CITIC International raised the target price for POP MART to 374 yuan, continuing to list it as the industry favorite

According to a research report by Jianyin International, POP MART (09992.HK) reported an adjusted net profit of RMB 4.602 billion for the first half of the year, an increase of 3.72 times year-on-year, slightly exceeding the previously forecasted growth of 3.5 times; revenue increased by 2.04 times year-on-year to RMB 13.876 billion, roughly in line with expectations. The bank believes that the strong growth in profits is primarily driven by economies of scale and improved operational leverage, while the group's business growth is driven by comprehensive growth, including core IP, product categories, and regional markets, confirming that the group is moving towards its goal of becoming a global enterprise.

The bank indicated that benefiting from sustained strong global demand, it expects revenue growth in the second half of the year to maintain a strong level of 1.14 times, and anticipates an average annual compound growth rate of 28% in profits from 2026 to 2027; the target price has been raised from HKD 288 to HKD 374, maintaining an "outperform the market" rating, continuing to be listed as an industry favorite, and expects the upcoming "Mini Labubu" to become a catalyst for recent stock price movements