POP MART International Group released its Interim Report 2026, highlighting double-digit top-line growth and continued profitability despite margin pressure and a heavy share buyback program.
Revenue and Profitability • Group revenue rose 23.8% year on year to RMB 17.17 billion (H1 2025: RMB 13.88 billion). • Gross profit increased 22.6% to RMB 11.97 billion; gross margin slipped to 69.7% from 70.3% on higher raw-material costs and a greater China sales mix. • Operating profit grew 11.3% to RMB 6.72 billion, while net profit attributable to shareholders advanced 8.9% to RMB 5.04 billion. • Adjusted net profit (non-IFRS) reached RMB 5.16 billion, up 9.5%; adjusted net margin declined to 30.0% from 33.9%.
Regional Performance • China revenue jumped 47.3% to RMB 12.20 billion, driven by strong offline growth and a 62.7% surge in online sales. • Asia-Pacific revenue fell 9.7% to RMB 2.58 billion amid traffic normalisation on e-commerce platforms. • Americas revenue dropped 16.5% to RMB 1.89 billion; offline sales rose 19.5% but were offset by a 45.6% slide online. • Europe & other regions delivered a 5.9% gain to RMB 0.51 billion, fuelled by a 49.8% rise in store sales.
Product & IP Highlights • Proprietary IPs generated 99.3% of total revenue. • Plush revenue soared 60.0% to RMB 9.82 billion, accounting for 57.2% of group revenue. • Eleven artist IPs surpassed RMB 100 million each; THE MONSTERS led with RMB 4.45 billion, followed by Twinkle Twinkle (RMB 2.65 billion) and CRYBABY (RMB 1.63 billion).
Retail Footprint & Membership • Global network expanded to 676 stores and 2,827 roboshops; net additions of 46 stores and 190 machines during the period. • Global registered members exceeded 100 million; Chinese Mainland members reached 82.44 million with a 51.6% repeat-purchase rate.
Cash Flow & Balance Sheet • Operating cash inflow totalled RMB 3.64 billion; free cash absorbed by HK$1.74 billion (RMB 1.55 billion) share buybacks and a RMB 3.15 billion final dividend. • Cash and cash equivalents stood at RMB 12.44 billion (31 December 2025: RMB 13.78 billion). • Total assets RMB 31.03 billion; equity RMB 23.29 billion; no bank borrowings.
Capital Expenditure • Capex reached RMB 724.14 million, primarily for store expansion and technology.
Shareholder Returns • The company repurchased 11.22 million shares for HK$1.74 billion during the period; all repurchased shares were subsequently cancelled. • No interim dividend was declared for H1 2026.
Outlook Management will continue to prioritise IP incubation, global retail expansion, digital capability enhancement, and supply-chain optimisation while maintaining a disciplined approach to capital allocation.
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