Added to YB: 2025-10-29
Pitch date: 2025-09-10
9992.HK [bearish]
Pop Mart International Group Limited
+29.42%
current return
Author Info
No bio for this author
Company Info
Pop Mart International Group Limited, an investment holding company, engages in the design, development, and sale of pop toys in the People’s Republic of China, Hong Kong, Macao, Taiwan, and internationally.
Market Cap
HKD 271.5B
Pitch Price
HKD 275.00
Price Target
115.30 (-41%)
Dividend
0.40%
EV/EBITDA
27.54
P/E
40.19
EV/Sales
11.60
Sector
Specialty Retail
Category
N/A
Pop Mart International Group Limited - $9992.HK (short)
9992.HK short: Blind box toy fad trading at 11-12x 2025 sales vs historical fads at 3-5x peak. Labubu drives 35% revenue but Google Trends peaked, StockX prices down since June. Aggressive 200 store expansion adds fixed costs as momentum fades. Knockoffs everywhere undermining IP thesis. 60%+ downside to 4x sales multiple target.
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