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Before Bubble Mart's earnings report, Deutsche Bank shouted to sell: overseas cooling, domestic exhaustion, and the whole year may turn negative growth

知名投资人段永平高调清仓中国神华、全力押注泡泡玛特，一度带动股价单日飙涨近6%。然而德意志银行当头泼冷水：海外销售环比最高骤降41%，核心IP二手价最高折价40%，2026年营收或现负增长，预测较市场一致预期低逾24%，目标价下调至140港元并维持卖出评级。

Before Bubble Mart's earnings report, Deutsche Bank shouted to sell: overseas cooling, domestic exhaustion, and the whole year may turn negative growth

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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":561968762904968,"tweetId":"561968762904968","gmtCreate":1778231116204,"gmtModify":1778233459590,"author":{"id":4228454432134312,"idStr":"4228454432134312","authorId":4228454432134312,"authorIdStr":"4228454432134312","name":"cherry EFTY","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":0,"starInvestorFlag":false},"themes":[{"themeId":"6e7a4338b1034ad785d5025385d8625c","categoryId":"2929bb7468f5415f853fd96fb35d7c3b","name":"Wall Street Insights","type":2,"rnLink":"https://laohu8.com/RN?name=RNTheme&page=/theme/special/finance&rndata={\"themeId\":6e7a4338b1034ad785d5025385d8625c}&rnconfig={\"headerBarHidden\": true}","description":"Keep a close eye on the global financial market, covering the stock market, foreign exchange, bonds, commodities, etc.","image":"https://static.tigerbbs.com/6fc762c7c9323c4764df42f02ccc3498"}],"images":[],"coverImages":[],"title":"","html":"<html><head></head><body><p>Q</p></body></html>","htmlText":"<html><head></head><body><p>Q</p></body></html>","text":"Q","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/561968762904968","repostId":2633438275,"repostType":2,"repost":{"id":"2633438275","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1778229057,"share":"https://ttm.financial/m/news/2633438275?lang=en_US&edition=fundamental","pubTime":"2026-05-08 16:30","market":"nz","language":"zh","title":"Before Bubble Mart's earnings report, Deutsche Bank shouted to sell: overseas cooling, domestic exhaustion, and the whole year may turn negative growth","url":"https://stock-news.laohu8.com/highlight/detail?id=2633438275","media":"华尔街见闻","summary":"知名投资人段永平高调清仓中国神华、全力押注泡泡玛特，一度带动股价单日飙涨近6%。然而德意志银行当头泼冷水：海外销售环比最高骤降41%，核心IP二手价最高折价40%，2026年营收或现负增长，预测较市场一致预期低逾24%，目标价下调至140港元并维持卖出评级。","content":"<p><html><head></head><body>Duan Yongping, a well-known investor, increased his holdings in a high profile to boost market sentiment,<a href=\"https://laohu8.com/S/09992\">Bubble Mart</a>The stock price rose nearly 6% in a single day on Friday. However,<a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>The research report was released the day before, maintaining a sell rating on this trendy play giant, and lowering the target price from HK$ 157 to HK$ 140, which still has about 14% downside compared with the current market price.</p><p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/0987f047f1be9bcc670aa856c41fb359\" tg-width=\"560\" tg-height=\"240\" data-image-type=\"kline\"/></p><p>Duan Yongping posted on the social platform \"Snowball\" that he had put coal stocks<a href=\"https://laohu8.com/S/601088\">China Shenhua</a>All replaced with Bubble Mart, and joked, \"<a href=\"https://laohu8.com/S/01088\">Shenhua</a>It is a very good company, and our investment has got a good return. Thank you and will come back if we have the opportunity in the future. \"This statement quickly triggered the market to follow suit, and the influx of southbound funds and retail investors became the main catalyst for the recent stock price rebound.</p><p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/10424ecec3f5289218e6f80f3d077d1d\" tg-width=\"684\" tg-height=\"169\"/></p><p>However, Sammi Xu, an analyst at Deutsche Bank, issued a clear warning about the fundamentals of Bubble Mart in his first-quarter performance forward report released on May 7th:<strong>Overseas markets continued to weaken month-on-month, and domestic IP popularity showed signs of weakness. If the current trend continues, the annual revenue in 2026 may experience negative year-on-year growth.</strong></p><p>Deutsche Bank's forecast is significantly different from the mainstream judgment of the market. The bank expects Bubble Mart's adjusted net profit to be 11.5 billion yuan in 2026, down 12% year-on-year and about 24% below the consensus estimate of 15.2 billion yuan. Deutsche Bank simultaneously cut its full-year revenue forecast by 14% to about 36.5 billion yuan, and cut its net profit forecast from 2026 to 2028 by 16% to 28%.</p><p><h2 id=\"id_3727421570\">Duan Yongping's overweight boosts sentiment, shares rebound in the short term</h2>The core force that promotes the recent stock price strength of Bubble Mart comes from the continuous statement and operation of Duan Yongping, a well-known investor. According to Deutsche Bank Research Report, Duan Yongping manages more than 17 billion US dollars of US stock assets through his H&H International Investment, and is known for his deep value and long-term Investment style. His bullish remarks on the \"Snowball\" platform have significant appeal to retail investors and southbound investors.</p><p>According to the research report of Deutsche Bank, Duan Yongping sold a large number of Bubble Mart put options between the exercise price of HK$145 and HK$150 in April. If all of them are exercised, the corresponding position size will account for about 3% of the total share capital of Bubble Mart. After the April option expired, he continued to sell put options with an exercise price of HK$155.</p><p>On May 7th, he further announced that he would sell other Hong Kong stock positions and directly buy Bubble Mart underlying shares. The above operations continue to push up the southbound capital inflow and the attention of retail investors, and become the main source of recent kinetic energy of stock prices.</p><p><h2 id=\"id_4015836120\">First Quarter Preview: Overseas Ring-on-Ring Decline, Domestic Support by Low Base</h2>Bubble Mart is expected to release its first-quarter operating data in mid-May and host its first quarterly management conference call. Deutsche Bank expects total revenue to be about 8.9 billion yuan in the first quarter, up 73% year-on-year, but this bright figure largely depends on the low base effect in the same period last year.</p><p>In terms of regions, the domestic market is expected to grow by 85% year-on-year in the first quarter, mainly driven by the peak holiday sales season and low base, with online sales increasing by 86% year-on-year and offline same-store sales growth rate (SSSG) reaching 42%.<strong>However, the month-on-month trend of overseas markets makes Deutsche Bank obviously cautious: the bank expects overseas sales to decline 27% month-on-month,</strong>Among them, Europe suffered the biggest decline, reaching 41%, North America fell 36%, and Asia was relatively resilient, with a decline of about 18%. Although the overseas market still recorded a year-on-year growth of about 60%, this was mainly due to the very low base in the first quarter of 2025, or did not reflect the real demand momentum.</p><p>Deutsche Bank also noted that the market's interpretation of the management conference call was divided-some investors saw it as a positive signal for the company to improve transparency, while others saw the delay in the release of operational data and the arrangement of the first conference call as an early warning signal of potential downside risks.</p><p><h2 id=\"id_696812560\">IP weakness spreads, domestic market shows signs of structural deceleration</h2>The deeper concern is that the popularity of Bubble Mart's core IP in the domestic market is fading. The research report pointed out,<strong>Recently released series such as \"The Monsters\" (Labubu) and \"Twinkle Twinkle\" have seen their prices drop significantly in The secondary market.</strong>Among them, the second-hand transaction price of Monster x Sanrio joint model is at a discount of up to 40% compared with the offer price; The latest series of \"Twinkle Twinkle\" was also sold at a discount, failing to replicate the premium effect of the previous Labubu series, which failed the market's previous expectation of its \"Labubu-like\" performance.</p><p>Deutsche Bank extrapolated the monthly trend of e-commerce in March 2026 to the end of the year. The calculation results show that domestic e-commerce sales may drop by 17% year-on-year in the second half of 2026. According to this judgment, the structural slowdown of Bubble Mart's domestic market may have begun to appear in the first quarter.</p><p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/81a70589809d9e774abd017aa5057353\" tg-width=\"1246\" tg-height=\"922\"/></p><p>In terms of quarter-on-quarter forecast, it is expected that the quarter-on-quarter changes of the domestic market in 2026 will be-19%, -2%, +14% and-9% respectively, while those of the overseas market will be-27%, -4%, +12% and-5%, and the total revenue for the whole year will decrease by about 2% year-on-year. The short rebound in the third quarter was mainly driven by the launch of \"Labubu 4.0\" and World Cup-related sales.</p><p><h2 id=\"id_977599487\">Operating leverage faces reversal as earnings forecast misses consensus by a significant margin</h2>There is a significant gap between Deutsche Bank's profit forecast of Bubble Mart in 2026 and the mainstream judgment of the market. The bank's annual revenue is expected to be 36.5 billion yuan, about 20% lower than the consensus market expectation of 45.5 billion yuan; The adjusted net profit was 11.6 billion yuan, about 24% lower than the consensus market expectation of 15.2 billion yuan; Earnings per share forecast is RMB8.51, which is 25% lower than the consensus estimate.</p><p>In addition to the pressure on the sales side, the reversal of operating leverage will further erode profit margins. Bubble Mart's EBIT profit margin in 2025 is as high as 45%, far exceeding the level of retail peers generally below 20%. However, with the decline of the growth rate of same-store sales and the high fixed cost brought by opening flagship stores in the core business districts of Europe and America, the pressure of profit margin contraction cannot be ignored. In addition, the sharp increase in inventory levels at the end of 2025 has also triggered Deutsche Bank's vigilance against potential inventory backlog and clearance risks, which may further damage brand value and financial soundness.</p><p><strong>Deutsche Bank lowered its 2026-2028 net profit forecast by 16% to 28% and lowered its DCF price target from HK$157 to HK$140, corresponding to 14 times the 2026 forecast P/E. The bank maintained a sell rating and pointed out that the current share price of HK$162.2 corresponds to about 16.4 times the expected P/E in 2026, and there is still downside in the valuation.</strong></p><p><h2 id=\"id_3772725662\">Investors pay attention to four major focuses, Labubu 4.0 becomes a key variable</h2>The report combs through the four topics that investors are most concerned about ahead of the upcoming management call.</p><p>First, the month-on-month sales trend in overseas regions. Since Bubble Mart usually only discloses year-on-year growth rather than absolute sales, the market lacks official month-on-month data, and investors are eager to know the true kinetic energy of each region.</p><p>Second, the latest sales in April and May. Given that the conference call will take place in mid-May, the market is looking to get an update on recent sales trends after the end of the first quarter.</p><p>Third, the annual operating profit margin guidance. The management mentioned at the 2025 full-year results meeting that the operating profit margin only narrowed by about 1 percentage point in the first two months of 2026, but Deutsche Bank believes that the monthly weakening of domestic sales after the Spring Festival and the high operating costs of overseas flagship stores make this profit margin level unsustainable.</p><p>Fourth, the release progress of \"Labubu 4.0\". Wang Ning, chairman of Bubble Mart, recently hinted in an interview that the series will bring \"brand-new content\", but the release time has been postponed before. The market is closely evaluating whether this IP can generate enough incremental sales to reverse the trend of declining brand popularity.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Before Bubble Mart's earnings report, Deutsche Bank shouted to sell: overseas cooling, domestic exhaustion, and the whole year may turn negative growth</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBefore Bubble Mart's earnings report, Deutsche Bank shouted to sell: overseas cooling, domestic exhaustion, and the whole year may turn negative growth\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2026-05-08 16:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Duan Yongping, a well-known investor, increased his holdings in a high profile to boost market sentiment,<a href=\"https://laohu8.com/S/09992\">Bubble Mart</a>The stock price rose nearly 6% in a single day on Friday. However,<a href=\"https://laohu8.com/S/DB\">Deutsche Bank</a>The research report was released the day before, maintaining a sell rating on this trendy play giant, and lowering the target price from HK$ 157 to HK$ 140, which still has about 14% downside compared with the current market price.</p><p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/0987f047f1be9bcc670aa856c41fb359\" tg-width=\"560\" tg-height=\"240\" data-image-type=\"kline\"/></p><p>Duan Yongping posted on the social platform \"Snowball\" that he had put coal stocks<a href=\"https://laohu8.com/S/601088\">China Shenhua</a>All replaced with Bubble Mart, and joked, \"<a href=\"https://laohu8.com/S/01088\">Shenhua</a>It is a very good company, and our investment has got a good return. Thank you and will come back if we have the opportunity in the future. \"This statement quickly triggered the market to follow suit, and the influx of southbound funds and retail investors became the main catalyst for the recent stock price rebound.</p><p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/10424ecec3f5289218e6f80f3d077d1d\" tg-width=\"684\" tg-height=\"169\"/></p><p>However, Sammi Xu, an analyst at Deutsche Bank, issued a clear warning about the fundamentals of Bubble Mart in his first-quarter performance forward report released on May 7th:<strong>Overseas markets continued to weaken month-on-month, and domestic IP popularity showed signs of weakness. If the current trend continues, the annual revenue in 2026 may experience negative year-on-year growth.</strong></p><p>Deutsche Bank's forecast is significantly different from the mainstream judgment of the market. The bank expects Bubble Mart's adjusted net profit to be 11.5 billion yuan in 2026, down 12% year-on-year and about 24% below the consensus estimate of 15.2 billion yuan. Deutsche Bank simultaneously cut its full-year revenue forecast by 14% to about 36.5 billion yuan, and cut its net profit forecast from 2026 to 2028 by 16% to 28%.</p><p><h2 id=\"id_3727421570\">Duan Yongping's overweight boosts sentiment, shares rebound in the short term</h2>The core force that promotes the recent stock price strength of Bubble Mart comes from the continuous statement and operation of Duan Yongping, a well-known investor. According to Deutsche Bank Research Report, Duan Yongping manages more than 17 billion US dollars of US stock assets through his H&H International Investment, and is known for his deep value and long-term Investment style. His bullish remarks on the \"Snowball\" platform have significant appeal to retail investors and southbound investors.</p><p>According to the research report of Deutsche Bank, Duan Yongping sold a large number of Bubble Mart put options between the exercise price of HK$145 and HK$150 in April. If all of them are exercised, the corresponding position size will account for about 3% of the total share capital of Bubble Mart. After the April option expired, he continued to sell put options with an exercise price of HK$155.</p><p>On May 7th, he further announced that he would sell other Hong Kong stock positions and directly buy Bubble Mart underlying shares. The above operations continue to push up the southbound capital inflow and the attention of retail investors, and become the main source of recent kinetic energy of stock prices.</p><p><h2 id=\"id_4015836120\">First Quarter Preview: Overseas Ring-on-Ring Decline, Domestic Support by Low Base</h2>Bubble Mart is expected to release its first-quarter operating data in mid-May and host its first quarterly management conference call. Deutsche Bank expects total revenue to be about 8.9 billion yuan in the first quarter, up 73% year-on-year, but this bright figure largely depends on the low base effect in the same period last year.</p><p>In terms of regions, the domestic market is expected to grow by 85% year-on-year in the first quarter, mainly driven by the peak holiday sales season and low base, with online sales increasing by 86% year-on-year and offline same-store sales growth rate (SSSG) reaching 42%.<strong>However, the month-on-month trend of overseas markets makes Deutsche Bank obviously cautious: the bank expects overseas sales to decline 27% month-on-month,</strong>Among them, Europe suffered the biggest decline, reaching 41%, North America fell 36%, and Asia was relatively resilient, with a decline of about 18%. Although the overseas market still recorded a year-on-year growth of about 60%, this was mainly due to the very low base in the first quarter of 2025, or did not reflect the real demand momentum.</p><p>Deutsche Bank also noted that the market's interpretation of the management conference call was divided-some investors saw it as a positive signal for the company to improve transparency, while others saw the delay in the release of operational data and the arrangement of the first conference call as an early warning signal of potential downside risks.</p><p><h2 id=\"id_696812560\">IP weakness spreads, domestic market shows signs of structural deceleration</h2>The deeper concern is that the popularity of Bubble Mart's core IP in the domestic market is fading. The research report pointed out,<strong>Recently released series such as \"The Monsters\" (Labubu) and \"Twinkle Twinkle\" have seen their prices drop significantly in The secondary market.</strong>Among them, the second-hand transaction price of Monster x Sanrio joint model is at a discount of up to 40% compared with the offer price; The latest series of \"Twinkle Twinkle\" was also sold at a discount, failing to replicate the premium effect of the previous Labubu series, which failed the market's previous expectation of its \"Labubu-like\" performance.</p><p>Deutsche Bank extrapolated the monthly trend of e-commerce in March 2026 to the end of the year. The calculation results show that domestic e-commerce sales may drop by 17% year-on-year in the second half of 2026. According to this judgment, the structural slowdown of Bubble Mart's domestic market may have begun to appear in the first quarter.</p><p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/81a70589809d9e774abd017aa5057353\" tg-width=\"1246\" tg-height=\"922\"/></p><p>In terms of quarter-on-quarter forecast, it is expected that the quarter-on-quarter changes of the domestic market in 2026 will be-19%, -2%, +14% and-9% respectively, while those of the overseas market will be-27%, -4%, +12% and-5%, and the total revenue for the whole year will decrease by about 2% year-on-year. The short rebound in the third quarter was mainly driven by the launch of \"Labubu 4.0\" and World Cup-related sales.</p><p><h2 id=\"id_977599487\">Operating leverage faces reversal as earnings forecast misses consensus by a significant margin</h2>There is a significant gap between Deutsche Bank's profit forecast of Bubble Mart in 2026 and the mainstream judgment of the market. The bank's annual revenue is expected to be 36.5 billion yuan, about 20% lower than the consensus market expectation of 45.5 billion yuan; The adjusted net profit was 11.6 billion yuan, about 24% lower than the consensus market expectation of 15.2 billion yuan; Earnings per share forecast is RMB8.51, which is 25% lower than the consensus estimate.</p><p>In addition to the pressure on the sales side, the reversal of operating leverage will further erode profit margins. Bubble Mart's EBIT profit margin in 2025 is as high as 45%, far exceeding the level of retail peers generally below 20%. However, with the decline of the growth rate of same-store sales and the high fixed cost brought by opening flagship stores in the core business districts of Europe and America, the pressure of profit margin contraction cannot be ignored. In addition, the sharp increase in inventory levels at the end of 2025 has also triggered Deutsche Bank's vigilance against potential inventory backlog and clearance risks, which may further damage brand value and financial soundness.</p><p><strong>Deutsche Bank lowered its 2026-2028 net profit forecast by 16% to 28% and lowered its DCF price target from HK$157 to HK$140, corresponding to 14 times the 2026 forecast P/E. The bank maintained a sell rating and pointed out that the current share price of HK$162.2 corresponds to about 16.4 times the expected P/E in 2026, and there is still downside in the valuation.</strong></p><p><h2 id=\"id_3772725662\">Investors pay attention to four major focuses, Labubu 4.0 becomes a key variable</h2>The report combs through the four topics that investors are most concerned about ahead of the upcoming management call.</p><p>First, the month-on-month sales trend in overseas regions. Since Bubble Mart usually only discloses year-on-year growth rather than absolute sales, the market lacks official month-on-month data, and investors are eager to know the true kinetic energy of each region.</p><p>Second, the latest sales in April and May. Given that the conference call will take place in mid-May, the market is looking to get an update on recent sales trends after the end of the first quarter.</p><p>Third, the annual operating profit margin guidance. The management mentioned at the 2025 full-year results meeting that the operating profit margin only narrowed by about 1 percentage point in the first two months of 2026, but Deutsche Bank believes that the monthly weakening of domestic sales after the Spring Festival and the high operating costs of overseas flagship stores make this profit margin level unsustainable.</p><p>Fourth, the release progress of \"Labubu 4.0\". Wang Ning, chairman of Bubble Mart, recently hinted in an interview that the series will bring \"brand-new content\", but the release time has been postponed before. The market is closely evaluating whether this IP can generate enough incremental sales to reverse the trend of declining brand popularity.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f29dcd24b023d4290cb189dcda6d718e","relate_stocks":{"SGXZ62798434.SGD":"MAYBANK ASIAN GROWTH AND INCOME-I \"A\" (SGDHDG) ACC","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU0348766576.USD":"ALLIANZ LITTLE DRAGONS \"A\" (USD) INC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","LU0348767384.USD":"ALLIANZLITTLE DRAGONS \"A\" (USD) ACC","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0823426480.USD":"法巴中国股票经典Dis","LU0588546209.SGD":"Eastspring Investments - 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