Ge Long Hui·2026-01-27 05:27Core Viewpoint - Macquarie's report indicates that Pop Mart's Valentine's Day limited edition blind box series has been well-received, with the first batch selling out quickly. The firm believes that Pop Mart's diverse product and IP portfolio will continue to drive consumer engagement and revenue growth, projecting that the contribution of its top two to six IPs to revenue will increase from 43% in 2025 to 48.6% this year [1]. Group 1 - The first batch of Pop Mart's Valentine's Day limited edition blind box series sold out rapidly, indicating strong consumer demand [1]. - Macquarie expects the revenue contribution from Pop Mart's top IPs to rise from 43% in 2025 to 48.6% in the current year, reflecting the company's effective product development and consumer interaction strategies [1]. - Recent stock price adjustments are attributed to investor concerns over the slowdown in Pop Mart's U.S. market operations, which Macquarie believes is an overreaction [1]. Group 2 - Macquarie maintains a "Outperform" rating for Pop Mart, with a target price of 470 HKD, citing optimism about production capacity expansion supporting sales growth [2]. - Citigroup has reiterated a "Buy" rating for Pop Mart, highlighting confidence in new product launches and share buybacks [2].