智通财经网·2025-08-22 06:24Core Viewpoint - Jianyin International's report indicates that Pop Mart (09992) is expected to maintain strong revenue growth of 1.14 times in the second half of the year, driven by robust global demand, with an anticipated annual compound growth rate of 28% in profits from 2026 to 2027 [1] Financial Performance - For the first half of the year, Pop Mart's adjusted net profit increased by 3.72 times to 4.602 billion RMB, slightly exceeding the previously forecasted growth of 3.5 times [1] - Revenue rose by 2.04 times to 13.876 billion RMB, aligning closely with expectations [1] Growth Drivers - The strong profit growth is attributed to economies of scale and improved operational leverage [1] - Business growth is driven by comprehensive expansion across core IP, product categories, and regional markets, indicating the company's progress towards its goal of becoming a global enterprise [1] Target Price and Rating - The target price for Pop Mart has been raised from 288 HKD to 374 HKD, maintaining a "outperform the market" rating and continuing to be listed as an industry favorite [1] - The upcoming launch of "Mini Labubu" is expected to act as a catalyst for recent stock price movements [1]