HK Stock Market Move | POP MART (09992) rose by over 4%, the collaborative figurine with "Nezha 2" is hot-selling. Morgan Stanley is optimistic about the company continuing the profit upgrade cycle this year.

POP MART (09992) rose by more than 4%, rising to 4.03% at the time of writing, reaching 103.2 Hong Kong dollars, with a turnover of 2.78 billion Hong Kong dollars. In terms of news, "Ne Zha: The Devil Child Comes to Sea" has won the title of the highest-grossing film in Chinese cinema history. At the same time, the Ne Zha limited edition collectible toys are also being snapped up. It is reported that in the POP MART Tmall flagship store, the "Ne Zha: The Devil Child Comes to Sea" limited edition blind box collectible toys have sold over 30,000 units, and the link has been taken down. The "POP MART Lucky Box Machine" WeChat mini program also shows "product sold out, restocking crazily", with a small red text indicating that delivery is expected to start from 12:00 on May 20, 2025. Morgan Stanley believes that the "Ne Zha 2" series not only brings good revenue contributions to POP MART, but also showcases the company's influence in the IP business. Morgan Stanley expects POP MART to continue its strong earnings upgrade cycle this year, so it remains their industry pick. The target price is set at 113 Hong Kong dollars, with a "buy" rating. Morgan Stanley anticipates that POP MART will become one of the preferred partners for major global IP owners, monetizing IP through IP toys, and expanding IP awareness.