Pop Mart International Group (9992) H2 2025 earnings summary

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.