信达证券：维持泡泡玛特“买入”评级 经营高景气度持续

Core Viewpoint - The report highlights that Pop Mart (09992) is actively repurchasing shares, indicating confidence in its future performance and market position [1] Group 1: Domestic Market Outlook - The domestic market is showing upward momentum, with Pop Mart having a large and sticky user base, supported by a diversified IP matrix [1] - Key IPs such as MOLLY, SKULLPANDA, CRYBABY, and DIMOO are performing well, while the popularity of the Star People IP is rapidly increasing [1] - Recent actions to adjust supply and stabilize the second-hand market prices are seen as a strategy to regain pricing power and create a healthier commercial ecosystem based on real consumer demand [1] Group 2: Overseas Market Potential - There is significant potential in overseas markets, which are still in the early stages of development compared to the domestic market, with strong certainty for future channel expansion [2] - Challenges include short IP cycles, weaker channel capacity, and reliance on single IPs, necessitating improvements in supply chain and logistics [2] - The U.S. market, as a key consumer market for trendy toys, presents substantial growth opportunities, with a focus on operational capabilities in the short term and IP-driven growth in the long term [2] Group 3: Sales Tracking - Google Trends data indicates that the search popularity of Pop Mart's core IP "Labubu" peaked around Christmas and has remained above average since then, with a slight increase as the end of December approaches [3]