智通财经网·2026-01-28 03:49Core 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 continuous expansion of Pop Mart's customer base, with 76% of respondents making their first purchase in the past year [1] - Among the new customers, 45% made their first purchase within the last three months, while only 9% indicated they would buy 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 significant value on character design, emotional connection, and the rarity and uniqueness of the products [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] - Citi believes that interest in non-LABUBU IPs in overseas markets may be underestimated, particularly noting that Twinkle Twinkle's ownership in the US exceeds their expectations [1]