Ge Long Hui·2026-01-28 03:00Core Insights - The customer base of Pop Mart continues to expand, with 76% of surveyed consumers having made their first purchase in the past year, and 45% being new customers within the last three months [1] - 87% of respondents indicated a likelihood of purchasing Pop Mart products in the next three months, driven by new product lines, limited editions, and seasonal releases [1] - Key motivations for purchasing include gifting, collecting, and personal interest, with emotional connection and uniqueness being highly valued by consumers [1] Survey Findings - The top five most popular IP products are LABUBU (47%), Twinkle Twinkle (27%), Skullpanda (25%), Crybaby (23%), and Molly (22%) [1] - There is an underestimation of overseas market interest in non-LABUBU IPs, particularly Twinkle Twinkle, which has a higher ownership rate in the U.S. than expected [1] Future Outlook - The company is expected to achieve breakthroughs in IP diversification, product innovation, and multi-sector monetization, supporting continued growth through 2026 [1] - A target price of HKD 415 is set, with a "Buy" rating, maintaining its position as a preferred choice in the Chinese consumer sector [1]