Zhi Tong Cai Jing·2025-08-04 03:25Core Viewpoint - DBS has released a report indicating that Pop Mart (09992) is driven by strong demand for its proprietary IPs such as Labubu and Molly, with expected revenue and profit growth of over 140% and 180% respectively this year [1] Group 1: Financial Projections - The company is projected to achieve a compound annual growth rate (CAGR) of 81% in revenue and 99% in profit from 2024 to 2026 [1] - The target price set by DBS for Pop Mart is HKD 312 [1] Group 2: Market Position and Strategy - The stock price trajectory of Pop Mart may depend on its ability to transform core IPs into sustainable cultural icons [1] - The company is expected to build a robust mid-term outlook through a diversified product portfolio, scaling, and innovative business models to offset short-term risks [1] Group 3: Industry Context - Notable IPs like Pokemon and Hello Kitty have achieved cumulative global sales exceeding USD 50 billion to USD 150 billion, with continued growth [1] - Pop Mart's rapid expansion into international markets and omnichannel development is anticipated to push overseas sales to account for over 50% by 2025 [1]