Huachuang Securities: Maintains a "strong recommendation" rating on Pop Mart with a target price of HK$345.39.

Huachuang Securities released a research report stating that the firm maintains a "strong buy" rating on Pop Mart. Based on the operating performance in Q3 of 25, the company's profit forecast has been raised, with expected net profits attributable to the parent company for 25-27 at 12.32/16.93/21.09 billion yuan, corresponding to a target price of HKD 345.39. Company's overall revenue in 25Q3 increased by 245-250%, with Chinese revenue up by 185-190% and overseas revenue up by 365-370%. The high performance confirms the long-term potential of globalization expansion and synergy of IP ecology. The company's rich IP matrix and diversified product matrix are expected to continue to meet the demand of the trendy toy market, and the company's ability to operate the entire IP industry chain is promising.