Morgan Stanley: POP MART (09992) Strategy Focuses on Sustainable Growth, Sales Growth to Turn More Positive Next Year

Stock News

Oct 30

Morgan Stanley released a research report stating that it has turned more positive on POP MART's (09992) sales growth outlook through 2026, as the firm believes the company has not yet fully unleashed all growth potential by 2025. Its ongoing tactical adjustments highlight a clear focus on business quality and sustainable growth. The bank maintains an "Overweight" rating with a target price of HK$382.

Morgan Stanley noted that Labubu pre-orders drove better-than-expected Q3 2025 performance, while POP MART has resumed spot sales to better manage product lifecycles and boost repeat customer growth. Management expects strong Q4 sales due to more holiday promotions and a robust product pipeline.

Offline sales in the U.S. continue to grow, supported by a more diversified IP portfolio and high store efficiency. The company plans to open more high-traffic flagship stores between 2026 and 2027. However, U.S. online sales may temporarily slow due to reduced pre-sale activities. The bank believes new product launches from top IPs should quickly reaccelerate growth.

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Its ongoing tactical adjustments highlight a clear focus on business quality and sustainable growth. The bank maintains an \"Overweight\" rating with a target price of HK$382.</p>\n<p>Morgan Stanley noted that Labubu pre-orders drove better-than-expected Q3 2025 performance, while POP MART has resumed spot sales to better manage product lifecycles and boost repeat customer growth. Management expects strong Q4 sales due to more holiday promotions and a robust product pipeline.</p>\n<p>Offline sales in the U.S. continue to grow, supported by a more diversified IP portfolio and high store efficiency. The company plans to open more high-traffic flagship stores between 2026 and 2027. However, U.S. online sales may temporarily slow due to reduced pre-sale activities. 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Its ongoing tactical adjustments highlight a clear focus on business quality and sustainable growth. The bank maintains an \"Overweight\" rating with a target price of HK$382.</p>\n<p>Morgan Stanley noted that Labubu pre-orders drove better-than-expected Q3 2025 performance, while POP MART has resumed spot sales to better manage product lifecycles and boost repeat customer growth. Management expects strong Q4 sales due to more holiday promotions and a robust product pipeline.</p>\n<p>Offline sales in the U.S. continue to grow, supported by a more diversified IP portfolio and high store efficiency. The company plans to open more high-traffic flagship stores between 2026 and 2027. However, U.S. online sales may temporarily slow due to reduced pre-sale activities. The bank believes new product launches from top IPs should quickly reaccelerate growth.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0593848301.USD","symbol_name":"未来资产亚洲卓越消费股票基金A","start_time":0,"source_url":"","article_id":"1161912997","we_media_id":"1036600163","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1161912997","pubTimestamp":1761817259,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Stock News","introduction":"Global Stock News First-Time Broadcast","home_visible":1,"id":"1036600163","head_image":"https://community-static.tradeup.com/news/b3bf6d02ad1a6e9e7377eebbb162346a"},"summary":"Morgan Stanley released a research report stating that it has turned more positive on POP MART's (09992) sales growth outlook through 2026, as the firm believes the company has not yet fully...","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","LU0823426308.USD":"法巴中国股票基金","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","BK1224":"专卖店","LU0359201612.USD":"贝莱德中国基金A2","SG9999002950.SGD":"United Asian Growth Opportunities SGD","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","09992":"泡泡玛特","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","SGXZ86797644.SGD":"MAYBANK ASIAN GROWTH AND INCOME-I \"A\" (SGDHDG) INC","SG9999001069.SGD":"UOB UNITED ASIA PACIFIC GROWTH (SGD) ACC","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","SGXZ62798434.SGD":"MAYBANK ASIAN GROWTH AND INCOME-I \"A\" (SGDHDG) ACC","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU0348766576.USD":"ALLIANZ LITTLE DRAGONS \"A\" (USD) INC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU0348767384.USD":"ALLIANZLITTLE DRAGONS \"A\" (USD) ACC","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0823426480.USD":"法巴中国股票经典Dis"},"translate_title":"大摩：泡泡玛特(09992)策略聚焦可持续增长明年销售增长转正","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"09992":1},"content_text":"Morgan Stanley released a research report stating that it has turned more positive on POP MART's (09992) sales growth outlook through 2026, as the firm believes the company has not yet fully unleashed all growth potential by 2025. Its ongoing tactical adjustments highlight a clear focus on business quality and sustainable growth. The bank maintains an \"Overweight\" rating with a target price of HK$382.\nMorgan Stanley noted that Labubu pre-orders drove better-than-expected Q3 2025 performance, while POP MART has resumed spot sales to better manage product lifecycles and boost repeat customer growth. Management expects strong Q4 sales due to more holiday promotions and a robust product pipeline.\nOffline sales in the U.S. continue to grow, supported by a more diversified IP portfolio and high store efficiency. The company plans to open more high-traffic flagship stores between 2026 and 2027. However, U.S. online sales may temporarily slow due to reduced pre-sale activities. 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