POP MART(HK:09992) 美股IPO·2025-08-05 09:08Core Viewpoint - The success of Pop Mart is attributed to its platform capabilities rather than a single IP, with emerging IPs like Twinkle Twinkle and Crybaby expected to significantly contribute to revenue in the coming years [1][3][4]. Summary by Sections Platform Value - Morgan Stanley emphasizes that the market underestimates Pop Mart's platform value and its IP incubation capabilities, which are seen as the core long-term investment value [3][6]. - The focus on a single IP's ceiling has led investors to overlook the company's broader platform capabilities [3][6]. Emerging IP Growth Potential - Twinkle Twinkle has shown strong market demand, with products selling out quickly at the Beijing Toy Expo, indicating its potential as a major revenue contributor from 2025 onwards [4]. - Crybaby's lifestyle product line, with an average price exceeding 250 RMB, demonstrates significant sales growth potential, despite supply constraints on plush toys [4]. Globalization and IP Diversification - Pop Mart is expanding its IP diversity through global operations, with existing IPs primarily from Greater China, while also tapping into artists from Thailand and the U.S. [5]. - The company aims to leverage local markets to incubate local artists and their creations as international market scales grow [5]. Core Investment Value - The intrinsic value of Pop Mart lies in its platform capabilities, which enable the success of its IPs, a factor that is often overlooked by the market [6]. - The report suggests a reasonable valuation based on a projected 46 times price-to-earnings ratio for 2025, indicating a PEG ratio of approximately 1.4 for a high-growth consumer company with global expansion potential [6].