HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Pop Mart International - Valuation Using Peter Lynch's PEGY Ratio

Pop Mart (9992 HK): New Options Listing Poised for a Volatile Start

Pop Mart (9992 HK) - Core Reasons for High Growth and Performance Forecast

Kangji Medical (9997 HK) Privatization - The Cancellation Price Is Not Attractive

Laopu Gold (6181.HK) - The Business Model, the Concerns, the Valuation Outlook

Chongqing Taiji Industry (Group) (600129 CH) - Investors Are Betting on the Merger with China TCM

Equity Bottom-Up

<ul>
<li>The certainty of 2025 performance is actually high. 25H2 performance is expected to be better than that in 25H1. Our forecast is net profit to reach RMB10 billion in 2025. </li>
<li>The concern is Pop Mart may face the sustainability problem of performance under the high base of 2025 starting from 2026. If consumers develop aesthetic fatigue towards LABUBU,  performance would decline.</li>
<li>In a neutral situation, 30-35x P/E is a comfortable range.Valuation upside depends more on the sustainability of THE MONSTERS popularity and whether the popularity of other IPs can exceed expectations.</li>
</ul>


The certainty of 2025 performance is actually high. 25H2 performance is expected to be better than that in 25H1. Our forecast is net profit to reach RMB10 billion in 2025. 
The concern is Pop Mart may face the sustainability problem of performance under the high base of 2025 starting from 2026. If consumers develop aesthetic fatigue towards LABUBU,  performance would decline.
In a neutral situation, 30-35x P/E is a comfortable range.Valuation upside depends more on the sustainability of THE MONSTERS popularity and whether the popularity of other IPs can exceed expectations.


Pop Mart (9992 HK) - 2025 High Growth Is a Done Deal, but How About 2026?