Xin Lang Cai Jing·2025-10-23 06:15Core Viewpoint - The report from Guojin Securities on October 22 highlights optimism regarding Pop Mart's (09992.HK) overseas market growth through localized operational systems, as well as the company's ability to maintain high-quality development in the Chinese market through comprehensive operational upgrades [1] Financial Projections - The company is expected to achieve adjusted net profits attributable to the parent company of 137 billion, 188 billion, and 235 billion yuan for the years 2025, 2026, and 2027, representing year-on-year growth rates of 303%, 37%, and 25% respectively [1] - The current stock price corresponds to price-to-earnings (PE) ratios of 23x, 17x, and 13x for the years 2025, 2026, and 2027 [1] Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its future performance [1]