Pop Mart International Group Ltd Ordinary Shares

09992: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Pop Mart Earnings: Robust Domestic Growth Offsets Overseas Slowdown; Shares Cheap

Jeff Zhang

May 13, 2026

Pop Mart's revenue grew 75%-80% year on year for the first quarter. While China saw a 100%-105% top-line increase, overseas growth slowed materially to about 50% from over 290% in 2025. The firm expects gross margin to drop by 50 basis points in 2026 due to 3%-5% higher raw material costs.

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Pop Mart International Group Ltd Ordinary Shares

Pop Mart Earnings: Robust Domestic Growth Offsets Overseas Slowdown; Shares Cheap

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