泡泡玛特-风险收益特征改善；多元化发展被证明可支撑长期增长；估值具吸引力-上调至OW评级

J P M O R G A N Asia Pacific Equity Research 15 October 2025 Pop Mart - H ▲ Improved risk/reward profile; proven diversification to sustain LT growth; valuation attractive – upgrade to OW We upgrade our rating to OW with a new PT of HK$320 (prior: HK$300). Pop Mart's share price declined 24% from its recent peak of HK$335.40 (Aug 26) to the recent trough of HK$254 (Oct 2), vs HSI's 7% gain over the period. This suggests investors have been lowering expectations and building a more conservative stance, in ou ...