CMB International raises the target price of Pop Mart to 394 yuan and reiterates a "Buy" rating.

Jin10 data reported on August 21 that CCB International released a research report stating that Pop Mart (09992.HK) performed strongly in the first half of the year. The bank raised its profit forecast for 2025-27 by 39-49% and raised the target price to 394 HKD. The company remains the bank’s top pick in the consumer sector, and the bank continues to be optimistic about the company’s IP operational capabilities and globalization expansion process, reaffirming the “buy” rating. The report indicated that the company’s performance will achieve explosive growth in the first half of 2025, with revenue reaching 13.88 billion yuan (the same below), a year-on-year rise of 204.4%. Adjusted net profit attributable to the parent company reached 4.71 billion yuan, a substantial year-on-year rise of 362.8%. Gross profit margin and adjusted net profit margin increased by 6.3 and 11.6 percentage points year-on-year to 70.3% and 33.9% respectively.