Ge Long Hui·2025-08-26 04:02Group 1 - The core viewpoint of the report indicates that Pop Mart's global expansion momentum remains strong, supported by robust global demand and an improving supply chain [1] - The company is projected to achieve a sales growth of 172% by 2025, reaching 35.4 billion yuan, with sales from China and overseas expected to each account for 50% [1] - The forecast for gross margin and core operating profit margin is expected to improve to 71.4% and 44.6%, respectively [1] Group 2 - The sales and adjusted net profit forecasts for Pop Mart for 2025 to 2027 have been raised by 14%, 12%, 12% and 23%, 20%, 20% respectively [1] - The target price for the company has been increased from 318 HKD to 368 HKD, while maintaining an "outperform" rating [1]