Core Viewpoint - Huaxi Securities maintains its profit forecast for Pop Mart (09992), projecting revenues of 38.384 billion, 52.768 billion, and 65.698 billion CNY for 2025-2027, with net profits of 13.291 billion, 18.599 billion, and 23.91 billion CNY respectively, and EPS of 9.91, 13.86, and 17.82 CNY, corresponding to PE ratios of 22, 16, and 12X, maintaining a "Buy" rating [1]. Group 1: Event Overview - On February 6, 2026, Pop Mart held its "Ride the Wave" theme annual meeting in Beijing, reviewing key breakthroughs and highlights from 2025 while outlining a clearer direction for 2026 [2]. - The company has seen impressive performance from several new products both domestically and internationally, leading to expectations of a strong start to the new year [2]. Group 2: 2025 Performance Review - The annual meeting highlighted significant expected revenue growth, with LABUBU's annual sales projected to exceed 100 million units and total product sales across all IPs expected to surpass 400 million units [3]. - The company has expanded its business coverage to over 100 countries and regions, with more than 700 global stores, up from 571 stores in the first half of 2025 [3]. - Supply chain capabilities have been strengthened, with the company currently operating six major supply chain bases [3]. Group 3: Strategic Vision - The founder emphasized the importance of art and culture in providing meaning in today's rapidly changing world, stating that the company should play a more significant role in offering spiritual comfort [4]. - Company executives indicated a future focus on operational details, expanding landmark stores, and incubating new businesses in overseas markets [4]. Group 4: New Product Performance - New products have performed well, with significant growth in GMV on domestic platforms like Douyin in January [5]. - The top-selling products include various new series, forming a strong multi-IP matrix to support the new year's performance [5]. - The company has partnered with Simon Property Group to open over 20 new standard retail stores across the U.S., indicating a strong channel expansion outlook for 2026 [5]. Group 5: Brand Universe Development - The company is diversifying into various sectors, including amusement parks, desserts, jewelry, and entertainment, to establish a comprehensive Pop Mart brand universe [6]. - The Pop Mart amusement park has attracted a significant number of visitors, ranking sixth among popular inbound tourism destinations in Beijing for 2025 [6]. - The dessert brand POPBakery has launched in multiple cities, with plans for further expansion [6].

公司新品表现亮眼，业绩有望迎来开门红 智通财经APP获悉，华西证券发布研报称，维持之前的盈利预测，预计泡泡玛特(09992)2025-2027 年收入分别为383.84/527.68/656.98亿元，归母净利润分别为132.91/185.99/239.1亿元，EPS分别为 9.91/13.86/17.82元，最新股价（2月6日收盘价243.2港元/汇率1HKD=0.91CNY）对应PE分别为 22/16/12X，维持"买入"评级。 华西证券主要观点如下： 事件 2月6日，2026年泡泡玛特"Ride the Wave踏浪"主题年会在北京国家网球中心钻石球场举办。年会回 顾了2025年的关键突破与高光时刻，也为即将启程的2026年勾勒出更清晰的方向与想象空间。近期公司 多款新品在国内和海外取得亮眼表现，该行预计公司业绩有望迎来新年开门红，看好IP运营平台长期商 业价值。 年会回顾2025年表现，高度肯定"美与设计"的事业，致力于成为为时代提供精神抚慰的重要角色 年会回顾了2025年的关键突破与高光时刻，总结为：1）收入端预计大幅高增：年会介绍2025年 LABUBU全年销量超1亿只、全品类全IP产品销量超4亿 ...

Core Viewpoint - Huaxi Securities maintains its previous profit forecast for Pop Mart, projecting significant revenue and profit growth from 2025 to 2027, with a "buy" rating on the stock [1] Group 1: Financial Projections - Expected revenues for Pop Mart from 2025 to 2027 are 38.384 billion, 52.768 billion, and 65.698 billion CNY respectively, with net profits of 13.291 billion, 18.599 billion, and 23.91 billion CNY [1] - Earnings per share (EPS) are projected to be 9.91, 13.86, and 17.82 CNY for the same years, with corresponding price-to-earnings (PE) ratios of 22, 16, and 12 times [1] Group 2: Strategic Developments - The 2026 theme conference highlighted key achievements from 2025, emphasizing the importance of "beauty and design" in the company's mission to provide spiritual comfort [2] - The company plans to focus on operational details and expand landmark stores while incubating new businesses in overseas markets [2] Group 3: Product Performance - New products have shown strong performance, with significant growth in sales on domestic platforms like Douyin, particularly for new series launched for the Spring Festival [3] - The company has partnered with Simon Property Group to open over 20 new retail stores across the U.S., indicating a robust channel expansion strategy [3] Group 4: Brand Ecosystem - Pop Mart is expanding its brand universe beyond toys into areas like amusement parks, desserts, jewelry, and entertainment [4] - The company is developing its amusement park, with the second phase expected to double the area of the first phase, and has launched its dessert brand in multiple cities [4]