HK Stock Market Move | POP MART (09992) rose more than 5%. LABUBU sold over 100 million units last year. Multiple new products have performed well both domestically and internationally.

POP MART (09992) rose more than 5%, as of the time of writing, it rose by 5.1%, to 255.6 Hong Kong dollars, with a turnover of 22.86 billion Hong Kong dollars. On the news front, POP MART founder Wang Ning recently announced the core data for 2025 at their annual meeting: over 10,000 global employees at POP MART, over 100 million registered members, LABUBU annual sales exceeding 100 million units, total sales of over 400 million units for all IP products, business covering 100+ countries and regions, over 700 global stores, and ownership of 6 major supply chain bases. Huaxi pointed out that the annual meeting reviewed the key breakthroughs and highlights of 2025, and outlined a clearer direction and imagination space for the upcoming 2026. Recently, the company's various new products have achieved outstanding performance both domestically and internationally, and it is expected that the company's performance will see a good start to the new year, with optimism for the long-term commercial value of the IP operating platform. Morgan Stanley believes that POP MART will bring more surprises in product design this year, and the group's IP products Labubu and Moynat's cooperation, reports of a Labubu movie produced by Sony Pictures, and the addition of LVMH China CEO to the company's board of directors, shows that POP MART's cultural influence is increasingly recognized by top industry leaders, and believes that the company has secured more effective marketing resources for its upcoming new products, which is crucial for enhancing the popularity of its IPs. The bank believes that with continued sales momentum in China and overseas markets, coupled with strong product line expansion and new initiatives centered around IP, a revaluation of the company's valuation may be on the horizon.