Goldman Sachs published a research report indicating that the revenue growth of Bubble Mart (09992.HK) in the first quarter exceeded the company's guidance of increasing by more than 30% year-on-year in 2024. The performance of the Chinese and overseas markets led to a 20-25% increase in mainland sales, mainly driven by same-store sales growth, which increased e-commerce channels by 20 to 25% year-on-year. Overseas growth accelerated further to 245 to 250%. The bank said that since the company plans to add 50 to 60 additional stores this year, it raised its annual sales forecast to 125% for 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 momentum, and raised the target price to HK$25.9 to maintain its neutral rating.