Core Insights - JPMorgan's report indicates that Pop Mart (09992) experienced a significant year-on-year sales growth of 245% in Q3, surpassing the bank's expectation of 140% and the market's expectation of 180% [1] - The quarter-on-quarter growth for Q3 is projected to be 64% [1] - For Q4, JPMorgan forecasts a year-on-year sales growth of 184%, driven by increased production capacity and upcoming traditional holidays such as Halloween, Thanksgiving, Black Friday, and Christmas [1] - The bank has raised its profit forecasts for Pop Mart for the years 2025 to 2027 by 9% to 17% [1] - The current projections for this year indicate a sales growth of 209% and a profit growth of 340% [1] - The target price for Pop Mart has been increased from HKD 320 to HKD 350, maintaining an "Overweight" rating [1]