Ge Long Hui·2025-10-23 02:42Group 1 - The core viewpoint of the report indicates that Pop Mart's latest business performance shows a significant year-on-year revenue growth of 245% to 250%, with quarterly growth further accelerating [1] - Revenue growth in the Chinese market is reported at 185% to 190%, while overseas market revenue growth stands at 365% to 370%, both exceeding expectations from the bank and the market [1] - The primary drivers for this growth are attributed to the introduction of new products in the leading series and accelerated growth in the European and American markets, alongside a faster release of production capacity [1] Group 2 - The report suggests that due to the accelerated release of production capacity and the upcoming overseas peak season, the adjusted net profit forecasts for 2025 and 2026 have been raised by 20% and 21% to 13.2 billion and 17 billion respectively [1] - The current stock price corresponds to adjusted price-to-earnings ratios of 23 and 18 for 2025 and 2026 [1] - The bank maintains an "outperform" rating for the company, with a target price set at 370 HKD, reflecting adjusted price-to-earnings ratios of 35 and 27 for 2025 and 2026 [1]