Zhongjin: Bullish on Pop Mart's sustainable innovation capabilities, maintains "outperform industry" rating.

The Zhongjin report pointed out that Bubble Mart's new highlights have been frequent recently, such as the continuous rise in popularity of the PUCKY Knock Knock series. At the same time, sales of plush pendants such as the Full Family Horsepower series and the Star People series have been hot. Zhongjin believes that the excellent performance of new products in the recent period once again confirms the company's strong R&D innovation capabilities, supported by a mature R&D innovation mechanism and a customer direct sales system. It continues to be optimistic about the company's sustainable innovation capabilities and the growth space brought by its platform-based layout. Zhongjin maintains the company's adjusted net profit forecast for 2025 and 2026 at 13.7 billion and 17.7 billion respectively, introduces a forecast of 21 billion for 2027, maintains an "outperform industry" rating, and a target price of HK$370.