Pop Mart’s 2026 interim results, released after the market closed on August 20, showed a business that is still expanding, but at a much slower pace than investors had become accustomed to.
Revenue rose 23.8% year-on-year (YoY) to RMB 17.17 billion (USD 2.6 billion) in the first half, while adjusted net profit increased 9.5% to RMB 5.16 billion (USD 766.8 million). Gross margin slipped to 69.7% from 70.3% a year earlier. Adjusted net margin fell more sharply, to 30.0% from 33.9%.
The market response was negative. Pop Mart shares closed at HKD 149 (USD 19) on August 21, down 3.1% from the previous session, giving the company a market capitalization of about HKD 198.4 billion (USD 25.3 billion).
That performance contrasts sharply with 2025, when full-year revenue surged 184.7% to RMB 37.12 billion (USD 5.5 billion) and adjusted net profit rose 284.5% to RMB 13.08 billion (USD 1.9 billion).
At the August 20 results briefing, founder and CEO Wang Ning described 2026 as a year of operational adjustment. He said pressure in the second half was likely to be greater than in the first and that the company was unlikely to meet the 20% revenue growth target it had set for the year.
