BERNSTEIN2 December2025SOCIETEGENERALEGROUPMelindaHu85221232643ChinaConsumermelinda.hu@bernsteinsg.comPop Mart InternationalLimitedFrankieFong85221232637Ratingfrankie.fong@bernsteinsg.comUnderperformPriceTarget9992.HK225.00HKDPop Mart Consumer Survey: Are its core consumers sustainablecollectors or transient trend chasers?Investor perspectives onPopMart's customerbase remain sharplydivided.SomeCloseDate2Dec20259992.HKClosePrice(HKD)218.80community capable of sustaining long-term growth Others argue the base consists primarly225.00agement willerode asviralmomentum,Upside/(Downside)3%albehavioral patterns,wesurveyed52-WeekRange339.80/79.50ndurable collectorsASIAXIbethawio;, angagement depth,spending1,601.15FYEDectentions. Overall, the survey confirms concerns that PopMart'sDivYield0.4%dominantly novelty-driven with temporary engagement rather thanMarketCap(HKD)(M)293,836EV(HKD)(M)254,621PerformanceYTD1M6M12Mnt despiteviralmomentum,withAbsolute(%)44.1(1.3)(4.9)136.9rotention.DemographicsalignASIAX(96)25.0(1.9)18.323.94,61%female),but39%beganpurchasingwithin the19.00.7（23.2)113.0ad purchased beyond two years, providing minimal evidence oPricePerformance,1YRdepth,low purchase frequencys and aesthetic-drivenpurchasersr than 5items, 80% own under 11 itemse.Annual spending concentratesbelow￥500(69%)translating to 6-7items yearly-confirmingPop Mart functions as occasional discretionaratesportfolio concentrationrisk, withnovelty1ARlBRlldrivas38%6 of acauisition.nearly4x any secondarondents,.29%6 never boughtotherlPesdespiteexposure,indicatingsinglecharacterlbyaltywulnerable to abandonment. Visit motivations prioritize browsing interestingdesigns(4.42)over IP release tracking(3.13) or series completionl1.8),contfiringtratficdepends oncontinuousnovelty ratherthancollection-buildingReportedEPSF24AF25EF26EF24AF25EF26ECAGRValuationMetricsF24AF25EF26E235.1ReportedP/EQ)92.727.721.4PEGReported0)0.50.1SeetheDisclosureAppendixofthisreportforrequireddisclosures, analystcertifications andotheresearch.comimportantinformation.Aiternatively,visitourGilobalResearchD)isclosure Website.FirstPublished:02Dec202513:41UTCCompletionDate:02Dec202513:41UTC
2December2025Srendinaintentionsshowmodest arowth expectations with meaningfulchurrisk, drivenmorebyengagementerosion.61%expanding,while 13%plancompntwelvemonths.Growthncentratesinmodest10-20%hprojections(47%j)vs.39%6 anticipating 509%+expansionauel collectiveyrepresent-50%hof motivations. 309 citing pricesensitityiscoveringnewlPsmotivates 26%, andctioncompletionaccountsfor24%-indicating expansiondependsonPopMar'sexecution ratherthan naturalengagement deepeninatrategygeneratessecondarymarketactivity but createsaviailabilityhenitens are unavalable, 168%6 abandon purchses whil 45% substute withna.Interestingly,there isheavyreliance oncross-IPsubstitution(29.79%>)whenLABUBUisn'tavalabl,customers aren't developing authenticmuli-IP preferencesbutfat her accepting avallable alternatives. Blind box format retains65%opositivesentiment,though47% find it "fun but frustrating"'vs. 18% genuinely excitedinvestment ImplicationsWeratePopMartunderperform,
2December2025DETAILSSURVEYINTENTIONInvestor perspect...
