According to recent updates, POP MART (09992) has surged over 4%, currently up 4.25% at HKD 284.2, with a trading volume of HKD 882 million. JPMorgan has raised its rating for POP MART from "Neutral" to "Overweight," increasing the target price from HKD 300 to HKD 320. This adjustment is based on two key factors: First, the consistent strength of popular IPs; although Labubu's production capacity has increased tenfold since Q1, Labubu 3.0 and Mini Labubu remain sold out across all regions. Additionally, the new IP "Star People" is rapidly gaining traction, expected to contribute 8% of sales in 2027. Second, valuation attractiveness has significantly improved; POP MART's stock price has corrected 24% from its August peak while the Hang Seng Index has risen 7%. Currently, according to JPMorgan’s forecast, the stock is valued at just 20 times the projected 2026 earnings, making the risk-reward ratio more appealing.