Pop Mart 9992

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<Research> Bernstein Reiterates Underperform on POP MART (09992.HK); 1Q In Line but Margin and Sustainability in Doubt

Bernstein said in a report that POP MART (09992.HK) posted 1Q revenue growth of 75% to 80%, at the high end of market expectations of 70% to 80% and above the broker's conservative forecast.

Mainland China market growth reached 100% to 105%, while overseas market performance was in line with expectations.

The broker noted that although 1Q revenue met expectations, it did not reflect whether the growth is profitable or sustainable, nor whether demand represents healthy expansion or merely benefited from last year's seasonal low base effect.

The broker pointed out that 1Q momentum exceeded its earlier conservative forecast mainly because it underestimated the acceleration of online channels in China.

It maintained a cautious view on POP MART's FY2026 outlook, remaining vigilant on the margin trajectory following increased investment, and expects growth to slow from 2Q to 4Q as base effects fade.

Despite strong overseas revenue growth, the broker still has questions regarding the timeline for profitability of its international business.

Related News M Stanley Cuts POP MART (09992.HK) TP to HKD247, Lowers Revenue and Earnings Forecasts

Bernstein maintained an Underperform rating on POP MART (09992.HK) with a TP of HKD181.

The broker believes 1Q benefited from the dissipation of one-off headwinds, and subsequent quarters may face demand pullback risks.

Source: AASTOCKS Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

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Labubu maker Pop Mart pushes back on one-hit wonder fears

Sales of non-Labubu items account for about 50% of total revenue in the US this year

In places like Japan, South Korea and South-east Asia, non-Labubu characters already make up the majority of its sales.

Twinkle Twinkle, a collection of star figurines and toys that’s one of the company’s fastest-growing characters in Asia.

It is working with Sony Pictures Entertainment to make a Labubu movie, which Si says may be released as early as summer 2028.

Source: Bloomberg

https://www.businesstimes.com.sg/compan ... nder-fears

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Can Labubu and Pop Mart survive the future?
And will your S$3,000 Mega Molly bought on Carousell ever regain its value?

by Helmi Yusof

Comparing Q1 2025 with Q1 2026, Labubu listings on Carousell declined by about 70 per cent, while average listing prices fell by nearly 30 per cent.

“If the product requires a lot of effort for me to obtain it – I have to queue up, I have to wait for a long time – then people tend to think the product is valuable...
“Conversely, when the product becomes easy to buy, people will start to think that this is not something special.”

People still want the products, but they no longer believe they must pay any price to get it.

The sharpest pain is being felt by flippers and collectors who paid hundreds above retail price when the object felt impossible to obtain. But to the average consumer, this is simply a return to sanity.

Non-Labubu characters accounted for about 50 per cent of total revenue in the US in 2025; in Japan, South Korea and South-east Asia, non-Labubu characters already make up the majority of sales.

Pop Mart has already pushed into theme parks, entertainment and broader character-building across all its toys.

Source: Business Times

https://www.businesstimes.com.sg/lifest ... ive-future

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Online GMV growth slowed; faster product iterations

Pop Mart’s China online GMV growth slowed in May, dragged down by softer demand for THE MONSTERS series and a high base effect from the same period last year.

The newly launched THE MONSTERS series saw softer-than-expected demand.

We expect accelerating new product iterations and the scaling of Crybaby and Twinkle Twinkle to partially cushion the weaking demand of THE MONSTERS series.

We reiterate our Add rating with a lower target price of HK$180.5.

Source: CGS

https://rfs.cgsi.com/api/download?file= ... 1368758E76

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What Labubu fatigue? Billionaire investor doubles down on Pop Mart stake

by Zhu Wenqian

Chinese-American billionaire investor Duan Yongping has increased his holdings in Pop Mart for a third time, reinforcing his long-term bullish view on the toy brand, as some questioned the sustainability of demand for the company’s intellectual property (IP) portfolio led by the blockbuster Labubu doll.

Duan, 65, dubbed “China’s Warren Buffett” by some investors for his investment acumen, increased his stake in the Hong Kong-listed Pop Mart on July 6 through his wholly owned company H&H International Investment.

A Hong Kong Exchanges and Clearing filing released on Friday showed his stake rose from 6.85 per cent to 7.65 per cent, equivalent to 102 million shares.

Source: SCMP

https://www.scmp.com/business/companies ... pe=article

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<Research>BOCOMI Cuts POP MART TP to HKD218.9; 1Q CN Mkt Growth Rosy While Overseas Growth Slows

BOCOM International issued a report on POP MART (09992.HK) of which overall revenue in 1Q26 rallied 75-80% YoY.

Among which, the China market delivered rosy performance with growth of 100-105% YoY, while overseas market growth slowed as expected.

In view of factors such as rising raw material and transportation costs and slower overseas growth, the broker lowered its earnings forecasts for 2026-28 and cut its TP to HKD218.9.

BOCOM International believed that despite the lower TP, the core growth drivers of the company's global expansion and IP platform-based operations remain intact.

The current valuation still offers a relatively high margin of safety, therefore the broker maintained its Buy rating.

Source: AASTOCKS Financial News

https://www.aastocks.com/en/stocks/news ... -news/AAFN

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Inside the Blind Box Craze! Pop Mart Rakes in 17.1 Billion in Six Months, 'The Monsters' Revenue ...
https://m.youtube.com/watch?v=tpYYHWfikQA