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

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.