Ge Long Hui·2025-10-23 02:27Core Viewpoint - Morgan Stanley's research report indicates that Pop Mart's third-quarter sales growth reached 245% to 250%, significantly exceeding the bank's forecast of 180% and accelerating from the second quarter's growth of approximately 235% [1] Summary by Category Sales Performance - The Greater China region experienced a growth of 185% to 190% - Overseas sales grew by 365% to 370% - Asia-Pacific region saw a growth of 170% to 175% - The Americas reported an extraordinary growth of 1265% to 1270% - Europe achieved a growth of 735% to 740% - All markets outperformed expectations [1] Earnings Forecast - Following the third-quarter performance, Morgan Stanley raised its profit estimates, projecting net profit growth of 291%, 25%, and 21% for the years 2025 to 2027 respectively - Revenue forecasts were also increased by 5% to 8%, expecting growth rates of 190%, 26%, and 20% for the same years - Adjusted net profit margin predictions are set to reach 32.4%, 32.1%, and 32.1% [1] Target Price and Rating - The target price remains unchanged at HKD 382 - The rating is maintained at "Overweight" [1]