Citigroup: Pop Mart's growth remains strong in the second half, target price raised to HKD 384.5

Jin10 data reported on July 16 that Citigroup published a research report indicating that Pop Mart (09992.HK) issued a profit warning yesterday, expecting mid-term revenue to rise over 200% year-on-year, with profit growth of at least 350% year-on-year, estimating net profit to exceed 4.17 billion yuan, with revenue exceeding 13.7 billion yuan, surpassing Citigroup and market expectations. Citigroup believes that the global recognition of IPs such as LABUBU continues to improve, driving Pop Mart’s second quarter performance significantly beyond expectations. Although the base is relatively high, it is expected that the growth momentum in the second half of the year will remain strong due to the continued popularity of IPs, overseas expansion, replenishment plans, and the launch of new products.