Core Viewpoint - The report from Citi indicates that Pop Mart's revenue for Q3 this year has increased by 245% year-on-year, accelerating from 204% in the first half and 170% in Q1 [1] Group 1: Revenue Growth - Q3 revenue growth in the Chinese market accelerated to 185%-190% from 135% in the first half, attributed to improved supply conditions [1] - The overseas market growth has slowed to 365%-370% from 440% in the first half, with strong sales performance in Europe and the US, showing increases of 735%-740% and 1265%-1270% respectively [1] Group 2: Market Trends and Future Outlook - Recent trends in Google searches for LABUBU have normalized but remain comparable to some evergreen IPs, suggesting continued interest [1] - The strong performance in the Chinese market is primarily driven by online sales channels [1] - The company is viewed positively as an IP platform, with potential for expansion into jewelry and building blocks, while emerging IPs like Star People and Punk Peach are on the rise [1] - The company is also exploring diversification into animation and other content [1] - Citi maintains a "outperform" rating for Pop Mart with a target price of HKD 368 [1]

Group 1: Event Overview - The 8th China International Import Expo (CIIE) will be held in Shanghai from November 5 to 10, 2025, with a theme of "New Era, Shared Future" [1] - The exhibition area is expected to exceed 360,000 square meters, with participation from over 150 countries and regions, maintaining a participation rate of over 70% from Fortune 500 and industry-leading companies [1] - This year's expo will feature a product zone for least developed countries that have established diplomatic relations with China, expanding the existing African product zone [1] Group 2: Key Exhibitors and Sectors - Notable participating companies include Yushutech, Pop Mart, Jindawei, and Longan Automobile, among others [5] - The expo will showcase various sectors, including medical equipment and healthcare products, with participation from 700 Fortune 500 pharmaceutical companies and the top 10 medical equipment companies [9] - The automobile and smart mobility sector will feature 300 Fortune 500 exhibitors [11] Group 3: Related Conferences and Activities - The expo will host significant conferences such as the "Digital Economy Empowerment" forum and the "China-Latin America Economic and Trade Cooperation Think Tank Forum" [1] - Other notable events include discussions on intellectual property protection and the internationalization of enterprises, highlighting the importance of innovation and collaboration [1] Group 4: Trade Performance Insights - In September, China's import and export growth rates exceeded expectations, with a notable rebound in imports, particularly in machinery and electrical products [2] - The strong rebound in trade reflects the resilience of China's foreign trade amid tariff disruptions, reinforcing its position as a global manufacturing hub [2]

Core Viewpoint - The Hong Kong new consumption sector is experiencing localized activity, with significant gains in stocks like Pop Mart and Xiu Li, reflecting strong consumer demand and robust earnings growth in the sector [1] Group 1: Market Performance - As of 11:05 AM, Pop Mart's stock rose over 4%, while Xiu Li and Mi Xue Bing Cheng increased by more than 2% [1] - The CSI Hong Kong Stock Connect Consumption Theme Index showed narrow fluctuations, indicating a stable market environment [1] Group 2: Earnings Growth - Pop Mart's latest earnings report indicates a year-on-year revenue growth rate of 245%-250% for Q3, accelerating from 204.4% in the first half of the year [1] - The overseas market has become a key growth driver, with strong performance also observed in the domestic market, highlighting sustained new consumption demand [1] Group 3: Investment Sentiment - Analysts suggest that there is a "high cut low" allocation demand in the market, with the consumption sector attracting new capital due to its valuation appeal [1] - The earnings growth momentum in the Hong Kong new consumption sector is strong, and after previous adjustments, valuations have returned to a reasonable range, enhancing their investment value [1] Group 4: Index and ETF Information - The CSI Hong Kong Stock Connect Consumption Theme Index includes leading companies across various new consumption fields such as trendy toys, tea drinks, e-commerce, consumer electronics, and medical beauty [1] - As of yesterday, the index's rolling price-to-earnings ratio was 22 times, positioned at the 21st percentile since its launch in 2020 [1] - The E Fund Hong Kong Consumption ETF (513070) is the largest ETF tracking this index, featuring a low management fee of 0.15% per year and supporting T+0 trading, providing investors with a convenient tool for exposure to Hong Kong's new consumption leaders [1]

Market Overview - The Hang Seng Index is expected to hold at 25,000 points, with a forecasted P/E ratio of 12 times over the next 12 months, amid concerns over U.S.-China relations and weak consumer spending in mainland China [2] - The U.S. Federal Reserve's recent hawkish stance on interest rate cuts has led to increased market volatility, with expectations of reduced space for rate cuts in 2026 [2][4] Macro Focus - The average price of second-hand homes in 100 cities fell by 0.74% month-on-month in September, marking the 41st consecutive month of decline, with a cumulative drop of 5.79% in the first three quarters of the year [3][8] - The Shanghai government aims to stabilize real estate investment and promote high-quality development in the construction industry [8] Corporate News - Haier Smart Home plans to spin off its IoT business, COSMOPlat, for an expected fundraising of approximately $500 million [4][9] - Luk Fook Holdings reported a 10% increase in same-store sales for the second quarter, indicating a recovery in retail performance [4][9] - Pop Mart's overall revenue increased by 2.5 times year-on-year, with overseas revenue growing by 3.7 times [4][9] - China Telecom reported a 5.03% increase in net profit for the first three quarters, with service revenue rising by 0.9% [9] - Xinda Biopharmaceuticals and Takeda Pharmaceutical have entered a global strategic collaboration, with a total transaction value potentially reaching $11.4 billion [4][9] Industry Insights - The insurance sector is expected to benefit from strong A-share performance, leading to improved investment returns in the third quarter [7] - AI concept stocks are gaining traction as mainland China accelerates the application of "Artificial Intelligence+" [7] - The real estate market continues to face downward pressure despite some recovery in transaction activity in key cities [8]

Core Viewpoint - Citigroup's report indicates that Pop Mart's Q3 revenue growth exceeded expectations, with an annual increase of 245% to 250%, driven by strong sales of new products globally and inventory replenishment strategies [1] Revenue Growth - Pop Mart's revenue growth in the Chinese market is projected to be between 185% to 190% year-on-year, while overseas markets are expected to surge by 365% to 370% [1] Future Outlook - Citigroup anticipates that Pop Mart will maintain its positive trend in the upcoming peak season, with holiday performance potentially serving as a short-term catalyst [1] Earnings Forecast - Based on the strength of its IP capabilities, Citigroup has raised its earnings forecasts for Pop Mart for the fiscal years 2025 to 2027 by 16.8% to 17.3% [1] Target Price Adjustment - The target price for Pop Mart has been increased from 398 HKD to 415 HKD, reflecting a projected price-to-earnings ratio of 28 times for the next year [1] Investment Recommendation - Citigroup reaffirms a "Buy" rating, suggesting that recent stock price corrections have created better entry opportunities for investors, emphasizing the focus on sales trends due to the rapid sell-out of the brand's proprietary channels [1]

泡泡玛特(09992)绩后涨近8%，截至发稿，涨7.83%，报270港元，成交额4.19亿港元。 消息面上，10月21日，泡泡玛特发布公告，2025年第三季度整体收益(未经审核)，较2024年第三季度同 比增长245%-250%，其中中国收益同比增长185%-190%，海外收益同比增长365%-370%。 2025年第三季度海外各区域收益(未经审核)，与2024年第三季度比较为：(1)亚太同比增长170%-175%； (2)美洲同比增长1265%-1270%；(3)欧洲及其他地区同比增长735%-740%。 2025年第三季度中国各渠道收益(未经审核)，与2024年第三季度比较为：(1)线下渠道同比增长 130%-135%；(2)线上渠道同比增长300%-305%。 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company is expected to achieve significant revenue growth, with projected revenues of 40,062 million in 2025, representing a year-on-year growth rate of 207% [2] - The net profit forecast for 2025 is 14,002 million, with a remarkable growth rate of 348% year-on-year [2] - The report highlights the company's strong performance in both domestic and international markets, with Q3 2025 revenue growth of 245%-250% compared to the same period in 2024 [5] Summary by Relevant Sections Financial Performance - The company reported a revenue of 6,345 million in 2023, with projections of 13,038 million in 2024 and 40,062 million in 2025 [2] - The net profit for 2023 is 1,191 million, expected to rise to 3,125 million in 2024 and 14,002 million in 2025 [2] - Earnings per share are projected to increase from 0.89 in 2023 to 10.43 in 2025 [2] Market Trends - The report notes a significant increase in online sales, with a growth rate of over 300% in Q3 2025, driven by innovative marketing strategies and new sales channels [5] - The overseas market is also experiencing high growth, particularly in the Americas, which saw a staggering growth of 1265%-1270% [5] Future Outlook - The company is expected to continue its high growth trajectory into 2026 and beyond, with anticipated revenues of 58,021 million in 2026 and 77,814 million in 2027 [2] - The report emphasizes the company's leadership in the IP industry and its potential for further expansion in international markets [5]

Group 1 - The core viewpoint of the article highlights that Pop Mart (9992.HK) experienced a significant increase in stock price, opening up 7.83% at HKD 270, following the announcement of its Q3 2025 revenue growth [1][3] - The overall revenue for Q3 2025 is projected to grow by 245%-250% year-on-year, with revenue from China expected to increase by 185%-190% and overseas revenue anticipated to rise by 365%-370% [1][3] Group 2 - Notably, the overseas business of Pop Mart showed remarkable growth in Q3, with the Americas market experiencing the fastest growth, with revenue increasing by 1265%-1270% year-on-year [3] - The Asia-Pacific market also saw a significant revenue increase of 170%-175% year-on-year, while Europe and other regions reported a revenue growth of 735%-740% [3]

10月21日盘后，"年轻人的茅台"泡泡玛特（09992.HK）公告2025年第三季度最新业务情况。公告显 示，第三季度整体收益（未经审核）较去年第三季度同比增长245%一250%；然而，泡泡玛特股价重挫 8.08%，报250.4港元/股。 具体来看，第三季度泡泡玛特中国收益同比增长185%—190%。线下渠道来看，线下同比增长130%— 135%，线上同比增长300%—305%。海外市场收益增速更为迅猛，同比增长365%—370%。其中，亚太 同比增长170%—175%，美洲同比增长1265%—1270%，欧洲及其他地区同比增长735%—740%。 （文章来源：21世纪经济报道） ...

Core Insights - The stock price of Pop Mart opened high but closed at 250.40 HKD per share, down 8.08%, with a trading volume of 9.83 billion HKD, ranking second in Hong Kong stock trading volume, and a total market capitalization of approximately 336.3 billion HKD. The stock has increased by 182.10% year-to-date [1] - Pop Mart announced that its overall revenue for Q3 2025 (unaudited) is expected to grow by 245% to 250% year-on-year compared to Q3 2024, with Chinese revenue increasing by 185% to 190% and overseas revenue rising by 365% to 370% [1] - In Q3, revenue from offline channels in China grew by 130% to 135%, while online channel revenue increased by 300% to 305% [1] - Revenue growth in overseas regions for Q3 includes a 170% to 175% increase in the Asia-Pacific region, a staggering 1265% to 1270% increase in the Americas, and a 735% to 740% increase in Europe and other regions [1] - Pop Mart has been a typical bull stock, with a significant increase of 366% last year and over 280% this year, rising from 18.74 HKD per share on January 2 last year to 339.80 HKD per share on August 26 this year, resulting in a cumulative increase of 1713.24% [1] Founder Wealth - With the continuous rise in stock price, Pop Mart's founder, Wang Ning, has seen his wealth increase significantly, reaching 20 billion USD as of October 2025, ranking 108th on the global billionaire list and becoming the new richest person in Henan [2]