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2025-07-30 16:46:16
[Blind Box Giant: The Secret to Cyclical Survival Revealed?] ⑴ CICC's latest research report maintains its earnings forecast for Pop Mart (09992.HK), with its current share price translating to an adjusted price-to-earnings ratio of 33x in 2025 and 26x in 2026. ⑵ The firm also maintains its "Outperform" rating and sets a target price of HK$330, implying a potential upside of 35% from the current share price. ⑶ According to CICC's analysis, a target price of HK$330 translates to an adjusted price-to-earnings ratio of 44x in 2025 and 35x in 2026. ⑷ CICC emphasizes that Pop Mart's comprehensive strength across the entire supply chain, including intellectual property discovery, product design, and channel and user operations, combined with management's philosophy of "respecting time and business operations," are key to its successful navigating of industry cycles. ⑸ The report further notes that Pop Mart is currently experiencing a "three-dimensional upward resonance" of intellectual property, product category, and geographic expansion, and remains optimistic about its long-term growth potential.
