Group 1 - The core viewpoint of the article highlights that Pop Mart (9992.HK) has seen a significant increase in its stock price, reaching a historical high of 293.4 HKD, with a market capitalization approaching 400 billion HKD [1] - Morgan Stanley's recent report suggests that Pop Mart's platform value may be underestimated, noting that the company currently sells products in four regions, primarily sourcing its own IP from Greater China, with exceptions from Thailand and the USA [3] - The report indicates that Pop Mart has substantial potential to explore rich artistic resources in the USA, Europe, Japan, and Southeast Asia, predicting that its IP and product portfolio will become more culturally diverse over the next 3-5 years [3] Group 2 - Morgan Stanley believes that the intrinsic value of Pop Mart far exceeds its current IP holdings, a point that the market has overlooked, maintaining an "overweight" rating and a target price of 365 HKD, which corresponds to a projected P/E ratio of 46 times for this year [3]