大行评级｜花旗：重申泡泡玛特“买入”评级，看好新品发布与股份回购

Core Viewpoint - Citigroup reaffirms a "Buy" rating for Pop Mart, anticipating growth momentum through 2026 driven by IP diversification, product innovation, and multi-domain monetization capabilities [1] Group 1: Market Evaluation - Citigroup believes the market undervalues Pop Mart's IP vitality and incubation capabilities [1] - The recent launch of significant new products outside the LABUBU series, such as Twinkle Twinkle, has received a strong market response [1] Group 2: Investor Confidence - The initiation of a share buyback plan this week is expected to further boost investor confidence [1] - Pop Mart remains one of Citigroup's top buy recommendations in the Chinese consumer sector, with a target price set at HKD 415 [1]