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: Valuation Cut by 20% As Weak Overseas Sales Drag Growth; Shares Still Cheap

Jeff Zhang

Aug 21, 2026

Pop Mart's sales grew 24% year-on-year in the first half, with 47% domestic growth offset by an 11% drop overseas. Gross margin fell to 69.7% from 70.3% a year ago on an unfavorable mix shift and higher input costs. The firm announced additional CNY 2 billion-CNY 5 billion share repurchases in 2026.

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Pop Mart International Group Ltd Ordinary Shares

Pop Mart Earnings: Valuation Cut by 20% As Weak Overseas Sales Drag Growth; Shares Still Cheap

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