智通财经网·2025-09-18 03:30Core Viewpoint - Pop Mart (09992) has seen a stock price increase of over 3%, currently trading at 263.4 HKD with a transaction volume of 2.791 billion HKD, indicating positive market sentiment towards the company [1] Group 1: Company Performance - Huatai Securities suggests that recent fluctuations in the secondary market prices of Pop Mart's products may be a result of the company's proactive supply increase, which does not hinder its long-term development logic [1] - As a leading player in China's trendy toy industry, Pop Mart possesses full industry chain operational capabilities for IP toys, supported by its strong IP creation and operational abilities, as well as diverse consumer reach through various channels [1] Group 2: Growth Potential - The company is expected to benefit from the gradual expansion of its overseas business and the increasing influence of its products internationally, which may open up a second growth avenue [1] - HSBC Global Research reports that Labubu has become a global cultural symbol comparable to Kaws and Bearbrick, with Labubu only beginning active collaborations with global brands in 2024, suggesting that it is premature to declare its peak [1] Group 3: Investment Ratings - HSBC maintains a "Buy" rating for Pop Mart with a target price of 379 HKD, which corresponds to forecasted price-to-earnings ratios of 41.5 times and 30.8 times for the next two years [1]