Zhi Tong Cai Jing·2025-08-26 07:11Core Viewpoint - The report from Citi indicates that Pop Mart (09992) is experiencing strong global demand and improving supply chain conditions, supporting growth prospects. The company is projected to achieve a 172% year-on-year sales increase by 2025, reaching 35.4 billion RMB, with sales from China and overseas expected to each account for 50% of total sales [1]. Group 1 - The global demand for Pop Mart's products remains robust, as evidenced by the recent overseas international toy exhibition in Singapore [1]. - Supply chain improvements are anticipated to further support the company's growth trajectory [1]. - Sales forecasts for Pop Mart have been revised upward for the years 2025 to 2027, with sales and adjusted net profit estimates increased by 14%, 12%, 12% and 23%, 20%, 20% respectively [1]. Group 2 - The projected gross margin and core operating profit margin are expected to rise to 71.4% and 44.6%, respectively [1]. - The target price for Pop Mart has been raised from 318 HKD to 368 HKD, maintaining a "Outperform" rating [1].