POP MART INTERNATIONAL GROUP LIMITED released its audited results for the year ended 31 December 2025, reporting record-high top- and bottom-line growth driven by robust demand for plush toys and rapid international rollout.

Revenue and Profitability – Revenue surged 184.7% year on year to RMB 37.12 billion, underpinned by broad-based strength across domestic and overseas markets. – Gross profit expanded 207.4% to RMB 26.76 billion, lifting gross margin to 72.1% (2024: 66.8%) on product-mix upgrades and supply-chain efficiencies. – Operating profit climbed 306.6% to RMB 16.89 billion; net profit attributable to shareholders rose 308.8% to RMB 12.78 billion, while non-IFRS adjusted net profit reached RMB 13.08 billion, up 284.5%. – Basic EPS increased 307.2% to RMB 9.61.

Segment & Geographic Performance – Mainland China remained the largest market, generating RMB 20.85 billion (56.2% of total), up 134.6%. – Asia-Pacific ex-China delivered RMB 8.01 billion (+157.6%), Americas RMB 6.81 billion (+748.4%), and Europe/other regions RMB 1.45 billion (+506.3%). – Overseas revenue share rose to 43.8%, reflecting accelerated global store openings and e-commerce penetration.

Channel Dynamics – Offline sales (retail stores + roboshops) contributed 50.8% of group revenue, rising 128.3% to RMB 18.94 billion. The network expanded to 630 stores (+109) and 2,637 roboshops (+165). – Online channels captured 43.5% of revenue, more than tripling to RMB 16.43 billion, buoyed by the Pop Draw mini-program and international e-commerce platforms. – Wholesale and other income accounted for 5.7% of revenue.

Product Mix – Plush toys became the single largest category, posting RMB 18.71 billion (+560.6%) and representing 50.4% of sales. – Figure toys generated RMB 12.02 billion (+73.3%), while MEGA figures contributed RMB 1.92 billion (+13.8%). – Other IP-related products delivered RMB 4.47 billion (+182.1%).

Top IPs Seventeen artist IPs topped RMB 100 million in annual revenue. THE MONSTERS led with RMB 14.16 billion (+365.7%), followed by SKULLPANDA (RMB 3.54 billion) and CRYBABY (RMB 2.93 billion).

Cost & Expense Trends – Cost of sales rose 139.1% to RMB 10.36 billion, lagging revenue growth and supporting margin expansion. – Distribution and selling expenses climbed 121.4% to RMB 8.08 billion, reflecting higher logistics, platform fees and staff costs tied to global scale-up. – General and administrative expenses increased 86.9% to RMB 1.77 billion, mainly on headcount additions.

Balance-Sheet Highlights – Cash and cash equivalents more than doubled to RMB 13.78 billion, driven by operating cash flow. – Net current assets stood at RMB 17.75 billion (2024: RMB 8.87 billion). – Inventory rose to RMB 5.47 billion, aligning with expanded store count and overseas demand. – The gearing ratio remained modest at 29.4%.

Capital Allocation – Capex reached RMB 1.17 billion, primarily for store expansion and digital infrastructure. – The Board proposes a final dividend of RMB 2.3817 per share, equivalent to an aggregate payout of approximately RMB 3.19 billion, subject to shareholder approval at the 13 May 2026 AGM.

Use of IPO Proceeds Approximately 66.5% of the HKD 5.78 billion raised in the December 2020 listing has been deployed. The Board approved re-allocations of the HKD 1.93 billion balance, prioritising overseas expansion, working capital, and IP commercialisation platforms such as theme parks.

Outlook Management targets continued global rollout, further IP enrichment, supply-chain digitalisation, and deeper membership engagement while advancing new businesses including the POP LAND theme park and related experiential offerings.