Pigeon Corporation (ピジョン) says it held back on excessive discounts and promotion spending in mainland China this year. The Japanese baby-care maker reported on 5 November 2026 that its sales in China, including Hong Kong, reached JPY 29,831 million in January–September, 112.8 percent of the same period a year earlier.
The figures come from Pigeon’s supplementary materials for the third quarter of its financial year ending December 2026. China, including Hong Kong, accounted for 33.5 percent of group sales over the nine months, on a simple calculation.
Discounts and promotion spend were held back
Pigeon described its approach in mainland China as putting return on investment first. It curbed excessive discounts and promotional spending and tightened cost control.
It also narrowed its sales channels. The company said this “selection and concentration” improved margins, and that overall sell-in was on a recovery trend in the third quarter taken alone.
Ahead of Double 11 (双十一), Pigeon received orders from major e-commerce platforms for early shipments. The company refers to this advance demand again in the note on its revised full-year forecast.
Bottles and teats keep the top share; kids’ lines grow
Feeding bottles and teats held the number-one share of the Chinese market, according to the company. Products for older children also sold well, led by a new kids’ skincare range and drinking cups.
| Item | Jan–Sep 2025 | Jan–Sep 2026 | YoY |
|---|---|---|---|
| Segment sales | 31,734 | 36,648 | 115.5% |
| Gross margin | 55.2% | 56.4% | – |
| Segment profit | 8,076 | 9,925 | 122.9% |
| Segment profit margin | 25.4% | 27.1% | – |
| Sales in China (incl. Hong Kong) | 26,449 | 29,831 | 112.8% |
| Sales in Korea | 2,009 | 2,566 | 127.7% |
The China Business segment is wider than the mainland. Pigeon reports Korea and its North American Pigeon brand inside it, so segment sales of JPY 36,648 million exceed the country figure for China.
Segment profit rose faster than sales
Segment profit climbed to JPY 9,925 million, 122.9 percent of the previous year, against 115.5 percent for segment sales. Gross margin rose from 55.2 percent to 56.4 percent.
Outside the mainland, Korea grew strongly on bottles and teats. In North America, Pigeon won new shelf space for bottles and teats in the baby aisle of US retailer Target.
Across Asia as a whole, Pigeon’s sales came to JPY 38,957 million, 111.6 percent of the prior year. Sales in other Asian countries rose to JPY 9,125 million, while Chinese Taipei slipped to JPY 411 million, 96.3 percent of the year before.
Unit: %
Segment sales, Jan-Sep 2026 vs Jan-Sep 2025 · Source: Pigeon Corporation, 5 November 2026
View as table
| Item | Value |
|---|---|
| China Business | 15.5% |
| Americas and Europe | 13.4% |
| Japan | 7.0% |
| Singapore | 0.4% |
Full-year sales forecast raised to JPY 118,400 million
Group sales for the nine months were JPY 89,177 million, 110.7 percent of a year earlier, and consolidated operating profit reached JPY 12,750 million, up from JPY 10,028 million. Every segment posted higher sales.
The Singapore Business segment, which Pigeon says was hit by the situation in the Middle East, grew sales by 0.4 percent and saw segment profit fall to JPY 1,743 million from JPY 1,870 million. Profit growth in other regions covered that decline, the company said.
Pigeon raised its full-year forecast, citing strong results in Japan, China and the Americas and Europe. It now expects sales of JPY 118,400 million for 2026, compared with JPY 109,170 million in 2025, while noting advance demand in Japan and China and higher costs linked to the situation in the Middle East.
