Zhi Tong Cai Jing·2025-10-28 09:18Group 1 - The core viewpoint of the report is that the company maintains a "buy" rating for Pop Mart (09992), projecting net profit for 2025-2027 to be 13 billion, 17.9 billion, and 22.9 billion respectively, with adjusted net profits of 14 billion, 19.2 billion, and 24 billion, reflecting year-on-year growth of 312%, 37%, and 25% [1] - The company reported Q3 2025 performance with overall revenue growth of 245-250% year-on-year, exceeding expectations, with domestic revenue (including Hong Kong, Macau, and Taiwan) growing by 185-190% and overseas revenue by 365-370% [1] - The performance of offline channels in China saw a year-on-year increase of 130-135%, while online channels experienced a growth of 300-305% [1] Group 2 - The overseas growth is highlighted, with Q3 2025 revenue in the Asia-Pacific region increasing by 170-175%, the Americas by 1265-1270%, and Europe and other regions by 735-740% [2] - The company is currently in a rapid store expansion phase in the United States, with the SPX Wednesday pop-up in New York generating significant interest, and the brand's value continues to rise [2] - Looking ahead, the company is expected to launch new products in Q4, with a strong focus on the upcoming holiday season, including Halloween, Thanksgiving, Black Friday, and Christmas [2]