Ge Long Hui·2025-08-22 05:26Core Viewpoint - Macquarie's report projects Pop Mart's revenue to reach approximately 33 billion yuan in the fiscal year 2025, with a non-IFRS net profit margin of 35% [1] Group 1: Revenue and Profitability - The company is expected to see a year-on-year revenue growth of 1142% in the Americas market, indicating significant upside potential [1] - Net profit forecasts for fiscal years 2025 and 2026 have been raised by 17% and 16% respectively, reflecting a more favorable outlook due to product launches and ongoing expansion in overseas markets [1] - Revenue forecasts for fiscal years 2025 and 2026 have been increased by 7% and 8% respectively [1] Group 2: Market Strategy - The current 59% contribution from online sales suggests that the company has ample room to open more physical stores [1] - The focus on store quality and productivity indicates that the company is maintaining discipline in its operations [1] - Opening stores in prime locations is expected to enhance brand awareness among celebrities and opinion leaders, thereby expanding the potential customer base [1] Group 3: Product Development - The company has been investing in IPs beyond The Monsters, aiming for a more balanced IP portfolio [1] - The upcoming Mini Labubu series demonstrates the company's ability to monetize through expansion into new scenarios and categories [1] - Gross profit margin forecasts have been adjusted upwards by 0.6 percentage points and 0.2 percentage points for fiscal years 2025 and 2026 respectively [1] Group 4: Rating and Target Price - Macquarie maintains an "Outperform" rating for Pop Mart, with the target price raised by 11% to 400 HKD [1]