Vi e w p o i n t | 21 Oct 2025 11:27:09 ET │ 14 pages Pop Mart (9992.HK) Sustained Strength in 3Q25; Maintain Buy CITI'S TAKE Pop Mart recorded stronger-than-expected revenue growth of +245- 250% yoy in 3Q25 led by +185-190% yoy in the PRC and +365-370% yoy in overseas. The solid growth momentum, in our view, should be mainly attributed to the strong sell-through of new products globally as well as its restocking initiatives. We expect decent trend to sustain in upcoming peak season with festival season per ...