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69673 SG#HSI RC28104 (R BULL)
RT Nominal up0.102 +0.009 (+9.677%)

01/12/2025 16:01

{I-bank focus}UBS lowers Pop Mart (09992) to HKD380

[ET Net News Agency, 1 December 2025] UBS lowered the target price for Pop Mart (09992)
to HKD380 from HKD435 and maintained the "buy" rating.
The research house said key risks in China's pop toy industry include: 1) a slowdown in
China's economy dampening pop toy spending; 2) internet firms entering the market, which
could intensify competition; 3) exposure to tighter regulatory scrutiny due to its blind
box format; and 4) fashion risk in existing intellectual properties. (rc)

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