Pop Mart (09992.HK) reported H1 2026 gross margin of 69.7% versus 70.3% a year
earlier. Management said the decline reflects weaker overseas demand for LABUBU,
which reduced overseas revenue and weakened mix/scale benefits, and
expansion-related pre-opening costs as many new overseas stores are scheduled to
open in H2 2026. The company plans to recover margins by optimizing the supply
chain and global logistics, tightening cost control and improving single-store
operating efficiency.
