Pop Mart International Group (9992) H1 2025 earnings summary

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.