Core Viewpoint - The report from First Shanghai highlights that Pop Mart (09992) has exceeded expectations in Q3 revenue performance and has a strong outlook for Q4, leading to an upward revision of profit forecasts for 2025-2027 to 132.9 billion, 197.8 billion, and 252.0 billion yuan respectively, with a target price of 400.0 HKD, indicating a potential upside of 75.3% from the current stock price and a buy rating [1] Domestic Online Business Performance - The domestic offline channel saw a revenue increase of 130-135% in Q3, attributed to optimized store experiences and improved operational efficiency, maintaining an average store efficiency above double [2] - The online channel performed exceptionally well, with a year-on-year growth of 300-305%, driven by effective conversion from live e-commerce, deep operation of private traffic through box machines, and recognition of some Q2 pre-sale orders in Q3 [2] Overseas Business Growth - In Q3 2025, overseas revenue continued to grow significantly, with the Asia-Pacific region (excluding China) increasing by 170-175%, the Americas by 1265-1270%, and Europe and other regions by 735-740% [3] - The company is rapidly expanding its market presence by opening new stores, with the number of overseas stores reaching 140 by August 20, 2025, and expected to reach 200 by year-end [3] - Future plans include exploring emerging markets in the Middle East, Central Europe, and Central South America, while also establishing flagship stores in major global cities like Paris, Sydney, Milan, and New York [3] New Product Success - The market demand for new products remains high, with strong growth momentum. The Halloween-themed "Why So Serious" plush series launched on October 9 sold out quickly, and several regular items are selling at multiple times their original price [4] - The "Starry Person" product has seen rapid market recognition and appreciation through series operation, with a secondary market premium of 99%, second only to LABUBU's 215% [4] - Collaborations with popular media, such as the SKULLPANDA series linked to the show "Wednesday," have significantly boosted brand awareness and engagement in the North American market [4] Q4 Growth Catalysts - Looking ahead to Q4, the domestic market will experience major e-commerce events like "Double Eleven" and "Double Twelve," while overseas markets will see traditional consumption peaks during Halloween, Thanksgiving, and Christmas [5] - The company is expected to launch several holiday-themed new products and replenish popular items, which is likely to reignite global consumer purchasing enthusiasm and support Q4 performance [5]

Core Viewpoint - The report from First Shanghai highlights that Pop Mart (09992) has exceeded expectations in Q3 revenue performance and has a strong outlook for Q4, leading to an upward revision of profit forecasts for 2025-2027 to 132.9 billion, 197.8 billion, and 252.0 billion respectively, with a target price of 400.0 HKD, indicating a potential upside of 75.3% from the current stock price, and a buy rating [1] Group 1: Domestic Performance - The domestic online business has shown remarkable performance, with offline revenue in Q3 growing by 130-135%, attributed to improved store experience and operational efficiency, maintaining an average store efficiency above double [1] - The online channel has performed exceptionally well, with a year-on-year growth of 300%-305%, driven by effective conversion from live e-commerce, deep operation of private traffic, and recognition of some Q2 pre-sale orders in Q3 [1] Group 2: Overseas Growth - The overseas business continues to experience explosive growth, with the Americas being the main growth engine; Q3 overseas revenue grew significantly, with the Asia-Pacific region (excluding China) increasing by 170%-175%, the Americas by 1265%-1270%, and Europe and other regions by 735%-740% [2] - The company is rapidly expanding its market presence by opening new stores, with the number of overseas stores reaching 140 as of August 20, 2025, and expected to reach 200 by the end of the year [2] - Future plans include exploring emerging markets in the Middle East, Central Europe, and Central South America, while also establishing flagship stores in key global cities such as Paris, Sydney, Milan, and New York [2] Group 3: Product Innovation - The market demand for new products remains strong, with the Halloween-themed "Why So Serious" plush series selling out quickly, and several regular items commanding multiple times their original price [3] - The "Starry Person" product has seen a rapid increase in market heat and consumer recognition, with a secondary market premium of 99%, second only to LABUBU's 215% [3] - Collaborations with popular media, such as the SKULLPANDA series linked to the show "Wednesday," have effectively boosted brand awareness and engagement in the North American market [3] Group 4: Q4 Outlook - The Q4 outlook is promising, with the domestic market anticipating major e-commerce events like "Double Eleven" and "Double Twelve," while overseas markets will benefit from traditional holiday shopping seasons including Halloween, Thanksgiving, and Christmas [4] - The company plans to launch several holiday-themed new products and restock popular items, which is expected to reignite consumer purchasing enthusiasm and support Q4 performance [4]