里昂指，近期LABUBU在谷歌搜寻中趋势虽然趋向正常，但仍与一些长青IP表现相若，预期中国市场强 劲表现主要受到线上销售渠道驱动。 智通财经APP获悉，里昂发布研报称，泡泡玛特(09992)今年第三季收入同比增长245%至250%，较上半 年204%及首季170%的增速进一步加快。该行目前仍看好泡泡玛特作为IP平台，合作可扩张至珠宝及积 木等领域，同时新兴IP如星星人(Twinkle Twinkle)及叛桃朋克(Peach Riot)正在崛起，公司亦尝试发展动 画等多元化内容，因此维持"跑赢大市"评级，目标价368港元。 按地区划分，中国市场的增长从上半年的135%加快至第三季的185%至190%，该行相信是由于供应状况 改善；海外市场发展则逐步正常化，增幅从上半年的440%放缓至第三季的365%至370%，当中欧美销售 表现仍然强劲，分别增长735%至740%及1,265%至1,270%。 ...

里昂指，近期LABUBU在谷歌搜寻中趋势虽然趋向正常，但仍与一些长青IP表现相若，预期中国市场强 劲表现主要受到在线销售渠道驱动。该行目前仍看好泡泡玛特作为IP平台，合作可扩张至珠宝及积木等 领域，同时新兴IP如星星人及叛桃朋克正在崛起，公司亦尝试发展动画等多元化内容。该行维持对 其"跑赢大市"评级，目标价为368港元。 里昂发表研究报告指，泡泡玛特今年第三季收入按年增长245%至250%，较上半年204%及首季170%的 增速进一步加快。按地区划分，中国市场的增长从上半年的135%加快至第三季的185%至190%，相信是 由于供应状况改善；海外市场发展则逐步正常化，增幅从上半年的440%放缓至第三季的365%至370%， 当中欧美销售表现仍然强劲，分别增长735%至740%及1265%至1270%。 ...

Core Viewpoint - The report from Credit Lyonnais highlights Pop Mart's efforts to create a compatible IP platform showcased at the Beijing Pop Toy Show in August, indicating strong demand for both established and emerging IPs [1] Group 1: Sales Drivers - Key sales drivers for Pop Mart include the strong demand for its iconic IP products such as The Monsters, Skullpanda, and Molly, as well as the monetization of emerging IPs like Twinkle Twinkle and Crybaby [1] - The company is also benefiting from ongoing overseas expansion and category diversification, which is expected to further penetrate customer life cycles [1] Group 2: Financial Forecasts - Credit Lyonnais has raised its sales and adjusted net profit forecasts for Pop Mart for the years 2025 to 2027 by 17% to 22% and 31% to 36%, respectively [1] - The adjusted net profit is projected to reach 10.1 billion yuan in 2025 [1] Group 3: Target Price and Rating - The target price for Pop Mart has been increased from 300 HKD to 318 HKD, based on the company's mid-term potential in building a sustainable IP incubation and monetization platform [1] - The rating is maintained at "Outperform" [1]