泡泡玛特再获国内外大行一致看好：过去一周股价上涨20%，平台价值愈发凸显

Core Viewpoint - Pop Mart (9992.HK) has received "buy" ratings from major financial institutions, indicating strong potential for stock price appreciation, with target prices set at 410 HKD and 415 HKD, representing over 80% upside from current levels [2][8]. Stock Performance - In the past week, Pop Mart's stock has surged over 20%, with its market capitalization reaching 300 billion HKD [3][9]. - The company announced a share buyback plan, committing 251 million HKD to repurchase 1.4 million shares at prices between 177.7 and 181.2 HKD per share [3][9]. IP Value and Market Dynamics - The value of Pop Mart's platform attributes is increasingly evident, with a focus on long-term IP creation and operational mechanisms [10]. - Concerns have arisen regarding the performance of the popular IP "Labubu," which has faced market price declines, leading to questions about the potential for new successful IPs [10]. - Historical data suggests that short-term market fluctuations have minimal impact on IP value, as seen with Bandai's Gundam figures, indicating that supply-demand balance restoration can protect long-term IP value [10]. New Product Launches and Innovations - The PUCKY brand has seen significant success, with the release of the "Knock Knock" plush toy series gaining viral popularity [10][11]. - The "Starry People" Valentine's Day limited edition series has experienced a price increase from 89 HKD to 699 HKD, achieving a record premium of 685% [11]. - Pop Mart has collaborated with Honor to launch the "Honor 500 Pro MOLLY 20th Anniversary Limited Edition" phone, marking it as the industry's first toy-themed smartphone [11]. Long-term IP Strategy - CEO Wang Ning emphasized the importance of continuous investment in IP to ensure its longevity, stating that the lifecycle of IP depends on sustained, healthy, and positive input [12]. - The company aims to generate high-quality content for its IPs and maintain a collaborative approach with artists, distinguishing itself from traditional IP companies [12][13]. - Wang also expressed confidence in the long-term viability of their IPs, suggesting that they could remain relevant for decades [13].