智通财经网·2026-02-11 06:51Core Viewpoint - Citi predicts that Pop Mart (09992) will enhance its ability to withstand IP cyclical risks and revive new demand through its IP-centric diversification strategy [1] Group 1: Company Performance - Recent data tracking by Citi shows an increase in app downloads, particularly in China and the United States, driven by the launch of the new Skullpanda x My Little Pony series [1] - Citi observes high consumer interest in the new series on Instagram, indicating strong market engagement [1] - The company is rated "Buy" by Citi, with a target price of 415 HKD based on a projected 28x price-to-earnings ratio for 2026 [1] Group 2: Growth Drivers - Citi forecasts that breakthroughs in IP diversification, product innovation, and monetization across various fields will drive growth for the company by 2026 [1] - The next hit IP launch and the popularity of non-LABUBU IPs in overseas markets are expected to boost investor confidence [1] - Other iconic IP products like SKULLPANDA, TWINKLE TWINKLE, and CRYBABY are becoming new growth drivers with their own fan bases, rather than merely serving as substitutes for LABUBU [1] Group 3: Market Expansion - Discussions among investors regarding the sustainability of Pop Mart's growth are focused on the U.S. market [2] - The large potential market size in overseas markets, along with global organizational upgrades, localized operations, and strengthened supply chains, should facilitate global expansion this year and beyond [2] - Compared to most global toy and IP peers, Pop Mart commands a premium, likely due to its rapid growth driven by overseas expansion [2]