Ge Long Hui·2025-09-03 03:03Core Viewpoint - Morgan Stanley has revised its model for Pop Mart, projecting a sales revenue of 34.8 billion yuan for this year, representing a year-on-year increase of 167% [1] - The net profit is expected to reach 11.1 billion yuan, reflecting a year-on-year growth of 257% [1] Sales and Profit Forecast - For next year, sales are projected to be 45 billion yuan, indicating a year-on-year growth of 30% [1] - The net profit for next year is anticipated to be 14.6 billion yuan, which means a year-on-year increase of 31% [1] Long-term Profit Predictions - Morgan Stanley has raised its net profit forecasts for the company from 2025 to 2027 by 15%, 5%, and 4% respectively [1] - This adjustment is primarily driven by increased revenue expectations from Greater China and overseas markets, as well as a reduction in operating expense ratios [1] Target Price Adjustment - The target price for Pop Mart has been increased from 365 HKD to 382 HKD [1] - The rating for the company has been maintained at "Overweight" [1]