【9992 Earnings】Pop Mart Plummets Nearly 16% | Last Year’s Net Profit 127.8 Billion yuan renminbi (RMB), Up Nearly 3.1x | THE MONSTERS Revenue 14.16 Billion yuan renminbi (RMB), Star Star Revenue Growth 16x

Pop Mart (09992) After releasing its earnings, the stock price plunged. Pop Mart briefly dropped 15.8% in the afternoon, hitting a low of HKD 182.8, and is still down 12% at HKD 190.4. For the full year, the company’s attributable profit was RMB 12.78 billion, up 308.8% year-on-year. Basic earnings per share were RMB 9.61, with a final dividend of RMB 2.3817 per share.

Key Highlights:

• Net profit: RMB 12.78 billion, up 308.8%
• Revenue: RMB 37.12 billion, up 184.7%
• Gross profit margin: 72.1%, up 5.3 percentage points
• China business revenue: RMB 20.85 billion, up 134.6%
• Overseas business revenue: RMB 16.27 billion, up 291.9%

During the period, Pop Mart’s revenue reached RMB 37.12 billion, an increase of 184.7% year-on-year. Gross profit was RMB 26.76 billion, up 207.4%, mainly driven by increased revenue and controlled sales costs. The gross profit margin rose 5.3 percentage points to 72.1%, primarily due to the higher proportion of overseas sales boosting gross margin, and the adoption of a flexible supply chain strategy to strengthen bargaining power with suppliers, focusing procurement on core suppliers to reduce costs.

Overseas Business Revenue Surges 2.9 Times, Plush Products Become the Top Revenue Contributor for the First Time

China business revenue was RMB 20.85 billion, up 134.6%, while overseas revenue soared 291.9% to RMB 16.27 billion.

Plush products achieved RMB 18.71 billion in revenue, a growth of 560.6%, becoming the group’s highest-contributing product category for the first time.

THE MONSTERS Revenue RMB 14.16 billion, Star People Revenue Up 16 Times

Pop Mart stated that by 2025, autonomous product revenue will account for 99.1% of total revenue, with autonomous product revenue increasing 189.2% to RMB 36.79 billion. The group adopts a differentiated operational strategy, continuously boosting IP popularity and actively promoting IP commercialization to enhance IP vitality and achieve strong sales performance. By 2025, 17 artist IPs will have revenue exceeding RMB 100 million, including:

• THE MONSTERS (Labubu): RMB 14.16 billion, up 365.7%, accounting for 38.1% of revenue
• SKULLPANDA: RMB 3.54 billion, up 170.6%
• CRYBABY: RMB 2.93 billion, up 151.4%
• MOLLY: RMB 2.9 billion, up 38.4%
• DIMOO: RMB 2.78 billion, up 205.3%
• Star People: RMB 2.06 billion, up 1601.8%
• HIRONO: RMB 1.74 billion, up 138.8%

As of December 31, 2025, the group operates 630 stores across 20 countries worldwide, with a net increase of 109 stores during the year. It also runs 2,637 robotic stores, an increase of 165 units.

Continuously Enriching IP Types and Expanding IP Matrix to Steadily Grow Global Business

Pop Mart emphasized that IP remains the core of the group’s business development. Moving forward, it will continue to deliver happiness and beauty to global consumers through high-quality design, creative products, and excellent service, making IP a cross-border, language, and culture emotional bond. The company will also enhance brand value, expand product categories, and innovate interaction formats to deepen emotional connections with users, strengthen brand influence, and solidify its position and competitiveness in the global market. The group plans to keep enriching IP types, expand the IP matrix, collaborate with global artists, and maintain leading design innovation capabilities to launch more high-quality products. Through long-term, systematic IP incubation and operation, it aims to continuously strengthen IP core content and deepen IP development.

The group will steadily expand its global footprint by opening offline channels in landmark locations in more key cities, enhancing consumer experience and brand awareness. It will also increase investment in its self-developed app and official website, accelerate feature updates, and provide convenient, high-quality shopping experiences for consumers in more countries and regions.