Zheng Quan Shi Bao Wang·2025-08-21 06:27Core Viewpoint - Goldman Sachs reports that Pop Mart's stock performance has been positive following its half-year financial briefing, primarily due to management's optimistic outlook on sales momentum, especially in overseas markets, and profit margin expansion, with an expected annual net profit margin of 35% [1] Group 1: Financial Performance - The company is set to launch a mini version of Labubu to expand application scenarios [1] - Goldman Sachs has raised its earnings forecasts for Pop Mart for 2025-2027 by 28%-34% [1] - The 12-month target price has been increased from HKD 260 to HKD 350, while maintaining a "Neutral" rating [1] Group 2: Market Expansion - The company is experiencing strong IP momentum and expanding manufacturing capabilities to commercialize the popularity of its IP [1] - Successful expansion into new markets such as the United States and Europe is noted [1] - The upcoming peak season in the second half of the year is expected to translate into operational leverage [1]