Pop Mart International Group (9992) H1 2026 earnings summary

Executive summary

• Revenue grew 23.8% year-over-year to RMB17,172.9 million for H1 2026, driven by strong proprietary IP performance and robust growth in plush toys.

• Net profit increased 8.9% to RMB5,100.3 million, with adjusted net profit up 9.5% to RMB5,155.8 million.

• Gross profit margin slightly declined to 69.7% from 70.3% 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.

• The PRC market led growth with a 47.3% revenue increase, while Asia Pacific and Americas saw declines.

Financial highlights

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

• Net profit margin decreased to 29.7% from 33.7%; adjusted net profit margin was 30.0%.

• Cash and cash equivalents at period end were RMB12,442.1 million, down from RMB13,775.1 million at year-end 2025.

• 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 incubation and innovation, global expansion, and digitalization of business operations.

• Plans to further diversify IP categories, enhance supply chain automation, and expand flagship stores in core cities.

• Continued investment in technology, content, member engagement, and sustainable materials to drive long-term growth.