Multiple Hong Kong-listed new economy companies report positive performance for 2025

Zhongzheng Jinniu Seat Wu Yuhua

Recently, Hong Kong-listed companies have been disclosing their 2025 annual reports in succession, with many new economy companies reporting positive 2025 performance, including Pop Mart, Kuaishou-W, and Mixue Group, all achieving growth.

On March 25, Pop Mart released its full-year performance announcement for 2025. In 2025, Pop Mart achieved revenue of 37.12 billion yuan, a year-on-year increase of 184.7%; adjusted net profit was 13.08 billion yuan, a year-on-year increase of 284.5%. The LABUBU family’s revenue exceeded 10 billion yuan for the first time, with six IPs generating over 2 billion yuan and 17 IPs generating over 100 million yuan.

On March 25, Kuaishou-W released its full-year performance announcement for 2025. In 2025, Kuaishou-W achieved revenue of approximately 142.8 billion yuan, a year-on-year increase of 12.5%; adjusted net profit was approximately 20.6 billion yuan, a year-on-year increase of 16.5%.

On March 24, Mixue Group released its full-year performance announcement for 2025. In 2025, Mixue Group achieved revenue of 33.56 billion yuan, a year-on-year increase of 35.2%; net profit was 5.88 billion yuan, a year-on-year increase of 32.7%.

On March 24, Xiaomi Group-W released its full-year performance announcement for 2025. In 2025, Xiaomi Group-W achieved revenue of 457.3 billion yuan, a year-on-year increase of 25%; adjusted net profit was 39.2 billion yuan, a year-on-year increase of 43.8%, both hitting record highs.

On March 23, Laopu Gold released its full-year performance announcement for 2025. In 2025, Laopu Gold achieved revenue of 27.303 billion yuan, a year-on-year increase of 221%; net profit was 4.868 billion yuan, a year-on-year increase of 230.5%.

On March 18, Tencent Holdings released its full-year performance announcement for 2025. In 2025, Tencent Holdings achieved revenue of 751.766 billion yuan, a year-on-year increase of 13.86%; net profit was 224.842 billion yuan, a year-on-year increase of 15.85%.

Guangfa Securities stated that the peak of annual report disclosures for internet companies and major components of the Hang Seng Technology Index is concentrated at the end of March. As financial reports are released sequentially, the uncertainties in performance will be eliminated accordingly.