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Pop Mart Shares Slide as International Sales Soften and Citi Trims Price Target
Consumer Durables · Recreational Products · cnbc · 2026-08-21
9992-HK
Pop Mart shares dropped over 4% in Hong Kong following first-half results that revealed declining sales in key overseas markets and a lowered growth outlook.
What Happened
Financial Performance Overview: Pop Mart reported a 23.8% year-over-year increase in revenue to 17.17 billion yuan for the first half of the year. Despite this overall growth, the company experienced significant regional disparities, with sales in China surging while international markets underperformed.
International Sales Headwinds: The company faced a 9.7% decline in Asia-Pacific sales outside of China and a 16.5% drop in the Americas. These regional weaknesses contributed to an overall 11% decline in overseas revenue, highlighting challenges in global logistics and store operations.
Analyst Outlook and Price Target: Citi analysts downgraded their expectations for the toy maker, citing mounting competitive pressures and operational hurdles. Consequently, the bank lowered its price target to HK$198, noting that the company's previous 20% revenue growth target for 2026 is now unlikely to be met.
Market Reaction and Future Guidance: Shares of Pop Mart fell approximately 4% to HK$147.70 following the report. Management has acknowledged that achieving their initial growth projections for 2026 will be difficult given the current inventory and supply chain complexities.