---
title: "In \"The Big Banks,\" China International Capital Corporation: POP MART's growth momentum continues in the third quarter, raising the target price to 405.6 yuan"
description: "Bank of China International released a research report, indicating that POP MART's revenue in the third quarter increased by 245% year-on-year under a high base, exceeding market expectations. The gro"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/262171867.md"
published_at: "2025-10-22T06:39:55.000Z"
---

# In "The Big Banks," China International Capital Corporation: POP MART's growth momentum continues in the third quarter, raising the target price to 405.6 yuan

> Bank of China International released a research report, indicating that POP MART's revenue in the third quarter increased by 245% year-on-year under a high base, exceeding market expectations. The growth rate in the Chinese market accelerated to 185%-190%, while the growth rate in overseas markets slowed to 365%-370%. It is expected that revenue will continue to grow strongly in the fourth quarter, with the target price raised to 405.6 yuan, maintaining a "Buy" rating

The research report from Bank of China International indicates that POP MART (09992.HK) continues to see growth momentum in the third quarter under a high base, with last quarter's revenue increasing by 245% year-on-year to 250%, exceeding market expectations. In terms of regional breakdown, revenue growth in the Chinese market accelerated to 185% to 190%, while growth in overseas markets slowed to 365% to 370% due to a higher base.

The bank believes that the ongoing popularity of the Twinkle Twinkle series, combined with the effective execution of the overseas retail store expansion strategy, will continue to drive strong revenue growth in the fourth quarter. Additionally, potential U.S. tariff risks can be mitigated through strategic pricing adjustments and capacity transfers. The bank raised its target price from 399 yuan to 405.6 yuan, maintaining a "Buy" rating

### Related Stocks

- [09992.HK - POP MART](https://longbridge.com/en/quote/09992.HK.md)

## Related News & Research

| Title | Description | URL |
|-------|-------------|-----|
| 年销 4 亿件！” 后 Labubu 时代”，泡泡玛特的高增长能否持续？ | 汇丰表示，“Labubu 带来的超高速增长会褪去，但平台能力会延续”，并将 2026 年定义为 “再定基” 的一年。瑞银认为，销量数据有助于缓解市场对单一爆款依赖的担忧，同时新 IP Twinkle 在 2026 年初开局强劲，为增长接力提 | [Link](https://longbridge.com/en/news/275396337.md) |
| 暴涨 50% 空头死扛不退！泡泡玛特正面临一场史诗级 “逼空” 风暴？ | 泡泡玛特港股近期暴涨 50%，但 S3 Partners 数据显示空头并未撤退，空头占自由流通股比例反而从 2% 激增至 16%，逼空风险评分达满分 100。分析师称这是罕见的 “极度拥挤单边押注”，尽管公司通过回购提振信心，但空头仍押注公 | [Link](https://longbridge.com/en/news/275545907.md) |
| 卖 8 块 8 潮玩的桑尼森迪，讲不好 “平价泡泡玛特” 故事 | 哪吒红利难续 | [Link](https://longbridge.com/en/news/273943753.md) |
| 当泡泡玛特挤掉 “泡泡”——从 “超级 IP 确立” 走向 “全球长青” | 国联证券指出，泡泡玛特已超越 “盲盒泡沫” 阶段，正通过 Labubu 家族化与星星人等新 IP 矩阵建立可持续的 IP 生态。其核心战略是全球化扩张（尤其北美集群化开店）与产业链延伸（切入烘焙、珠宝等高頻消费场景），推动公司从 “超级 I | [Link](https://longbridge.com/en/news/275414453.md) |
| 泡泡玛特在繁荣与萧条之间取得平衡：Labubu 的崛起能否与 Molly 的势头相匹敌？ | 泡泡玛特，这个国际艺术玩具品牌，面临挑战，因为其爆款角色 Labubu 在二级市场价格上出现下滑，而其标志性角色 Molly 则庆祝 20 周年。公司的收入在很大程度上依赖于 Labubu，但其表现经历了显著的波动，与 Molly 的稳定表 | [Link](https://longbridge.com/en/news/275993548.md) |

---

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