20 August 2025 | 10:49PM HKT Pop Mart (9992.HK) Earnings review: Robust sales momentum and operating leverage drives earnings upside, ongoing IP platform development; raise TP 9992.HK 12m Price Target: HK$350.00 Price: HK$316.00 Upside: 10.8% Pop Mart share price reacted positively post the 1H25 earnings briefing, which we believe reflects positive surprises from management's outlook in terms of: 1) Robust sales momentum especially in the overseas market. Management shows confidence in reaching Rmb30bn full ...