← Ninebot overview

Ninebot vs Pop Mart International: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Ninebot Ltd (689009.CG)

Q3 2026
▲3▼1

Ninebot's profit fell on currency, but sales and buybacks stayed strong

  • First-half profit drops 18.79% on currency losses Ninebot's first-half net profit fell 18.79% to 1.008 billion yuan even as revenue rose 22.28% to 14.358 billion yuan. The drop came mainly from exchange losses when currency moved against it, a real counterweight that can keep the stock under pressure.

    This is the main negative force this period and explains why profit fell despite strong sales.

  • Electric two-wheeler sales grow 19%, beating a shrinking market Ninebot sold 2.844 million smart electric two-wheelers in the first half, up 19%, while the overall domestic industry fell 12.6%. Its largest business is gaining share, which supports future revenue and profit.

    Shows the core business is growing faster than rivals, a key positive driver.

  • Buybacks and new services return cash and add fees Ninebot repurchased 5.71 million depositary receipts for about 220 million yuan and will cancel them, signaling confidence. It also earns 108 million yuan from electric two-wheeler software memberships and launched two eBike models in the US, opening new revenue.

    Buybacks support the share price and new services add recurring revenue.

  • Domestic shipments pass 14 million, showing steady demand Cumulative domestic shipments of Ninebot's smart electric vehicles surpassed 14 million units by late September, up from 13 million in July. This steady milestone growth shows end-customer demand remains strong for its core product line.

    Confirms ongoing demand momentum for Ninebot's main product.

August 2026
▲3▼1

Ninebot's profit fell on currency, but sales and buybacks stayed strong

  • First-half profit drops 18.79% on currency losses Ninebot's first-half net profit fell 18.79% to 1.008 billion yuan even as revenue rose 22.28% to 14.358 billion yuan. The drop came mainly from exchange losses when currency moved against it, a real counterweight that can keep the stock under pressure.

    This is the main negative force this period and explains why profit fell despite strong sales.

  • Electric two-wheeler sales grow 19%, beating a shrinking market Ninebot sold 2.844 million smart electric two-wheelers in the first half, up 19%, while the overall domestic industry fell 12.6%. Its largest business is gaining share, which supports future revenue and profit.

    Shows the core business is growing faster than rivals, a key positive driver.

  • Buybacks and new services return cash and add fees Ninebot repurchased 5.71 million depositary receipts for about 220 million yuan and will cancel them, signaling confidence. It also earns 108 million yuan from electric two-wheeler software memberships and launched two eBike models in the US, opening new revenue.

    Buybacks support the share price and new services add recurring revenue.

  • Domestic shipments pass 14 million, showing steady demand Cumulative domestic shipments of Ninebot's smart electric vehicles surpassed 14 million units by late September, up from 13 million in July. This steady milestone growth shows end-customer demand remains strong for its core product line.

    Confirms ongoing demand momentum for Ninebot's main product.

Latest
▲3▼1

Ninebot's profit fell on currency, but sales and buybacks stayed strong

  • First-half profit drops 18.79% on currency losses Ninebot's first-half net profit fell 18.79% to 1.008 billion yuan even as revenue rose 22.28% to 14.358 billion yuan. The drop came mainly from exchange losses when currency moved against it, a real counterweight that can keep the stock under pressure.

    This is the main negative force this period and explains why profit fell despite strong sales.

  • Electric two-wheeler sales grow 19%, beating a shrinking market Ninebot sold 2.844 million smart electric two-wheelers in the first half, up 19%, while the overall domestic industry fell 12.6%. Its largest business is gaining share, which supports future revenue and profit.

    Shows the core business is growing faster than rivals, a key positive driver.

  • Buybacks and new services return cash and add fees Ninebot repurchased 5.71 million depositary receipts for about 220 million yuan and will cancel them, signaling confidence. It also earns 108 million yuan from electric two-wheeler software memberships and launched two eBike models in the US, opening new revenue.

    Buybacks support the share price and new services add recurring revenue.

  • Domestic shipments pass 14 million, showing steady demand Cumulative domestic shipments of Ninebot's smart electric vehicles surpassed 14 million units by late September, up from 13 million in July. This steady milestone growth shows end-customer demand remains strong for its core product line.

    Confirms ongoing demand momentum for Ninebot's main product.

Pop Mart International Group Ltd (9992.HK)

Q3 2026
▲2▼2

Pop Mart's H1 growth slows sharply; overseas weakness and Labubu decline weigh on outlook

  • Strong H1 revenue and profit, plus buyback Pop Mart reported H1 2026 revenue up 23.8% to 17.17 billion yuan and adjusted net profit of 5.16 billion yuan (30% margin). It also announced a 2-5 billion yuan share buyback over six months, which supports the share price by returning cash to shareholders and signalling confidence.

    This is the core positive fundamental news that initially drove the stock and provides a counterweight to the negative outlook.

  • Diversified IP portfolio and new store openings Six top IPs each generated over 1 billion yuan, with TWINKLE TWINKLE up 580.6% and plush category up 60%. Pop Mart also opened its first beachfront store in Pattaya, Thailand, boosting brand exposure and tourist footfall. These show demand beyond Labubu and support future growth.

    Highlights the company's ability to grow other IPs and expand globally, which is key to offsetting Labubu's decline.

  • Overseas sales decline and Citi downgrade Asia Pacific ex-China revenue fell 9.7% and Americas dropped 16.5%, leading Citi to cut its price target to HK$198 and forecast an 8% group revenue decline in 2026. Management now sees its initial 20% growth target as difficult, raising concerns about overseas expansion.

    This is the main negative driver that caused the stock to fall over 4% and reflects real challenges in key growth markets.

  • Labubu revenue declines for first time Labubu (The Monsters) revenue fell 7.5% year-on-year to 4.45 billion yuan, its first contraction in years. Analysts see this as a warning that growth is normalizing and want new IPs that can match Labubu's scale to offset the slowdown.

    Labubu has been the main growth engine, so its decline is a significant negative signal for future earnings.

August 2026
▲2▼2

Pop Mart's H1 growth slows sharply; overseas weakness and Labubu decline weigh on outlook

  • Strong H1 revenue and profit, plus buyback Pop Mart reported H1 2026 revenue up 23.8% to 17.17 billion yuan and adjusted net profit of 5.16 billion yuan (30% margin). It also announced a 2-5 billion yuan share buyback over six months, which supports the share price by returning cash to shareholders and signalling confidence.

    This is the core positive fundamental news that initially drove the stock and provides a counterweight to the negative outlook.

  • Diversified IP portfolio and new store openings Six top IPs each generated over 1 billion yuan, with TWINKLE TWINKLE up 580.6% and plush category up 60%. Pop Mart also opened its first beachfront store in Pattaya, Thailand, boosting brand exposure and tourist footfall. These show demand beyond Labubu and support future growth.

    Highlights the company's ability to grow other IPs and expand globally, which is key to offsetting Labubu's decline.

  • Overseas sales decline and Citi downgrade Asia Pacific ex-China revenue fell 9.7% and Americas dropped 16.5%, leading Citi to cut its price target to HK$198 and forecast an 8% group revenue decline in 2026. Management now sees its initial 20% growth target as difficult, raising concerns about overseas expansion.

    This is the main negative driver that caused the stock to fall over 4% and reflects real challenges in key growth markets.

  • Labubu revenue declines for first time Labubu (The Monsters) revenue fell 7.5% year-on-year to 4.45 billion yuan, its first contraction in years. Analysts see this as a warning that growth is normalizing and want new IPs that can match Labubu's scale to offset the slowdown.

    Labubu has been the main growth engine, so its decline is a significant negative signal for future earnings.

Latest
▲2▼2

Pop Mart's H1 growth slows sharply; overseas weakness and Labubu decline weigh on outlook

  • Strong H1 revenue and profit, plus buyback Pop Mart reported H1 2026 revenue up 23.8% to 17.17 billion yuan and adjusted net profit of 5.16 billion yuan (30% margin). It also announced a 2-5 billion yuan share buyback over six months, which supports the share price by returning cash to shareholders and signalling confidence.

    This is the core positive fundamental news that initially drove the stock and provides a counterweight to the negative outlook.

  • Diversified IP portfolio and new store openings Six top IPs each generated over 1 billion yuan, with TWINKLE TWINKLE up 580.6% and plush category up 60%. Pop Mart also opened its first beachfront store in Pattaya, Thailand, boosting brand exposure and tourist footfall. These show demand beyond Labubu and support future growth.

    Highlights the company's ability to grow other IPs and expand globally, which is key to offsetting Labubu's decline.

  • Overseas sales decline and Citi downgrade Asia Pacific ex-China revenue fell 9.7% and Americas dropped 16.5%, leading Citi to cut its price target to HK$198 and forecast an 8% group revenue decline in 2026. Management now sees its initial 20% growth target as difficult, raising concerns about overseas expansion.

    This is the main negative driver that caused the stock to fall over 4% and reflects real challenges in key growth markets.

  • Labubu revenue declines for first time Labubu (The Monsters) revenue fell 7.5% year-on-year to 4.45 billion yuan, its first contraction in years. Analysts see this as a warning that growth is normalizing and want new IPs that can match Labubu's scale to offset the slowdown.

    Labubu has been the main growth engine, so its decline is a significant negative signal for future earnings.