--- type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/39507542.md" description: "POP MART 25H2 First Take: After the print, the stock slumped 22% in the afternoon. On a 2H-only view, results were broadly in line with Bloomberg consensus but below some aggressive buyside models, which Dolphin Research believes had front‑run the move.Setting the quarter aside, another disappointment was management’s conservative 2026 guide at 20% growth. Excluding new overseas store openings, the implied same‑store growth looks low single‑digit, which together fueled the afternoon selloff.1、Overseas revenue below expectations. In 25H2, POP MART delivered revenue of RMB 23.2bn (+174% YoY), a slowdown from the 200%+ pace in H1. Domestic revenue reached RMB 12.6bn (+183% YoY), accelerating vs. H1 on stronger omni‑channel execution with outsized online contribution, beating the Street.Overseas grew 281% YoY but decelerated vs. H1, especially in North America. Versus 10x+ growth in Q3, channel checks indicate offline sales softened after Nov. Black Friday promotions failed to deliver the expected surge, with growth falling below 500%, weighing on overseas performance.2、Rising contribution from The Monsters. With Labubu capacity ramping in H2, The Monsters’ mix rose from 34.7% in H1 to 40%. New IP launches received mixed reviews, raising concerns about dependence on a single IP; on the positive side, the Xingxing Ren series became the fastest‑growing IP, up from under 3% to 7.2%.3、Plush is now the largest category. The share of figures led by blind boxes continued to decline, while plush toys with higher GPM surged. Beyond The Monsters, many other IPs adopted plush designs, lifting plush’s overall mix from 44% in H1 to 54%.4、GPM at a record high. A richer overseas mix and the rapid rise of higher‑margin plush pushed GPM to 73% in 25H2, a new high.5、Operating leverage kicking in. The sales expense ratio fell as the company leaned into lower‑cost customer acquisition on overseas online platforms (Instagram, TikTok), and G&A also declined on disciplined spending and improved internal decision efficiency, lifting core OPM to 48%。$POP MART(09992.HK)" datetime: "2026-03-25T08:58:19.000Z" locales: - [en](https://longbridge.com/en/topics/39507542.md) - [zh-CN](https://longbridge.com/zh-CN/topics/39507542.md) - [zh-HK](https://longbridge.com/zh-HK/topics/39507542.md) author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)" --- > Supported Languages: [简体中文](https://longbridge.com/zh-CN/topics/39507542.md) | [繁體中文](https://longbridge.com/zh-HK/topics/39507542.md) # POP MART 25H2 First Take: After the print, the sto… ### Related Stocks - [POP MART (09992.HK)](https://longbridge.com/en/quote/09992.HK.md) - [Pop Mart International Group Limited (HPPD.SG)](https://longbridge.com/en/quote/HPPD.SG.md) ## Comments (16) - **郁金香-金牙 · 2026-03-25T13:03:29.000Z**: Now it's about suppressing the stock price, repurchasing shares, delisting, and letting the cash cow play by itself. - **道尽其然 · 2026-03-25T10:59:45.000Z**: Sorry about that. I just still have some short positions that haven't been closed yet 🫣. Once I close my short positions, I won't make any more comments.... - **巡山的小松鼠 · 2026-03-25T10:39:22.000Z · 👍 1**: Some people think they're so awesome, why don't you write a research report analysis then? - **Jack www · 2026-03-25T09:27:10.000Z · 👍 1**: How do I remember the 2026 guidance came out around 4 o'clock, but it was dumped instantly at 1 o'clock? - **JKK** (2026-03-25T09:35:08.000Z): It was already mentioned in the conference call. - **道尽其然 · 2026-03-25T09:10:01.000Z · 👍 1**: I aim to surpass Elon Musk in wealth next year. You can invest in me now. Come and buy shares. As long as you invest and my wealth surpasses Musk's, I'll give half of it to you 😈 - **道尽其然 · 2026-03-25T09:07:06.000Z · 👍 3**: When it was over 300, you guys were still hyping it up like crazy😂. Back then, I pulled out the search trend data to show everyone, and you still didn't believe it. 🤣🤣🤣 - **我是白开水** (2026-03-25T09:09:33.000Z): When it's rising, you're nowhere to be seen; as soon as it drops, you start proving how awesome you are. If that's the case, then everyone knows how to trade stocks. If you've made money, don't come o - **道尽其然** (2026-03-25T09:12:34.000Z): Already made a few rounds of profit 😜 - **我是白开水** (2026-03-25T09:14:25.000Z): Then that's settled. If you can predict the market so accurately and profit from both long and short positions, that's great. When you urged everyone to get out quickly, the stock price had returned t - **道尽其然 · 2026-03-25T09:05:46.000Z · 👍 2**: What they meant by "aiming for 20%" is not a guaranteed 20%. Misinterpretation. - **Dolphin Research** (2026-03-25T09:40:00.000Z): The market's consensus expectation is basically between 30-40%, while the company says it's over 20%. But the gap is still a bit large. - **道尽其然** (2026-03-25T09:47:46.000Z): Try to open your eyes wider - **周五的星期五** (2026-03-25T10:26:41.000Z): Dolphin Dog, he writes reports with his own bias from the start. He'll dig for anything to support his bearish view, and now he's just being stubborn.