Unhidea explains global investment research, selected interviews and market briefs. Explore source attribution, dates, key assumptions and the reasoning behind each article.
China online and Asia sales were weaker than Citi expected, and group revenue fell 45%–50% year over year in the third quarter. Citi expects a quarter-on-quarter improvement in the fourth quarter, but a lower share of overseas revenue, price cuts in some markets and store-opening costs will continue to weigh on margins.
Citi ·
Group sales fell 45%–50% year on year in the third quarter, below Morgan Stanley’s previous forecast, with the main shortfall coming from China. The bank expects a sequential recovery supported by physical stores and stabilization overseas, but has cut its earnings forecasts for the next three years and its price target.
Morgan Stanley ·
Pop Mart’s third-quarter revenue fell 45%–50% year on year, below Goldman Sachs’ and market expectations. Goldman expects sales to improve sequentially in the fourth quarter, but overseas price adjustments, changes in the revenue mix and new-store costs will weigh on profitability in the second half.
Goldman Sachs ·
J.P. Morgan expects Pop Mart’s revenue to fall approximately 37% and 23% year on year in the third and fourth quarters of 2026, respectively. Store expansion has improved its capacity to handle customer traffic, but new products have performed relatively poorly, while rent, labor and upfront costs raise the hurdle for a profit recovery in 2027.
J.P. Morgan ·
