Ge Long Hui·2026-01-26 05:31Core Viewpoint - The report from CICC highlights the recent successful product launches by Pop Mart, indicating strong sales performance and innovation capabilities supported by a mature R&D mechanism and direct customer system [1] Group 1: Product Performance - The PUCKY Knock Knock series continues to gain popularity, showcasing the company's ability to attract consumer interest [1] - The sales of the Family Fortune series and the Starry People series plush pendants are performing exceptionally well, further demonstrating the company's product appeal [1] Group 2: Innovation and Growth Potential - CICC believes that the recent strong performance of new products reaffirms the company's R&D innovation strength, which is crucial for sustainable growth [1] - The company's platform-based layout is expected to provide significant growth opportunities moving forward [1] Group 3: Financial Projections - CICC maintains the adjusted net profit forecasts for the company at 13.7 billion and 17.7 billion for 2025 and 2026, respectively, and introduces a forecast of 21 billion for 2027 [1] - The firm maintains an "outperform" rating and a target price of 370 HKD for the company [1]