Core Viewpoint - Citi's report predicts that Pop Mart (09992) will enhance its ability to withstand IP cyclical risks through a diversified strategy centered on IP, revitalizing new demand [1] Group 1: Company Performance and Strategy - Recent data tracking by Citi shows an increase in app downloads, particularly in China and the US, driven mainly by the launch of the new series Skullpanda x My Little Pony [1] - Citi observes high consumer interest in the new series on Instagram, indicating strong market engagement [1] - The report assigns a "Buy" rating to Pop Mart with a target price of HKD 415, based on a projected 28x price-to-earnings ratio for 2026 [1] Group 2: Growth Drivers and Market Potential - Looking ahead to 2026, Citi forecasts that breakthroughs in IP diversification, product innovation, and monetization across various fields will drive growth for the company [1] - The next hit IP launch and the popularity of non-LABUBU IP in overseas markets are expected to boost investor confidence [1] - Other iconic IP products like SKULLPANDA, TWINKLE TWINKLE, and CRYBABY are emerging as new growth drivers with their own fan bases, not merely substitutes for LABUBU [1] Group 3: Market Expansion and Competitive Position - Investor discussions about Pop Mart's growth sustainability are focused on the US market, which presents a large potential market size [2] - The company's global expansion is expected to be supported by organizational upgrades, localized operations, and strengthened supply chains [2] - Compared to most global toy and IP peers, Pop Mart commands a premium, likely due to its rapid growth driven by overseas expansion [2]

Core Viewpoint - Citi predicts that Pop Mart (09992) will enhance its ability to withstand IP cyclical risks and revive new demand through its IP-centric diversification strategy [1] Group 1: Company Performance - Recent data tracking by Citi shows an increase in app downloads, particularly in China and the United States, driven by the launch of the new Skullpanda x My Little Pony series [1] - Citi observes high consumer interest in the new series on Instagram, indicating strong market engagement [1] - The company is rated "Buy" by Citi, with a target price of 415 HKD based on a projected 28x price-to-earnings ratio for 2026 [1] Group 2: Growth Drivers - Citi forecasts that breakthroughs in IP diversification, product innovation, and monetization across various fields will drive growth for the company by 2026 [1] - The next hit IP launch and the popularity of non-LABUBU IPs in overseas markets are expected to boost investor confidence [1] - Other iconic IP products like SKULLPANDA, TWINKLE TWINKLE, and CRYBABY are becoming new growth drivers with their own fan bases, rather than merely serving as substitutes for LABUBU [1] Group 3: Market Expansion - Discussions among investors regarding the sustainability of Pop Mart's growth are focused on the U.S. market [2] - The large potential market size in overseas markets, along with global organizational upgrades, localized operations, and strengthened supply chains, should facilitate global expansion this year and beyond [2] - Compared to most global toy and IP peers, Pop Mart commands a premium, likely due to its rapid growth driven by overseas expansion [2]

Summary of Pop Mart (9992.HK) Conference Call Company Overview - **Company**: Pop Mart International Group Ltd - **Industry**: Pop toy industry - **Market Cap**: HK$361,948 million (US$46,316 million) [6] Key Points 1. IP-Centric Diversification Strategy - Pop Mart's strategy focuses on diversifying its intellectual property (IP) portfolio to mitigate cyclical risks and stimulate new demand. The recent collaboration, Skullpanda x My Little Pony, has shown significant interest, particularly on social media platforms like Instagram [1][3]. 2. Growth in APP Engagement - There has been a notable increase in mobile app downloads and active users, particularly in China and the US, attributed to new product releases. This trend is expected to continue during the upcoming Chinese New Year Golden Week [2][10]. 3. Emerging IPs Beyond LABUBU - Other IPs such as SKULLPANDA, TWINKLE TWINKLE, and CRYBABY are becoming significant growth drivers, with over 400 million units sold across all IPs in 2025. The interest in these non-LABUBU IPs in international markets may be underestimated [3][4]. 4. Overseas Market Potential - The sustainability of Pop Mart's growth is debated, particularly regarding the US market. The company is focusing on localized operations and collaborations to enhance its global presence. The total addressable market (TAM) for overseas markets is substantial, and improvements in organizational structure and supply chain are expected to drive expansion [4][22]. 5. Financial Performance - **Earnings Summary**: - 2023: Net Profit of RMB 1,082 million, EPS of RMB 0.807 - 2024: Net Profit of RMB 3,125 million, EPS of RMB 2.346 - 2025E: Net Profit of RMB 13,549 million, EPS of RMB 10.158 - 2026E: Net Profit of RMB 18,357 million, EPS of RMB 13.763 - 2027E: Net Profit of RMB 23,163 million, EPS of RMB 17.366 [5][8]. 6. Investment Recommendation - Pop Mart is rated as a "Buy" with a target price of HK$415, representing a potential upside of 53.8%. The expected total return is 55.5%, with a dividend yield of 1.7% [6][24]. 7. Risks - Key risks include rising competition in the pop toy market, potential disappointments in global expansion, challenges in IP commercialization, and regulatory changes. Despite a high-risk rating, qualitative factors such as execution capability support the investment thesis [25][26]. 8. Market Position - Pop Mart is recognized as the largest pop toy company in China, with a growing global footprint. The company aims to capture the emerging trend of "spiritual consumption" among younger consumers, particularly Gen Z, through its diverse IP characters and marketing strategies [22][23]. 9. Valuation Metrics - The company trades at a premium compared to global peers due to its rapid growth driven by overseas expansion. The valuation is supported by a strong growth profile and execution capabilities [24]. 10. Future Outlook - The company is expected to continue its growth trajectory through innovative product offerings and effective IP management, with significant revenue growth projected for the coming years [1][4][23].

花旗发表研报指出，预测泡泡玛特(9992.HK)以IP为核心的多元化策略，可增强其抵御IP周期性风险的 能力，重振新需求。花旗每周数据追踪显示，近期APP下载量呈上升趋势，尤其中国和美国，认为主要 受旗下Skullpanda x My Little Pony新系列的发布；展望2026年，花旗预测集团在IP多元化、产品创新及 广泛领域变现能力的突破将驱动增长。报告提及，集团的其他标志性IP产品，如SKULLPANDA、 CRYBABY正成为新的增长动力，并拥有各自的粉丝群体，这并非单纯作为LABUBU的替代品。预测非 LABUBUIP在今年具上行潜力，其近期的全球消费者调查结果亦显示，海外市场对非LABUBU IP的兴 趣可能被低估。花旗予泡泡玛特买入评级，目标价为415港元，基于2026年预测28倍市盈率；集团相较 大多数全球玩具及IP同业存在溢价，或归因于其海外扩张驱动的快速增长。与国内同行相比，花旗亦相 信泡泡玛特凭借其领先地位应享有溢价。 ...

一个是被誉为"最爱给员工发钱"的河南矿山创始人崔培军，另一个是刚在自家年会上亲自表演"咏春拳"的泡泡玛特创始人王宁。 除了热搜上的热度，对于泡泡玛特而言，这场年会更是直接带来了真金白银的股价上涨。 2月10日，泡泡玛特股价一度涨幅接近5%，截至收盘，涨幅4.90%，报每股269.8港元，总市值3619.5亿港元。自2月6日，泡泡玛特年会举办以来，股价已 连续两日大涨。 资本市场看中的可不是王宁的拳法，也不止是泡泡玛特请来的一众明星，而是在年会上王宁披露的一组核心数据—— 2025年，泡泡玛特全球员工伙伴超1万人、注册会员超1亿人、LABUBU全年销量超1亿只、全品类全IP产品销量超4亿只，业务覆盖超100个国家和地区、 全球门店超700家、拥有6大供应链基地。 与泡泡玛特2025年业绩的强劲增长形成鲜明反差的是，股价在下半年却持续承压，从8月的339港元一路跌至12月的170港元左右。直至2026年1月下旬，公 司启动股份回购计划，股价才逐渐形成了反弹上升趋势。 一场年会，究竟能有多大威力？ 2026年年初，在一众"降本""省钱"甚至是直接取消年会的消息中，两个"大气"的河南男人被接连捧上了热搜。 这个自诞生 ...

Core Viewpoint - Pop Mart has announced significant growth in its global sales and revenue for 2025, driven by its successful IPs, particularly THE MONSTERS series, which has become a global phenomenon [3][4]. Group 1: Sales and Revenue Performance - In 2025, Pop Mart's global sales of all IP products are expected to exceed 400 million units, with THE MONSTERS series alone surpassing 100 million units [3]. - For the first half of 2025, Pop Mart reported revenue of 13.88 billion yuan, a year-on-year increase of 204.4%, and an adjusted net profit of 4.71 billion yuan, up 362.8% [3]. - By the third quarter of 2025, revenue is projected to grow by 245%-250%, with domestic revenue increasing by 185%-190% and overseas revenue by 365%-370% [4]. Group 2: Key IP Performance - In the first half of 2025, 13 IPs generated over 100 million yuan in revenue, with 5 IPs exceeding 1 billion yuan, including THE MONSTERS, MOLLY, SKULLPANDA, CRYBABY, and DIMOO [4]. - THE MONSTERS series, particularly LABUBU, achieved the highest revenue of 4.81 billion yuan, a staggering year-on-year growth of 668.0%, accounting for 34.7% of total revenue [4]. Group 3: Market Trends and Competitive Landscape - The global trend toy market is projected to grow from $20.3 billion in 2020 to $52 billion by 2025, with a compound annual growth rate of 19.8% [5]. - Competitors in the trend toy sector, such as Miniso and 52TOYS, are intensifying their efforts, prompting Pop Mart to solidify its competitive advantages and build a strong market position [5]. Group 4: Strategic Recommendations - To maintain IP engagement, it is suggested that Pop Mart learn from Disney by enriching IPs with deeper stories and cultural elements, and by fostering closer connections with consumers [5]. - Developing proprietary IPs and enhancing membership benefits are seen as crucial strategies for extending customer loyalty and lifecycle [5].

记者 唐烨 BFC北区广场，宫灯旋转木马装置点亮夜空。记者 海沙尔 摄 昨晚点亮的BFC风尚潮流灯区联合泡泡玛特打造了潮流年味新体验。在BFC北区广场，传统宫灯的朱红飞檐 下，暖黄灯箱勾勒出12个泡泡玛特经典IP形象，宛如将童话藏入中式画框。宫灯一侧，LABUBU的萌趣灯组与旋转 木马相映成趣。BFC南区入口，MOLLY成为瞩目的门面担当。南区一层到三层，Hirono小野、BABYMOLLY和 SKULLPANDA带着美好祝愿铺就一条新春祈福之路。在BFC露台，星星人—星梦迎春装置也温馨点亮。 新春暖意正浓，"BFC外滩枫径"将带来一系列喜庆欢腾的年味市集。2月7日至8日，"上海热辣节"火热登场，40 多种世界各地辣味美食集结，现场还有"吃辣大赛"。大年初四至初七，BFC外滩新春·纳福集连续4天打造年味盛 宴。此外，BFC甄选年货市集在南区B2层唤醒东方年味，铺开一场东方美学之旅。 继1月26日豫园民俗艺术灯区亮灯之后，BFC风尚潮流灯区昨晚闪耀外滩。豫园灯会也迎来历史性时刻——豫 园、BFC外滩金融中心、古城公园、方浜中路、福佑路及外滩等六大灯区首次全景点亮。灯会以"回家过年"为情感 主线，完整呈现了一条从 ...

Group 1 - The core message of the news is that Pop Mart has announced London as its European headquarters and plans to open seven new physical stores in the UK, creating over 150 jobs [1] - Pop Mart aims to integrate global creative resources and collaborate with talented artists in Europe to enhance the value of its IP and promote cultural exchange between China and foreign markets [1] - The company has reported significant growth in its European operations, with revenue reaching 480 million yuan, a year-on-year increase of 729.2% [3] Group 2 - Pop Mart operates over 570 stores across 18 countries globally, with ongoing expansion in the Middle East and other emerging markets [3] - The European market for Pop Mart is evolving, with consumers showing a broader interest in various products beyond just new store openings and the Labubu IP [3] - Lifestyle-related merchandise, such as T-shirts, blankets, cushions, and jewelry, is becoming increasingly popular in the European market [3]

其中，以泡泡玛特（09992.HK）为代表的龙头企业，在营收增长、全球扩张以及IP运营等方面构筑起 颇具行业标杆意义的案例；赛道上其他玩家如 52TOYS、名创优品（ 09896.HK）及其旗下的TOPTOY 等也通过渠道与产品进一步整合和创新，并企图走向港股市场竞争；与此同时，跨界选手如奇梦岛 （NASDAQ：HERE）通过收购IP及其工作室进军这一产业，不断扩大的中国市场也吸引了乐高这类跨 国企业加入。 在业内看来，资本市场对潮玩产业的偏好，在一定程度上加速了企业产品研发、渠道拓展和国际团队建 设的节奏。然而，当IP的火爆与否成为潮玩企业市值或估值的重要叙事要素时，也意味着，热门IP的补 位及内容生态建设成为这一行业面临的新挑战。 资本争相加注 中国潮玩赛道正在迎来"黄金年代"。 中经记者 黎竹 张靖超 北京报道 2025年，中国潮玩产业继续成为新消费领域最受关注的板块之一。随着资本市场对潮玩企业的持续热 捧、全球布局战略的深入推进，以及IP模式在商业化路径上的不断迭代，这一产业正从"潮流文化符 号"向"全球消费文化品牌"迈进。 从2025年年初至今，港股市场成为中国潮玩企业赴海外资本市场上市的重要战场， ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Viewpoints - The demand for trendy toys is not a false need; entertainment is a necessity. The "Kidult" trend, driven by demographic changes, media evolution, and consumer psychology, is a long-term trend in the toy industry, exemplified by the increasing market share of companies targeting adult consumers [1][14] - The global entertainment and media industry is projected to reach approximately $3 trillion by 2024, indicating a growing market for diversified entertainment offerings [1][35] Supply-Side Growth Potential - Store Expansion: The company has significant room for growth in retail locations, with a projected increase in global retail stores from 571 in 2025, with a substantial portion located in China [2][58] - Increased Store Traffic: Domestic single-store membership is expected to rise from 145,000 to nearly 200,000, indicating potential for higher customer traffic [2] - Higher Member Spending: The maturity of IPs is expected to drive up member spending, as seen with the SKULLPANDA IP, where the cost to collect all items increased significantly from 5,922 RMB in 2021 to 47,430 RMB in 2025 [2] Demand-Side Competitive Barriers - Artist Talent Barrier: The company has established relationships with mature toy artists, creating a long-term competitive advantage [3] - Marketing Resource Barrier: The company's business model relies on top-tier brand collaborations and celebrity endorsements, which are core competitive barriers [3] - User Data Asset Barrier: The company's direct sales channels enhance its ability to control user data and market feedback, improving operational efficiency [3] Valuation Safety Margin - The company's valuation is expected to be significantly above 10X PE, given its growth stage and the rising influence of China's cultural output on its growth trajectory [3] Profit Forecast and Valuation - The company is projected to achieve revenues of 369.57 billion RMB, 551.72 billion RMB, and 678.11 billion RMB for the years 2025-2027, with adjusted net profits of 123.76 billion RMB, 173.73 billion RMB, and 226.85 billion RMB, reflecting year-on-year growth rates of 295.98%, 40.37%, and 30.58% respectively [4][7] - The target price is set at 359.72 HKD, based on a 25X PE for 2026 [4]