POP MART International Group reported solid top-line momentum for the six months ended 30 June 2026, led by robust demand in Mainland China that offset softer trends in overseas markets.
Revenue and Profitability • Revenue rose 23.8% year on year to RMB 17.17 billion, with Mainland China contributing 71 % (RMB 12.20 billion, +47.3%). • Overseas turnover fell 11.1 % to RMB 4.97 billion as Asia-Pacific (-9.7 %) and Americas (-16.5 %) normalised from a high base; Europe and other regions edged up 5.9 %. • Gross profit increased 22.6 % to RMB 11.97 billion; margin eased to 69.7 % (1H 2025: 70.3 %), reflecting a lower share of high-margin overseas sales and higher raw-material costs. • Operating profit gained 11.3 % to RMB 6.72 billion. Net profit attributable to shareholders reached RMB 5.04 billion, up 10.1 %, while reported profit growth slowed to 8.9 % due to RMB 0.72 billion of foreign-exchange losses. • Non-IFRS adjusted net profit (ex-share-based payments) rose 9.5 % to RMB 5.16 billion, implying a 30.0 % margin (1H 2025: 33.9 %). • Basic EPS climbed 10.5 % to RMB 3.80.
Product & Channel Highlights • Plush toys remained the key growth engine: sales surged 60.0 % to RMB 9.82 billion, accounting for 57.2 % of group revenue. • Figure-toy revenue was broadly flat at RMB 5.19 billion; other IP-related items declined 15.8 % to RMB 2.16 billion. • Artist IPs generated RMB 15.29 billion (+25.0 %), led by Twinkle Twinkle (+580.6 % to RMB 2.65 billion). Licensed IP income rose 16.2 % to RMB 1.77 billion. • Global footprint expanded to 676 retail stores (+46) and 2,827 roboshops (+190). Mainland store count reached 455.
Cost & Expense Dynamics • Distribution and selling expenses grew 23.1 % to RMB 3.93 billion, driven by store expansion (lease-related costs +43.3 %) and higher sales headcount (sales staff +56.5 % to 9,734). • Administrative expenses increased 20.3 % to RMB 0.93 billion, reflecting ongoing investment in talent and systems. • Other gains swung to a RMB 0.69 billion loss, mainly on currency translation (RMB 0.72 billion loss versus RMB 0.12 billion gain a year earlier).
Cash Flow & Balance Sheet • Operating cash inflow reached RMB 3.64 billion; free cash was weighed by RMB 3.15 billion of dividends and HKD 1.74 billion share buy-back outlays. • Cash and equivalents stood at RMB 12.44 billion (31 Dec 2025: RMB 13.78 billion). • Inventories rose 11.5 % to RMB 6.10 billion as stock was positioned for overseas expansion; inventory days extended to 201 from 123. • Net current assets were RMB 17.42 billion; the Group remains debt-free with a 24.9 % gearing ratio (31 Dec 2025: 29.4 %). • Capital expenditure totalled RMB 0.72 billion, nearly double the prior-year period, reflecting store roll-outs and technology upgrades.
Capital Management • Paid a FY 2025 dividend of RMB 3.15 billion (RMB 2.3817 per share) in 1H 2026; no interim dividend declared. • Repurchased and cancelled 11.22 million shares for HKD 1.74 billion, supporting earnings-per-share growth.
Strategic Priorities Management emphasises continued IP incubation, product diversification and global channel build-out. Investment will target flagship stores in key cities, digital platform enhancement, and expansion of experiential businesses such as POP LAND and POP BAKERY. The Group also aims to strengthen supply-chain agility and extend its adoption of sustainable materials.