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09992
POP MART
HKD
189.200-2.800
(-1.46%)
1D
High
196.000
Open
194.000
VWAP
190.68
Vol
9.48M
Mkt Cap
289.27B
Low
188.100
Amount
1.81B
EV/EBITDA(TTM)
47.35
Total Shares
1.34B
EV
64.76B
EV/OCF(TTM)
51.84
P/S(TTM)
10.52
Pop Mart International Group Ltd is an investment holding company principally engaged in the product design, development and sales of pop toys. The Company owns an integrated operation platform covering the entire industry chain of pop toy intellectual property (IP), including businesses of IP incubation and operation, pop toys and retail, theme park and IP experience, and digital entertainment. The Company’s products include blind boxes, figure toys, ball-jointed doll (BJD), MEGA, plush toys and other IP-related products and others by category. The Company’s proprietary products primarily include artist IPs such as THE MONSTERS, MOLLY, SKULLPANDA and CRYBABY, as well as licensed IPs. The Company distributes its products within the domestic market and to overseas markets.
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News
4.0
01-14aastocksBofAS Predicts Multiple Growth Catalysts for POP MART This Year; Maintains Buy Rating with Target Price of HKD 300
BofA Securities Report: BofA Securities has released a report indicating that POP MART (09992.HK) is expected to have multiple growth drivers in 2026, maintaining a growth forecast of over 30%.
Market Sentiment: The report suggests that the market's revenue and adjusted net profit forecasts for POP MART have limited downside risk due to previous stock price declines reflecting lower performance expectations.
Buy Rating and Target Price: BofA Securities has maintained a Buy rating for POP MART with a target price of HKD300, highlighting confidence in the company's future performance.
Growth Drivers: Key growth drivers for POP MART include the monetization of existing IPs, globalization efforts for brands like Skullpanda, and the introduction of new variants of popular IPs such as Molly.
6.5
01-13aastocksCiti Research: Chinese Consumption Sector Prioritizes Sustainable Profit Growth; Recommended Stocks Include ANTA SPORTS, HAIDILAO, POP MART, and More
Citi Research Forecast: Citi Research predicts a shift in investor portfolios between 'value' and 'growth' in China's consumption sector, emphasizing a cautious outlook on immediate government consumption stimulation in a low-inflation environment.
Top Stock Picks: In the consumer discretionary sector, Citi's top picks include ANTA SPORTS, POP MART, HAIDILAO, Atour Lifestyle, and MIDEA GROUP, while in consumer staples, they favor CHINA RES BEER, EASTROC BEVERAGE, and MAO GEPING.
Potential Outperformance: If China's consumption recovery surpasses expectations, stocks like LI NING, CTG DUTY-FREE, and HAITIAN FLAV are anticipated to outperform the market.
Short Selling Data: The report includes short selling data for various stocks, indicating market sentiment and potential risks associated with these investments.
6.5
01-13aastocksKGI Projects HSI to Reach 30,000 by Year-End, Suggests 12 Stocks Including XPENG-W, UBTECH ROBOTICS, TENCENT, and BABA-W
China's GDP Growth Outlook: KGI estimates that external pressures will slow China's GDP growth to 4.6% this year, despite reduced risks from recent trade agreements.
HSI Forecast: KGI maintains a bullish outlook for the Hang Seng Index (HSI), predicting that Fed rate cuts will attract capital back into H- and A-shares, with a year-end target of 30,000, indicating a potential 14% increase.
Stock Recommendations: KGI has recommended 12 major stocks, including XPENG-W, UBTECH ROBOTICS, TENCENT, and BABA-W, highlighting their performance and short selling ratios.
Market Sentiment: The report reflects a positive sentiment towards the Chinese A-share market, driven by anticipated earnings growth, as noted by Jefferies.
5.0
01-12aastocksHonor 500 Series Partners with POP MART to Unveil First Art Smartphone Next Monday
Honor 500 Series Launch: Honor smartphones will unveil the Honor 500 series, featuring an IP co-branding collaboration with POP MART, on Monday, January 19th.
Art Smartphone Innovation: The new device is being marketed as the industry's first art smartphone, highlighting a unique blend of technology and artistic design.
6.5
01-12aastocksJefferies Anticipates Earnings Growth Will Drive Returns in CN A-Shares; New Additions Include SYTECH and HIMILE SCIENCE & TECHNOLOGY
China A-share Market Performance: The China A-share market showed solid performance last year, particularly in AI, technology, and materials sectors, while domestic consumption sectors lagged, resulting in significant divergence in returns.
Growth Stocks Outlook: Growth stocks in China's A-share market performed well, with expectations that earnings growth will drive returns in 2025, following a period of PE ratio expansion.
Investment Strategy Update: Jefferies has adopted a barbell strategy focusing on reasonable price growth stocks and sustainable yield stocks, adding new targets like SYTECH and HIMILE SCIENCE & TECHNOLOGY to its investment portfolio.
Short Selling Activity: The report highlights significant short selling activity in various stocks, including POP MART and SUNNY OPTICAL, with varying short selling ratios indicating market sentiment.
Money Flow
Over the past 66 trading days, overall net money flow is 1.55B, with retail investors contributing 182.35M and major investors adding 1.25B.
Net Buy $ Volume
Net Sell $ Volume
Citi
Citi Research
Buy
maintain
$415
2026-01-07
Reason
The analyst rating from Citi Research is maintained at "Buy" due to expectations of breakthroughs in IP diversification, product innovation, and cross-sector monetization that are anticipated to support continued growth for POP MART beyond the LABUBU craze. Despite concerns about sustaining long-term growth if the LABUBU novelty fades, the broker remains optimistic about the company's future prospects, setting a target price of $415.
Citi
Buy
Price Target
$415
2026-01-07
maintain
The analyst rating from Citi Research is maintained at "Buy" due to expectations of breakthroughs in IP diversification, product innovation, and cross-sector monetization that are anticipated to support continued growth for POP MART beyond the LABUBU craze. Despite concerns about sustaining long-term growth if the LABUBU novelty fades, the broker remains optimistic about the company's future prospects, setting a target price of $415.
Morgan Stanley
Morgan Stanley
maintain
$300 -> $325
2026-01-06
Reason
Morgan Stanley's analyst rating for POP MART (09992.HK) is based on the expectation that the company's sales growth will be more resilient in the US, with overall sales performance anticipated to exceed market expectations. The broker believes that by 2026, the market focus may shift from the US market and Labubu products to the Group's overall development momentum. As a result, Morgan Stanley reaffirmed POP MART as its top pick, assigning a target price of $325 and an Overweight rating.
Morgan Stanley
Price Target
$300 -> $325
2026-01-06
maintain
Morgan Stanley's analyst rating for POP MART (09992.HK) is based on the expectation that the company's sales growth will be more resilient in the US, with overall sales performance anticipated to exceed market expectations. The broker believes that by 2026, the market focus may shift from the US market and Labubu products to the Group's overall development momentum. As a result, Morgan Stanley reaffirmed POP MART as its top pick, assigning a target price of $325 and an Overweight rating.
BofA Securities
BofA Securities
Buy
maintain
$400 -> $300
2026-01-06
Reason
The analyst rating for Pop Mart (09992.HK) is a Buy, based on several factors outlined in the BofA Securities' research report. The reasons for this rating include:
1. Long-term Growth Potential: The broker has a positive view on Pop Mart's long-term growth and its intellectual property (IP) ecosystem, which is seen as a key factor for the company's success.
2. Potential Catalysts: There are several potential catalysts that could positively impact the stock, such as the anticipated robust annual results to be announced in March, historically positive performance guidance from the company, and the potential release of Labubu 4.0.
3. Top Pick Status: The broker considers Pop Mart to be one of its top picks for China's consumer stocks this year, indicating strong confidence in the company's prospects.
Despite these positive factors, the report acknowledges short-term challenges related to market debates on valuation, sentiment, and flows, which led to a 25% reduction in the target price to HKD300 while maintaining the Buy rating.
BofA Securities
Buy
Price Target
$400 -> $300
2026-01-06
maintain
The analyst rating for Pop Mart (09992.HK) is a Buy, based on several factors outlined in the BofA Securities' research report. The reasons for this rating include:
1. Long-term Growth Potential: The broker has a positive view on Pop Mart's long-term growth and its intellectual property (IP) ecosystem, which is seen as a key factor for the company's success.
2. Potential Catalysts: There are several potential catalysts that could positively impact the stock, such as the anticipated robust annual results to be announced in March, historically positive performance guidance from the company, and the potential release of Labubu 4.0.
3. Top Pick Status: The broker considers Pop Mart to be one of its top picks for China's consumer stocks this year, indicating strong confidence in the company's prospects.
Despite these positive factors, the report acknowledges short-term challenges related to market debates on valuation, sentiment, and flows, which led to a 25% reduction in the target price to HKD300 while maintaining the Buy rating.
UBS
UBS
Buy
to
Buy
downgrade
$435 -> $380
2025-12-01
Reason
The analyst rating for POP MART (09992.HK) is a "Buy" based on several factors highlighted in the UBS research report. Despite the company's sales exceeding expectations, management is prioritizing long-term development over reckless expansion. They are addressing weaknesses related to rapid growth by optimizing internal structures, channel operations, IP management, and supply chain capabilities. This strategic focus aims to align the internal system with current sales and establish a solid foundation for future growth.
Additionally, the company plans to launch new product series during the peak season in the fourth quarter, although some product launches, such as Labubu 4.0, are postponed to next year due to a decline in popularity. UBS has adjusted the target price to HKD 380 from HKD 435, reflecting updated higher Beta coefficient assumptions based on the cash flow discount model. Overall, the combination of strategic management focus and planned product launches supports the "Buy" rating.
UBS
Buy
to
Buy
Price Target
$435 -> $380
2025-12-01
downgrade
The analyst rating for POP MART (09992.HK) is a "Buy" based on several factors highlighted in the UBS research report. Despite the company's sales exceeding expectations, management is prioritizing long-term development over reckless expansion. They are addressing weaknesses related to rapid growth by optimizing internal structures, channel operations, IP management, and supply chain capabilities. This strategic focus aims to align the internal system with current sales and establish a solid foundation for future growth.
Additionally, the company plans to launch new product series during the peak season in the fourth quarter, although some product launches, such as Labubu 4.0, are postponed to next year due to a decline in popularity. UBS has adjusted the target price to HKD 380 from HKD 435, reflecting updated higher Beta coefficient assumptions based on the cash flow discount model. Overall, the combination of strategic management focus and planned product launches supports the "Buy" rating.
BofA Securities
BofA Securities
maintain
$400
2025-11-28
Reason
The analyst rating from BofA Securities for POP MART (09992.HK) is based on several key reasons:
1. Enhanced IP Operations: The company is continuously improving its intellectual property (IP) operations in the US market, which is seen as a significant positive development.
2. Increased Exposure: The character Labubu has gained substantial visibility through various high-profile events, such as the Macy's Thanksgiving Parade and appearances at notable locations like the Empire State Building and NBA games, which have attracted attention on social media.
3. Strategic Offline Activities: Since the fourth quarter of 2025, POP MART has launched more offline IP activities, including a pop-up store for Skullpanda and collaborations with popular media, which are expected to drive engagement and sales.
4. Positive Outlook for 2025: The broker believes that the high season in the US during the fourth quarter of 2025 may provide strong support for the company's results, which could alleviate investor concerns about the following year.
5. Valuation and Growth Projections: BofA Securities maintains a Buy rating with a target price of $400, suggesting that the current valuation reflects a projected 2026 price-to-earnings (PE) ratio of 15x, along with a forecasted compound annual growth rate (CAGR) of 34% in net profit from 2025 to 2027.
These factors collectively contribute to the positive analyst rating for POP MART.
BofA Securities
Price Target
$400
2025-11-28
maintain
The analyst rating from BofA Securities for POP MART (09992.HK) is based on several key reasons:
1. Enhanced IP Operations: The company is continuously improving its intellectual property (IP) operations in the US market, which is seen as a significant positive development.
2. Increased Exposure: The character Labubu has gained substantial visibility through various high-profile events, such as the Macy's Thanksgiving Parade and appearances at notable locations like the Empire State Building and NBA games, which have attracted attention on social media.
3. Strategic Offline Activities: Since the fourth quarter of 2025, POP MART has launched more offline IP activities, including a pop-up store for Skullpanda and collaborations with popular media, which are expected to drive engagement and sales.
4. Positive Outlook for 2025: The broker believes that the high season in the US during the fourth quarter of 2025 may provide strong support for the company's results, which could alleviate investor concerns about the following year.
5. Valuation and Growth Projections: BofA Securities maintains a Buy rating with a target price of $400, suggesting that the current valuation reflects a projected 2026 price-to-earnings (PE) ratio of 15x, along with a forecasted compound annual growth rate (CAGR) of 34% in net profit from 2025 to 2027.
These factors collectively contribute to the positive analyst rating for POP MART.
Morgan Stanley
Morgan Stanley
maintain
HKD382
2025-10-30
Reason
The analyst rating for POP MART (09992.HK) is Overweight, with a target price of HKD382. This positive outlook is based on several factors highlighted in Morgan Stanley's report:
1. Sales Growth Outlook: The sales growth outlook for POP MART until 2026 has turned more positive, indicating that the company has not yet fully utilized all its growth levers by 2025.
2. Tactical Adjustments: The company is making ongoing tactical adjustments that emphasize a focus on business quality and sustainable growth.
3. Strong Pre-orders: The report notes that Labubu pre-orders contributed to better-than-expected results for 3Q25.
4. Sales Model Resumption: POP MART has resumed its in-stock sales model, which is expected to help manage product lifecycle effectively and promote recurring customer growth.
5. Positive Management Expectations: Management anticipates strong sales in 4Q25 due to more festive events and a robust product pipeline.
These factors collectively support the positive analyst rating and target price for the company.
Morgan Stanley
Price Target
HKD382
2025-10-30
maintain
The analyst rating for POP MART (09992.HK) is Overweight, with a target price of HKD382. This positive outlook is based on several factors highlighted in Morgan Stanley's report:
1. Sales Growth Outlook: The sales growth outlook for POP MART until 2026 has turned more positive, indicating that the company has not yet fully utilized all its growth levers by 2025.
2. Tactical Adjustments: The company is making ongoing tactical adjustments that emphasize a focus on business quality and sustainable growth.
3. Strong Pre-orders: The report notes that Labubu pre-orders contributed to better-than-expected results for 3Q25.
4. Sales Model Resumption: POP MART has resumed its in-stock sales model, which is expected to help manage product lifecycle effectively and promote recurring customer growth.
5. Positive Management Expectations: Management anticipates strong sales in 4Q25 due to more festive events and a robust product pipeline.
These factors collectively support the positive analyst rating and target price for the company.
HSBC
HSBC Global Research
maintain
$392.5
2025-10-28
Reason
The analyst rating for POP MART (09992.HK) is a "Buy" based on the company's strong 3Q25 operational data and its potential for growth through direct-to-consumer (D2C) expansion and internationalization. HSBC Global Research believes that despite market reactions and differing interpretations of the data, POP MART has the capability to overcome challenges and continue developing as an IP-based trend toy platform. The target price is maintained at HKD392.5, reflecting confidence in the company's future prospects.
HSBC
Price Target
$392.5
2025-10-28
maintain
The analyst rating for POP MART (09992.HK) is a "Buy" based on the company's strong 3Q25 operational data and its potential for growth through direct-to-consumer (D2C) expansion and internationalization. HSBC Global Research believes that despite market reactions and differing interpretations of the data, POP MART has the capability to overcome challenges and continue developing as an IP-based trend toy platform. The target price is maintained at HKD392.5, reflecting confidence in the company's future prospects.
CICC
CICC
Outperform
upgrade
$370
2025-10-22
Reason
The analyst rating for POP MART (09992.HK) was maintained at "Outperform" by CICC due to several key factors:
1. Strong Revenue Growth: The company reported a significant year-over-year revenue increase of 245-250%, with particularly impressive growth in both the Chinese (185-190%) and overseas markets (365-370%).
2. Beating Expectations: The revenue growth exceeded the expectations of both the broker and the market, indicating strong performance.
3. New Product Launches: The growth was attributed to new launches in flagship product lines, which contributed to the overall revenue surge.
4. Accelerated Production Capacity: There was a faster release of production capacity, which is expected to support continued growth, especially in overseas markets during peak seasons.
5. Revised Profit Forecasts: CICC raised its adjusted net profit forecasts for 2025 and 2026 by 20% and 21%, respectively, reflecting confidence in the company's future performance.
6. Valuation Considerations: The current stock price corresponds to a lower adjusted PE ratio compared to the new consumption sector, suggesting that the stock may be undervalued.
7. Target Price: CICC set a target price of $370, which corresponds to adjusted PE ratios of 35x for 2025 and 27x for 2026, indicating a positive outlook on the stock's potential.
Overall, the combination of strong growth, positive revisions in profit forecasts, and favorable valuation metrics led to the "Outperform" rating.
CICC
Outperform
Price Target
$370
2025-10-22
upgrade
The analyst rating for POP MART (09992.HK) was maintained at "Outperform" by CICC due to several key factors:
1. Strong Revenue Growth: The company reported a significant year-over-year revenue increase of 245-250%, with particularly impressive growth in both the Chinese (185-190%) and overseas markets (365-370%).
2. Beating Expectations: The revenue growth exceeded the expectations of both the broker and the market, indicating strong performance.
3. New Product Launches: The growth was attributed to new launches in flagship product lines, which contributed to the overall revenue surge.
4. Accelerated Production Capacity: There was a faster release of production capacity, which is expected to support continued growth, especially in overseas markets during peak seasons.
5. Revised Profit Forecasts: CICC raised its adjusted net profit forecasts for 2025 and 2026 by 20% and 21%, respectively, reflecting confidence in the company's future performance.
6. Valuation Considerations: The current stock price corresponds to a lower adjusted PE ratio compared to the new consumption sector, suggesting that the stock may be undervalued.
7. Target Price: CICC set a target price of $370, which corresponds to adjusted PE ratios of 35x for 2025 and 27x for 2026, indicating a positive outlook on the stock's potential.
Overall, the combination of strong growth, positive revisions in profit forecasts, and favorable valuation metrics led to the "Outperform" rating.
Morgan Stanley
Morgan Stanley
maintain
$382
2025-10-22
Reason
The analyst rating for POP MART (09992.HK) was upgraded to Overweight by Morgan Stanley due to the company's impressive sales growth of 245-250% in 3Q25, which significantly exceeded the broker's forecast of 180% and was faster than the 235% growth in 2Q25. As a result of these strong results, Morgan Stanley raised its earnings forecast for the company, predicting substantial net profit growth of 291% in 2025, followed by 25% and 21% in the subsequent years. Additionally, revenue forecasts were also revised upward by 5-8%. Despite these positive adjustments, the target price remained unchanged at HKD382.
Morgan Stanley
Price Target
$382
2025-10-22
maintain
The analyst rating for POP MART (09992.HK) was upgraded to Overweight by Morgan Stanley due to the company's impressive sales growth of 245-250% in 3Q25, which significantly exceeded the broker's forecast of 180% and was faster than the 235% growth in 2Q25. As a result of these strong results, Morgan Stanley raised its earnings forecast for the company, predicting substantial net profit growth of 291% in 2025, followed by 25% and 21% in the subsequent years. Additionally, revenue forecasts were also revised upward by 5-8%. Despite these positive adjustments, the target price remained unchanged at HKD382.
UBS
UBS
upgrade
$432 -> $435
2025-10-22
Reason
The analyst rating for POP MART was upgraded to "Buy" by UBS due to a significant increase in revenue for 3Q25, which was reported to be 245-250% year-over-year. The growth in domestic and overseas sales, particularly strong in China, Asia-Pacific, and Europe, exceeded the broker's expectations. Additionally, UBS raised its target price for the company from $432 to $435 and increased its adjusted net profit forecasts for 2025-2027 by 13-17% based on the positive 3Q25 results.
UBS
Price Target
$432 -> $435
2025-10-22
upgrade
The analyst rating for POP MART was upgraded to "Buy" by UBS due to a significant increase in revenue for 3Q25, which was reported to be 245-250% year-over-year. The growth in domestic and overseas sales, particularly strong in China, Asia-Pacific, and Europe, exceeded the broker's expectations. Additionally, UBS raised its target price for the company from $432 to $435 and increased its adjusted net profit forecasts for 2025-2027 by 13-17% based on the positive 3Q25 results.
Valuation Metrics
Forward PE
5Y Average PE
30.14
Current PE
16.00
Overvalued PE
48.07
Undervalued PE
12.21
Forward EV/EBITDA
5Y Average EV/EBITDA
17.33
Current EV/EBITDA
10.54
Overvalued EV/EBITDA
28.79
Undervalued EV/EBITDA
5.86
Forward PS
5Y Average PS
6.87
Current PS
5.38
Overvalued PS
11.30
Undervalued PS
2.43
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