泡泡玛特：上调目标价至288港元，维持“跑赢大市”评级-20250611

Investment Rating - The report maintains an "Outperform" rating for Pop Mart (09992) and raises the target price from HKD 256 to HKD 288, an increase of 12.5% [1] Core Insights - Pop Mart is expected to sustain growth with upcoming product launches and is rapidly increasing production to meet rising demand [1] - The company has strong intellectual property enforcement capabilities, which supports its valuation based on a 47% compound annual growth rate in earnings [1] - With robust operational and commercialization capabilities, smooth overseas expansion, and a comprehensive distribution network, Pop Mart remains a preferred choice in the industry [1]