POP MART (09992) saw its shares rise more than 4% during morning trading. At the time of writing, the stock was up 4.25%, trading at HK$149.7, with a turnover of HK$2.68 billion. The company announced that on March 31, it repurchased 690,000 shares at a total cost of HK$99.5341 million. This marks the fourth consecutive day of buybacks since March 26, bringing the cumulative total to 7.95 million shares repurchased, amounting to approximately HK$1.198 billion. Since the beginning of the year, POP MART has conducted six share repurchase operations, buying back a total of 9.85 million shares with a cumulative value of HK$1.546 billion. Morgan Stanley commented that the market may be significantly overestimating the severity of three key concerns regarding POP MART: rising inventory levels, pressure on overseas profit margins, and controversies surrounding new business ventures. The firm noted that 40-45% of overseas selling, general, and administrative expenses are variable costs tied to sales, which limits the potential for unlimited losses. Additionally, the company's products do not face expiration or seasonal clearance pressures. Among its new ventures, the ones truly worth monitoring are its theme park initiatives and an animated short film set to debut this year. Morgan Stanley pointed out that investors appear to have priced in worst-case scenarios, and even under extreme assumptions, the stock still has around 20% upside potential.