Core Viewpoint - The report from Credit Lyonnais indicates that Pop Mart (09992) experienced a significant year-on-year revenue growth of 245% in Q3, accelerating from 204% in H1 and 170% in Q1, reflecting strong market performance and expansion potential [1] Group 1: Revenue Growth - Q3 revenue growth of Pop Mart reached 245%, up from 204% in H1 and 170% in Q1 [1] - Growth in the Chinese market accelerated from 135% in H1 to 185%-190% in Q3, attributed to improved supply conditions [1] - Overseas market growth slowed from 440% in H1 to 365%-370% in Q3, with strong sales performance in Europe and the US, showing increases of 735%-740% and 1,265%-1,270% respectively [1] Group 2: Market Expansion and IP Development - Credit Lyonnais remains optimistic about Pop Mart as an IP platform, with potential expansion into jewelry and building blocks [1] - Emerging IPs such as Twinkle Twinkle and Peach Riot are gaining traction, and the company is exploring diversified content development, including animation [1] - The recent trend of LABUBU in Google searches has normalized but still performs comparably to established IPs, indicating sustained interest [1] Group 3: Sales Channels - The strong performance in the Chinese market is primarily driven by online sales channels [1]

Core Viewpoint - The report from Credit Lyonnais indicates that Pop Mart (09992) has experienced a significant revenue growth of 245% year-on-year in Q3, accelerating from previous quarters [1] Group 1: Revenue Growth - Pop Mart's revenue growth in Q3 reached 245%, up from 204% in the first half of the year and 170% in Q1 [1] - The growth in the Chinese market accelerated from 135% in the first half to 185%-190% in Q3, attributed to improved supply conditions [1] - The overseas market growth slowed from 440% in the first half to 365%-370% in Q3, with strong sales performance in Europe and the US, growing by 735%-740% and 1,265%-1,270% respectively [1] Group 2: Future Outlook - Credit Lyonnais remains optimistic about Pop Mart as an IP platform, with potential expansion into jewelry and wooden toys [1] - Emerging IPs like Twinkle Twinkle and Peach Riot are on the rise, and the company is exploring diversification into animation and other content [1] - The recent trend of LABUBU in Google searches has normalized but still performs comparably to some evergreen IPs, indicating strong online sales channels driving the robust performance in the Chinese market [1] Group 3: Investment Rating - Credit Lyonnais maintains an "Outperform" rating for Pop Mart with a target price of HKD 368 [1]

Core Viewpoint - Pop Mart (9992.HK) shows strong performance with an intraday increase of 6.74%, reaching HKD 291.4, following an upgrade from Morgan Stanley from "Neutral" to "Overweight" and an increase in target price from HKD 300 to HKD 320, citing attractive valuation after profit forecast adjustments [1] Group 1 - Morgan Stanley raised its rating on Pop Mart from "Neutral" to "Overweight" [1] - The target price for Pop Mart was increased from HKD 300 to HKD 320 [1] - The report highlights strong sales momentum for Pop Mart's popular IPs "Labubu" and "Twinkle Twinkle," leading to a 5% to 7% upward adjustment in profit forecasts for 2025 to 2027 [1]