Group 1 - The core viewpoint of the report is that the company maintains a "buy" rating for Pop Mart (09992), projecting net profit for 2025-2027 to be 13 billion, 17.9 billion, and 22.9 billion respectively, with adjusted net profits of 14 billion, 19.2 billion, and 24 billion, reflecting year-on-year growth of 312%, 37%, and 25% [1] - The company reported Q3 2025 performance with overall revenue growth of 245-250% year-on-year, exceeding expectations, with domestic revenue (including Hong Kong, Macau, and Taiwan) growing by 185-190% and overseas revenue by 365-370% [1] - The performance of offline channels in China saw a year-on-year increase of 130-135%, while online channels experienced a growth of 300-305% [1] Group 2 - The overseas growth is highlighted, with Q3 2025 revenue in the Asia-Pacific region increasing by 170-175%, the Americas by 1265-1270%, and Europe and other regions by 735-740% [2] - The company is currently in a rapid store expansion phase in the United States, with the SPX Wednesday pop-up in New York generating significant interest, and the brand's value continues to rise [2] - Looking ahead, the company is expected to launch new products in Q4, with a strong focus on the upcoming holiday season, including Halloween, Thanksgiving, Black Friday, and Christmas [2]

Core Viewpoint - Company maintains a "buy" rating for Pop Mart (09992) with projected net profits of 13 billion, 17.9 billion, and 22.9 billion yuan for 2025-2027, reflecting significant growth in adjusted net profits [1][2] Financial Performance - Company reported Q3 2025 revenue growth of 245-250% year-on-year, exceeding expectations [1] - Revenue from China (including Hong Kong, Macau, and Taiwan) grew by 185-190% year-on-year, while overseas revenue surged by 365-370% [1] - Q3 2025 offline channel revenue increased by 130-135% year-on-year, and online channel revenue rose by 300-305% [1] Product and IP Development - LABUBU's secondary market price has remained stable over the past 20 days, with hidden and popular items maintaining a premium [1] - The popularity of the "Star People" series is rising, with MINI plush toys showing a premium of 42-503% [1] - Collaborations with popular IPs, such as the Xiaoye X Sun Yanzi figurine and SPX Wednesday plush, are expanding the brand's reach [1] - The company is entering a new phase of IP expansion with Halloween-themed products and the anticipated release of BJD figures [1] International Growth - Significant growth in overseas markets, with Q3 2025 revenue from the Asia-Pacific region increasing by 170-175%, the Americas by 1265-1270%, and Europe and other regions by 735-740% [2] - The U.S. market is currently in a rapid store expansion phase, with high demand for new products [2] - Upcoming Q4 product launches are expected to drive further growth, particularly during the holiday season [2] Long-term Strategy - The company is focused on a strategy of strong IP development, category expansion, and international growth, with performance consistently exceeding expectations [2] - Long-term, the company is enhancing its competitive advantage through effective IP creation and operational mechanisms, emphasizing its platform value [2]