Zhi Tong Cai Jing·2025-10-22 07:30Core Viewpoint - The report from Credit Lyonnais indicates that Pop Mart (09992) experienced a significant year-on-year revenue growth of 245% in Q3, accelerating from 204% in H1 and 170% in Q1, reflecting strong market performance and expansion potential [1] Group 1: Revenue Growth - Q3 revenue growth of Pop Mart reached 245%, up from 204% in H1 and 170% in Q1 [1] - Growth in the Chinese market accelerated from 135% in H1 to 185%-190% in Q3, attributed to improved supply conditions [1] - Overseas market growth slowed from 440% in H1 to 365%-370% in Q3, with strong sales performance in Europe and the US, showing increases of 735%-740% and 1,265%-1,270% respectively [1] Group 2: Market Expansion and IP Development - Credit Lyonnais remains optimistic about Pop Mart as an IP platform, with potential expansion into jewelry and building blocks [1] - Emerging IPs such as Twinkle Twinkle and Peach Riot are gaining traction, and the company is exploring diversified content development, including animation [1] - The recent trend of LABUBU in Google searches has normalized but still performs comparably to established IPs, indicating sustained interest [1] Group 3: Sales Channels - The strong performance in the Chinese market is primarily driven by online sales channels [1]