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2026-08-25 13:41:34 BOCOM International issued a report saying that POP MART (09992.HK)'s 1H results fell short of expectations, while overseas adjustments may take time. In 1H, the company recorded revenue of RMB17.17 billion, up 23.8% YoY. Adjusted net profit in 1H increased 9.5% YoY to RMB5.16 billion, slower than the revenue growth rate, while adjusted net profit margin fell 3.9 ppts YoY to 30.0%. Notably, management said current operating pressure is higher than expected at the beginning of the year, with pressure in 2H greater than in 1H, and full-year revenue may fail to achieve the previous growth target of about 20%. The broker said the long-term IP platform logic remains unchanged, but short-term visibility has weakened and the market still needs to wait for overseas operations to stabilize. The broker continues to recognize the company's long-term competitiveness as an IP platform. The resilience of its China business, continued expansion of its multi-IP portfolio, and plans to implement share buybacks worth RMB2 billion to RMB5 billion over the next six months are all expected to provide some support for the share price in the medium to long term. However, in the short term, overseas markets remain in an adjustment phase, while the company will enter a period of higher YoY comparison base starting from 3Q. At the same time, overseas deleveraging, inventory digestion and organizational restructuring will continue to delay profit release in stages. More importantly, the company has positioned 2026 as a year of adjustment, with operational priorities shifting toward improving organizational structure, supply chain and operational quality, which may imply a more gradual short-term earnings growth trajectory than previously expected. Therefore, based on more cautious revenue and margin assumptions, the broker cut its 2026-2028 earnings forecasts by 21% to 23%. Maintaining an unchanged price-to-earnings ratio of 20x, it lowered the TP to HKD174.8 and downgraded the rating to Neutral. (da/a)~ AASTOCKS Financial News Website: www.aastocks.com 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. | |