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Pop Mart (Trans): FY growth of 20% is only a 'maybe'; buybacks to provide a floor.
1H revenue was RMB 17.17bn (+23.8% YoY). The company also announced a RMB 2–5bn buyback over the next six months.
Overseas revenue fell 11% YoY. Margin contracted to 29.7% from 33.7%.Management flagged greater pressure in 2H than 1H, noting the full-year 20% growth target is only 'maybe achievable'. It also designated 2026 as a reset year, shifting focus to org., inventory and infrastructure.Pop Mart
