Pop Mart International Group Ltd Ordinary Shares

09992: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Pop Mart: Initiating With No-Moat Rating and HKD 164 Fair Value Estimate; Shares Overpriced

Jeff Zhang

May 29, 2025

We initiate coverage of Pop Mart, a leading pop toy design and merchandising company in China with rising worldwide popularity. In 2024, Pop Mart delivered 107% year-on-year revenue growth, thanks to an over 350% increase in overseas sales of products based on intellectual properties, or IPs.

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Pop Mart International Group Ltd Ordinary Shares

Pop Mart: Initiating With No-Moat Rating and HKD 164 Fair Value Estimate; Shares Overpriced

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