Lyon: Raised Bubble Mart's target price to HK$368 and maintained an "outperform" rating.

Lyon released a research report stating that the development momentum of Pop Mart's global layout continues to improve. The overseas international trend toy exhibition held recently in Singapore shows that Pop Mart's global demand is still strong, and the continuous improvement of the supply chain can support growth. The bank currently predicts that the company's sales in 2025 can grow by 172% per year to 35.4 billion yuan, with sales in China and overseas expected to account for 50% each. It is predicted that gross profit margin and core operating profit margin will increase to 71.4% and 44.6% respectively. Lyon has raised its sales and adjusted net profit forecasts for Pop Mart from 2025 to 2027 by 14%, 12%, 12% and 23%, 20%, 20% respectively, raising the target price from HKD 318 to HKD 368, maintaining an "outperform" rating.