CITIC Securities cut Pop Mart (09992.HK) target price 13.7% to HK$157 and
maintained a Buy rating. The broker said unaudited Q3 2026 revenue fell 45–50%
YoY on a strong prior-year base but expects seasonal Q4 sales to drive
sequential growth across markets. China offline performance remains stable with
healthy store traffic and new-customer growth; overseas efforts focus on store
roll-out, IP operations, supply chain and organization, supporting longer-term
potential. Citing the company’s deliberate operational-pace adjustment and
margin pressure from overseas sales-mix shifts, US price changes and new-store
costs, CITIC trimmed 2026–28 revenue forecasts to 30.89/35.12/38.41 bln yuan and
adjusted net profit to 8.46/9.97/11.26 bln yuan.
