Citibank: Pinduoduo may continue to benefit from intellectual property incubation and operation. Maintain a buy rating on the stock and raise the target price.

The report from Citigroup stated that Pop Mart is expected to continue benefiting from its IP incubation and operation. The long-standing debate over the lasting popularity of "Labubu" is expected to be resolved due to the strong performance the company continues to demonstrate in new product releases. With the debut of the mini "Labubu" set for this week, Citigroup anticipates that this will further stimulate the popularity of the IP globally. In the long run, Citigroup expects that the commercial value of "Labubu" will have the opportunity to extend beyond the realm of toy collecting. Citigroup maintains a buy rating and has raised the target price for the stock from HK$384.50 to HK$398.00.