Pop Mart International Group
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Pop Mart International Group (9992) investor relations material

Pop Mart International Group H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary25 Mar, 2026

Executive summary

  • Revenue surged 184.7% year-over-year to RMB37,120.1 million, driven by global expansion and strong IP performance.

  • Net profit rose 293.3% to RMB13,012.0 million, with adjusted net profit up 284.5% to RMB13,083.6 million.

  • Gross margin improved to 72.1% from 66.8%, reflecting higher overseas sales and supply chain optimization.

  • Major IPs like THE MONSTERS, SKULLPANDA, and CRYBABY delivered significant revenue growth.

  • Expansion included 109 new stores globally, with robust growth in Asia Pacific, Americas, and Europe.

Financial highlights

  • Operating profit increased 306.6% to RMB16,890.5 million year-over-year.

  • Basic EPS rose 307.2% to RMB9.61; diluted EPS up 307.7% to RMB9.58.

  • Cash and cash equivalents more than doubled to RMB13,775.1 million.

  • Inventories rose to RMB5,472.8 million, supporting global expansion.

  • Gearing ratio increased to 29.4% from 26.8% year-over-year.

Outlook and guidance

  • Focus remains on IP innovation, global expansion, and digitalization.

  • Plans to enhance supply chain automation, expand eco-friendly materials, and invest in new business lines like theme parks.

  • Continued investment in self-developed digital platforms and member engagement.

Drivers of plush product margin expansion
Rationale for shifting IP funds to overseas growth
Factors behind the 123-day inventory turnover rise
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