智通财经网·2025-10-22 08:21Core Viewpoint - Zhongtai Securities maintains a "Buy" rating for Pop Mart (09992), projecting significant revenue growth driven by strong IP potential and overseas expansion opportunities [1] Group 1: Business Performance - For Q3 2025, the company's overall revenue is expected to grow by 245%-250% year-on-year, with China revenue increasing by 185%-190% and overseas revenue by 365%-370% [1] - In China, offline channel revenue is projected to grow by 130%-135%, while online channel revenue is expected to increase by 300%-305% [1] - The overseas market shows robust growth, with the Americas expected to grow by 1265%-1270%, Asia-Pacific by 170%-175%, and Europe and other regions by 735%-740% [1] Group 2: Market Dynamics - The online growth in the domestic market exceeded 300% in Q3, significantly higher than the 212% growth in the first half of the year, attributed to enhanced channel strategies and new sales channels [2] - The Americas market is experiencing monthly fluctuations due to restocking rhythms, while the European market focuses on expanding into untapped regions [2] Group 3: Future Outlook - The company anticipates continued high growth in Q4, driven by e-commerce promotions in China and the North American shopping season starting with Halloween [3] - For 2026, the company expects smooth store performance improvements in China and Asia-Pacific, with significant growth potential in the Americas and Europe through new store openings and partnerships [3]