Core Viewpoint - The company reported a significant increase in overall revenue for Q3 2025, with a year-on-year growth of 245-250%, driven by strong performance in both domestic and overseas markets [1] Overall Performance - The overall revenue growth for Q3 2025 is projected at 245-250%, with Q1 and H1 showing growth rates of 165-170% and 204.4% respectively [1] - The company anticipates a sequential acceleration in growth, particularly in Q4, which is traditionally a peak sales season [1] Domestic Market - Domestic revenue for Q3 2025 is expected to grow by 185-190%, with Q1 showing a growth of 95-100% and H1 at 135% [1] - The company estimates Q2 domestic growth at over 170%, indicating a sequential acceleration in Q3 [1] Channel Performance - Offline channels experienced a year-on-year growth of 130-135% in Q3 2025, while online channels saw a significant increase of 300-305% [2] - The online growth is attributed to the pre-sale shipments of the labubu series, which predominantly occurred in Q3 [2] International Market - Overseas revenue growth for Q3 2025 is reported at 365-370%, down from 475-480% in Q1 [2] - Regional performance indicates that the Asia-Pacific market is expected to remain stable, while the Americas and Europe show slight declines in growth rates [2][3] Future Outlook - The company is optimistic about Q4 due to upcoming seasonal events like Halloween and Christmas, which are expected to drive strong consumer demand [3] - The company is expanding its product offerings and enhancing its comprehensive operational platform, focusing on IP incubation and consumer engagement [3] Strategic Initiatives - The company plans to increase its overseas business share, targeting key cities in the US and Europe, and aims to establish regional warehouses to reduce costs [4] - A focus on innovation and a controlled approach to SKU management is expected to maintain product quality while minimizing excess [4] Financial Projections - Revenue growth projections for 2025-2027 have been adjusted upwards, with expected growth rates of 172%, 38%, and 36% respectively [5] - The company anticipates a significant increase in net profit margins, with EPS estimates rising to 8.16, 11.59, and 16.16 CNY per share for the respective years [5]

Investment Rating - The report maintains a "Buy" rating for Pop Mart (9992.HK) [5][12] Core Views - The company reported a significant revenue growth of 245-250% year-on-year for Q3 2025, with China revenue increasing by 185-190% and overseas revenue by 365-370% [5][10] - The upcoming Q4 is expected to be a strong sales season due to events like Halloween, Black Friday, and Christmas, which will drive demand for gifts and trendy toys [10][11] - The company is expanding its international presence and new product lines, aiming for overseas revenue to exceed 50% of total revenue by 2025 [11][12] Summary by Sections Company Overview - The company is expected to accelerate growth, with Q2 2025 revenue growth estimated at 241% and Q3 2025 at 245-250% [7][10] - In China, Q3 2025 revenue growth is projected at 185-190%, with online sales growing by 300-305% [8][9] International Market Performance - Overseas revenue growth for Q3 2025 is expected to be 365-370%, with a slight deceleration compared to previous quarters [8][9] - Specific regional growth includes Asia-Pacific at 170-175%, the Americas at 1265-1270%, and Europe at 735-740% [9] Future Outlook - The company plans to open 100 stores overseas in 2025, with a focus on the U.S. and European markets [11] - New product categories are being introduced, and the company aims to maintain a streamlined SKU strategy [11] Financial Projections - Revenue growth rates are projected at 172% for 2025, 38% for 2026, and 36% for 2027, with net profit growth rates of 251%, 42%, and 39% respectively [12][15] - Earnings per share (EPS) are expected to be 8.16, 11.59, and 16.16 CNY for 2025, 2026, and 2027 [12][15]

Core Viewpoint - The company has demonstrated impressive financial performance with significant revenue and profit growth, alongside strategic organizational changes aimed at global expansion and product innovation [1][4]. Financial Performance - In 2024, the company achieved a revenue of 13.038 billion yuan, a year-on-year increase of 106.92%, and a net profit of 3.125 billion yuan, up 188.8% [1]. - For Q1 2025, the company reported a revenue growth of 165-170%, with domestic revenue increasing by 95-100% and overseas revenue soaring by 475-480% [4]. Product Development - The company has successfully launched new products, including the third generation of its popular IP LABUBU, which has gained significant traction among young consumers [1]. - The plush toy category has become a major revenue driver, generating 2.83 billion yuan in sales in 2024, with its sales proportion rising from 3.2% to 21.7% [2]. IP Growth - By the end of 2024, the company had 13 IPs generating over 100 million yuan in revenue, with four IPs exceeding 1 billion yuan. The new IP THE MONSTERS generated 3.04 billion yuan, a staggering increase of 726.6% [2]. - The classic IP MOLLY and SKULLPANDA also showed strong performance, with revenues of 2.09 billion yuan and 1.31 billion yuan, reflecting year-on-year increases of 105.2% and 27.7%, respectively [2]. International Expansion - The company has made significant strides in international markets, with revenue from Hong Kong, Macau, Taiwan, and overseas reaching 5.07 billion yuan in 2024, a year-on-year increase of 375.2% [3]. - Southeast Asia emerged as the second-largest market outside mainland China, with revenue of 2.4 billion yuan, up 619% [3]. Organizational Changes - The CEO announced a comprehensive upgrade of the global organizational structure to enhance operational efficiency and focus on regional strategies [4]. - The new structure includes regional headquarters in Greater China, the Americas, Asia-Pacific, and Europe, aimed at improving international business coordination [4]. Future Outlook - The company plans to continue expanding its overseas business, targeting a revenue share of over 50% from international markets by 2025, with a focus on the U.S. and Europe [5]. - The company aims to open 100 new stores overseas in 2025, with a projected increase in net profit margins due to cost-saving measures [6].