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Pop Mart: Revenue Surges, Shares Plunge — Who Got It Wrong?---
2026 guidance signals a marked slowdown
+15Pop MartFinancial Analysis
Pop Mart
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POP MART (Trans): 2026 'pit stop to refuel and change tires'
Below is Dolphin Research's Trans of the FY25 earnings call for $POP MART(09992.HK). This section provides a recap of the core takeaways.
1) Shareholder returns: the company plans to distribute 25% of net income attributable to shareholders as dividends. This implies a total payout of RMB 3.194bn and DPS of RMB 2.38.2) Guidance: for 2026, management targets revenue growth of at least 20%, prioritizing healthy, sustainable growth over aggressive expansion. It aims to avoid revenue growth without profit. The company will add quarterly business updates in May and Nov to increase disclosure frequency...
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Pop Mart (Minutes): The net profit margin in 2025 is expected to be around 35%.
The following are the minutes of the FY25Q2 earnings call of Pop Mart organized by Dolphin Research. For the earnings interpretation, please refer to "Pop Mart: Sewing Machine 'Smoking', Can Pop Mart Continue to Soar? - "
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Pop Mart: The sewing machine is "smoking", can the bubble continue to soar?
On the evening of August 19th, Beijing time, Pop Mart (9992.HK) released its H1 2025 performance report. Both revenue and profit exceeded the levels of the entire previous year, making it a commendable report. Compared to the recently announced earnings forecast, the revenue remained stable, with a key highlight being the nearly 400% year-on-year increase in profit (the forecast indicated no less than 350%), surpassing market expectations.
+15Pop MartFinancial Analysis
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Pop Mart (Minutes): Sales growth in 2025 will not be more than 50%
The following is the minutes of the FY24 H2 earnings call for Pop Mart. For the financial report interpretation, please refer to "Pop Mart: Going Global and Achieving Great Success! Pop Mart is 'Racing' Forward."
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Pop Mart: Great Success on Global Business! Is Pop Mart on a "crazy ride"？
On the afternoon of March 26th, Beijing time, Pop Mart (9992.HK) released its performance for H2 2024. Overall, the performance is quite good, with overseas operations continuing the high growth momentum from Q3 and maintaining a strong surge. Domestic offline stores have also accelerated compared to Q3. The gross profit margin has reached a historical high due to the improvement in product structure and the increased proportion of high-margin overseas business. The expenditure on expenses has been relatively restrained, and ultimately, the profit has exceeded market expectations
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FeaturedPop Mart: Overseas explosive growth, this "bubble" cannot be burst
Papet Mart (2): Overseas "Surge", this "Bubble" cannot be broken. In the previous article, Dolphin focused on the comeback of the soul weapon - the diversification of IP monetization, and this section is still a continuing story. This article will focus on another lever it has propped up - the overseas market, discussing the following questions: 1. How did Papet Mart achieve reckless growth overseas? 2. How many more Papet Marts will be recreated overseas? 3. After five times in half a year...
+21Pop MartDeep Research
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Pop Mart: It's just a toy, why "Zhen Huan returns to the palace"?
Is IP diversification monetization already opened?
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"Flying" POP MART: "To exceed 60% for the whole year, and 200% growth overseas"
In the second half of the year, also to launch a new brand and open accessory stores, selling products such as rings and bracelets
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泡泡玛特财报季掘金消费Pop MartConference Minutes
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FeaturedPOP MART: Is Pinduoduo's overseas expansion "too low"? Cultural goods demonstrate the decent example for oversea expansion!
How many more Toys "R" Us stores need to be rebuilt overseas?
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消费Pop MartFinancial Analysis