Pop Mart (9992 HK) Buy: Earnings reset ongoing, but limited multiple risk Earnings cuts likely to extend as Labubu-driven demand normalises: We expect Pop Mart to report 1Q26 revenue of RMB9.9bn (down low-single-digit q-o-q) in May, implying continued sequential weakness as the frenzy around Labubu fades, driving further earnings downgrades. Labubu ('The Monsters') contributed 38% of group revenue in 2025 (vs 40% in 2H25), underscoring its outsized role in the recent growth cycle. While broader IP expansion ...