POP MART(09992) 搜狐财经·2025-04-23 05:56Core Viewpoint - The Hong Kong stock market continues its strong performance, with significant gains in the Hang Seng Index and consumer sector ETFs, indicating robust market sentiment towards the consumer sector [1][2]. Group 1: Market Performance - On April 23, the Hang Seng Index opened high, rising by 2.4%, while the CSI Hong Kong Stock Connect Consumer Theme Index saw an intraday increase of up to 4.77% [1]. - The Hong Kong Consumer ETF (159735) also performed well, with an intraday gain of 4.5%, reflecting strong market optimism towards the consumer sector [1]. Group 2: Company Performance - Pop Mart announced an unaudited revenue forecast for Q1 2025, projecting a year-on-year growth of approximately 165%-170%, with the Chinese market growing by 95%-100% and overseas markets by 475%-480% [1]. - In the Chinese market, offline and online channels grew by 85%-90% and 140%-145%, respectively, while overseas markets in the Asia-Pacific, Americas, and Europe regions grew by 345%-350%, 895%-900%, and 600%-605% [1]. - Pop Mart's executives indicated that the 2024 full-year performance would exceed expectations, with an internationalization strategy becoming the company's second growth curve [1]. Group 3: Investment Outlook - The Hong Kong consumer sector is characterized by a higher proportion of new consumption types compared to A-shares, including e-commerce, dining, tourism, and cultural media, which may better reflect the recovery in consumer sentiment driven by recent policies [2]. - According to Guojin Securities, the current policy environment features short-term stimulus combined with long-term mechanisms, with significant policy support and liquidity easing, suggesting potential for excess returns in the Hong Kong consumer sector [2]. - Since the beginning of 2024, there has been a substantial inflow of southbound funds into the Hong Kong market, with financial, non-essential consumer, and information technology sectors being the most favored [2].