Pop Mart International Group (9992) H1 2026 earnings summary

Executive summary

• Revenue grew 23.8% year-over-year to RMB17,172.9 million for the six months ended 30 June 2026, driven by strong performance in proprietary artist IPs and plush toys.

• Net profit increased 8.9% year-over-year to RMB5,100.3 million, with non-IFRS adjusted net profit up 9.5% to RMB5,155.8 million.

• Gross profit rose 22.6% to RMB11,965.7 million, though gross margin slightly declined to 69.7% due to higher raw material costs and a lower proportion of high-margin overseas sales.

• Significant expansion in offline retail and roboshops globally, with a net increase of 46 stores and 190 roboshops.

Financial highlights

• Operating profit increased 11.3% year-over-year to RMB6,724.7 million.

• Basic and diluted EPS both rose 10.5% to RMB3.80 and RMB3.79, respectively.

• Cash and cash equivalents stood at RMB12,442.1 million as of 30 June 2026.

• Gearing ratio improved to 24.9% from 29.4% at year-end 2025.

• No bank borrowings or pledged assets as of 30 June 2026.

Outlook and guidance

• Focus remains on IP innovation, global expansion, and enhancing omni-channel consumer experience.

• Plans to further diversify IP categories, invest in technology, and expand retail and online channels.

• Continued investment in supply chain automation, digitalization, and sustainable materials.