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Pop Mart’s H1 figures reveal a more complicated story than the 23.8% revenue increase suggests. Attributable net profit rose just 10.1%, while slower inventory turnover and weaker margins point to declining growth quality at the margin. The deeper issue is diversification: Greater China expanded 47.3%, yet Asia-Pacific and the Americas contracted, and THE MONSTERS fell about 7.5%. Twinkle Twinkle’s nearly sixfold rise to the No. 2 IP is encouraging, but one breakout does not yet prove a repeatable portfolio model. Sustaining valuation may depend less on creating another phenomenon and more on converting new IP momentum into durable overseas demand. Not advice, just analysis. #PopMartEarningsWatch