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<Research>Citi Expects POP MART (09992.HK) to Drive LT Growth via IP Diversification/ Product Innovation, Keeps Buy Rating
Recommend
10
Positive
24
Negative
5
After achieving significant success in 2024-2025, the market began to focus on how POP MART (09992.HK) will sustain its long-term growth path if the LABUBU craze subsides, according to Citi Research's research report. The novelty on LABUBU may have temporarily peaked, awaiting the emergence of the next viral hit.

Looking ahead to 2026, the broker expected breakthroughs in IP diversification, product innovation and cross-sector monetization to support continued growth. Therefore, Citi Research kept rating at Buy, with a target price of $415.

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