Key takeaway
Pop Mart achieved rapid growth in its full-year 2025 performance, generating revenue of RMB 37.12 billion, a 184.7% year-on-year increase. The gross profit margin reached 72.1%, up 5.3 percentage points year-on-year, while the adjusted net profit stood at RMB 13.08 billion, a 284.5% year-on-year increase. The adjusted net profit margin was 35.2%, rising 9.1 percentage points year-on-year. Gross profit margin, operating profit margin, and net profit margin all reached record highs. Overseas business experienced rapid growth, with the Americas region (+748.4%) serving as the core driver; domestic business refined operations achieved significant results, with membership exceeding 72 million and revenue surpassing RMB 20 billion; the IP matrix structure continued to optimize, with Labubu maintaining a healthy revenue share and secondary IPs achieving multiple breakthroughs; the operating leverage effect was notable. Looking ahead to 2026, the company is entering a crucial phase of internal development, trading time for greater future growth potential while maintaining its upward trajectory. The platform value of the company's "multi-IP × multimarket × multi-category" approach has not yet been fully priced by the market, and we maintain our key call.
Event
The company announced its full-year financial results for the year ending December 31, 2025. Full-year revenue reached RMB 37.12 billion, up 184.7% year-on-year; net profit attributable to shareholders was RMB 12.78 billion, up 308.8% year-on-year; adjusted net profit was RMB 13.08 billion, up 284.5% year-onyear; basic earnings per share stood at RMB 9.61, up 307.2% year-on-year. It declared a final dividend of RMB 2.3817 per share, totaling approximately RMB 3.19 billion.
Risks
Risk of IP popularity fading: If the market popularity of Labubu or other core IPs declines significantly, it will have a major impact on overall revenue; Geopolitical and tariff risks: Changes in Sino-US trade policies may drive up supply chain costs and pricing pressure in overseas markets; Risk of US market expansion falling short of expectations: If the progress of US store expansion and operational efficiency improvements are lower than expected, it will affect the market's judgment on overall growth; Risk of new business development falling short of expectations: New formats such as accessories, desserts, and theme parks requi re large initial investments, and if market response falls short of expectations, it will increase operational pressure; Exchange rate fluctuation risk: As the proportion of overseas revenue continues to rise, RMB exchange rate fluctuations will have a more obvious impact on financial statements; Macroeconomic consumer environment risk: A decline in global consumer sentiment may affect overall demand for the art toy category; Supply chain management risk: Global business expansion continuously raises the requirements for supply chain coordination capabilities, and any management oversights will affect on-time product delivery and gross margin performance.