研究报告 Research Report 13 May 2026 泡泡玛特 Pop Mart International (9992 HK) 1Q26 业绩符合预期，国内实现高增长，海外增速放缓 1Q Performance In Line With Expectations, High Growth in Domestic While A Moderation in Overseas [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持中性 Maintain NEUTRAL 评级 中性 NEUTRAL 现价 HK$160.90 目标价 HK$180.50 HTI ESG 4.0-4.0-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$215.77bn / US$27.56bn 日交易额 (3 个月均值) US$470.54mn 发行股票数目 1,341mn 自由流通股 (%) 50% 1 年股价最高最低值 HK$335.40-HK$141.80 注：现价 HK$16 ...