Pop Mart hits nearly one-year low; Citi, HSBC cut PT on earnings miss

Pop Mart International

26/03/2026 02:38

** Pop Mart International Group 9992.HK drops 9.7% to HK$152, lowest since April 14, 2025

** Stock second-biggest pct loser on Hang Seng Index .HSI, which is down 1%

** Beijing-based maker of collectible "blind box" toys, including the viral Labubu, plunged 22.5% on Wednesday on missing analysts' estimate

** Citi ("buy") says co's 2025 results came in below estimates, given more-than-expected deceleration in Americas in Q4 FY25, while other regions broadly in line

** Cuts PT to HK$350 from HK$415 to factor in management's prudent guidance

** HSBC keeps "buy", but trims PT to HK$329.50 from HK$354, saying 2025 results slightly missed on weaker Q4 revenue momentum

** YTD, HK stock down 19.1%

 (Reporting by Donny Kwok)

 ((donny.kwok@thomsonreuters.com))