---
title: "Huatai Securities: POP MART's share repurchase shows growth confidence, continuous innovative product releases maintain \"Buy\" rating"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/273450901.md"
description: "Huatai Securities pointed out that POP MART recently repurchased 1.9 million shares for HKD 310 million, demonstrating confidence in its growth prospects. The company is expected to accelerate the diversification of its IP structure, strengthen emotional connections with the brand, and mitigate market risks. It maintains its net profit forecasts for 2025 to 2027, with a target price-to-earnings ratio of 27 times and a target price of HKD 410, maintaining a \"Buy\" rating"
datetime: "2026-01-23T01:53:44.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/273450901.md)
  - [en](https://longbridge.com/en/news/273450901.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/273450901.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/273450901.md) | [繁體中文](https://longbridge.com/zh-HK/news/273450901.md)


# Huatai Securities: POP MART's share repurchase shows growth confidence, continuous innovative product releases maintain "Buy" rating

Huatai Securities research report points out that POP MART (09992.HK) recently initiated a share buyback, repurchasing a total of 1.9 million shares on January 19th and 21st, with a buyback amount of HKD 310 million. The single transaction amount and number of shares in this round of buyback both exceed previous levels, demonstrating the company's confidence in its growth prospects. The firm is optimistic about the company's acceleration in diversifying and balancing its IP structure this year, with faster implementation of themes such as parks, animated content, desserts, and accessories, cultivating new growth points and strengthening emotional connections with IPs, alleviating market concerns about fashion risks.

Huatai Securities believes that Labubu's breakout in Western markets last year is not a short-term trend but rather the starting point for increasing its visibility. The company's deep reserves of IP and categories are expected to leverage brand recognition to gain broader brand collaborations and designer resources globally, transforming popularity into a diversified IP growth engine.

The firm maintains its profit forecast for POP MART, expecting adjusted net profits of RMB 13.5 billion, 18.5 billion, and 23.7 billion for the years 2025 to 2027, respectively. Considering the company's high barriers to platformization and continuous expansion of IP and business diversification, it maintains a target price-to-earnings ratio of 27 times for 2026 and a target price of HKD 410, reiterating a "Buy" rating and continuing to recommend it as a key investment

### 相关股票

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

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