Ge Long Hui·2026-02-11 05:31Core Viewpoint - Citigroup's report predicts that Pop Mart (9992.HK) will enhance its ability to withstand IP cyclical risks and revive new demand through its IP-centric diversification strategy [1] Group 1: Market Performance - Recent app download data shows an upward trend, particularly in China and the United States, driven mainly by the launch of the new series Skullpanda x My Little Pony [1] - The company is expected to see growth driven by breakthroughs in IP diversification, product innovation, and monetization across various fields by 2026 [1] Group 2: Product and IP Development - Other iconic IP products such as SKULLPANDA and CRYBABY are becoming new growth drivers with their own fan bases, rather than merely serving as substitutes for LABUBU [1] - There is potential upside for non-LABUBU IP this year, with recent global consumer surveys indicating that overseas interest in non-LABUBU IP may be underestimated [1] Group 3: Investment Outlook - Citigroup maintains a "Buy" rating for Pop Mart, setting a target price of HKD 415 based on a projected 28x price-to-earnings ratio for 2026 [1] - The company is trading at a premium compared to most global toy and IP peers, likely due to rapid growth driven by overseas expansion [1] - Citigroup believes that Pop Mart should enjoy a premium due to its leading position compared to domestic peers [1]