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Macquarie Maintains 'Outperform' Rating on Pop Mart with Strong Revenue Growth Forecast

Pop Mart's stock price in Hong Kong rises by over 4%

HSBC Research Forecasts Decrease in FY26 Revenue and Profit Growth for 泡泡瑪特

Pop Mart Founder Reveals Company's Registered Members Exceeded 100 Million in 2025, with Over 700 Stores Globally

Pop Mart Announces 2025 Sales Data, with Global Sales of All IP Products Exceeding 400 Million Units

Southbound funds net buy POP MART for 4 consecutive days

Pop Mart Founder Discloses 2025 LABUBU Sales Exceeded 100 Million Units, Stock Price Opens Higher

Huaxi Securities on Pop Mart: Annual meeting outlines strategy, new products' popularity marks a great start

Pop Mart announces it will establish its European headquarters in London

Morgan Stanley upgrades Pop Mart to 'Overweight', optimistic about its product design and IP influence

CITIC Construction Investment Maintains 'Buy' Rating on Pop Mart, Citing Multi-polar IP Development as a Mid-term Growth Driver

Pop Mart plans to pay its annual dividend on June 19, 2026

Pop Mart's Valentine's Day limited series 'Dimoo Pulsar' creates market frenzy, with secondary market prices surging nearly 7-fold

Molly 披露 2025 annual core data

Pop Mart collaborates with the 2026 Taipei Lantern Festival, with its IP lantern installations to be exhibited starting February 26.

Southbound capital sees net inflow of HK$589 million into Pop Mart

Pop Mart's stock price rises over 4% as hit products are expected to boost IP momentum

Morgan Stanley Sees Upside for Pop Mart Stock Through April

Pop Mart Explores 'Aerospace+', MOLLY Becomes the First Art Toy IP to Travel to and from Space

Pop Mart is expected to pay its annual dividend on June 19, 2026

UNI PRINTSHOP

WING CHI HLDGS

CINESE INTL

WAN KEI GROUP

CHINA WACAN

JH EDUCATION

DIGITAL DOMAIN

LOTUS HORIZON

VICO INTL HLDGS

K W NELSON GP

02513

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KNOWLEDGE ATLAS(02513) rose 14.81%, with a trading turnover 1.1 Billion HKD, and a year-to-date rose 173.5%. DONGFANG ELEC(01072) rose 7.11%, with a trading turnover 810.9 Million HKD, and a year-to-date rose 23%. ZHAOJIN MINING(01818) fell 5.83%, with a trading turnover 1.7 Billion HKD, and a year-to-date rose 6.1%. GIGADEVICE(03986) fell 3.82%, with a trading turnover 252.3 Million HKD, and a year-to-date rose 86.4%.

- The Hang Seng Index increased by 0.58%, with a year-to-date rise of 6.1%.  
- The Hang Seng Tech Index rose 0.62%, but has declined 1.2% for the year.  
- Stocks like Zhihua (02513) surged by 14.81% and recorded a significant yearly gain of 173.5%, while stocks like Zhaojin Mining (01818) dropped by 5.83% despite a yearly increase of 6.1%.

Top Gainers & Losers

KNOWLEDGE ATLAS

DONGFANG ELEC

CSPC PHARMA

INNOVENT BIO

POP MART

ZHAOJIN MINING

GIGADEVICE

EASTROC

CTG DUTY-FREE

MEITUAN

Top 5 HK Stock Gainers/Losers (>100B) (2.10)

Guolian Securities pointed out that POP MART has surpassed the "blind box bubble" stage and is establishing a sustainable IP ecosystem through the Labubu family and new IP matrices like Star People. Its core strategy is global expansion (especially clustering stores in North America) and extending the industrial chain (entering high-frequency consumption scenarios such as baking and jewelry), driving the company to transform from a "super IP" to a Disney-style global evergreen IP group. By 2026, revenue is expected to exceed 51 billion yuan, marking a complete switch in its valuation logic

- An analysis reveals that Pop Mart is evolving from a "blind box" company into a global IP industry chain group, indicating a significant shift in market perception.  
- The company's total revenue is expected to exceed 51 billion RMB in 2026, driven by supply chain management and market expansion into North America and Europe.  
- Additionally, new business lines like POP BAKERY and POPOP are set to enhance IP monetization and customer engagement, supporting a projected 180 billion RMB in adjusted net profit for 2026.

Wallstreetcn

When POP MART squeezes out the "bubble" - from "super IP establishment" to "global evergreen"

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The short selling amount in the Hong Kong stock market reached HKD 18.04 billion in the half-day session, accounting for 16.7% of the total shortable stock turnover of HKD 108.02 billion. The main shorted stocks include Meituan-W with a short selling ratio of 28.2% and a short selling amount of HKD 1.12 billion; CSOP Hang Seng Technology with a short selling ratio of 44.6% and a short selling amount of HKD 1.03 billion; Alibaba-W with a short selling ratio of 16.9% and a short selling amount of HKD 970 million; POP MART with a short selling ratio of 24.1% and a short selling amount of HKD 880 million; and HSCEI with a short selling ratio of 13.8% and a short selling amount of HKD 660 million

AASTOCKS

BABA 2x Long Daily ETF - GraniteShares

Alibaba

Tianhong Hang Seng TECH ETF(QDII)

ChinaAMC Hang Seng Technology ETF(QDII)

Hwabao CSI HK Equities Internet ETF

CSOP HS TECH

Hang Seng TECH ETF I

KraneShares 2x Long BABA Daily ETF

BABA-W

Dacheng Hang Seng Technology ETF(QDII)

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

China Southern Hang Seng ETF

HSCEI ETF

ChinaAMC Hang Seng ETF

Meituan

Ping An HK Equities HSCEI ETF

E Fund CSI HK Connect Internet ETF

The short selling in the Hong Kong stock market for half a day was HKD 18.04 billion, accounting for 16.7% of the total turnover of shortable stocks

On February 10th, the Hong Kong stock market's three major indices collectively closed higher, with the Hang Seng Technology Index leading the way with a 0.84% increase. On the market, the surge in AI applications and the rebound of Chinese concept stocks drove the retail sector up, with Alibaba rising 1.46% and JD.com increasing 2.32%. The restaurant sector weakened due to the drag from heavyweight stocks, with Meituan falling 3.02% and HAIDILAO dropping 3.0%. In terms of capital, the market is in a macro data vacuum period, focusing on liquidity games. In individual stocks, POP MART performed strongly with a 4.35% increase, while Tencent Holdings had the highest trading volume but slightly fell by 1.07%

- On February 10, Hong Kong stocks showed a collective increase, with the Hang Seng Index closing at 27,172.87 points, up 0.54%.  
- The tech sector led the gains, with the Hang Seng Tech Index rising 0.84%, while the retail sector benefited from optimism surrounding AI applications.  
- Several individual stocks experienced notable movements, such as Global Printing Holdings surging 59.18% and Meituan dropping 3.02%, reflecting varied investor sentiment across sectors.

Market Heartbeat

JD-SW

MNSO

BIDU-SW

KUAISHOU-W

HAIDILAO

YUM CHINA

MODERN CHI MED

WANKA ONLINE

BAO PHARMA-B

Hang Seng Index

Hang Seng Composite Index

CAM HS TECH

Hang Seng TECH Index

GX HS TECH

FI CSOP HSI

Krne Csi China Internet

FL2 CSOP HSI

TENCENT

FI2 CSOP HSI

Hong Kong Stock Midday Review | Hang Seng Tech Index rises 0.84%, AI logic helps Alibaba rise 1.46%, weight drags Meituan down 3.02%

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36Kr learned that the Hang Seng Index rose 0.54% during the midday break, and the Hang Seng Technology Index rose 0.84%; the consumer, pharmaceutical and biotechnology, and media sectors led the gains, with CHINA LIT rising over 15%, RemeGen rising over 6%, and POP MART rising over 4%; the household goods, consumer services, and retail sectors saw the largest declines, with SHANGHAI XNG falling over 17%, Beijing Jingkelong falling over 6%, and Shangmei Co., Ltd. falling over 2%; southbound funds had a net purchase of HKD 1.145 billion

36Kr

SHANGHAI XNG

REMEGEN

RemeGen

CHINA LIT

HSTECH ETF

The Hang Seng Index rose 0.54% at midday, and the Hang Seng TECH Index rose 0.84%

159869

Pop Mart, a Chinese designer toy maker, announced that it sold over 100 million units of its flagship IP LABUBU in 2025. The company reported total global sales exceeding 400 million units across all product categories. By the end of 2025, Pop Mart operated in over 100 countries with more than 700 stores and six major global supply chain bases. Its shares have increased nearly 38% this year, driven by strong earnings and global expansion of its IP portfolio.

- Chinese designer toy maker Pop Mart reported that sales of its flagship IP LABUBU surpassed 100 million units in 2025.  
- Total global sales across all IPs and product categories exceeded 400 million units last year, with operations in over 100 countries and regions.  
- Pop Mart's shares have increased nearly 38% this year due to strong earnings and the ongoing global expansion of its IP portfolio.

动点科技英文源

ChinaAMC CSI Animation Game ETF

Pop Mart says it sold 100 million LABUBU units in 2025

HPPD

Pop Mart International Group Ltd. announced that its total global sales in 2025 exceeded 400 million units across all IPs and product categories. The sales of THE MONSTERS product category surpassed 100 million units worldwide.

- Pop Mart International Group Ltd. announced that its total global sales exceeded 400 million units across all IPs and product categories in 2025.  
- The sales for the product category THE MONSTERS surpassed 100 million units worldwide.  
- This information was released on February 09, 2026, through the Issuer Information Service of the Hong Kong Stock Exchange.

Reuters

POP MART HK SDR 20to1

Pop Mart meldet weltweiten Absatz von über 400 Millionen Einheiten im Jahr 2025

HSBC stated, "The super-fast growth brought by Labubu will fade, but the platform's capabilities will continue," defining 2026 as a year of "re-establishing the foundation." UBS believes that the sales data helps alleviate market concerns about reliance on a single hit product, while the new IP Twinkle has a strong start at the beginning of 2026, providing an observation window for growth. HSBC lowered the target price for POP MART from HKD 392.5 to HKD 354, while UBS maintained it at HKD 326, with both institutions maintaining a "buy" rating

- On February 9, Pop Mart announced global product sales exceeding 400 million in 2025, driven primarily by its IP “The Monsters,” which contributed over 100 million in sales.  
- HSBC reduced its price target for Pop Mart while maintaining a "buy" rating, predicting a normalized growth rate in 2026 as the surge in membership repurchases stabilizes.  
- Analysts highlight the importance of new IP and international expansion for sustaining growth, as potential risks include supply chain disruptions and increased competition in the market.

"Annual sales of 400 million pieces!" After the "Labubu era," can POP MART's high growth be sustained?

HSBC's research report pointed out that POP MART revealed at its 2026 annual meeting that last year's revenue grew nearly threefold, mainly driven by its core IP Labubu. It is expected that growth will normalize in 2026, with revenue growth forecasts revised down from 30.6% to 23.7%, and net profit growth forecasts revised down from 29.1% to 21.3%. The "Buy" rating is maintained, with the target price revised down from 392.5 yuan to 354 yuan

According to the report from "Big Banks" Research, POP MART's growth trajectory this year will tend to normalize, lowering revenue and profit forecasts

The main indices of the Hong Kong stock market strengthened across the board, with the Hang Seng Index, Hang Seng TECH Index, and the National Enterprises Index all recording gains. The internet content and retail sectors performed positively, with capital flows clearly concentrating on leading companies. POP MART showed significant gains during the session, while Alibaba, Kuaishou, and JD were actively traded. Under structural differentiation, some popular stocks experienced sharp declines, and investors are paying attention to short-term sector rotations and macro changes

- The Hong Kong stock market showed overall strength, with the Hang Seng Index rising 1.07% to 27,316.62 points, but still below recent highs.  
- Key sectors like internet content saw notable gains, with Tencent Holdings up 0.62%, while retail stocks also performed well, including Alibaba, which rose 2.22%.  
- However, several individual stocks faced declines, such as Zhiyun (17.85%) and Jiu Fang Zhi Tou (11.55%), indicating a cautious investor sentiment amidst fluctuating market conditions.

CHOW TAI FOOK

JF SMARTINVEST

VOBILE GROUP

UNISOUND

JD HEALTH

JD LOGISTICS

ALI HEALTH

Hong Kong stocks intraday | All three major indices strengthened, Hang Seng TECH up 1.46%, POP MART leading in intraday gains

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Hong Kong shares rose 339 points (1.3%) to 27,370, nearing a two-week high, driven by positive sentiment from Wall Street's record high. Gains were limited by caution ahead of upcoming Chinese CPI and PPI data. Tech and consumer sectors led the advance, with notable increases from Minth Group (2.4%), Pop Mart Intl. (5.8%), SMIC (4.1%), JD Health Intl. (3.9%), and AIA Group (3.4%). U.S. Treasury Secretary mentioned efforts to enhance communication with China.

- Hong Kong equities rose by 339 points, or 1.3%, to 27,370, nearing a two-week high, influenced by positive trends from Wall Street.  
- U.S. Treasury Secretary Scott Bessent's statement highlighted efforts to improve communication between the U.S. and China, while caution prevailed due to upcoming Chinese CPI and PPI data release.  
- The tech and consumer sectors saw significant gains, with notable movements in Minth Group, Pop Mart Intl., SMIC, JD Health Intl., and AIA Group.

Trading Economics

TRACKER FUND

HS HSI ETF-R-D

MINTH GROUP

XI2CSOPHSTECH

CSOP HSI ETF

Hong Kong Shares Extend Rally to Near 2-Week Peak

The Hong Kong stock market opened higher in the morning, with the Hang Seng Index rising 175 points to 27,202 points, and the National Index and Hang Seng Tech Index increasing by 58 points and 44 points, respectively. Major tech stocks such as Tencent, Meituan, and NetEase all saw varying degrees of increase. Financial stocks like HSBC opened 0.9% higher at HKD 140.5. POP MART opened 2.4% higher, with global sales exceeding 400 million units last year. Domestic property stock Longfor saw a 45% decrease in sales, with a slight increase in stock price of 0.5%

NetEase

HSBC HOLDINGS

Hang Seng China Enterprises Index

"Hong Kong Stocks" The Hang Seng Index opened high at 175 points, NetEase and POP MART rose, HSBC surpassed 140 HKD

36Kr learned that the Hang Seng Index opened up 0.65%, and the Hang Seng Technology Index rose 0.82%; the consumer and non-ferrous metal sectors led the gains, with POP MART and Zijin Mining rising over 2%; the steel and consumer services sectors saw the largest declines, with Maanshan Iron falling over 2% and Haidilao dropping over 1%

Yinhua CSI Non-ferrous Metal ETF

Zijin Mining

GX CN CONSUME-U

Guotai CSI Non-ferrous Metal ETF

ZIJIN MINING

China Southern CSI SWS Non-Ferrous Metal ETF

Hwabao WP CSI Non-ferrous Metal ETF

GF CSI Rare Metals Theme ETF

MAS C.L.

ChinaAMC CSI Subdivision Non-ferrous Metal Sub-Industry ETF

Guotai CSI Iron & Steel ETF

Penghua Guozheng Non-ferrous Metal Industry ETF

MAANSHAN IRON

The Hang Seng Index opened up 0.65%, and the Hang Seng TECH Index rose 0.82%

Pop Mart International Group Ltd :IN 2025, GROUP'S TOTAL SALES ACROSS ALL IPS AND ALL PRODUCT CATEGORIES EXCEEDED 400 MILLION UNITS GLOBALLY

Pop Mart International Posts 2025 Group's Total Sales

$POP MART(09992.HK) Wah, POP MART is on fire, up again today and looking strong for a 7th straight day of gains. The good vibes come from their latest business update: they sold over 400 million products globally last year, with THE MONSTERS series alone hitting 100 million. For Q1 2026, they expect demand in China to stay &#34;resilient&#34;.

Today’s Key News Recap

0202 | Dolphin Research Focus: 🐬 Macro/Industry 1) International precious metals have sold off sharply since the weekend, with gold and silver down materially on a hawkish Fed chair nominee, a stronger USD and higher UST yields, concentrated profit-taking, and deleveraging by levered funds. The violent swings highlight fragile risk sentiment; near term, the market likely chops in a consolidation range with elevated vol risk.2) EV startups posted their first Jan delivery prints with wide divergence in YoY growth, and Leapmotor led the pack with 32,059 units. ...

LEAPMOTOR

BYD COMPANY

BYD Company

BYD Company Limited

BYD COMPANY-R

Alphabet - C

Alphabet

TENCENT-R

Tencent HK SDR 10to1

Tencent

Tencent Holdings Limited

CHINA MOBILE

CHINA MOBILE-R

CN Mobile HK SDR 5to1

Gold and silver slump, cooling the market; BABA's Qwen adds RMB 3 bn for Lunar New Year | Daily News Recap

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