According to the report published by UBS, it is more optimistic about Bubble Mart (09992.HK)'s overseas business expansion opportunities. It believes that the market does not fully reflect overseas growth potential and profitability, raising the company's profit forecast from 2023 to 2025 by 2 to 10%. Stock price catalysts include the acceleration of the pace of opening stores in the US, the opening of theme parks in Beijing, operating data for the third quarter, and the launch of new products. The contribution of overseas business to revenue and EBIT in the first half of the year was 13% and 14%, respectively. The bank estimates that by 2025, it will increase to 29% and 33%, respectively. According to China's development model, it will first expand from neighboring locations to more remote locations, from wholesale to direct sales to customers, and from robot stores to retail stores. It is believed that with overseas expansion, profitability will increase. Because of the high pricing and gross margin of overseas direct sales channels, it is expected that the US will be the main overseas market to expand next year.