HK Stock Market Move | POP MART (09992) rose more than 7% during trading hours, reaching a new high. The sales of Nezha 2 co-branded action figures are hot, with the company showing strong momentum in the development of multiple IPs.

POP MART (09992) rose more than 7% in midday trading, reaching a high of 117 Hong Kong dollars, setting a new record. As of the time of writing, it had risen by 5.7%, reaching 114.9 Hong Kong dollars, with a trading volume of 4.4 billion Hong Kong dollars. On the news front, "Ne Zha 2" has not only brought success to cinemas, but also boosted sales of cultural and creative products related to the movie. It is reported that the sales of "Ne Zha 2" merchandise have exceeded 300 million yuan, breaking the record held by "The Wandering Earth 2" for two years, making it the most profitable domestic film and television IP in the history of the Taobao system. POP MART released the "Ne Zha: The Demon Child's Sea Adventure" blind box series on its Tmall official flagship store on January 30th. Citigroup believes that POP MART's collaboration with "Ne Zha 2" and the successful launch of authorized products could bring potential upside for the company. Citigroup research report points out that the heat of Labubu as a top IP will continue throughout the year, and other iconic IPs (such as Molly, SKULLPANDA, Crybaby, Dimoo, Hirono) will also continue to grow as the company expands categories and launches new products to extend the lifespan of the IPs. Deutsche Bank previously indicated that their channel surveys showed that after Labubu or The Monsters, CryBaby is becoming the next popular IP. In POP MART stores visited by the bank, CryBaby occupies more shelf space, and its latest "Crying for Love" series has also sold out widely.