Core Viewpoint - Huachuang Securities maintains a "strong buy" rating for Pop Mart (09992) and raises profit forecasts based on Q3 2025 performance, projecting net profits of 12.32 billion, 16.93 billion, and 21.09 billion yuan for 2025-2027, with a target price of 345.39 HKD [1] Domestic Market - In Q3, the company launched new products intensively, with online channel growth showing impressive performance. Offline revenue in China (including Hong Kong, Macau, and Taiwan) increased by 130%-135% year-on-year, while online revenue surged by 300%-305% [2] - The company’s ability to create hit products is validated by the significant market premiums for new releases like the mini LABUBU and the Starry Person plush pendant. The product lineup for Halloween is well-prepared, with new items like "Why So Serious" and "Hirono's Eerie Paradise" maintaining popularity [2] - The upcoming global tour exhibition "MONSTERS BY MONSTERS: NOW AND THEN" in Shanghai from October 12 to November 8, 2025, has attracted attention, including a visit from Apple's CEO, enhancing brand recognition [2] Overseas Market - The company continues to experience high growth in international markets, with revenue in the Asia-Pacific region increasing by 170%-175%, the Americas by 1265%-1270%, and Europe and other regions by 735%-740% [3] - The recent popularity of Netflix's "Wednesday" has led to the launch of a collaboration product featuring SKULLPANDA, generating positive feedback on TikTok, with over 1.5 million views on related videos from the official U.S. account, indicating potential for future growth [3]

Core Viewpoint - Huachuang Securities maintains a "strong buy" rating for Pop Mart (09992) and raises profit forecasts based on Q3 2025 performance, projecting net profits of 12.32 billion, 16.93 billion, and 21.09 billion yuan for 2025-2027, with a target price of 345.39 HKD [1] Domestic Market - In Q3, the company launched new products intensively, with online channel growth showing impressive performance. The company's production capacity has gradually increased, and consumer demand has been effectively met under the pre-sale model, driving sales growth [2] - Offline revenue in China (including Hong Kong, Macau, and Taiwan) increased by 130%-135% year-on-year, while online revenue surged by 300%-305% [2] - The company successfully launched mini LABUBU in August and the Starry Person plush keychain in September, both achieving significant premiums in the secondary market, validating its ability to create hit products [2] - The company has adequately prepared products for events like Halloween, with the already launched "Why So Serious" and "Hirono's Eerie Paradise" maintaining popularity [2] - The upcoming global tour exhibition "MONSTERS BY MONSTERS: NOW AND THEN" in Shanghai from October 12 to November 8, 2025, attracted the visit of Apple's CEO, enhancing brand recognition [2] Overseas Market - The company continues to experience high growth, with collaborative products expected to become important growth drivers. Revenue in the Asia-Pacific region increased by 170%-175% year-on-year, while the Americas saw a staggering increase of 1265%-1270%, and Europe and other regions grew by 735%-740% [3] - The recent popularity of Netflix's "Wednesday" Season 2 has led the company to launch a collaborative product around SKULLPANDA, receiving positive feedback on TikTok, with related videos on the official U.S. account exceeding 1.5 million views, indicating potential for future growth [3]