Ge Long Hui·2025-10-16 03:44Core Viewpoint - Morgan Stanley upgraded Pop Mart's investment rating from "Neutral" to "Overweight" and raised the target price from HKD 300 to HKD 320, anticipating significant sales and adjusted profit growth in the coming years [1] Financial Projections - The bank expects sales and adjusted profit to increase by 165% and 276% year-on-year, respectively, for this year [1] - For the next year, sales and adjusted profit are projected to grow by 28% and 29% year-on-year, respectively [1] Valuation and Market Position - Pop Mart is currently trading at a forecasted price-to-earnings ratio of 20 times for the next year, which Morgan Stanley considers attractive [1] Future Catalysts - Anticipated catalysts for growth include: 1. Third-quarter operational data to be released at the end of October [1] 2. Strong sales expected during Halloween and Christmas [1] 3. The release of the "Labubu & Friends" animation anticipated in December [1] 4. The expected launch of "Labubu 4.0" projected for March to April next year [1]