---
title: "Nomura: POP MART's growth accelerated again in the third quarter, maintaining a target price of 372 yuan"
description: "Nomura's research report pointed out that POP MART's total revenue growth accelerated to 245%-250% in the third quarter, exceeding market expectations. Sales in the Chinese market increased by 185%-19"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/262161126.md"
published_at: "2025-10-22T04:47:42.000Z"
---

# Nomura: POP MART's growth accelerated again in the third quarter, maintaining a target price of 372 yuan

> Nomura's research report pointed out that POP MART's total revenue growth accelerated to 245%-250% in the third quarter, exceeding market expectations. Sales in the Chinese market increased by 185%-190% year-on-year, while the U.S. and European markets saw year-on-year increases of approximately 12.7 times and 7.4 times, respectively. The company's strong growth is attributed to its robust IP development and operational capabilities, maintaining a target price of 372 yuan and a "Buy" rating

Nomura's research report indicates that POP MART (09992.HK) saw its total revenue growth further accelerate to 245% to 250% in the third quarter, exceeding market expectations. In terms of market segmentation, sales in the Chinese market significantly accelerated, with third-quarter sales rising 185% to 190% year-on-year, compared to 135% in the first half of the year. Meanwhile, the U.S. and European markets also maintained rapid growth momentum, with third-quarter sales increasing approximately 12.7 times and 7.4 times year-on-year, compared to about 11.4 times and 7.3 times in the first half of the year.

The firm believes that POP MART's sustained strong growth momentum is primarily benefited by its robust IP development and operational capabilities; in addition to its largest revenue source THE MONSTERS, other major IPs have also formed unique recognition and targeted customer groups; for example, Twinkle Twinkle shows strong growth momentum, while IPs like SKULLPANDA and HIRONO have recently strengthened co-branding collaborations; more balanced growth across different IPs helps mitigate the company's risk concentrated on THE MONSTERS; maintaining a target price of 372 yuan and a "Buy" rating

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.
