[CMB Securities Cuts Pop Mart's 2026–28 Earnings Forecast by an Average of 25%, Recommends 'Sell'] Odaily Planet Daily News: CMB International Securities released a report stating that Pop Mart (09992.HK) saw its first-half earnings fall short of market expectations by 15–20%, primarily due to a 10% decline in sales in the Americas. An unfavorable product mix eroded gross margins, exacerbating pressure on profitability. The firm has lowered Pop Mart's 2026–2028 earnings forecast by an average of 25%; the target price is set at HK$121, based on a 14x projected P/E ratio for 2027; it recommends a 'Sell' rating. Additionally, the firm has reduced Pop Mart's 2026–2028 sales forecast by an average of 17%, reflecting further downward adjustments to overseas sales expectations following weaker-than-expected performance in the first half of 2026. It has also revised its gross margin forecasts for 2026/2027 downward by 0.2 percentage points/1 percentage point, respectively, to account for the structural decline in overseas business and pressure from raw material costs.