智通财经网·2026-01-27 07:28Core Viewpoint - Macquarie maintains a positive outlook on Pop Mart (09992) due to its capacity expansion supporting sales growth, keeping earnings forecasts unchanged and maintaining an "outperform" rating with a target price of HKD 470 [1] Group 1: Product Performance - The Valentine's Day limited edition blind box "Starry People Heartbeat" series launched by Pop Mart has been well-received, with the first batch selling out quickly [1] - The company operates a diversified product and IP portfolio, which allows for continuous product development and consumer interaction [1] Group 2: Revenue Contribution - It is expected that the contribution of the top two to six IPs to revenue will increase from 43% in 2025 to 48.6% this year [1] Group 3: Market Sentiment - Recent stock price adjustments are attributed to investor concerns over the slowdown of its U.S. market business, which Macquarie believes is an overreaction [1] - Following a significant stock price decline, timely stock buybacks could help boost investor confidence [1]