Ge Long Hui·2025-08-21 06:08Core Viewpoint - Goldman Sachs reports that Pop Mart's stock performance post the first half financial briefing has been positive, reflecting management's optimistic outlook, including strong sales momentum, particularly in overseas markets, and better-than-expected profit margin expansion [1] Group 1: Financial Performance - Management expects a net profit margin of 35% for the full year [1] - Goldman Sachs has raised the profit forecasts for Pop Mart for 2025 to 2027 by 28% to 34%, now projecting adjusted net profits of 12.8 billion yuan and 17.6 billion yuan for 2025 and 2026, respectively [1] Group 2: Market Expansion - The introduction of the mini Labubu this week is expected to help expand usage scenarios [1] - The company is successfully entering new markets such as the United States and Europe, which are currently significant opportunities [1] Group 3: Investment Outlook - Goldman Sachs maintains a positive view on the company's earnings visibility, supported by strong IP momentum and expanded manufacturing capabilities to commercialize IP popularity [1] - The new 12-month target price has been raised from 260 HKD to 350 HKD based on a 25 times price-to-earnings ratio for 2027, while maintaining a "neutral" rating [1]