---
title: "CICC Cuts POP MART  TP to HKD160, 3Q Revenue In Line; Overseas Adjustment Nearing End"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/303496748.md"
description: "CICC cut POP MART's target price by 20% to HKD160, maintaining an Outperform rating. The broker forecast Q3 revenue to decline 45-50% YoY, aligning with market expectations due to high prior-year bases. While China and overseas revenues are expected to drop significantly, overseas inventory digestion and channel adjustments are nearing completion, suggesting stability in international operations."
datetime: "2026-10-29T04:55:11.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/303496748.md)
  - [en](https://longbridge.com/en/news/303496748.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/303496748.md)
generator: "portal-rs"
---

# CICC Cuts POP MART  TP to HKD160, 3Q Revenue In Line; Overseas Adjustment Nearing End

CICC published a research report on POP MART (09992.HK) -1.100 (-0.842%) Short selling $249.88M; Ratio 37.164% , of which revenue for 3Q was estimated to subside 45-50% YoY, while revenue from the China market was forecast to fall 25-30% YoY. Revenue from Asia Pacific, the Americas, Europe and other regions was expected to sink 65-70%, 70-75% and 50-55% YoY respectively. In light of the high base in the same period last year, CICC believed the company's 3Q was in line with market expectations, with operating conditions trending toward stability.

On a QoQ basis, the broker forecast POP MART's 3Q revenue to drop about 11%, with the China and overseas markets falling about 14% and 1% respectively. Regarding overseas operations, as inventory digestion and channel adjustments near completion, QoQ performance was expected to remain stable. 

The broker maintained its Outperform rating on POP MART and slashed its TP by 20% to HKD160.  
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-10-29 12:25.)

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---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**