【9992 Earnings】Pop Mart Stock Price Plunges Over 22%, Labubu Fails to "Support Price" - Net Profit Surged Nearly 3.1x Last Year - THE MONSTERS Revenue 14.16 Billion Yuan, Molly Revenue Growth 16x

Pop Mart (09992) reported a doubling of both revenue and profit, with particularly impressive performance in overseas business and plush products. However, market expectations and capital flow directions diverged, leading to a sharp decline in stock price. After releasing its earnings, Pop Mart’s stock price plunged, dropping over 22.8% in the afternoon to a low of HKD 165.6, before closing down 22.5% at HKD 168.3, with trading volume surging to HKD 24.46 billion.

For the full year, Pop Mart’s attributable net profit was RMB 12.78 billion, up 308.8% year-on-year. Basic earnings per share were RMB 9.61, with a final dividend of RMB 2.3817 per share.

Pop Mart: Aiming for at least 20% growth this year; announces upcoming LABUBU4.0 series (continually updated)

▲ 【09992 Earnings】Pop Mart stock plunges over 22%, Labubu fails to “rescue” the price; last year’s net profit nearly tripled; THE MONSTERS revenue RMB 14.16 billion, Xingxingren revenue up 16 times

Key Highlights of Pop Mart’s Performance:

• Net profit: RMB 12.78 billion, up 308.8%
• Revenue: RMB 37.12 billion, up 184.7%
• Gross profit margin: 72.1%, up 5.3 percentage points
• China business revenue: RMB 20.85 billion, up 134.6%
• Overseas business revenue: RMB 16.27 billion, up 291.9%

During the period, Pop Mart’s revenue reached RMB 37.12 billion, an increase of 184.7% year-on-year. Gross profit was RMB 26.76 billion, up 207.4%, mainly driven by increased revenue and controlled sales costs. The gross profit margin rose 5.3 percentage points to 72.1%, primarily due to the higher proportion of overseas sales boosting gross margin, and the adoption of flexible supply chain strategies to enhance bargaining power with suppliers, focusing procurement on core suppliers to reduce costs.

Overseas Revenue Surges 2.9 Times; Plush Products Become the Top Revenue Contributor for the First Time

Pop Mart’s China business revenue was RMB 20.85 billion, up 134.6%, while overseas revenue soared 291.9% to RMB 16.27 billion.

Plush products achieved RMB 18.71 billion in revenue, a growth of 560.6%, becoming the group’s highest-contributing product category for the first time.

THE MONSTERS Revenue RMB 14.16 billion; Xingxingren Revenue Up 16 Times

Pop Mart stated that by 2025, 99.1% of total revenue will come from self-developed products, with self-developed product revenue increasing 189.2% to RMB 36.79 billion. The group adopts a differentiated operational strategy, continuously boosting IP popularity and actively promoting IP commercialization to enhance IP vitality and achieve strong sales results. By 2025, 17 artist IPs will have revenue exceeding RMB 100 million, including:

• THE MONSTERS (Labubu): RMB 14.16 billion, up 365.7%, accounting for 38.1% of revenue
• SKULLPANDA: RMB 3.54 billion, up 170.6%
• CRYBABY: RMB 2.93 billion, up 151.4%
• MOLLY: RMB 2.9 billion, up 38.4%
• DIMOO: RMB 2.78 billion, up 205.3%
• Xingxingren: RMB 2.06 billion, up 1601.8%
• HIRONO: RMB 1.74 billion, up 138.8%

▲ 【09992 Earnings】Pop Mart stock plunges over 22%, Labubu fails to “rescue” the price; last year’s net profit nearly tripled; THE MONSTERS revenue RMB 14.16 billion, Xingxingren revenue up 16 times

As of December 31, 2025, the group operates 630 stores across 20 countries worldwide, with a net increase of 109 stores during the year. It also operates 2,637 robotic stores, an increase of 165 units.

Continuously Enriching IP Types and Expanding the IP Matrix to Steadily Grow Global Business

Pop Mart emphasizes that IP remains at the core of its business development. Moving forward, it will continue delivering happiness and positivity to consumers worldwide through high-quality design, creative products, and excellent service, making IP a cross-border, language, and culture emotional bond. The company will also enhance brand value, expand product categories, and innovate interaction formats to deepen emotional connections with users, strengthen brand influence, and solidify its global market position and competitiveness. The group plans to diversify IP types, expand the IP matrix, collaborate with global artists, and maintain leading design innovation capabilities to launch more high-quality products. Through long-term, systematic IP incubation and operation, it aims to continuously strengthen IP core content and deepen IP development.

The group will steadily expand its global footprint by opening offline channels in landmark locations in more key cities, enhancing consumer experience and brand awareness. It will also increase investment in its self-developed app and official website, accelerate feature updates, and provide convenient, high-quality shopping experiences for consumers in more countries and regions.

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