Cai Jing Wang·2025-11-28 04:46Group 1 - Morgan Stanley has lowered the target price for Pop Mart's stock from HKD 382 to HKD 325, representing a decrease of approximately 15% due to unfavorable trends in the global consumer sector [1] - The expected price-to-earnings ratio for Pop Mart in 2026 has dropped to 16 times, presenting an attractive entry point for investors interested in a company with high net asset returns and a focus on adult-oriented novelty products [1] - Despite short-term market disagreements regarding Pop Mart, its IP operational capabilities and high return on equity (ROE) characteristics still hold long-term investment value [1] Group 2 - Pop Mart's revenue for the first three quarters of this year has increased by 30% year-on-year, with overseas revenue accounting for 20% of total revenue [1] - The management anticipates that the number of overseas stores will exceed 100 by the end of the year [1]