Zhongjin: LABUBU from Bubble Mart makes an appearance at the World Cup to increase brand awareness and reaffirm its position as the top choice in the industry.

China Gold's research report pointed out that at the opening ceremony of the 2026 World Cup in the United States, Canada and Mexico, Labubu from Pop Mart will make its first appearance as a third-party IP in the history of the World Cup. The bank believes that this is likely to boost the awareness of Labubu and Pop Mart in the American cultural circle and even the global market, marking a new high in the globalization of Chinese IP toy companies. The bank maintains its adjusted net profit forecast for Pop Mart in 2026 and 2027 at 13.3 billion and 15.5 billion RMB respectively, and believes that the company is currently at a low historical valuation, with short-term event catalysts and potential improvements in performance in the medium term. The bank reaffirms its top pick in the industry, with a target price of 218 Hong Kong dollars and a rating of outperform the industry.