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.

Pre-IPO Metis TechBio (PHIP Updates) - The Business Model, the Concerns, and Thoughts on Valuation

Tinci Materials Technology (A/H Listing) - Cost Advantage Is the Moat to Cope with Industry Cycle

Pre-IPO New Hope Dairy (A/H Listing) - The Company Has Occupied a Favorable Position

Pre-IPO Jintan - About the Business Model, the Risks and the Peer Comparison

Pre-IPO Guangdong Huayan Robotics (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Acrobiosystems (A/H Listing) - The Business and the Outlook

Pre-IPO Delton Technology (1989 HK) - The IPO Pricing Is Attractive

Equity Bottom-Up

<ul>
<li>In 2025, Pop Mart achieved best-ever performance. However, stock price dropped sharply after the results were released, which reflects the fundamental skepticism regarding the future growth logic of Pop Mart.</li>
<li>The market is shifting the valuation logic from a "high-growth stock" to a "mature consumer stock".Under this expectation, 15-20x P/E isn’t an undervaluation for a Company facing IP lifecycle risks.</li>
<li>We will consider buying Pop Mart when P/E drops below 10x. Stock price correction has not ended. Future valuation recovery depends on whether it can demonstrate a second growth curve.</li>
</ul>


In 2025, Pop Mart achieved best-ever performance. However, stock price dropped sharply after the results were released, which reflects the fundamental skepticism regarding the future growth logic of Pop Mart.
The market is shifting the valuation logic from a "high-growth stock" to a "mature consumer stock".Under this expectation, 15-20x P/E isn’t an undervaluation for a Company facing IP lifecycle risks.
We will consider buying Pop Mart when P/E drops below 10x. Stock price correction has not ended. Future valuation recovery depends on whether it can demonstrate a second growth curve.


Pop Mart (9992 HK) 2025 Results - More Downside Ahead?