[Pop Mart: Gross Margin Expected to Decline in Second Half of the Year] According to TechFlow, on October 27th, during Pop Mart's (09992.HK) Q3 earnings call, management stated that the group's gross margin in the second half of the year is expected to decline compared to the first half, with a decrease of no more than two percentage points. The decline is mainly due to two reasons: firstly, the proportion of overseas revenue is expected to decrease compared to the first half; secondly, to enhance competitiveness in overseas markets, the company proactively adjusted the pricing of some products in certain overseas markets. Regarding expenses, the group will add more stores in core overseas markets in the second half of the year, leading to a corresponding increase in fixed costs such as personnel, rent, property, and amortization of renovations. The overall expense ratio is expected to be higher than in the first half. (Golden Ten)