At its Q3 results call, Pop Mart (09992.HK) said H2 gross margin is expected to
be lower than H1 by no more than 2 percentage points. Management cited two
drivers: a reduced share of overseas revenue in H2 and proactive price
adjustments on certain overseas products to improve competitiveness. The group
also plans significant store additions in core overseas markets, which will
raise fixed costs—staff, rent, property and fit‑out amortization—so the overall
expense ratio is expected to be higher than in H1.
