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<Research>BofAS Downgrades POP MART (09992.HK) to Neutral as 2026 Rev. Growth Guidance Below Mkt Consensus
POP MART (09992.HK)'s FY2025 results missed investors' higher expectations, primarily due to lower-than-expected revenue, BofA Securities published a research report saying...
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<Research>BofAS Downgrades POP MART (09992.HK) to Neutral as 2026 Rev. Growth Guidance Below Mkt Consensus
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POP MART (09992.HK)  -3.500 (-2.409%)    Short selling $482.43M; Ratio 41.736%   's FY2025 results missed investors' higher expectations, primarily due to lower-than-expected revenue, BofA Securities published a research report saying. Revenue for the period surged by 185% YoY to RMB37 billion, below the market consensus of approx. RMB40 billion, while adjusted net profit margin was broadly in line with estimation.

Management guided a revenue growth of no less than 20% for 2026, missing the market consensus of 30%, and hinted that, due to a high base in 3Q25, 2H25 revenue may record a YoY decline.

Related News M Stanley: Market Overreacts to POP MART (09992.HK), Still Undervalued by 20% Even in Worst-Case Scenario
BofA Securities believed that 2026 will be a transition year for POP MART, facing challenges such as the cooling of the Labubu craze in the European and US markets and increasing pressure on profit margins.

Therefore, the broker downgraded POP MART from Buy to Neutral, and slashed its target price from $300 to $170.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.)



This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.

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