Pop Mart (stock code: "9992") has now fallen for four consecutive sessions, after its market value dropped below HK$200 billion last Thursday.

As of today's close, Pop Mart (SEHK: 9992) shares stood at HK$129.8, down 4.84% from the previous trading day; based on the closing price, the company's market value is HK$172.865 billion.

Since the start of 2026, Pop Mart shares have fallen nearly 30%; at its peak in August 2026, the stock reached as high as HK$337, meaning its market value has now dropped 61%.

At present, the biggest problem facing Pop Mart (SEHK: 9992) is stalling growth.

Financial reports show that Pop Mart's revenue in the first half of 2026 was 17.17 billion yuan, up 23.8% from 13.876 billion yuan in the same period a year earlier.

Pop Mart's operating profit in the first half of 2026 was 6.725 billion yuan, up 11.3% from 6.044 billion yuan in the same period a year earlier; profit for the period was 5.1 billion yuan, up 8.9% from 4.682 billion yuan in the same period a year earlier.

Pop Mart's adjusted net profit in the first half of 2026 was 5.156 billion yuan, up 9.5% from 4.7 billion yuan in the same period a year earlier; the adjusted net margin was 30%, down 3.9 percentage points from 33.9% in the same period a year earlier.

Compared with the first-half 2025 financial report, Pop Mart's first-half 2026 financial report looks lackluster.

On August 20, 2025, Pop Mart CEO Wang Ning held up a LABUBU and said with full confidence: "This year, 30 billion yuan in revenue will be easy." At that earnings meeting, Pop Mart's first-half 2025 revenue was 13.876 billion yuan, up 204.4% from 4.558 billion yuan in the same period a year earlier.

Pop Mart's market value then soared all the way to more than 400 billion yuan, and everyone took pride in owning a LABUBU.

At the first-half 2026 earnings meeting, Wang Ning's tone also seemed less assured, saying bluntly that although the company completed more than 20% growth in the first half, pressure in the second half was expected to be greater than in the first half, and this year would most likely fail to meet the full-year 20% growth target set at the beginning of the year.

The reason is that the base in the third quarter of 2025 was very high, so revenue pressure in the second half of 2026 will be greater than in the first half.

Regarding the weak growth, Wang Ning explained that 2026 is the company's "adjustment year," and sales are not the main goal. "We have a clear understanding that last year indeed involved luck, with a lot of unexpected traffic bringing very rapid profit growth, while also exposing many internal management problems. So this year we are focusing on long-term development and have not used too many overly aggressive sales strategies."

Analysts pointed out that Pop Mart's continued share price decline is mainly due to a double blow of "fundamental concerns plus sentiment-driven selling."

Previously, the capital market gave Pop Mart (SEHK: 9992) a price-to-earnings ratio of 50 to 100 times based on the idea of a "Chinese Disney," but Pop Mart has no film, television, or animation content to support it. Once growth slows, what gets hit is not profit but the valuation multiple.