Glonghui, April 23 | Goldman Sachs published a research report showing that Bubble Mart's revenue in the first quarter increased by 40 to 45% year over year, exceeding the company's 2024 guideline of an annual increase of more than 30%. The performance of the Chinese and overseas markets was impressive. Mainland sales increased by 20 to 25%, mainly driven by same-store sales growth, and e-commerce channels increased by 20 to 25% year-on-year. Overseas growth accelerated further to 245 to 250%. Compared to stores that opened earlier, the new store has strong brand momentum and a better location or larger scale, so the store's productivity has increased. The bank said that since the company plans to add 50 to 60 additional stores this year, its sales forecast for this year will be raised to 125% according to the annual growth rate. The bank expects the Chinese market to rise 15% this year. The bank raised the Group's profit forecast by 10 to 11% to reflect stronger first-quarter growth than expected and strong overseas development. The target price was raised to HK$25.9, maintaining its “neutral” rating.