Core Viewpoint - The report from CMB International indicates that Pop Mart has experienced explosive growth in the first half of the year, achieving a revenue of 13.88 billion yuan, representing a year-on-year increase of 204.4% [1] - Adjusted net profit reached 4.71 billion yuan, showing a significant year-on-year growth of 362.8% [1] Financial Performance - The company's profitability continues to improve, with gross margin and adjusted net profit margin increasing by 6.3 and 11.6 percentage points to 70.3% and 33.9%, respectively [1] - The improvement is attributed to a higher proportion of overseas business with better profit margins and operational leverage effects [1] Future Outlook - Management has raised the full-year revenue target for 2025 to no less than 30 billion yuan, up from the previous target of 20 billion yuan, and expects the annual net profit margin to reach 35%, exceeding prior expectations [1] - Based on the strong performance in the first half of the year, the continuous expansion of the IP matrix, and the advancement of the globalization strategy, the profit forecasts for 2025 to 2027 have been increased by 39% to 49% [1] Investment Recommendation - The target price has been raised from 300 HKD to 394 HKD [1] - The company remains the preferred choice in the consumer sector, with strong IP operational capabilities and ongoing globalization efforts, maintaining a "buy" rating [1]
大行评级｜交银国际：泡泡玛特上半年业绩实现爆发式增长 目标价上调至394港元