Ge Long Hui·2026-01-23 02:27Core Viewpoint - Huatai Securities reports that Pop Mart has recently initiated a share buyback, purchasing a total of 1.9 million shares for HKD 310 million, indicating the company's confidence in its growth prospects [1] Group 1: Share Buyback - The recent buyback on January 19 and 21 involved a total of 1.9 million shares, with a total expenditure of HKD 310 million, which is higher than previous buybacks [1] - The size of the buyback reflects the company's strong confidence in its future growth [1] Group 2: Growth Prospects - The company is expected to accelerate the diversification and balance of its IP structure this year, with new business segments such as theme parks, animation content, desserts, and accessories being developed to create new growth points [1] - The emotional connection with IP is being strengthened to alleviate market concerns regarding fashion risks [1] Group 3: Brand Development - The success of Labubu in Western markets is seen as a starting point for increased brand recognition rather than a temporary trend [1] - The company has a deep reserve of IP and product categories, which can leverage brand recognition to gain broader brand collaborations and designer resources globally, transforming popularity into a multi-faceted IP growth engine [1] Group 4: Investment Rating - Huatai Securities maintains a target price of HKD 410 and a "Buy" rating for the company, continuing to recommend it as a key investment [1]