a year-on-year increase of 62.0%, potentially exceeding 136 billion RMB [3] Group 2 - The significant revenue growth is attributed to the global recognition of Pop Mart's brand and IP, diverse product categories, and continuous high growth in all regional markets [3] - The overseas revenue proportion is increasing, positively impacting gross profit and net profit, alongside scale effects and improved cost management [3] - The LABUBU IP from the THE MONSTERS series generated 30.4 billion RMB in revenue in 2024, a remarkable year-on-year increase of 726.6% [5] Group 3 - Following a large-scale restock of the LABUBU 3.0 series, the secondary market prices for LABUBU products dropped significantly, leading to a sell-off by scalpers [6] - Pop Mart's stock price reached a historical high of 283.4 HKD on June 12, but subsequently fell by 17.7% over six trading days, resulting in a market value loss of nearly 40 billion HKD [6] - JPMorgan raised its net profit forecast for Pop Mart to 9.4 billion RMB, reaffirming its position as a preferred choice in the Chinese consumer sector with a target price of 340 HKD [6]