Analysis

On a headline basis, H2 performance was broadly in line with Bloomberg consensus, though below some earlier bullish buy-side models. Stripping out the print itself, investors were also disappointed by a cautious 2026 outlook from management, and the two factors combined to drive the afternoon sellof

TradingKey - On March 25, following the release of Pop Mart's (09992.HK) 2025 annual results, its Hong Kong-listed shares plummeted by as much as 15% intraday. Although the full-year performance was robust and generally aligned with market expectations, investor dissatisfaction was directly reflected in the stock price.