Core Viewpoint - The company is optimistic about its performance in 2026, driven by strong sales of new products and an expanding operational footprint, indicating a promising start to the year [1][2]. Group 1: Performance Overview - The company anticipates significant revenue growth in 2025, with LABUBU's annual sales expected to exceed 100 million units and total product sales across all IPs projected to surpass 400 million units [1]. - The company has expanded its business to over 100 countries and regions, with more than 700 global stores, up from 571 stores in the first half of 2025 [1]. - The supply chain capabilities have been strengthened, with the company currently operating six major supply chain bases [1]. Group 2: Strategic Direction - The founder emphasized the importance of art and culture in providing meaning in life, indicating a commitment to enhancing the company's role in society [2]. - The company plans to focus on operational details and expand landmark stores while incubating new businesses in overseas markets [2]. Group 3: New Product Performance - New product lines have shown strong performance, with significant growth in GMV on domestic platforms like Douyin in January [2]. - Key products such as the "马力全开" series and "小马宝莉" have ranked among the top five in sales, contributing to a robust multi-IP matrix for the new year [2]. - The company has partnered with Simon Property Group to open over 20 new retail stores across the U.S., indicating a strong channel expansion strategy for 2026 [2]. Group 4: Brand Universe Expansion - The company is diversifying its brand universe beyond toys, with developments in amusement parks, desserts, jewelry, and entertainment [3]. - The amusement park is attracting a significant number of visitors, with 60% being from outside the region, and plans for further expansion are underway [3]. - The dessert brand POP Bakery has launched in multiple cities, with plans for further exploration into new markets [3]. - The independent jewelry brand popop has opened multiple stores, with more locations planned [3]. Group 5: Financial Projections - The company maintains its previous profit forecasts, expecting revenues of 38.384 billion, 52.768 billion, and 65.698 billion CNY for 2025-2027, with net profits of 13.291 billion, 18.599 billion, and 23.91 billion CNY respectively [3]. - The earnings per share (EPS) are projected to be 9.91, 13.86, and 17.82 CNY for the same period, with the latest stock price corresponding to a PE ratio of 22, 16, and 12 times [3].

Core Viewpoint - Huaxi Securities maintains its profit forecast for Pop Mart (09992), projecting revenues of 38.384 billion, 52.768 billion, and 65.698 billion CNY for 2025-2027, with net profits of 13.291 billion, 18.599 billion, and 23.91 billion CNY respectively, and EPS of 9.91, 13.86, and 17.82 CNY, corresponding to PE ratios of 22, 16, and 12X, maintaining a "Buy" rating [1]. Group 1: Event Overview - On February 6, 2026, Pop Mart held its "Ride the Wave" theme annual meeting in Beijing, reviewing key breakthroughs and highlights from 2025 while outlining a clearer direction for 2026 [2]. - The company has seen impressive performance from several new products both domestically and internationally, leading to expectations of a strong start to the new year [2]. Group 2: 2025 Performance Review - The annual meeting highlighted significant expected revenue growth, with LABUBU's annual sales projected to exceed 100 million units and total product sales across all IPs expected to surpass 400 million units [3]. - The company has expanded its business coverage to over 100 countries and regions, with more than 700 global stores, up from 571 stores in the first half of 2025 [3]. - Supply chain capabilities have been strengthened, with the company currently operating six major supply chain bases [3]. Group 3: Strategic Vision - The founder emphasized the importance of art and culture in providing meaning in today's rapidly changing world, stating that the company should play a more significant role in offering spiritual comfort [4]. - Company executives indicated a future focus on operational details, expanding landmark stores, and incubating new businesses in overseas markets [4]. Group 4: New Product Performance - New products have performed well, with significant growth in GMV on domestic platforms like Douyin in January [5]. - The top-selling products include various new series, forming a strong multi-IP matrix to support the new year's performance [5]. - The company has partnered with Simon Property Group to open over 20 new standard retail stores across the U.S., indicating a strong channel expansion outlook for 2026 [5]. Group 5: Brand Universe Development - The company is diversifying into various sectors, including amusement parks, desserts, jewelry, and entertainment, to establish a comprehensive Pop Mart brand universe [6]. - The Pop Mart amusement park has attracted a significant number of visitors, ranking sixth among popular inbound tourism destinations in Beijing for 2025 [6]. - The dessert brand POPBakery has launched in multiple cities, with plans for further expansion [6].