Citi: Research shows that POP MART (09992) customer base continues to expand, and sustainable growth is expected this year.

Citibank released a research report stating that it expects POP MART(09992) to continue to grow in 2026, supported by breakthroughs in IP diversification, product innovation, and monetization in multiple areas. The target price is set at 415 Hong Kong dollars with a "buy" rating, maintaining its position as the top choice in the Chinese consumer sector. The bank conducted a survey of approximately 1,500 POP MART consumers in China, Japan, the United States, the United Kingdom, and Australia. The results showed that POP MART's customer base continues to expand, with 76% of respondents making their first purchase of POP MART products in the past year, and 45% of them being new customers within the last three months. Only 9% of respondents indicated that they would purchase from second-hand platforms. 87% of respondents said they are "likely" or "very likely" to purchase POP MART products in the next three months, with new series products, limited editions, and seasonal releases being key factors driving their next purchase. Additionally, gifting, collecting, and interest were the main reasons for respondents to purchase POP MART products, followed by emotional satisfaction and following trends. Consumers value character design, emotional connections, rarity, and uniqueness the most. The survey showed that the top five popular IP products were LABUBU (47%), Twinkle Twinkle (27%), Skullpanda (25%), Crybaby (23%), and Molly (22%). The bank believes that interest in non-LABUBU IP in overseas markets may be underestimated, especially with Twinkle Twinkle exceeding expectations in the United States.