JPMorgan released Pop Mart in-depth research on July 27th, maintaining "Overweight" rating with HK$340 target. Report deeply analyzes Labubu's 5% search index decline, noting super IP lifecycles can span decades and search drops represent normal transition from emerging to mature IP stage. Labubu's search index remains 13x KAWS and 2.5x Hello Kitty, with monthly sales expected to exceed 10M units post-September, targeting RMB11.7bn annual revenue. China membership base grew 20x over 5 years to 46.1M, projected 70M by 2027. Facing OEM supply constraints, super IPs will gain stronger pricing power to transfer tariff costs. Six catalysts include earnings release, POPOP jewelry stores, animation debut, Uniqlo collaboration. Forecasts 52% and 66% CAGR for sales and earnings respectively during 2024-2027.