招商证券将泡泡玛特2026—28年盈利预测平均削25%，建议“沽售”

Odaily Planet Daily News: China Merchants Securities International released a report stating that Pop Mart's (09992.HK) first-half earnings fell 15–20% below market expectations, primarily due to a 10% decline in sales in the Americas region. An unfavorable product mix eroded gross margins, intensifying margin pressure. The firm cut its 2026–2028 earnings forecasts for Pop Mart by an average of 25%; set a target price of HKD 121, based on 14 times projected 2027 price-to-earnings ratio; and recommended a "Sell" rating. The firm also lowered its 2026–2028 sales forecasts for Pop Mart by an average of 17%, reflecting further downward revisions to overseas sales expectations following weaker-than-expected first-half 2026 results. It also reduced its 2026/2027 gross margin forecasts by 0.2 percentage points/1 percentage point, respectively, to reflect the structural decline in overseas business mix and raw material cost pressures.