26 March 2026 | 7:19AM HKT Equity Research Pop Mart (9992.HK) Earnings review: A year to enhance operation and organization; continuous efforts in IP ecosystem; Neutral 9992.HK 12m Price Target: HK$184.00 Price: HK$168.30 Upside: 9.3% Pop Mart reported 2H25 revenue/NP growth of 174%/272% to Rmb23.2bn/8.2bn, which came in 8%/10% below GSe, mainly on lower-than-expected sales growth in Americas (+633% yoy, vs. 1,265%-1,270% in 3Q25) and Europe & other regions (+436% yoy, vs. 735%-740% in 3Q25), and FX loss. T ...