Zhi Tong Cai Jing·2026-01-22 06:34Core Viewpoint - Pop Mart (09992) has shown a significant increase in stock price, rising nearly 6% following recent share buybacks, indicating strong market confidence and financial health [1] Group 1: Stock Performance - As of the report, Pop Mart's stock price reached 205.8 HKD, with a trading volume of 2.321 billion HKD [1] - The stock experienced a rise of 5.86% during the trading session [1] Group 2: Share Buyback Activity - On January 19, Pop Mart repurchased 1.4 million shares for 251 million HKD [1] - On January 21, the company spent approximately 96.49 million HKD to buy back 500,000 shares [1] - This marks the first share buyback since early 2024, reflecting the company's commitment to returning value to shareholders [1] Group 3: Financial Outlook - Morgan Stanley estimates that Pop Mart will achieve a net profit of 12.6 billion RMB by 2025, with a projected cash reserve of 20 billion RMB by the end of 2025 [1] - This financial position indicates that the company has ample resources to further reward shareholders [1] Group 4: Market Analysis - Huatai Securities reported that Pop Mart's domestic and overseas performance showed strong resilience in Q4 of the previous year [1] - The strength of the IP matrix has provided solid support for sales growth following the peak sales of Labubu 3.0 [1] - The firm believes that the sustainability of Pop Mart's growth and its mid-to-long-term potential are undervalued, making its current valuation attractive amid market discrepancies [1]