Ge Long Hui·2026-01-28 01:07Core Viewpoint - The recent stock price rebound of Pop Mart is driven by a combination of capital buybacks and strong IP operations, indicating a re-evaluation of the company's valuation and showcasing its operational strengths in both IP management and capital operations [2][8]. Group 1: Capital Buyback and Market Confidence - Pop Mart executed two significant buybacks totaling approximately HKD 350 million within three days, signaling to the market that its current valuation is underestimated [3]. - The buyback actions are seen as a response to market skepticism regarding the sustainability of IP popularity, reinforcing the company's long-term confidence in its development [3][4]. - Analysts from multiple brokerages have noted that the buybacks could attract more investors, with firms like Morgan Stanley and Huatai Securities maintaining positive ratings based on the company's strong growth and clear driving factors [3][4]. Group 2: IP Operations and Market Dynamics - The resurgence of the "Biqi" IP and the emergence of the "Star People" IP demonstrate Pop Mart's robust IP operational capabilities [5][6]. - The "Biqi" series, which integrates interactive elements, has resonated with consumers seeking stress relief, showcasing the company's ability to innovate and adapt to market demands [5]. - The "Star People" IP has quickly become one of Pop Mart's fastest-growing IPs, projected to contribute 8% to sales by 2027, up from 2.8% in 2025, indicating strong market potential [6]. Group 3: Platform-Based IP Ecosystem - Pop Mart's platform-based approach allows for continuous innovation and support for both new and existing IPs, creating a sustainable cycle of IP development and revitalization [7]. - The company's ability to manage a diverse IP portfolio and maintain a strong fan ecosystem is seen as a significant competitive advantage, with analysts highlighting its potential to navigate market fluctuations [7][8]. - The recent market changes reflect a correction in investor perception, recognizing that Pop Mart's core strength lies in its comprehensive IP management rather than reliance on individual hit products [8][9]. Group 4: Future Growth Potential - As Pop Mart continues to enhance its IP ecosystem and penetrate overseas markets, its long-term growth prospects remain promising [9][10].