Huachuang Securities: Maintains a "strong buy" rating on Pop Mart (09992.HK) with a target price of 345.39 Hong Kong dollars.

According to the Wisdom Finance APP, Huachuang Securities released a research report stating that they maintain a "strong recommendation" rating for Pop Mart (09992.HK). Based on the operating performance of 25Q3, the company's profit forecast has been raised, with an estimated net profit attributable to shareholders for the years 2025-2027 of 12.32/16.93/21.09 billion yuan, corresponding to a target price of 345.39 Hong Kong dollars. The company's overall revenue in 25Q3 increased by 245-250%, with revenue in China (including Hong Kong, Macao, and Taiwan) increasing by 185-190%, and overseas revenue increasing by 365-370%. The high performance growth confirms the long-term potential of globalization expansion and IP ecological synergy. The company's rich IP matrix and diversified product matrix are expected to continue to meet the market demand for trendy play, and the company's IP full industry chain operation capability is promising.