Zhi Tong Cai Jing·2026-01-27 01:44Core Viewpoint - Guosen Securities maintains an "outperform" rating for Pop Mart (09992), highlighting the company's IP operational capabilities and overseas expansion potential, with current performance and valuation at low levels, indicating room for recovery [1] Recent Events - On January 21, the company announced a buyback of 500,000 shares at a price of 192.97 yuan per share, representing 0.0373% of the existing shares [1] - On January 19, the company announced the repurchase and cancellation of 1.4 million shares at a price of 179.60 yuan per share, accounting for 0.1042% of the then-existing shares [1] Management Confidence - Between January 19 and 21, the company management repurchased 1.9 million shares, with 1.4 million already canceled, demonstrating management's confidence in the stock price and the company's future development [2] Product Performance - Recent trends show that the PUCKY Knock Knock series and the Starry People series have sold out on the official website, with significant premiums on second-hand platforms, indicating strong demand [2] - The company is expected to benefit from the upcoming Spring Festival and popular products, enhancing its IP potential [2] IP Development and Overseas Growth - The company's IP creation and operational capabilities continue to be validated, with rapid growth in overseas channels [2] - Initiatives like IP parks and co-branded activities are expected to deepen IP operations, with long-term IP development and commercialization capabilities likely to strengthen [2] - Current performance and valuation are at low levels, suggesting potential for valuation upgrades [2]