智通财经网·2025-08-21 07:49Core Viewpoint - Goldman Sachs has raised its profit forecasts for Pop Mart (09992) for 2025 to 2027 by 28% to 34%, now expecting adjusted net profits of RMB 12.8 billion and RMB 17.6 billion for 2025 and 2026 respectively, with a new 12-month target price of HKD 350, implying an 11% upside from the previous target of HKD 260 [1] Group 1 - The stock performance of Pop Mart has been positive following the company's half-year financial briefing, reflecting management's optimistic outlook, including strong sales momentum, particularly in overseas markets, and better-than-expected margin expansion [1] - Management expects a net profit margin of 35% for the full year and plans to launch a mini version of Labubu this week, which will help expand usage scenarios, such as being used as a phone accessory [1] - Goldman Sachs holds a positive view on the company's earnings visibility, supported by factors such as sustained strong IP momentum, expanded manufacturing capacity to commercialize IP popularity, successful entry into new markets like the US and Europe, and strong revenue performance expected to translate into further operational leverage in the second half of the year [1]