Pop Mart International Holdings Ltd. shares declined 4.03% to HK$147.50 on Friday, extending losses to their weakest level since early April. The decline occurred even as Hong Kong’s benchmark Hang Seng index rose 0.6%.
The company reported first-half 2026 revenue of RMB 17.17 billion, up 23.8% year-over-year, driven by continued demand for collectibles and licensed products. Net profit attributable to shareholders increased 10.1% to RMB 5.04 billion, though growth decelerated sharply from triple-digit expansion in 2025. Gross margin narrowed to 69.7% from above 70% in the prior-year period.
Earnings per share for the six months totaled approximately HK$6.87, falling short of analyst expectations of around HK$7.66. Overseas performance weighed on results, with Americas revenue declining 16.5% year-over-year to RMB 1.89 billion.
During an earnings call, founder and CEO Wang Ning indicated that Pop Mart is unlikely to meet its 20% annual revenue growth target set at the start of the year. He described the current period as an "adjustment phase," suggesting a slower pace of expansion as the company refines its strategy and market positioning.
