Pop Mart International Group (9992.HK, 9992 HK) Top Pick China/Hong Kong Consumer | China March 25, 2026 10:33 PM GMT Pop Mart | Asia Pacific Overseas Growth Recalibrated But China Stays Strong | What's Changed | | | | --- | --- | --- | | Pop Mart International Group (9992.HK) | From | To | | Price Target | HK$325.00 | HK$278.00 | Despite exponential growth in 2025, Pop Mart's 4Q25 sales and 2026 guidance dampened bulls' conviction and lead us to cut our 2026-27 earnings estimates ~4%. Overseas growth shoul ...

Core Insights - Andrew Wu has been appointed as a nonexecutive director of Pop Mart, bringing two decades of experience in the Chinese market with LVMH [1][3] - Wu's appointment is for an initial term of three years, with a fixed cash compensation of 1.2 million Hong Kong dollars and share-based compensation of 1.8 million Hong Kong dollars annually [3][4] - The appointment follows a successful collaboration between Moynat and Kasing Lung, which has generated speculation about future collaborations with Louis Vuitton [5][6] Company Performance - Pop Mart's Monsters range, including Labubu, generated 4.81 billion renminbi (approximately $673 million) in the first half of 2025, marking a 668% year-over-year increase and accounting for 34.7% of the company's total revenue [7] - The significant revenue growth is attributed to the release of the "Big Into Energy" vinyl plush series and the "Wacky Mart" blind box figure toy range [8] Industry Trends - The success of the Labubu brand has attracted attention from major players like Sony Pictures, which has acquired screen rights to develop a feature film and potential franchise [8]