First-half revenue grew 23.8% to 17.17 billion yuan, yet ex-China markets fell 9.7% in Asia-Pacific and 16.5% in the Americas.
Pop Mart reported first-half revenue of 17.17 billion yuan, up 23.8% year-over-year, driven by a 47.3% surge in China. However, sales outside China declined, with Asia-Pacific ex-China down 9.7% and the Americas dropping 16.5%.
Citi noted the results missed expectations, citing pressure in overseas markets where revenue fell 11% year-over-year. The bank lowered its 2026 revenue forecast to an 8% decline and cut its price target to HK$198 from a prior level.
Shares fell 3.9% to HK$147.70 in recent trading, reflecting investor concerns over global expansion challenges and competitive pressures.