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<Research>HSBC Research Trims Rev. & Earnings Forecasts for POP MART as Growth Trajectory to Normalize This Yr
POP MART (09992.HK) recently held a 2026 annual meeting, where management revealed that last year's revenue logged a nearly threefold YoY increase on the strong global market g...
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<Research>HSBC Research Trims Rev. & Earnings Forecasts for POP MART as Growth Trajectory to Normalize This Yr
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POP MART (09992.HK)  -14.800 (-5.486%)    Short selling $698.41M; Ratio 15.763%   recently held a 2026 annual meeting, where management revealed that last year's revenue logged a nearly threefold YoY increase on the strong global market growth of its core IP, Labubu, according to a report from HSBC Research.

The report highlighted that Labubu's successful entry into the plush toy sector drastically boosted its monetization capability and accelerated the growth in membership numbers and average revenue per user.

Related NewsM Stanley Rates POP MART as Overweight; Upsides Still Possible in Mar, Apr
Looking ahead to 2026, HSBC Research expects POP MART to transition from high-speed growth driven by Labubu to a more normalized growth trajectory led by retail and products, given that the buying frenzy is likely to weaken as supply scale expands and product accessibility improves.

Accordingly, HSBC Research has cut its 2026 revenue/ net profit growth forecasts for POP MART from 30.6%/ 29.1% to 23.7%/ 21.3%. POP MART's rating remains Buy, though its target price has decreased from HKD392.5 to HKD354.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-02-11 16:25.)

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