Broker Name: China Galaxy International Securities
Date of Report: February 10, 2026
Excerpt from China Galaxy International Securities report.
Report Summary
- Pop Mart reported robust performance, with estimated FY25 revenue surging 203% year-on-year to RMB 39bn and net profit up 310% to RMB 13.9bn, driven by overseas expansion, IP platform growth, and supply chain optimization.
- The company accelerated its global presence, surpassing 100 million registered members and expanding overseas retail stores, particularly in the US and Europe, while continuing to diversify its product and IP portfolio, and launching new businesses such as theme parks and lifestyle brands.
- Operational efficiency improved, with gross and net margins rising, and the company reiterated its positive outlook, maintaining an “Add” rating with a target price of HK\$391, citing strong earnings visibility and long-term growth potential.
- Key risks include potential unsuccessful product launches, IP licensing issues, and international tariff uncertainties.
Above is an excerpt from a report by China Galaxy International Securities. Clients of China Galaxy International Securities can be the first to access the full report from the China Galaxy International Securities website: https://www.chinastock.com.hk
