Group 1 - The core viewpoint of the report is that Macquarie is optimistic about Pop Mart's (09992) capacity expansion supporting sales growth, maintaining its earnings forecast and "Outperform" rating with a target price of HKD 470 [1] - The recently launched Valentine's Day limited edition blind box "Starry People" series has been well-received, with the first batch selling out quickly, indicating strong consumer interest [1] - Macquarie believes that Pop Mart operates a diversified product and IP portfolio, which allows for continuous product development and consumer engagement, expecting the revenue contribution from its top two to six IPs to increase from 43% in 2025 to 48.6% this year [1] Group 2 - The recent stock price adjustment is attributed to investor concerns over the slowdown of its U.S. market business, which Macquarie views as an overreaction by the market [1] - Following a significant stock price decline, Macquarie suggests that timely stock buybacks could help boost investor confidence [1]

泡泡玛特日前推售的情人节限定款盲盒"星星人怦然心动"系列受到追捧，首批产品迅速售罄，认为泡泡 玛特运营着多元化的产品及IP组合，能持续透过产品开发与消费者互动，预计其前两至六大IP贡献收入 占比可从2025年的43%，提升至今年48.6%。 麦格理也认为，近日股价调整是由于投资者对其美国市场业务放缓感到担忧所引发，相信是市场反应过 度。认为在股价大幅回调后，适时的股票回购能够提振投资者信心。 智通财经APP获悉，麦格理发布研报称，看好泡泡玛特(09992)产能扩张将支持销售增长，维持盈利预测 及"跑赢大市"评级不变，目标价为470港元。 ...