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Pop Mart International (9992) investor relations material

Pop Mart International H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary19 Aug, 2025

Executive summary

  • Revenue surged 204.4% year-over-year to RMB13,876.3 million for the first half of 2025, driven by strong growth across all regions and channels.

  • Net profit rose 385.6% year-over-year to RMB4,681.7 million, with adjusted net profit up 362.8% to RMB4,709.6 million.

  • Gross profit margin improved to 70.3% from 64.0% year-over-year, reflecting product mix optimization, cost control, and higher overseas sales.

  • Plush products became a major revenue driver, accounting for 44.2% of total revenue, up 1,276.2% year-over-year.

  • Major artist IPs such as THE MONSTERS, MOLLY, SKULLPANDA, CRYBABY, and DIMOO each generated over RMB1 billion in revenue.

Financial highlights

  • Revenue: RMB13,876.3 million (+204.4% YoY); Net profit: RMB4,681.7 million (+385.6% YoY).

  • Adjusted net profit: RMB4,709.6 million (+362.8% YoY); Adjusted net margin: 33.9% (vs. 22.3%).

  • Gross profit: RMB9,761.1 million (+234.4% YoY); Gross margin: 70.3% (vs. 64.0%).

  • Operating profit: RMB6,043.7 million (+436.5% YoY); EPS: RMB3.44 (basic, up from RMB0.69).

  • Cash and equivalents: RMB11,922.7 million as of 30 June 2025.

Outlook and guidance

  • Focus on enriching IP portfolio, product innovation, and maintaining high design standards.

  • Continued global expansion, especially in offline channels, digital platforms, and new business models such as amusement parks.

  • Emphasis on sustainable development and eco-friendly products and packaging.

  • Ongoing investment in technology, digitalization, and strategic partnerships.

  • No interim dividend declared or recommended for the period.

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Frequently asked questions

Pop Mart International Group Limited is a China-based company specializing in the design, manufacturing, and retail of collectible toys and art toys. Known for its blind box products and collaborations with popular designers and brands, Pop Mart offers a range of collectible figures that appeal to consumers interested in art, fashion, and pop culture. The company operates through retail stores, online platforms, and vending machines called "Roboshops" to reach a broad customer base in China and internationally. Pop Mart also organizes events and exhibitions to engage its fan community and promote art toy culture. The company is headquartered in Beijing, China, and its shares are listed on the Hong Kong Stock Exchange.

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