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.

China Modern Dairy (1117 HK) To Acquire China Shengmu (1432 HK) - The Offer Price Is Not Attractive

Pre-IPO JD Industrials (PHIP Updates) - Business Model, Peer Comparison, Forecast and Valuation

Pre-IPO UltraGreen.ai - Thoughts on the Business, the Concerns and the Valuation

Pre-IPO Banu International Holding - The Pain Points and the Outlook

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

Pre-IPO 52TOYS Development - The Business Model and the Concerns Behind

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

Equity Bottom-Up

<ul>
<li>Pop Mart’s 25Q3 results beat expectations, mainly driven by high growth of revenue attributed from operations overseas. The "online + offline + overseas" three-wheel drive strategy has achieved remarkable performance.</li>
<li>However, the market has expressed concerns over the IP life cycle and performance sustainability of Pop Mart through the decline in its stock price, which may not have ended yet.</li>
<li>There are no signs that new products can catch up with LABUBU. Once market sentiment reverses, it will affect Pop Mart’s valuation outlook. 30-35x P/E is a more comfortable range.</li>
</ul>


Pop Mart’s 25Q3 results beat expectations, mainly driven by high growth of revenue attributed from operations overseas. The "online + offline + overseas" three-wheel drive strategy has achieved remarkable performance.
However, the market has expressed concerns over the IP life cycle and performance sustainability of Pop Mart through the decline in its stock price, which may not have ended yet.
There are no signs that new products can catch up with LABUBU. Once market sentiment reverses, it will affect Pop Mart’s valuation outlook. 30-35x P/E is a more comfortable range.


Pop Mart (9992 HK) 25Q3 - The Decline in Stock Prices May Not Have Ended Yet