CITIC Lyon released a research report stating that while maintaining Bubble Mart (09992.HK)'s “outperforming the market” rating, the target price was raised 15.6% to HK$37. The company announced a 40-45% increase in revenue for the first quarter of this year, in line with expectations, and is expected to achieve a year-on-year increase of more than 30% in sales guidance for the whole year. Overseas expansion accelerated, with a year-on-year increase of 245-250%. Sales in China increased 20-25% year over year, while retail and vending machine sales increased 20-25% and 15-20% year over year. The bank expects the compound annual growth rate (CAGR) of sales and net profit for the 2023-2025 fiscal year to reach 26% and 30%, supported by the company's overseas expansion and further recovery in Chinese business.