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POP MART Rises 5%+, Notching 6-Day Rally; China Securities: Structure of '1 Dominant IP & Several Strong IPs' Formed
2026-02-09 15:32:53
POP MART (09992.HK) has been bouncing back over the last three months. Stretching the uptrend throughout the last five trading days, this stock opened up 1.9% this morning and once surged by 8.6% to an over three-month high of HKD264.2 since late October 2025. It last traded at HKD256.4, up 5.43%, on a turnover of HKD4.946 billion. Based on the closing price of HKD187.7 on December 31, 2025, it has already snowballed by 36.6% this year.

China Securities has kept an Overweight rating on POP MART, citing that it has established a structure of "one dominant IP and several strong IPs". While Labubu's influence remains solid, newer IPs like Twinkle Twinkle and Crybaby are driving growth. Production capacity for plush products is also expected to exceed five times the 2025 level by 2026.
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