POP MART continues to rise over 5%, marking a "sixth consecutive increase." CITIC Construction Investment states that a "one super, many strong" IP pattern has been formed

POP MART (09992.HK) has shown a rounded bottom recovery over the past three months. Today, it continued its upward trend from the last five trading days, opening 1.9% higher and then expanding its gains, rising by as much as 8.6% to reach a high of HKD 264.2, the highest level in over three months since late October last year. In the afternoon, it was last reported at HKD 256.4, up 5.43%, with a turnover of HKD 4.946 billion. Based on the closing price of HKD 187.7 on December 31 last year, the stock has accumulated a rise of 36.6% this year.

On the news front, POP MART founder Wang Ning recently announced core data for 2025 at its annual meeting: POP MART has over 10,000 global employee partners, more than 100 million registered members, LABUBU's annual sales exceed 100 million units, total sales of all categories and IP products exceed 400 million units, with business covering over 100 countries and regions, more than 700 global stores, and six major supply chain bases.

CITIC Securities maintains a "Buy" rating for POP MART, stating that it has formed a "one super, many strong" IP pattern, with Labubu's influence solidified, and new IPs like Star People + Crybaby driving high growth; the production capacity of plush products is expected to reach more than five times that of 2025 by 2026, and the density of stores in the U.S. and Europe is far lower than that of mature brands like LEGO, with ample expansion space in South America and the Middle East, and a clear mid-term growth path