Huatai Securities: Maintains a buy rating for Pop Mart with a target price of HK$348.

Huatai Securities issues a research report on Pop Mart, affirming its strong belief in the company as a one-stop platform for trendy toys IP and expanding product categories, as well as IP growth momentum. The innovative businesses such as amusement parks, accessories, and desserts are blossoming, and the company's content layout in film and animation is expected to further enhance the global influence of its IP. The adjusted net profit forecast for 2025-2027 is maintained at 10.2 billion, 15.2 billion, and 19.7 billion yuan respectively, and the buy rating is also maintained.