---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/43511208.md"
description: "Pop Mart 26H1 First Take: Broadly, the company could not overcome last year's high base. The transition phase of its overseas org structure also weighed on results, and overall performance was weak.1) Overseas revenue turned negative for the first time. In 26H1, Pop Mart delivered revenue of RMB 17.2 bn (+24% YoY). Using management’s earlier Q1 growth guide as a reference, Dolphin Research estimates Q2 revenue at approx. RMB 7.3 bn, down about 25% QoQ. By split, China revenue reached RMB 12.2 bn (+47% YoY) with 10 net new stores, driven by more refined ops (implying Avg. sales per store up ~34% YoY), which was decent. The problem was overseas: revenue was RMB 5.0 bn (-11% YoY), with online down a sharp 44% YoY. Core reason, in our view, is the fade of one-off online traffic captured during the 2025 overseas spike; regionally, only Europe grew on new store openings, while other regions declined YoY.2) The Monsters contribution fell sharply; 'Xingxingren' rose to the No.2 IP. By IP, The Monsters posted RMB 4.45 bn (-7.5% YoY), with mix sliding from a 40% peak to 26.0%. This is the first half-year absolute revenue decline since The Monsters became the No.1 IP, suggesting its novelty and scarcity premium are meaningfully fading. On the positive side, 'Xingxingren' revenue reached RMB 2.65 bn, with mix jumping to 15.4%, making it the second-largest IP. Excluding The Monsters, other IPs grew 40% YoY. This meaningfully alleviates market concerns about excessive reliance on a single IP.3) Plush remains the largest category. By category, plush delivered RMB 9.8 bn (+60.0% YoY), with mix rising from 44.2% to 57.2%. Figurines were RMB 5.2 bn (+0.3% YoY), essentially flat. This suggests figurines—the original blind-box carrier and a higher-margin category—have stopped expanding.4) Lower overseas mix pressured profitability. While a higher plush mix helped product structure, the drop in high-margin overseas contribution and higher raw material costs pushed GPM down 60 bps to 69.7%. Opex was disciplined, with modest declines in G&A and S&M as a % of sales, yet OPM still fell 5ppts to 39%. Working capital also deteriorated: inventory days surged from 123 to 201. Management attributes this to front-loaded stocking for overseas expansion. If H2 still requires systemic discounting to clear inventory, profitability could be dragged further. Stay tuned for Dolphin Research’s follow-up detailed take and Trans. $POP MART(09992.HK) $Pop Mart International Group Limited (ADR)(PMRTY.US)"
datetime: "2026-08-20T10:44:07.000Z"
locales:
  - [en](https://longbridge.com/en/topics/43511208.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/43511208.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/43511208.md)
author: "[Dolphin Research](https://longbridge.com/en/dolphin.md)"
---

# Pop Mart 26H1 First Take: Broadly, the company cou…


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## Comments (2)

- **无聊的股票世界 · 2026-08-20T13:15:19.000Z · 👍 2**: We're already in HK; is 'negative growth' really the right phrasing? A direct cut would be more appropriate.
- **King-Z · 2026-08-20T10:47:42.000Z**: Selling IP is all about sentiment.