Zhi Tong Cai Jing·2026-01-28 03:45Core Viewpoint - Citi's report anticipates that Pop Mart (09992) will achieve sustained growth by 2026 through breakthroughs in IP diversification, product innovation, and monetization across multiple fields [1] Group 1: Consumer Insights - A survey conducted by Citi involving approximately 1,500 Pop Mart consumers across China, Japan, the US, the UK, and Australia indicates a growing customer base, with 76% of respondents making their first purchase in the past year, and 45% being new customers within the last three months [1] - Only 9% of respondents indicated they would purchase Pop Mart products from second-hand platforms [1] - 87% of respondents expressed that they are "likely" or "very likely" to purchase Pop Mart products in the next three months, with new product series, limited editions, and seasonal releases being key drivers for future purchases [1] Group 2: Purchase Motivations - The main reasons for purchasing Pop Mart products include gifting, collecting, and personal interest, followed by emotional satisfaction and trend-following [1] - Respondents place high value on character design, emotional connection, and rarity/uniqueness [1] Group 3: Popular IP Products - The top five most popular IP products among respondents are LABUBU (47%), Twinkle Twinkle (27%), Skullpanda (25%), Crybaby (23%), and Molly (22%) [1] - There is a belief that overseas market interest in non-LABUBU IPs may be underestimated, particularly noting that Twinkle Twinkle's ownership in the US exceeds expectations [1]